# EDGAR Filing Document

**Accession Number:** 0000047129
**File Stem:** 0001104659-26-053020
**Filing Date:** 2026-4
**Character Count:** 7736450
**Document Hash:** d01b5964089ab6d3dcb27828e48d8297
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-053020.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-053020

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20260424

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HERTZ GLOBAL HOLDINGS, INC
- **CENTRAL INDEX KEY:** 0001657853
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 611770902
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37665
- **FILM NUMBER:** 26926166

**BUSINESS ADDRESS:**
- **STREET 1:** 8501 WILLIAMS ROAD
- **STREET 2:** 3RD FLOOR
- **CITY:** ESTERO
- **STATE:** FL
- **ZIP:** 33928
- **BUSINESS PHONE:** (239) 301-7000

**MAIL ADDRESS:**
- **STREET 1:** 8501 WILLIAMS ROAD
- **STREET 2:** 3RD FLOOR
- **CITY:** ESTERO
- **STATE:** FL
- **ZIP:** 33928

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hertz Rental Car Holding Company, Inc.
- **DATE OF NAME CHANGE:** 20151109
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HERTZ CORP
- **CENTRAL INDEX KEY:** 0000047129
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 131938568
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07541
- **FILM NUMBER:** 26926167

**BUSINESS ADDRESS:**
- **STREET 1:** 8501 WILLIAMS ROAD
- **CITY:** ESTERO
- **STATE:** FL
- **ZIP:** 33928
- **BUSINESS PHONE:** (239) 301-7000

**MAIL ADDRESS:**
- **STREET 1:** 8501 WILLIAMS ROAD
- **CITY:** ESTERO
- **STATE:** FL
- **ZIP:** 33928

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): April 24, 2026

**HERTZ GLOBAL HOLDINGS, INC** **.**

**THE HERTZ CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37665** | **61-1770902** |
| **Delaware** | **001-07541** | **13-1938568** |
| (State or other jurisdiction of <br> incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**8501 Williams Road**

**Estero** **, Florida 33928**

**239** **301-7000**

(Address, including Zip Code, and

telephone number, including area code,

of registrant's principal executive offices)

**Not Applicable**

**Not Applicable**

(Former name, or former address, if changed

since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | | |
|:---|:---|:---|:---|
|  | **Title of Each Class** | **Trading<br> Symbol(s)** | **Name of Each <br> Exchange on <br> which Registered** |
| Hertz Global Holdings, Inc. | Common Stock Par value $0.01 per share | HTZ | The Nasdaq Stock Market LLC |
| Hertz Global Holdings, Inc. | Warrants to purchase Common Stock. Each exercisable for one share of Hertz Global Holdings, Inc.'s common stock at an exercise price of $13.61 per share, subject to adjustment | HTZWW | The Nasdaq Stock Market LLC |
| The Hertz Corporation |  |  |  |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

---

***HVF III Rental Car Asset Backed Note Class E Note Issuances***

On April 24, 2026, Hertz Vehicle Financing III LLC ("**HVF III**"), a wholly-owned, special-purpose and bankruptcy remote subsidiary of The Hertz Corporation ("**THC**"), entered into: (i) Amendment No. 1 to the Amended and Restated Series 2022-5 Supplement, dated as of October 20, 2023 (as amended, the "**Series 2022-5 Supplement**"), by and among HVF III, as issuer, THC, as administrator, and The Bank of New York Mellon Trust Company, N.A. ("**BNYM**"), as trustee and securities intermediary, (ii) Amendment No. 1 to the Series 2023-2 Supplement, dated as of March 2, 2023 (as amended, the "**Series 2023-2 Supplement**") by and among HVF III, as issuer, THC, as administrator, and BNYM, as trustee and securities intermediary, (iii) Amendment No. 1 to the Series 2023-4 Supplement, dated as of August 24, 2023 (as amended, the "**Series 2023-4 Supplement**"), by and among HVF III, as issuer, THC, as administrator, and BNYM, as trustee and securities intermediary, (iv) Amendment No. 1 to the Series 2024-1 Supplement, dated as of July 26, 2024 (as amended, the "**Series 2024-1 Supplement**"), by and among HVF III, as issuer, THC, as administrator, and BNYM, as trustee and securities intermediary, (v) Amendment No. 1 to the Series 2024-2 Supplement, dated as of July 26, 2024 (as amended, "**Series 2024-2 Supplement**"), by and among HVF III, as issuer, THC, as administrator, and BNYM, as trustee and securities intermediary, (vi) Amendment No. 1 to the Series 2025-1 Supplement, dated as of March 12, 2025 (as amended, the "**Series 2025-1 Supplement**"), by and among HVF III, as issuer, THC, as administrator, and BNYM, as trustee and securities intermediary, (vii) Amendment No. 1 to the Series 2025-2 Supplement, dated as of March 12, 2025 (as amended, the "**Series 2025-2 Supplement**"), by and among HVF III, as issuer, THC, as administrator, and BNYM, as trustee and securities intermediary, (viii) Amendment No. 1 to the Series 2025-3 Supplement, dated as of June 30, 2025 (as amended, the "**Series 2025-3 Supplement**"), by and among HVF III, as issuer, THC, as administrator, and BNYM, as trustee and securities intermediary, (ix) Amendment No. 1 to the Series 2025-4 Supplement, dated as of June 30, 2025 (as amended, the "**Series 2025-4 Supplement**"), by and among HVF III, as issuer, THC, as administrator, and BNYM, as trustee and securities intermediary, (x) Amendment No. 1 to the Series 2025-5 Supplement, dated as of December 5, 2025 (as amended, the "**Series 2025-5 Supplement**"), by and among HVF III, as issuer, THC, as administrator, and BNYM, as trustee and securities intermediary and (xi) Amendment No. 1 to the Series 2025-6 Supplement, dated as of December 5, 2025 (as amended, the "**Series 2025-6 Supplement**" and, collectively with the Series 2022-5 Supplement, the Series 2023-2 Supplement, the Series 2023-4 Supplement, the Series 2024-1 Supplement, the Series 2024-2 Supplement, the Series 2025-1 Supplement, the Series 2025-2 Supplement, the Series 2025-3 Supplement, the Series 2025-4 Supplement and the Series 2025-5 Supplement, the "**Series Supplements**" and each, a "**Series Supplement**"), by and among HVF III, as issuer, THC, as administrator, and BNYM, as trustee and securities intermediary, and each of the Series Supplements as a supplement to the Base Indenture (the "**Base Indenture**"), dated as of June 29, 2021, which was previously filed as Exhibit 10.7 to the Current Report on Form 8-K filed on July 7, 2021, between HVF III, as issuer, and BNYM, as trustee.

The Series Supplements were amended primarily to issue a new Class of Fixed Rate Rental Car Asset Backed Notes, Class E, under each applicable Series Supplement, in an aggregate principal amount equal to $221,421,000. The Series 2022-5 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2022-5 Class E Notes**"), the Series 2023-2 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2023-2 Class E Notes**"), the Series 2023-4 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2023-4 Class E Notes**"), the Series 2024-1 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2024-1 Class E Notes**"), the Series 2024-2 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2024-2 Class E Notes**"), the Series 2025-1 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2025-1 Class E Notes**"), the Series 2025-2 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2025-2 Class E Notes**"), the Series 2025-3 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2025-3 Class E Notes**"), the Series 2025-4 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2025-4 Class E Notes**"), the Series 2025-5 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2025-5 Class E Notes**") and the Series 2025-6 Fixed Rate Rental Car Asset Backed Notes, Class E (the "**Series 2025-6 Class E Notes**") are described together below as the "**Class E Notes.**" Approximately $22 million of the Class E Notes issued were purchased by affiliates of CK Amarillo LP, with the remaining aggregate principal amount of Class E Notes purchased by unaffiliated third parties.

THC utilizes the HVF III securitization platform, which consists of both variable funding notes and medium-term notes, such as the Class E Notes issued as described herein, to finance its U.S. rental car fleet. Subject to certain conditions, additional notes may be issued in the future under the Base Indenture.

The Class E Notes were issued with the following terms:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Notes Issued** | **Principal** | **Interest Rate** | **Expected Final<br> Payment Date** | **Legal Final<br> Payment Date** |
| **Class E Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-5, Class E | $17019000 | 10.67% | September 2027 | September 2028 |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class E | $14479000 | 10.99% | September 2028 | September 2029 |
| &nbsp;&nbsp;&nbsp;Series 2023-4, Class E | $24133000 | 11.48% | March 2029 | March 2030 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class E | $18099000 | 10.95% | January 2028 | January 2029 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class E | $18099000 | 11.99% | January 2030 | January 2031 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class E | $24133000 | 10.99% | September 2028 | September 2029 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class E | $24133000 | 12.26% | September 2030 | September 2031 |
| &nbsp;&nbsp;&nbsp;Series 2025-3, Class E | $18099000 | 11.47% | December 2028 | December 2029 |
| &nbsp;&nbsp;&nbsp;Series 2025-4, Class E | $14962000 | 12.28% | December 2030 | December 2031 |
| &nbsp;&nbsp;&nbsp;Series 2025-5, Class E | $21719000 | 11.72% | May 2029 | May 2030 |
| &nbsp;&nbsp;&nbsp;Series 2025-6, Class E | $26546000 | 12.54% | May 2031 | May 2032 |

---

The Series 2022-5 Class E Notes are subordinated to the existing Series 2022-5 Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Series 2023-2 Class E Notes are subordinated to the existing Series 2023-2 Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Series 2023-4 Class E Notes are subordinated to the existing Series 2023-4 Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Series 2024-1 Class E Notes are subordinated to the existing Series 2024-1 Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Series 2024-2 Class E Notes are subordinated to the existing Series 2024-2 Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Series 2025-1 Class E Notes are subordinated to the existing Series 2025-1 Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Series 2025-2 Class E Notes are subordinated to the existing Series 2025-2 Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Series 2025-3 Class E Notes are subordinated to the existing Series 2025-3 Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Series 2025-4 Class E Notes are subordinated to the existing Series 2025-4 Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Series 2025-5 Class E Notes are subordinated to the existing Series 2025-5 Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Series 2025-6 Class E Notes are subordinated to the existing Series 2025-6 Class A Notes, Class B Notes, Class C Notes and Class D Notes.

Unless an amortization event occurs, HVF III is not required to make any principal payments on the applicable Class E Notes until the date set forth in the column "First Principal Payment Date" opposite the applicable series of notes in the table below. Beginning in the date set forth in the column "First Principal Payment Date" opposite the applicable series of notes in the table below, HVF III is expected to make a payment of one-sixth of the initial principal amount of such Class E Notes until repayment is made in full on the applicable legal final payment date for such series of notes set forth in the column "Legal Final Payment Date" in the table below.

---

| | | |
|:---|:---|:---|
| **Series of Notes** | **First Principal<br> Payment Date** | **Legal Final<br> Payment Date** |
| Series 2022-5 | April 2027 | September 2028 |
| Series 2023-2 | April 2028 | September 2029 |
| Series 2023-4 | October 2028 | March 2030 |
| Series 2024-1 | August 2027 | January 2029 |
| Series 2024-2 | August 2029 | January 2031 |
| Series 2025-1 | April 2028 | September 2029 |
| Series 2025-2 | April 2030 | September 2031 |
| Series 2025-3 | July 2028 | December 2029 |
| Series 2025-4 | July 2030 | December 2031 |
| Series 2025-5 | December 2028 | May 2030 |
| Series 2025-6 | December 2030 | May 2032 |

---

The occurrence and continuation of an amortization event related to a series of notes may result in HVF III being required to pay principal on such series of notes earlier than anticipated. Amortization events include, among other things, the failure to pay principal or interest in a timely manner, the failure to maintain sufficient assets compared to the outstanding amount of debt, the failure to maintain sufficient liquidity in the form of reserve accounts or letters of credit, the presence of certain liens on HVF III's assets, any misrepresentations by HVF III, any covenant defaults and defaults by either HVF III or THC, as administrator of HVF III under the Administration Agreement, dated as of June 29, 2021, which was previously filed as Exhibit 10.9 to the Current Report on Form 8-K filed on July 7, 2021. In the event that one or more amortization events occurs and is continuing, holders of such series of notes may force HVF III or BNYM on their behalf to sell vehicles and, if a default occurs under the Master Motor Vehicle Operating Lease and Servicing Agreement (HVF III) (the "**Lease**"), dated as of June 29, 2021, which was previously filed as Exhibit 10.8 to the Current Report on Form 8-K filed on July 7, 2021, the holders of such series of notes may force THC and/or DTG Operations, Inc., a wholly-owned indirect subsidiary of THC, each as a lessee under the Lease, to return vehicles for sale by HVF III. Proceeds of any such sales made during the enforcement of remedies are required to repay the applicable series of notes and any notes issued by HVF III in the future.

The net proceeds of the Class E Notes are expected to be used for the future acquisition or refinancing of eligible vehicles to be leased under the Lease or, in certain circumstances, any excess of the proceeds could be distributed by HVF III to THC.

The foregoing descriptions of the Class E Notes are qualified in their entirety by reference to the complete terms and conditions of (i) the Series 2022-5 Supplement, a copy of which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated by reference herein, (ii) the Series 2023-2 Supplement, a copy of which is attached hereto as Exhibit 10.2 to this Current Report on Form 8-K, which is incorporated by reference herein, (iii) the Series 2023-4 Supplement, a copy of which is attached hereto as Exhibit 10.3 to this Current Report on Form 8-K, which is incorporated by reference herein, (iv) the Series 2024-1 Supplement, a copy of which is attached hereto as Exhibit 10.4 to this Current Report on Form 8-K, which is incorporated by reference herein, (v) the Series 2024-2 Supplement, a copy of which is attached hereto as Exhibit 10.5 to this Current Report on Form 8-K, which is incorporated by reference herein, (vi) the Series 2025-1 Supplement, a copy of which is attached hereto as Exhibit 10.6 to this Current Report on Form 8-K, which is incorporated by reference herein, (vii) the Series 2025-2 Supplement, a copy of which is attached hereto as Exhibit 10.7 to this Current Report on Form 8-K, which is incorporated by reference herein, (viii) the Series 2025-3 Supplement, a copy of which is attached hereto as Exhibit 10.8 to this Current Report on Form 8-K, which is incorporated by reference herein, (ix) the Series 2025-4 Supplement, a copy of which is attached hereto as Exhibit 10.9 to this Current Report on Form 8-K, which is incorporated by reference herein, (x) the Series 2025-5 Supplement, a copy of which is attached hereto as Exhibit 10.10 to this Current Report on Form 8-K, which is incorporated by reference herein, and (xi) the Series 2025-6 Supplement, a copy of which is attached hereto as Exhibit 10.11 to this Current Report on Form 8-K, which is incorporated by reference herein.

***Amendment to Third Amended and Restated Series 2021-A Supplement***

On April 28, 2026, Hertz Vehicle Financing III LLC ("**HVF III**"), a wholly-owned, special-purpose and bankruptcy remote subsidiary of THC, and THC entered into Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement ("**Amendment No. 2 to Third A&R Series 2021-A Supplement**") by and among HVF III, as issuer, THC, as administrator, Deutsche Bank AG, New York Branch, as program agent, and BNYM, as trustee. Amendment No. 2 to Third A&R Series 2021-A Supplement amends the Third Amended and Restated Series 2021-A Supplement, dated August 29, 2025.

Amendment No. 2 to Third A&R Series 2021-A Supplement was entered into primarily to extend, in the ordinary course, the commitment termination date for the Series 2021-A Variable Funding Rental Car Asset Backed Notes, Class A, issued thereunder by one year to May 5, 2028, among certain other amendments. The Class A Maximum Principal Amount until May 7, 2027 is $3.240 billion, and thereafter the Class A Maximum Principal Amount is $2.980 billion until May 5, 2028, after giving effect to the terms of Amendment No. 2 to Third A&R Series 2021-A Supplement.

The foregoing description of Amendment No. 2 to Third A&R Series 2021-A Supplement is qualified in its entirety by reference to Amendment No. 2 to Third A&R Series 2021-A Supplement, a copy of which is filed as Exhibit 10.12 to this Current Report on Form 8-K and is incorporated herein by reference.

***European ABS Amendments***

On April 28, 2026, affiliates of THC entered into amendments to the securitization platform for financing activities relating to such affiliates' vehicle fleets Belgium, France, Germany, Italy, the Netherlands, and Spain (the "**European ABS**") in order to: (i) extend the maturity of the Class A Notes, the Class B Notes and the Class C Notes issued thereunder to April 2028; (ii) increase the commitment size to an aggregate principal amount equal to €1,293,062,500; and (iii) document certain updates to the list of committed note purchasers, conduit investors and funding agents named therein (the "**Amendments**").

Pursuant to the European ABS, International Fleet Financing No. 2 B.V. ("**IFF No. 2**"), an indirect, special purpose subsidiary of THC, is party to an issuer facility agreement originally dated September 25, 2018 between, among others, IFF No. 2, Hertz Europe Limited (as Administrator), BNPP Paribas Trust Corporation UK Limited (the "**Security Trustee**"), and Credit Agricole Corporate and Investment Bank (as Administrative Agent) (the "**Issuer Facility Agreement**"), which includes defined terms as set forth in a Master Definitions and Constructions Agreement (the "**MDCA**"). IFF No. 2's proceeds from the Issuer Facility Agreement are made available on a revolving basis to certain special purpose fleet subsidiaries of THC (the "**Fleet Companies**") for their purchases of rental vehicles, and those vehicle fleets serve as the underlying collateral for the Issuer Facility Agreement. Certain of THC's international operating subsidiaries lease the vehicles from the Fleet Companies for rental to customers. THC has guaranteed certain obligations of the international operating subsidiaries to the Fleet Companies pursuant to a Performance Guarantee and Indemnity Deed dated December 21, 2021, as amended and/or restated from time to time (the "**Guarantee**").

In connection with the Amendments, each of the Issuer Facility Agreement and the MDCA were amended and restated, effective as of April 28, 2026. For the avoidance of doubt, the Guarantee was not amended pursuant to these Amendments.

The foregoing descriptions of the amendments to the Issuer Facility Agreement and the MDCA are qualified in their entirety by reference to Exhibits 10.13 and 10.14, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference.

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| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** |

---

The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

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| | |
|:---|:---|
| **I** **tem 9.01** | **Financial Statements and Exhibits.** |

---

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| [10.1](tm2612882d1_ex10-1.htm) | [Amendment No. 1, dated as of April 24, 2026, to Amended and Restated Series 2022-5 Supplement, dated as of October 20, 2023, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-1.htm) |
| [10.2](tm2612882d1_ex10-2.htm) | [Amendment No. 1, dated as of April 24, 2026, to Series 2023-2 Supplement, dated as of March 2, 2023, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-2.htm) |
| [10.3](tm2612882d1_ex10-3.htm) | [Amendment No. 1, dated as of April 24, 2026, to Series 2023-4 Supplement, dated as of August 24, 2023, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-3.htm) |
| [10.4](tm2612882d1_ex10-4.htm) | [Amendment No. 1, dated as of April 24, 2026, to Series 2024-1 Supplement, dated as of July 26, 2024, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-4.htm) |
| [10.5](tm2612882d1_ex10-5.htm) | [Amendment No. 1, dated as of April 24, 2026, to Series 2024-2 Supplement, dated as of July 26, 2024, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-5.htm) |
| [10.6](tm2612882d1_ex10-6.htm) | [Amendment No. 1, dated as of April 24, 2026, to Series 2025-1 Supplement, dated as of March 12, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-6.htm) |
| [10.7](tm2612882d1_ex10-7.htm) | [Amendment No. 1, dated as of April 24, 2026, to Series 2025-2 Supplement, dated as of March 12, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-7.htm) |
| [10.8](tm2612882d1_ex10-8.htm) | [Amendment No. 1, dated as of April 24, 2026, to Series 2025-3 Supplement, dated as of June 30, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-8.htm) |
| [10.9](tm2612882d1_ex10-9.htm) | [Amendment No. 1, dated as of April 24, 2026 to Series 2025-4 Supplement, dated as of June 30, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-9.htm) |
| [10.10](tm2612882d1_ex10-10.htm) | [Amendment No. 1, dated as of April 24, 2026, to Series 2025-5 Supplement, dated as of December 5, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-10.htm) |
| [10.11](tm2612882d1_ex10-11.htm) | [Amendment No. 1, dated as of April 24, 2026, to Series 2025-6 Supplement, dated as of December 5, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary.](tm2612882d1_ex10-11.htm) |
| [10.12](tm2612882d1_ex10-12.htm) | [Amendment No. 2, dated as of April 28, 2026, to Third Amended and Restated Series 2021-A Supplement, dated as of August 29, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, Deutsche Bank AG, New York Branch, as program agent, and The Bank of New York Mellon Trust Company, N.A., as trustee.](tm2612882d1_ex10-12.htm) |

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| | |
|:---|:---|
| [10.13](tm2612882d1_ex10-13.htm) | [Amended and Restated Issuer Facility Agreement as amended and restated on April 28, 2026, by and among International Fleet Financing No. 2 B.V., Hertz Europe Limited, Credit Agricole Corporate and Investment Bank, certain committed note purchasers, conduit investors and funding agents named therein, and BNP Paribas Trust Corporation UK Limited.](tm2612882d1_ex10-13.htm) |
| [10.14](tm2612882d1_ex10-14.htm) | [Amended and Restated Master Definitions and Constructions Agreement as amended and restated on April 28, 2026, by and among International Fleet Financing No. 2 B.V., Hertz Automobielen Nederland B.V., Stuurgroep Fleet (Netherlands) B.V., Hertz France S.A.S., RAC Finance S.A.S., Hertz De Espana SLU, Stuurgroep Fleet (Netherlands) B.V. Sucursal en Espaῆa, Hertz Autovermietung GmbH, Hertz Fleet Limited, Eurotitrisation S.A., BNP Paribas, Italian Branch, BNP Paribas S.A., Hertz Italiana S.R.L., IFM SPV S.R.L., Hertz Fleet Italiana S.R.L., Hertz Belgium BV, Credit Agricole Corporate and Investment Bank, Hertz Europe Limited, The Hertz Corporation, BNP Paribas, Luxembourg Branch, TMF Administrative Services B.V., TMF France Management SARL, TMF France SAS, Interpath (France) SAS, BNP Paribas Trust Corporation UK Limited, BNP Paribas S.A., Dublin Branch, BNP Paribas S.A., Netherlands Branch, Banca Nazionale Del Lavoro S.P.A., Banca Finanziaria Internazionale S.P.A., Apex Financial Services (Trust Company) Limited, certain committed note purchasers, conduit investors and funding agents named therein, Hertz Holdings Netherlands 2 B.V. and Hertz International Limited.](tm2612882d1_ex10-14.htm) |
| 104.1 | Cover page Interactive Date File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **HERTZ GLOBAL HOLDINGS, INC.**<br> **THE HERTZ CORPORATION** | **HERTZ GLOBAL HOLDINGS, INC.**<br> **THE HERTZ CORPORATION** |
|  | (each, a Registrant) | (each, a Registrant) |
| Date: April 30, 2026 | By: | /s/ Scott M. Haralson |
|  | Name: | Scott M. Haralson |
|  | Title: | Executive Vice President and Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

***Execution Version***

**Amendment No. 1 to AMENDED AND RESTATED Series 2022-5 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the AMENDED AND RESTATED SERIES 2022-5 SUPPLEMENT, dated as of October 20, 2023 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2022-5 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2022-5 Supplement permits the Issuer and the Trustee to amend the Series 2022-5 Supplement in writing without the consent of any Series 2022-5 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2022-5 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2022-5 Supplement provides that on any date during the Series 2022-5 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2022-5 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2022-5 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2022-5 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2022-5 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2022-5 Supplement, to amend the Series 2022-5 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2022-5 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2022-5 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2022-5 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2022-5 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2022-5 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2022-5 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2022-5 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2022-5 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reference to and Effect on the Series 2022-5 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2022-5 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2022-5 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2022-5 Supplement to "<u>Series 2022-5 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2022-5 Supplement, and each reference in any other Series 2022-5 Related Document to "<u>Series 2022-5 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2022-5 Supplement, shall mean and be a reference to the Series 2022-5 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2022-5 Supplement or the Series 2022-5 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2022-5 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

*Signature Page to Amendment No. 1 to Series 2022-5 Supplement*

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

*Signature Page to Amendment No. 1 to Series 2022-5 Supplement*

<u>Annex A</u>

EXECUTION VERSION

<u>**CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026**</u>

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

**AMENDED AND RESTATED SERIES 2022-5 SUPPLEMENT**

dated as of October 20, 2023

to

BASE INDENTURE<br> dated as of June 29, 2021

$246,000,000 Series 2022-5 3.89% Rental Car Asset Backed Notes, Class A

$38,267,000 Series 2022-5 4.28% Rental Car Asset Backed Notes, Class B<br> $32,800,000 Series 2022-5 4.82% Rental Car Asset Backed Notes, Class C<br> $47,377,000 Series 2022-5 6.78% Rental Car Asset Backed Notes, Class D

<u>$17,019,000 Series 2022-5 10.67% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| Article I DEFINITIONS AND CONSTRUCTION | Article I DEFINITIONS AND CONSTRUCTION | 3 |
| Section 1.1 | Defined Terms and References | 3 |
| Section 1.2 | Rules of Construction | 3 |
| Article II ISSUANCE OF Series 2022-5 NOTES; FORM OF Series 2022-5 NOTES | Article II ISSUANCE OF Series 2022-5 NOTES; FORM OF Series 2022-5 NOTES | 4 |
| Section 2.1 | Issuance | 4 |
| Section 2.2 | Transfer Restrictions for Global Notes | 6 |
| Section 2.3 | Definitive Notes | 11<u>15</u> |
| Section 2.4 | Legal Final Payment Date | 11<u>15</u> |
| Section 2.5 | Required Series Noteholders | 11<u>15</u> |
| Section 2.6 | FATCA | 11<u>15</u> |
| Article III INTEREST AND INTEREST RATES | Article III INTEREST AND INTEREST RATES | 12<u>16</u> |
| Section 3.1 | Interest | 12<u>16</u> |
| Article IV SERIES-SPECIFIC COLLATERAL | Article IV SERIES-SPECIFIC COLLATERAL | 12<u>16</u> |
| Section 4.1 | Granting Clause | 12<u>16</u> |
| Section 4.2 | Series 2022-5 Accounts | 13<u>17</u> |
| Section 4.3 | Trustee as Securities Intermediary | 15<u>19</u> |
| Section 4.4 | <u>Class A/B/C/D</u> Demand Notes | 16<u>21</u> |
| <u>Section 4.5</u> | <u>Class E Demand Notes</u> | <u>21</u> |
| Section 4.5<u>4.6</u> | Subordination | 16<u>21</u> |
| Section 4.6<u>4.7</u> | Duty of the Trustee | 17<u>22</u> |
| Section 4.7<u>4.8</u> | Representations of the Trustee | 17<u>22</u> |
| Article V PRIORITY OF PAYMENTS | Article V PRIORITY OF PAYMENTS | 17<u>22</u> |
| Section 5.1 | [Reserved] | 17<u>22</u> |
| Section 5.2 | Collections Allocation | 17<u>22</u> |
| Section 5.3 | Application of Funds in the Series 2022-5 Interest Collection Account | 17<u>22</u> |
| Section 5.4 | Application of Funds in the Series 2022-5 Principal Collection Account | 18<u>24</u> |
| Section 5.5 | Class A/B/C/D Reserve Account Withdrawals | 20<u>25</u> |
| <u>Section 5.6</u> | <u>Class E Reserve Account Withdrawals</u> | <u>26</u> |
| Section 5.6<u>5.7</u> | Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes | 20<u>26</u> |
| <u>Section 5.8</u> | <u>Class E Letters of Credit and Class E Demand Notes</u> | <u>29</u> |
| Section 5.7<u>5.9</u> | Past Due Rental Payments | 23<u>32</u> |
| Section 5.8<u>5.10</u> | Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account | 24<u>33</u> |
| <u>Section 5.11</u> | <u>Class E Letters of Credit and Class E L/C Cash Collateral Account</u> | <u>35</u> |
| Section 5.9<u>5.12</u> | Certain Instructions to the Trustee | 26<u>38</u> |
| Section 5.10<u>5.13</u> | HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment | 26<u>38</u> |
| Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS | Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS | 27<u>39</u> |
| Section 6.1 | Representations and Warranties | 27<u>39</u> |
| Section 6.2 | Covenants | 27<u>39</u> |
| Section 6.3 | Closing Conditions | 29<u>41</u> |
| Section 6.4 | Further Assurances | 29<u>41</u> |
| Article VII AMORTIZATION EVENTS | Article VII AMORTIZATION EVENTS | 30<u>42</u> |
| Section 7.1 | Amortization Events | 30<u>42</u> |
| Article VIII SUBORDINATION OF NOTES | Article VIII SUBORDINATION OF NOTES | 32<u>44</u> |
| Section 8.1 | Subordination of Class B Notes | 32<u>44</u> |
| Section 8.2 | Subordination of Class C Notes | 32<u>44</u> |

---

i

**TABLE OF CONTENTS**

**(continued)**

**Page**

---

| | | |
|:---|:---|:---|
| Section 8.3 | Subordination of Class D Notes | 33<u>45</u> |
| Section 8.4 | Subordination of Class E Notes | 33<u>45</u> |
| Section 8.5 | When Distribution Must be Paid Over | 33<u>45</u> |
| Article IX GENERAL | Article IX GENERAL | 33<u>46</u> |
| Section 9.1 | Optional Redemption of the Series 2022-5 Notes | 33<u>46</u> |
| Section 9.2 | Information | 34<u>46</u> |
| Section 9.3 | Confidentiality | 34<u>46</u> |
| Section 9.4 | Ratification of Base Indenture | 35<u>47</u> |
| Section 9.5 | Notice to the Rating Agencies | 35<u>47</u> |
| Section 9.6 | Third Party Beneficiary | 35<u>47</u> |
| Section 9.7 | Execution in Counterparts; Electronic Execution | 35<u>47</u> |
| Section 9.8 | Governing Law | 35<u>47</u> |
| Section 9.9 | Amendments | 35<u>48</u> |
| Section 9.10 | Administrator to Act on Behalf of HVF III | 37<u>50</u> |
| Section 9.11 | Successors | 38<u>50</u> |
| Section 9.12 | Termination of Series Supplement | 38<u>50</u> |
| Section 9.13 | Electronic Execution | 38<u>50</u> |
| Section 9.14 | Additional UCC Representations | 38<u>50</u> |
| Section 9.15 | Notices | 39<u>51</u> |
| Section 9.16 | Submission to Jurisdiction | 39<u>52</u> |
| Section 9.17 | Waiver of Jury Trial | 40<u>52</u> |
| Section 9.18 | Issuance of Class E Notes | 40 |
| Section 9.19<u>9.18</u> | Trustee Obligations under the Retention Requirements | 42<u>54</u> |
| Section 9.20<u>9.19</u> | Amendment and Restatement; No Novation | 42<u>54</u> |
| **SCHEDULE I TO THE SERIES 2022-5 SUPPLEMENT** | **SCHEDULE I TO THE SERIES 2022-5 SUPPLEMENT** | **45** **<u>57</u>** |
| **SCHEDULE II TO THE SERIES 2022-5 SUPPLEMENT** | **SCHEDULE II TO THE SERIES 2022-5 SUPPLEMENT** | **77** **<u>93</u>** |

---

(ii) ****TABLE OF CONTENTS**<br> (continued)**

**Page**

EXHIBITS AND SCHEDULES

---

| | |
|:---|:---|
| &nbsp;&nbsp;Schedule I<br> Schedule II | &nbsp;&nbsp;List of Defined Terms<br> Monthly Noteholders' Statement Information |
| &nbsp;&nbsp;Exhibit A-1-1<br> Exhibit A-1-2<br> Exhibit A-2-1<br> Exhibit A-2-2<br> Exhibit A-3-1<br> Exhibit A-3-2<br> Exhibit A-4-1<br> Exhibit A-4-2<br> <u>Exhibit A-5</u><br> Exhibit B-1<br> Exhibit B-2<br> <u>Exhibit B-3</u><br> <u>Exhibit B-4</u><br> <u>Exhibit C-1</u><br> Exhibit C<u>-2</u><br> Exhibit D<br> Exhibit E-1<br> Exhibit E-2<br> <u>Exhibit E-3</u><br> Exhibit F<u>-1</u><br> <u>Exhibit F-2</u><br>| &nbsp;&nbsp;Form of Series 2022-5 144A Global Class A Note<br> Form of Series 2022-5 Regulation S Global Class A Note<br> Form of Series 2022-5 144A Global Class B Note<br> Form of Series 2022-5 Regulation S Global Class B Note<br> Form of Series 2022-5 144A Global Class C Note<br> Form of Series 2022-5 Regulation S Global Class C Note<br> Form of Series 2022-5 144A Global Class D Note<br> Form of Series 2022-5 Regulation S Global Class D Note<br> <u>Form of Series 2022-5 144A Global Class E Note</u><br> Form of Demand Notice<br> Form of Class A/B/C/D Demand Note<br> <u>Form of Class E Demand Notice</u><br> <u>Form of Class E Demand Note</u><br> Form of Reduction Notice Request Class A/B/C/D Letter of Credit<br> <u>Form of Reduction Notice Request Class E Letter of Credit</u><br> Form of Lease Payment Deficit Notice<br> <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u><br> Form of Transfer Certificate from 144A Global Note to Regulation S Global Note<br> Form of Transfer Certificate from Regulation S Global Note to 144A Global Note<br> Form of Class A/B/C/D Letter of Credit<br> <u>Form of Class E Letter of Credit</u> |

---

(iii) AMENDED AND RESTATED SERIES 2022-5 SUPPLEMENT dated as of October 20, 2023 ("<u>Series 2022-5 Supplement</u>") among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS, HVF III, Hertz and the Trustee entered into the Series 2022-5 Supplement, dated as of June 30, 2021 (the "<u>Original Series 2022-5 Supplement</u>"), pursuant to which HVF III issued the Series 2022-5 Notes, including the Series 2022-5 6.78% Rental Car Asset Backed Notes, Class D with a CUSIP number of 42806MBQ1 and an ISIN number of US42806MBQ15 (the "<u>Original Class D 144A Global Note</u>");

WHEREAS, HVF III, Hertz and the Trustee entered into Amendment No. 1 to Series 2022-5 Supplement, dated as of June 27, 2022 (the "<u>First Amendment to the Series 2022-5 Supplement</u>", and together with the Original Series 2022-5 Supplement, as amended, the "<u>Amended Series 2022-5 Supplement</u>"), pursuant to which HVF III, Hertz and the Trustee amended the Original Series 2022-5 Supplement for the benefit of the Series 2022-5 Noteholders to, among other things, amend (i) the minimum denomination of the Original Class D 144A Global Note and (ii) the definition of "Series 2022-5 Liquidation Event";

WHEREAS, <u>Section 9.9(a)</u> (*Amendments—Without the Consent of the Series 2022-5 Noteholders*) of the Amended Series 2022-5 Supplement permits HVF III and the Trustee to amend the Amended Series 2022-5 Supplement in writing, without the consent of any Series 2022-5 Noteholder, subject to certain conditions set forth in the Amended Series 2022-5 Supplement;

WHEREAS, <u>Section 9.9(a)(viii)</u> (*Amendments—Without the Consent of the Series 2022-5 Noteholders*) of the Amended Series 2022-5 Supplement provides that HVF III and the Trustee, at any time and from time to time, may enter into an amendment to the Amended Series 2022-5 Supplement without the consent of any Series 2022-5 Noteholder to effect any other amendment not listed in <u>Section 9.9(a)</u> (*Amendments—Without the Consent of the Series 2022-5 Noteholders*) that does not materially adversely affect the interests of the Series 2022-5 Noteholders; <u>provided</u> that any such amendment requires (i) an Officer's Certificate of HVF III that such amendment shall not materially adversely affect the interests of the Series 2022-5 Noteholders, (ii) satisfaction of the Series 2022-5 Rating Agency Condition with respect to such amendment, and (iii) notice to each Rating Agency of such amendment promptly after its execution;

WHEREAS, HVF III desires to amend and restate the Amended Series 2022-5 Supplement for the benefit of the Series 2022-5 Noteholders to, among other things, (i) issue Class D Notes that can be transferred or resold outside the United States to non-U.S. persons (as such term is defined in Regulation S) in transactions in compliance with Regulation S, and (ii) remove the requirement for each transferee of the Class D Notes to deliver a letter of representation to the Trustee and the Servicer in connection with such transfer (collectively, the "<u>Class D Amendments</u>");

WHEREAS, HVF III has delivered to the Trustee an Officer's Certificate that the Class D Amendments herein that are being implemented in accordance with <u>Section 9.9(a)(viii)</u> (*Amendments—Without the Consent of the Series 2022-5 Noteholders*) of the Amended Series 2022-5 Supplement do not materially adversely affect the interests of the Series 2022-5 Noteholders;

WHEREAS, the Series 2022-5 Rating Agency Condition is satisfied with respect to the Class D Amendments described herein;

WHEREAS, HVF III has delivered to the Trustee an Officer's Certificate and an Opinion of Counsel to the effect that the Class D Amendments herein contained comply with the requirements of <u>Section 9.9(d)</u> (*Series 2022-5 Supplemental Indentures*) of the Amended Series 2022-5 Supplement;

WHEREAS, in connection with the Class D Amendments, HVF III has (i) authorized and directed the Trustee to cancel the Original Class D 144A Global Note on the date hereof and (ii) requested the Trustee to (A) authenticate (1) one 144A Global Note registered in the name of Cede & Co., as nominee of The Depository Trust Company, representing an aggregate of $47,377,000 in the principal amount of the HVF III's Series 2022-5 6.78% Rental Car Asset Backed Notes, Class D, having a CUSIP number of 42806MBQ1 and an ISIN number of US42806MBQ15 (the "<u>Re-issued Class D 144A Global Note</u>") and (2) one Regulation S Global Note registered in the name of Cede & Co., as nominee of The Depository Trust Company, representing an aggregate of $0 in the principal amount of HVF III's Series 2022-5 6.78% Rental Car Asset Backed Notes, Class D, having a CUSIP number of U4280MBD2 and an ISIN number of USU4280MBD21 (the "<u>Class D Regulation S Global Note</u>" and, together with the Re-issued Class D 144A Global Note, the "<u>Restatement Date Class D Notes</u>"), and (B) deliver said authenticated Restatement Date Class D Notes to, or for the account of The Depository Trust Company, against receipt therefor;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2022-5 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2022-5 Noteholders; and

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

A Series of Notes was created and issued pursuant to the Base Indenture and the Original Series 2022-5 Supplement, and such Series of Notes was designated as Series 2022-5 Rental Car Asset Backed Notes.

On the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date, the following classes of Series 2022-5 Rental Car Asset Backed Notes were issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2022-5 3.89% Rental Car
 Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2022-5 4.28% Rental
 Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2022-5 4.82% Rental
 Car Asset Backed Notes, Class C (as referred to herein, the " <u>Class C Notes</u> ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Original Class D 144A Global
 Note.

Subsequent to the Series 2022-5 Closing Date, HVF III may on any date during the Series 2022-5 Revolving Period offer and sell additional Series 2022-5 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2022-5 Supplement, which, if issued, shall be designated as the Series 2022-5 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "<u>Class E Notes</u>".

On the Series 2022-5 Restatement Date, the Original Class D 144A Global Note shall be<u>were</u> cancelled, and the Restatement Date Class D Notes shall be<u>were</u> issued and authenticated.

<u>On the Class E Notes Closing Date, the Series 2022-5 10.67% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u>

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2022-5 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**

**DEFINITIONS AND CONSTRUCTION**

**Section 1.01 <u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2022-5 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2022-5 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2022-5 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02 <u>Rules of Construction</u>**. In this Series 2022-5 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document) as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2022-5 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2022-5 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**

**ISSUANCE OF Series 2022-5 NOTES; FORM OF Series 2022-5 NOTES**

**Section 2.01 <u>Issuance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance</u> <u>on the Series 2022-5 Closing Date</u><u>of Class A/B/C/D Notes</u>. On the terms and conditions set forth in the Original Series 2022-5 Supplement, HVF III issued and caused the Trustee to authenticate, the initial Class A/B/C/D Notes on the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date. Such Class A/B/C/D Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) had<u>have</u>, with respect to each Class of Series 2022-5 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class;<u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) had<u>have</u>, with respect to each Class of Series 2022-5 Notes, the interest rate set forth in the definition of Note Rate for such Class;<u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) were<u>are</u> dated the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date;<u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) had<u>have</u>, with respect to each Class of Series 2022-5 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class;<u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) were<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by Moody's and Fitch and, with respect to the Class D Notes, by Moody's;<u>,</u> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) were duly authenticated in accordance with the provisions of the Base Indenture and this Series 2022-5 Supplement <u>on the Class A/B/C/D Notes</u> <u>Closing Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Issuance on the Series 2022-5 Restatement Date</u>. On the terms and conditions set forth in this Series 2022-5 Supplement, HVF III shall issue<u>issued</u>, and shall cause<u>caused</u> the Trustee to authenticate the Restatement Date Class D Notes on the Series 2022-5 Restatement Date. Such Restatement Date Class D Notes shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have the initial principal amount equal to the Class Initial Principal Amount for the Class D Notes;<u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have the interest rate set forth in the definition of Note Rate for the Class D Notes;<u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2022-5 Restatement Date;<u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have the maturity date set forth in the definition of Legal Final Payment Date for the Class D Notes;<u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated by Moody's;<u>,</u> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be<u>are</u> duly authenticated in accordance with the provisions of the Base Indenture and this Series 2022-5 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2022-5 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Notes Closing Date. Such Class E Notes shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2022-5 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Form of the</u> <u>Class A/B/C/D</u><u>Series 2022-5</u> <u>Notes.</u> The Class A/B/C Notes were offered and sold by HVF III on the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C Purchase Agreement, and the Original Class D 144A Global Note was sold by HVF III on the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date to the Initial Class D Note Purchaser pursuant to the Class D Purchase Agreement. The Class A/B/C Notes were resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. On the Class D Subsequent Issuance Date, the Initial Class D Note Purchaser sold the Original Class D 144A Global Note to the Class D Subsequent Initial Purchasers pursuant to the Class D Subsequent Purchase Agreement. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2022-5 Related Document to the contrary, the initial Payment Date with respect to the Series 2022-5<u>Class A/B/C/D</u> Notes shall be<u>was</u> April 25, 2022 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>144A Global Notes</u>. Each Class of the Class A/B/C<u>Series 2022-5</u> Notes offered and sold in their initial distribution on the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable,</u> and the Restatement Date Class D Notes issued and authenticated on the Series 2022-5 Restatement Date in reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to the Original Series 2022-5 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-1</u> to the Original Series 2022-5 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to the Original Series 2022-5 Supplement and<u>,</u> with respect to the Restatement Date Class D Notes in <u>Exhibit A-4-1</u> to this Series 2022-5 Supplement, and with respect to the Class E Notes in Exhibit A-5 to this Series 2022-5 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "144A Global Notes"). <u>The</u> <u>Solely</u> <u>with respect to the Class A/B/C/D Notes</u><u>, the</u> aggregate principal amount of <u>the</u><u>such</u> 144A Global <u>Notes</u><u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2022-5 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2022-5 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2022-5 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2022-5 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by Section 2.2 (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C Notes offered and sold on the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date and the Restatement Date Class D Notes issued and authenticated on the Series 2022-5 Restatement Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to the Original Series 2022-5 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to the Original Series 2022-5 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to the Original Series 2022-5 Supplement, and with respect to the Restatement Date Class D Notes in <u>Exhibit A-4-2</u> to this Series 2022-5 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2022-5 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2022-5 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2022-5 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2022-5 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02 <u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> wishes at any time to exchange its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-1</u><u>-3</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-2</u><u>-4</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes <u>and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or<u>,</u> Class D <u>Global Notes or Class E</u> Global Notes, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer OR ANY OTHER PERSON TREATED as THE ISSUER for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES, AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>{xe "ERISA"}"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>{xe "Internal Revenue Code"}"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>{xe "Similar Law"}") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u> <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer or any other person treated as the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2022-5 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO*.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>Note,</u> Class D <u>Note or Class E</u> Note, as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(p)</u> <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(r)</u> <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03 <u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D<u>Series 2022-5</u> Notes other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04 <u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2022-5 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05 <u>Required Series Noteholders</u>**. In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2022-5 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2022-5 Notes.

**Section 2.06 <u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2022-5 Noteholder (and any Note Owner of any Series 2022-5 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2022-5 Note or an interest in such Series 2022-5 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2022-5 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2022-5 Noteholder and Note Owner of any Series 2022-5 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2022-5 Noteholder (or Note Owner of such Series 2022-5 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2022-5 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2022-5 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2022-5 Noteholder or Note Owner of a Series 2022-5 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2022-5 Notes.

**Article III**

**INTEREST AND INTEREST RATES**

**Section 3.01 <u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2022-5 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**

**SERIES-SPECIFIC COLLATERAL**

**Section 4.01 <u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2022-5 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2022-5 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2022-5 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2022-5 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2022-5 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2022-5 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2022-5 Account are referred to, collectively, as the "<u>Series 2022-5 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02 <u>Series 2022-5 Accounts</u>**. With respect to the Series 2022-5 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2022-5 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2022-5 Noteholders three<u>four</u> securities accounts: the Series 2022-5 Principal Collection Account (such account, the "<u>Series 2022-5 Principal Collection Account</u>"), the Series 2022-5 Interest Collection Account (such account, the "<u>Series 2022-5 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2022-5 Reserve Account")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) or <u>Section</u> <u>5.8</u><u>5.10</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2022-5<u>Class A/B/C/D</u> Noteholders<u>,</u> the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>On or prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2022-5 Noteholders the Series 2022-5 Distribution Account (the "<u>Series 2022-5 Distribution Account</u>", and together with the Series 2022-5 Principal Collection Account, the Series 2022-5 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2022-5 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2022-5 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2022-5 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2022-5 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2022-5 Account shall be an Eligible Account. If any Series 2022-5 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2022-5 Account is no longer an Eligible Account, establish a new Series 2022-5 Account for such non-qualifying Series 2022-5 Account that is an Eligible Account, and if a new Series 2022-5 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2022-5 Account into such new Series 2022-5 Account. Initially, each of the Series 2022-5 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2022-5 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2022-5 Account (other than the Series 2022-5 Distribution Account) to invest funds on deposit in such Series 2022-5 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary and Permitted Investments shall be credited to the applicable Series 2022-5 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2022-5 Principal Collection Account, the Series 2022-5 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2022-5 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2022-5 Accounts</u>. With respect to each Series 2022-5 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2022-5 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2022-5 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2022-5 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2022-5 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2022-5 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2022-5 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon the termination of this Series 2022-5 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2022-5 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall withdraw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03 <u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2022-5 Account, the Trustee or other Person maintaining such Series 2022-5 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC), in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2022-5 Account. If the Securities Intermediary in respect of any Series 2022-5 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2022-5 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2022-5 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2022-5 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2022-5 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2022-5 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2022-5 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2022-5 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2022-5 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8110<u>8-110</u> of the New York UCC) and the Series 2022-5 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2022-5 Supplement, will not enter into, any agreement with any other Person relating to the Series 2022-5 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2022-5 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2022-5 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2022-5 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2022-5 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2022-5 Accounts and in all Proceeds thereof, and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8110<u>8-110</u> of the New York UCC) in respect of the Series 2022-5 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2022-5 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2022-5 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2022-5 Account by crediting such Series 2022-5 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2022-5 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2022-5 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2022-5 Account is deemed not to constitute a securities account.

**Section 4.04 <u>Class A/B/C/D</u> <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2022-5<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class A/B/C/D Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2022-5 Controlling Class.

<u>Section 4.5</u> <u>**Class E Demand Notes.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2022-5 Controlling Class.</u>

<u>Section 4.6</u> **<u>Section 4.5</u>** **<u>Subordination</u>**. The Series-Specific 2022-5 Collateral has been pledged to the Trustee to secure the Series 2022-5 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2022-5 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2022-5 Notes, and no Noteholder of any Series of Notes other than the Series 2022-5 Notes will have any right, title or interest in, to or under the Series-Specific 2022-5 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2022-5 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2022-5 Notes, then the Series 2022-5 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2022-5 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

<u>Section 4.7</u> **<u>Section 4.6</u>** **<u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2022-5 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2022-5 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2022-5 Collateral now existing or hereafter created.

<u>Section 4.8</u> **<u>Section 4.7</u>** **<u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**

**PRIORITY OF PAYMENTS**

Section 5.1 **Section 5.01 <u>[Reserved].</u>**

**Section 5.02 <u>Collections Allocation.</u>** Subject to the Past Due Rental Payments Priorities, on each Series 2022-5 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2022-5 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2022-5 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2022-5 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2022-5 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2022-5 Principal Collection Account.

**Section 5.03 <u>Application of Funds in the Series 2022-5 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2022-5 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2022-5 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2022-5 Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2022-5 Distribution Account to pay to the Administrator the Series 2022-5 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2022-5 Distribution Account to pay the Trustee the Series 2022-5 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2022-5 Noteholders, the Series 2022-5 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2022-5 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2022-5 Distribution Account to pay the Persons to whom the Series 2022-5 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2022-5 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2022-5 Distribution Account to pay the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2022-5 Distribution Account to pay the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2022-5 Distribution Account to pay the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2022-5 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2022-5 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2022-5 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2022-5 Distribution Account to pay to the Administrator the Series 2022-5 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2022-5 Distribution Account to pay to the Trustee the Series 2022-5 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2022-5 Distribution Account to pay the Persons to whom the Series 2022-5 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2022-5 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2022-5 Rapid Amortization Period, for deposit into the Series 2022-5 Principal Collection Account up to the amount necessary to pay the Series 2022-5 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2022-5 Principal Collection Account any remaining amount.

**Section 5.04 <u>Application of Funds in the Series 2022-5 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2022-5 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2022-5 Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2022-5 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2022-5 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*)); <u>and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2022-5 Interest Collection Account*));</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2022-5 Notes, then for deposit into the Series 2022-5 Distribution Account to be paid on such date, <u>pro rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2022-5 Controlled Amortization Period, then for deposit into the Series 2022-5 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2022-5 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2022-5 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2022-5 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2022-5 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2022-5 Principal Collection Account.

**Section 5.05 <u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2022-5 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2022-5 Interest Collection Account an amount equal to the excess, if any, of the Series 2022-5 Payment Date Interest Amount for such Payment Date over the Series 2022-5 Payment Date Available Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2022-5 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2022-5 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2022-5 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

<u>Section 5.6</u> <u>**Class E Reserve Account Withdrawals. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (Application of Funds in the Series 2022-5 Interest Collection Account) and 5.4 (Application of Funds in the Series 2022-5 Principal Collection Account)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2022-5 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2022-5 Payment Date Available Interest Amount solely</u> <u>with respect to the Class E Notes</u> <u>for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2022-5 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2022-5 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2022-5 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>Section 5.7</u> **<u>Section 5.6</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on any Payment Date that there exists a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date, the Trustee, by 12:00 noon (New York City time) on such Payment Date, shall draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2022-5 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2022-5 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2022-5 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on any Payment Date that there exists a Series 2022-5 Lease Principal Payment Deficit that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2022-5 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2022-5 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of a notice by the Trustee from HVF III in respect of a Series 2022-5 Lease Principal Payment Deficit on or prior to 10:30 a.m. (New York City time) on a Payment Date, the Trustee shall, by 12:00 noon (New York City time) on such Payment Date draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2022-5 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2022-5 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2022-5 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2022-5 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2022-5 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2022-5 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2022-5 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2022-5 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2022-5 Principal Collection Account on such date. <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2022-5 Supplement (other than pursuant to <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw on such Class A/B/C/D Letter of Credit.

<u>Section 5.8</u> <u>**Class E Letters of Credit and Class E Demand Notes**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2022-5 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2022-5 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2022-5 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2022-5 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2022-5 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2022-5 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2022-5 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2022-5 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2022-5 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2022-5 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2022-5 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2022-5 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2022-5 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee</u> <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2022-5 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2022-5 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2022-5 Principal Collection Account on such date.</u> <u>Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2022-5 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

<u>Section 5.9</u> **<u>Section 5.7</u>** **<u>Past Due Rental Payments</u>**. On each Series 2022-5 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2022-5 Past Due Rent Payments and deposit such amount into the Series 2022-5 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2022-5 Interest Collection Account and apply the Series 2022-5 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2022-5 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2022-5 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2022-5 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2022-5 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2022-5 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2022-5 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2022-5 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2022-5 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2022-5 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2022-5 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2022-5 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2022-5 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>and second, if the occurrence of such Series 2022-5 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (Class E Reserve Account Withdrawals), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2022-5 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2022-5 Principal Collection Account.

<u>Section 5.10</u> **<u>Section 5.8</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2022-5 Asset Amount would be less than the Series 2022-5 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2022-5 Adjusted Asset Coverage Threshold Amount over the Series 2022-5 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on such Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2022-5 Adjusted Asset Coverage Threshold Amount over the Series 2022-5 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day of a Class A/B/C/D Downgrade Withdrawal Amount Notice, the Trustee, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C-1 hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>Section 5.11</u> **<u>Class E Letters of Credit and Class E L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

<u>Section 5.12</u> **<u>Section 5.9</u>** **<u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2022-5 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 10:00 a.m. (New York City time) on each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2022-5 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

<u>Section 5.13</u> **<u>Section 5.10</u>** **<u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2022-5 Account required to be given by HVF III, at the time specified herein or in any other Series 2022-5 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2022-5 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2022-5 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2022-5 Notes required to be given by HVF III, at the time specified in this Series 2022-5 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as applicable,</u> with respect to such Class of Series 2022-5 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letter of Credit, as applicable</u>.

**Article VI**

**REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS**

**Section 6.01 <u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2022-5 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2022-5 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2022-5 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2022-5 Related Documents to which it is a party as of the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2022-5 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02 <u>Covenants</u>**. Each of HVF III and the Administrator each severally covenants and agrees that, until the Series 2022-5 Notes have been paid in full, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2022-5 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2022-5 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2022-5 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2022-5 Third-Party Market Value Procedures</u>. Comply with the Series 2022-5 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>[</u>Reserved<u>]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2023 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2022-5 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date, within 120 days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2022-5 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2022-5 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2022-5 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03 <u>Closing Conditions</u>**. The effectiveness of this Series 2022-5 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04 <u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2022-5 Collateral on behalf of the Series 2022-5 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2022-5 Permitted Liens) and to carry into effect the purposes of this Series 2022-5 Supplement or the other Series 2022-5 Related Documents or to better assure and confirm unto the Trustee or the Series 2022-5 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2022-5 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2022-5 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2022-5 Supplement, if any amount payable under or in connection with any of the Series-Specific 2022-5 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2022-5 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2022-5 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**

**AMORTIZATION EVENTS**

**Section 7.01 <u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2022-5 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2022-5 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2022-5 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2022-5 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2022-5 Permitted Liens) or (ii) other than as a result of a Series 2022-5 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2022-5 Permitted Liens) or (ii) other than as a result of a Series 2022-5 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2022-5 Permitted Liens) or (ii) other than as a result of a Series 2022-5 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2022-5 Permitted Liens) or (ii) other than as a result of a Series 2022-5 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2022-5 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2022-5 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2022-5 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2022-5 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2022-5 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2022-5 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2022-5 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2022-5 Noteholders and continues to materially and adversely affect the interests of the Series 2022-5 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2022-5 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2022-5 Related Document is false and such false representation materially and adversely affects the interests of the Series 2022-5 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2022-5 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*), an "<u>Amortization Event</u>" with respect to the Series 2022-5 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2022-5 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*), so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2022-5 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2022-5 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2022-5 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2022-5 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2022-5 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2022-5 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2022-5 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**

**SUBORDINATION OF NOTES**

**Section 8.01 <u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2022-5 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2022-5 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2022-5 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02 <u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2022-5 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2022-5 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2022-5 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03 <u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2022-5 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2022-5 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2022-5 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04 <u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2022-5 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

**Section 8.05 <u>When Distribution Must be Paid Over</u>**. In the event that any Series 2022-5 Noteholder (or Series 2022-5 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2022-5 Notes at a time when such Series 2022-5 Noteholder (or Series 2022-5 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2022-5 Noteholder (or Series 2022-5 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**

**GENERAL**

**Section 9.01 <u>Optional Redemption of the Series 2022-5 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2022-5</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (*Application of Funds in the Series 2022-5 Principal Collection Account*); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2022-5</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2022-5 Notes with respect to such Class of Series 2022-5 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2022-5</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2022-5 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2022-5 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2022-5 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2022-5 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2022-5 Noteholders of the Class of Series 2022-5 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02 <u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2022-5 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2022-5 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2022-5 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2022-5 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2022-5 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03 <u>Confidentiality</u>**. The Trustee and each Series 2022-5 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2022-5 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2022-5 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2022-5 Notes in accordance with the requirements of this Series 2022-5 Supplement to which such person sells or offers to sell any such interest in the Series 2022-5 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2022-5 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2022-5 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2022-5 Notes, this Series 2022-5 Supplement or any other document relating to the Series 2022-5 Notes.

**Section 9.04 <u>Ratification of Base Indenture</u>**. As supplemented by this Series 2022-5 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2022-5 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05 <u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2022-5 Noteholders delivered to the Trustee pursuant to this Series 2022-5 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2022-5 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2022-5 Notes. HVF III will provide each Rating Agency rating the Series 2022-5 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06 <u>Third Party Beneficiary</u>**. Nothing in this Series 2022-5 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2022-5 Supplement.

**Section 9.07 <u>Execution in Counterparts; Electronic Execution</u>**. This Series 2022-5 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2022-5 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2022-5 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08 <u>Governing Law</u>**. THIS SERIES 2022-5 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2022-5 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09 <u>Amendments</u>**. This Series 2022-5 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2022-5 Noteholders</u>. Without the consent of any Series 2022-5 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2022-5 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2022-5 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2022-5 Notes in addition to certificated Series 2022-5 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2022-5 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2022-5 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2022-5 Supplement to the terms of the offering document(s) for the Series 2022-5 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2022-5 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2022-5 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to effect any other amendment that does not materially adversely affect the interests of the Series 2022-5 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2022-5 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2022-5 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2022-5 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2022-5 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2022-5 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2022-5 Noteholders, (ii) in the case of an amendment or modification, the Series 2022-5 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2022-5 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2022-5 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2022-5 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 2022-5 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2022-5 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2022-5 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2022-5 Noteholders affected by such amendment, modification or waiver, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2022-5 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2022-5 Supplement or otherwise reduce the percentage of Series 2022-5 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2022-5 Note (or reduce the principal amount of or rate of interest on any Series 2022-5 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance on the Series 2022-5 Closing Date*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2022-5 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D <u>Reserve Account Withdrawals</u>*<u>), Section 5.6 (*Class E*</u> *Reserve Account Withdrawals*), <u>Section 7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2022-5 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section 9.19</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2022-5 Supplement or that pursuant to the Series 2022-5 Related Documents expressly requires the consent of 100% of the Series 2022-5 Noteholders or each Series 2022-5 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2022-5 Supplemental Indentures</u>. Each amendment or other modification to this Series 2022-5 Supplement shall be set forth in a Series 2022-5 Supplemental Indenture. The initial effectiveness of each Series 2022-5 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2022-5 Supplemental Indenture is authorized or permitted by this Series 2022-5 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2022-5 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2022-5 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2022-5 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2022-5 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2022-5 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10 <u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2022-5 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2022-5 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2022-5 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2022-5 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2022-5 Supplement and the Related Documents.

**Section 9.11 <u>Successors</u>**. All agreements of HVF III in this Series 2022-5 Supplement and with respect to the Series 2022-5 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2022-5 Supplement or any Series 2022-5 Note. All agreements of the Trustee in this Series 2022-5 Supplement shall bind its successor.

**Section 9.12 <u>Termination of Series Supplement</u>**. This Series 2022-5 Supplement shall cease to be of further effect when (i) all Outstanding Series 2022-5 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2022-5 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13 <u>Electronic Execution</u>**. This Series 2022-5 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14 <u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2022-5 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2022-5 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2022-5 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2022-5 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2022-5 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2022-5 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2022-5 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15 <u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16 <u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2022-5 Supplement, the Series 2022-5 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2022-5 Supplement, the Series 2022-5 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2022-5 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17 <u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2022-5 SUPPLEMENT, THE SERIES 2022-5 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18 Issuance of Class E Notes</u>. No Class E Notes shall be issued on the Series 2022-5 Closing Date. On any date during the Series 2022-5 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2022-5 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2022-5 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "<u>Proposed Class E Notes</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2022-5 Notes, Series 2022-5 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2022-5 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2022-5 Supplement and any Series 2022-5 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2022-5 Supplement or any Series 2022-5 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2022-5 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2022-5 Supplement that expressly require the consent of each Noteholder or Series 2022-5 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2022-5 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2022-5 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2022-5 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2022-5 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2022-5 Supplement and/or any other Series 2022-5 Related Document.

<u>Section 9.18</u> **<u>Section 9.19</u>** **<u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2022-5 Noteholder or any other party for violation of such rules now or hereafter in effect.

<u>Section 9.19</u> **<u>Section 9.20</u>** **<u>Amendment and Restatement; No Novation</u>**. This Series 2022-5 Supplement shall constitute an amendment and restatement, but not a novation, of the Original Series 2022-5 Supplement. The execution and delivery of this Series 2022-5 Supplement and the consummation of the transactions contemplated hereby are not intended by the parties to be, and shall not constitute, a novation of either (i) the obligations and liabilities of HVF III under the Original Series 2022-5 Supplement, or (ii) the grant of a security interest in the collateral described under the Original Series 2022-5 Supplement made by HVF III to the Trustee. Each of the parties hereto hereby affirms, ratifies, confirms, renews, extends, continues and brings forward the grant of security interest and pledge in the Original Series 2022-5 Supplement and agrees that the liens in the collateral described therein shall continue without any diminution thereof and shall remain in full force and effect as valid, binding, and enforceable liens on or after the date of this Series 2022-5 Supplement. The parties hereto reaffirm all UCC financing statements and continuation statements and amendments thereof filed and all other filings and recordations made in respect of the collateral described in the Original Series 2022-5 Supplement and the liens and security interests granted thereunder and under this Series 2022-5 Supplement and acknowledge that such filings and recordations were and remain authorized and effective on and after the date hereof.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2022-5 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | President and Treasurer |
| THE HERTZ CORPORATION, as Administrator | THE HERTZ CORPORATION, as Administrator |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | Senior Vice President and Treasurer |

---

*Signature Page to HVF III Series 2022-5 Supplement*

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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*Signature Page to HVF III Series 2022-5 Supplement*

Schedule I<br> TO THE SERIES 2022-5 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>e</u><u>f</u><u>)</u> (*Issuance—144A Global Notes*) of this Series 2022-5 Supplement.

"<u>Amended Series 2022-5 Supplement</u>" has the meaning specified in the <u>Preamble</u> to this Series 2022-5 Supplement.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2022-5 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2022-5 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2022-5 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2022-5 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2022-5 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2022-5 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2022-5 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2022-5 Distribution Account and paid to the Series 2022-5 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2022-5 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2022-5 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2022-5 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2022-5 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2022-5 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1", (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2022-5 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class of Series 2022-5 Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class of Series 2022-5 Notes at such time, then a short-term issuer default rating from Fitch of at least "F1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2022-5 Accounts*) of this Series 2022-5 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2022-5 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2022-5 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2022-5 Noteholders or (ii) if issued after the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2022-5 Supplement, that satisfies the Series 2022-5 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2022-5 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2022-5 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means March 30, 2022.</u>

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2022-5 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2022-5 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C Notes, dated March 25, 2022, by and among HVF III, Hertz and Barclays Capital Inc., Deutsche Bank Securities Inc., Citizens Capital Markets, Inc. and Credit Agricole Securities (USA) Inc., as initial purchasers of the Class A/B/C Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 2.75% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2022-5 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2022-5 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2022-5 Accounts*) of this Series 2022-5 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2022-5 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2022-5 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2022-5 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2022-5 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2022-5 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2022-5 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2022-5 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2022-5 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2022-5 Controlled Amortization Period and any Class of Series 2022-5 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2022-5 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2022-5 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2022-5 Notes during the Series 2022-5 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Amendments</u>" has the meaning specified in the <u>Preamble</u> to this Series 2022-5 Supplement.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2022-5 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2022-5 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1</u> or <u>Exhibit A-4-2</u> to this Series 2022-5 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class D Purchase Agreement</u>" means the Purchase Agreement in respect of the Original Class D 144A Global Note, dated March 25, 2022, by and between HVF III and the Initial Class D Note Purchaser.

"<u>Class D Regulation S Global Note</u>" has the meaning specified in the <u>Preamble</u> of this Series 2022-5 Supplement.

"<u>Class D Subsequent Initial Purchasers</u>" means Deutsche Bank Securities Inc. and Barclays Capital Inc.

"<u>Class D Subsequent Issuance Date</u>" means September 6, 2023.

"<u>Class D Subsequent Purchase Agreement</u>" means the Purchase Agreement in respect of the Original Class D 144A Global Note, dated August 25, 2023, by and among HVF III, the Initial Class D Note Purchaser and the Class D Subsequent Initial Purchasers.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2022-5 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Cover-age Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u>

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2022-5 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2022-5 Supplement.<u>means, as of any date of determination, the Series 2022-5 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2022-5 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> <u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.</u>

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2022-5 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2022-5 Distribution Account and paid to the Series 2022-5 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2022-5 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2022-5 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2022-5 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2022-5 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2022-5* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2022-5 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2022-5 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2022-5 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2022-5 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2022-5 Supplement, that satisfies</u> <u>the Series 2022-5 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2022-5 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2022-5 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2022-5 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E Notes</u>" has the meaning specified in the <u>Preamble</u> <u>means any one of</u> <u>the Series 2022-5 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2022-5 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2022-5 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 6.00% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the excess, if any, of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Required Liquid Enhancement Amount over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,</u>

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the excess, if any, of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Asset Amount, in each case as of such date.</u>

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2022-5 Accounts*) of this Series 2022-5 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2022-5 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2022-5 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2022-5 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2022-5 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2022-5 Notes, the amount set forth in the following table:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Principal Amount** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$246000000 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;$38267000 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$32800000 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;$47377000 |
| &nbsp;&nbsp;<u>E</u> | &nbsp;&nbsp;<u>$17019000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2022-5 Interest Period (a) with respect to the initial Series 2022-5 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 30/360, and (b) with respect to each Series 2022-5 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2022-5 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2022-5 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2022-5 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Equivalent Rating Agency</u>" means each of Fitch, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2022-5 Notes, the Payment Date in September 2027.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>First Amendment to the Series 2022-5 Supplement</u>" has the meaning specified in the <u>Preamble</u> to this Series 2022-5 Supplement.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Initial Class D Note Purchaser</u>" means The Hertz Corporation, in its capacity as the initial purchaser of the Class D Notes pursuant to the Class D Purchase Agreement.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2022-5 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2022-5 Notes, the Payment Date in September 2028.

"<u>Majority Series 2022-5 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2022-5 Noteholders</u>" means Series 2022-5 Noteholders holding more than 50% of the Series 2022-5 Principal Amount (excluding any other Series 2022-5 Notes held by HVF III or any Affiliate of HVF III (other than Series 2022-5 Notes held by an Affiliate Issuer)). The Majority Series 2022-5 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2022-5 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2022-5 Notes, the date that is six months prior to the commencement of the Series 2022-5 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D<u>Series 2022-5</u> Note on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2022-5</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, <u>(a)</u> with respect to each Class of Series 2022-5 Notes issued on the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 10.67%</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Note Rate** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;6.78% |

---

"<u>Original Class D 144A Global Note</u>" has the meaning specified in the <u>Preamble</u> to this Series 2022-5 Supplement.

"<u>Outstanding</u>" means with respect to the Series 2022-5 Notes (or any Class of Series 2022-5 Notes), all Series 2022-5 Notes (or Series 2022-5 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2022-5 Supplement, <u>except</u> (a) Series 2022-5 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2022-5 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2022-5 Distribution Account and are available for payment in full of such Series 2022-5 Notes, and Series 2022-5 Notes that are considered paid pursuant to Section 8.1 (*Payment of Notes*) of the Base Indenture, and (c) Series 2022-5 Notes in exchange for or in lieu of other Series 2022-5 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2022-5 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2022-5 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2022-5 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2022-5 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2022-5 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2022-5 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment
 of which are to be made by or is fully guaranteed by the United States of America other than
 financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in,
 or certificates of deposit issued by, any depositary institution or trust company incorporated
 under the laws of the United States of America or any state thereof whose short-term debt
 is rated "P-1" by Moody's and "A-1+" by S&P and subject
 to supervision and examination by Federal or state banking or depositary institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment
 and (y) the time of the contractual commitment to invest therein, the certificates of
 deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than
 such obligation whose rating is based on collateral or on the credit of a Person other than
 such institution or trust company) of such depositary institution or trust company shall
 have a credit rating from S&P of "A-1+" and a credit rating from Moody's
 of "P-1" in the case of certificates of deposit or short-term deposits, or a
 rating from S&P not lower than "AA" and a rating from Moody's not lower
 than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier
 of (x) the time of the investment and (y) the time of the contractual commitment
 to invest therein, a rating from S&P of "A-1+" and a rating from Moody's
 of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by
 any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated
 "AAAm" by S&P and "Aaa-mf" by Moody's, or otherwise approved
 in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar time deposits having a credit
 rating from S&P of "A-1+" and a credit rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any
 of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above
 and the certificates of deposit described in <u>clause (ii)</u> above which are entered
 into with a depository institution or trust company, having a commercial paper or short-term
 certificate of deposit rating of "A-1+" by S&P and "P-1" by Moody's;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other instruments or securities,
 if each Rating Agency then rating any outstanding Class of Series 2022-5 Notes
 at the request of HVF III will not have advised in writing that the investment in such instruments
 or securities will result in the reduction or withdrawal of its then-current rating of such
 outstanding Class of Series 2022-5 Notes;

<u>provided</u> that for so long as Fitch is rating any Class of Series 2022-5 Notes, (x) any investment in a money market fund rated by Fitch will only be a Permitted Investment if such money market fund has a rating of "AAAmmf" from Fitch, (y) any investment in commercial paper will only be a Permitted Investment if such commercial paper has (at the earlier of the time of the investment and the time of the contractual commitment to invest therein) a rating of "F1" from Fitch, and (z) any other Permitted Investment (other than those described clause (i) above) will only be a Permitted Investment if the institution issuing such Permitted Investment has a long-term issuer default rating of at least "A" by Fitch and a short-term issuer default rating of "F1" by Fitch.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2022-5 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2022-5 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2022-5 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(c)</u> (*Issuance—Form of the Class A/B/C/D Notes*) of this Series 2022-5 Supplement.

"<u>Rating Agencies</u>" means (a) with respect to the Class A Notes, Class B Notes and the Class C Notes, Fitch and Moody's, (b) with respect to the Class D Notes <u>and the Class E Notes</u>, Moody's, and (c) with respect to any Class of Series 2022-5 Notes, any other nationally recognized rating agency rating the Series 2022-5 Notes at the request of HVF III; <u>provided</u>, that if at any time any nationally recognized rating agency shall cease to rate any Class of Series 2022-5 Notes, such rating agency shall be deemed not to be a Rating Agency with respect to such Class of Series 2022-5 Notes for so long as such rating agency continues not to rate such Class of Series 2022-5 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2022-5 Notes*) of this Series 2022-5 Supplement.

"<u>Re-issued Class D 144A Global Note</u>" has the meaning specified in the <u>Preamble</u> of this Series 2022-5 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(f)</u> (*Issuance—Regulation S Global Notes*) of this Series 2022-5 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant Fitch Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a senior unsecured rating by Fitch and a long term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a senior unsecured rating by Fitch and a long term issuer default rating by Fitch as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating with respect to such Person as of such date and (c) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restatement Date Class D Notes</u>" has the meaning specified in the <u>Preamble</u> of this Series 2022-5 Supplement.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2022-5 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2022-5 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2022-5 Supplement.

"<u>Senior Class of Series 2022-5 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2022-5 Payment Date Available Interest Amount with respect to the Series 2022-5 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2022-5 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account,</u> each Class A/B/C/D <u>Demand Note, each Class E</u> Demand Note, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2022-5 Principal Collection Account for deposit into the Series 2022-5 Interest Collection Account on such Payment Date.

"<u>Series 2022-5 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2022-5 Supplement.

"<u>Series 2022-5 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2022-5 Accounts*) of this Series 2022-5 Supplement.

"<u>Series 2022-5 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2022-5 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2022-5 Notes.

"<u>Series 2022-5 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2022-5 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2022-5 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2022-5 Notes.

"<u>Series 2022-5 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2022-5 Principal Amount as of such date over (B) the Series 2022-5 Principal Collection Account Amount as of such date. The Series 2022-5 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2022-5 Notes.

"<u>Series 2022-5 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2022-5 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2022-5 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2022-5 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2022-5 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2022-5 Blended Advance Rate, in each case as of such date.

"<u>Series 2022-5 Blended Advance Rate</u>" means as of any date of determination, the lesser of the Series 2022-5 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2022-5 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2022-5 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2022-5 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2022-5 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2022-5 Administrator Fee Amount and the Series 2022-5 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2022-5 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2022-5 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2022-5 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2022-5 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2022-5 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2022-5 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2022-5 Related Document,

in each case under and in accordance with such Series 2022-5 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2022-5 Notes.

"<u>Series 2022-5</u> <u>Closing Date" means March 30, 2022.</u>

"<u>Series 2022-5 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2022-5 Account Collateral with respect to each Series 2022-5 Account and each Class A/B/C/D Demand Note.

"<u>Series 2022-5 Controlled Amortization Period</u>" means the period commencing upon the close of business on March 25, 2027 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2022-5 Rapid Amortization Period, (ii) the date on which the Series 2022-5 Notes are fully paid and (iii) the termination of this Series 2022-5 Supplement.

"<u>Series 2022-5 Daily Interest Allocation</u>" means, on each Series 2022-5 Deposit Date, the Series 2022-5 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2022-5 Daily Principal Allocation</u>" means, on each Series 2022-5 Deposit Date, an amount equal to the Series 2022-5 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2022-5 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2022-5 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2022-5 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2022-5 Accounts*) of this Series 2022-5 Supplement.

"<u>Series 2022-5 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2022-5 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2022-5 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2022-5 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2022-5 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2022-5 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2022-5 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2022-5 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2022-5 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2022-5 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2022-5 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2022-5 Market Value Average as of any Determination Date within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2022-5 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2022-5 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2022-5 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2022-5 Accounts*) of this Series 2022-5 Supplement.

"<u>Series 2022-5 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2022-5 Interest Period <u>for the Class A/B/C/D Notes</u> commenced on and included the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date and ended on and included April 25, 2022 <u>and the initial Series 2022-5 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2022-5 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2022-5 Revolving Period, the Series 2022-5 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2022-5 Controlled Amortization Period and the Series 2022-5 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2022-5 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2022-5 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2022-5 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2022-5 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2022-5 Principal Amount shall have been reduced to zero, the Series 2022-5 Invested Percentage shall equal zero.

"<u>Series 2022-5 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2022-5 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2022-5 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2022-5 Lease Payment Deficit</u>" means either a Series 2022-5 Lease Interest Payment Deficit or a Series 2022-5 Lease Principal Payment Deficit.

"<u>Series 2022-5 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2022-5 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2022-5 Principal Collection Account on or prior to such Payment Date on account of such Series 2022-5 Lease Principal Payment Deficit.

"<u>Series 2022-5 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2022-5 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2022-5 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2022-5 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2022-5 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2022-5 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2022-5 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2022-5 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2022-5 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2022-5 Controlling Class.

Each Series 2022-5 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2022-5 Notes.

"<u>Series 2022-5 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table; <u>provided</u> that the Manufacturer Limit for Tesla may be increased by an amount not to exceed 15.00% subject to satisfaction of the Rating Agency Condition.

---

| | |
|:---|:---|
| **Manufacturer** | **Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |

---

---

| | |
|:---|:---|
| **Manufacturer** | **Manufacturer Limit** |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;25.00% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

"<u>Series 2022-5 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2022-5 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2022-5 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2022-5 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2022-5 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2022-5 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2022-5 Measurement Month shall be included in any other Series 2022-5 Measurement Month.

"<u>Series 2022-5 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2022-5 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2022-5 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2022-5 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2022-5 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2022-5 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2022-5 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2022-5 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2022-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2022-5 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2022-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2022-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2022-5 Moody's Remainder AAA Amount.

"<u>Series 2022-5 Moody's AAA Select Component</u>" means each Series 2022-5 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2022-5 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2022-5 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2022-5 Moody's Baseline Advance Rate with respect to such Series 2022-5 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2022-5 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2022-5 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2022-5 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2022-5 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2022-5 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2022-5 Moody's AAA Select Component, the percentage set forth opposite such Series 2022-5 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2022-5 Moody's AAA Select Component** | &nbsp;&nbsp;**Series 2022-5 Moody's <br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2022-5 Moody's Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2022-5 Moody's Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2022-5 Moody's Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2022-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2022-5 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2022-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2022-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2022-5 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2022-5 Moody's Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2022-5 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2022-5 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2022-5 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2022-5 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2022-5 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2022-5 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2022-5 Moody's AAA Select Component equal to the product of such Series 2022-5 Moody's AAA Select Component and the Series 2022-5 Moody's Adjusted Advance Rate with respect to such Series 2022-5 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2022-5 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2022-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2022-5 Moody's Baseline Advance Rate with respect to such Series 2022-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2022-5 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2022-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2022-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2022-5 Moody's Baseline Advance Rate with respect to such Series 2022-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2022-5 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2022-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2022-5 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2022-5 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2022-5 Moody's Concentration Excess Amount, if any, allocated to such Series 2022-5 Moody's AAA Select Component by HVF III and (B) the Series 2022-5 Moody's Baseline Advance Rate with respect to such Series 2022-5 Moody's AAA Select Component, and the denominator of which is (II) such Series 2022-5 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2022-5 Moody's Baseline Advance Rate with respect to such Series 2022-5 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2022-5 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2022-5 Moody's AAA Select Component that was included in determining whether such Series 2022-5 Moody's Concentration Excess Amount exists.

"<u>Series 2022-5 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2022-5 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2022-5 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2022-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2022-5 Medium-Duty Truck Amount for purposes of calculating the Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2022-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2022-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2022-5 Medium-Duty Truck Amount for purposes of calculating the Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2022-5 Medium-Duty Truck Amount for purposes of calculating the Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2022-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2022-5 Moody's Eligible Manufacturer Receivables included in the Series 2022-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2022-5 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount, as of such date and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2022-5 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2022-5 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2022-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2022-5 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2022-5 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2022-5 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2022-5 Moody's Investment Grade Manufacturers.

"<u>Series 2022-5 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2022-5 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2022-5 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2022-5 Moody's Non-Investment Grade (High) Manufacturer or a Series 2022-5 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2022-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2022-5 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2022-5 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2022-5 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2022-5 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2022-5 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2022-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2022-5 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2022-5 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2022-5 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2022-5 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2022-5 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2022-5 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2022-5 Moody's Investment Grade Manufacturer that is not a Series 2022-5 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2022-5 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2022-5 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2022-5 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2022-5 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2022-5 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2022-5 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2022-5 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2022-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2022-5 Medium-Duty Truck Amount for purposes of calculating the Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2022-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2022-5 Medium-Duty Truck Amount for purposes of calculating the Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2022-5 Moody's Eligible Manufacturer Receivables included in the Series 2022-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2022-5 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2022-5 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2022-5 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2022-5 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2022-5 Medium-Duty Truck Amount for purposes of calculating the Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2022-5 Medium-Duty Truck Amount for purposes of calculating the Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2022-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date,(iii) the Net Book Value of any Eligible Vehicle included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2022-5 Medium-Duty Truck Amount for purposes of calculating the Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2022-5 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2022-5 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2022-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2022-5 Failure Percentage as of such date and (ii) the Series 2022-5 Moody's Concentration Adjusted Advance Rate with respect to the Series 2022-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2022-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2022-5 Failure Percentage as of such date and (ii) the Series 2022-5 Moody's Concentration Adjusted Advance Rate with respect to the Series 2022-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2022-5 Moody's AAA Component, zero.

"<u>Series 2022-5 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2022-5 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2022-5 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2022-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2022-5 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2022-5 Moody's Eligible Manufacturer Receivables with respect to any Series 2022-5 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2022-5 Moody's Manufacturer Amount for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2022-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2022-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2022-5 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2022-5 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2022-5 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2022-5 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2022-5 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2022-5 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2022-5 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2022-5 Moody's Non-Investment Grade (High) Manufacturer or a Series 2022-5 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2022-5 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2022-5 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2022-5 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being a "publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30th) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a "publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2022-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2022-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2022-5 Medium-Duty Truck Amount for purposes of calculating the Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2022-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-5 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2022-5 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2022-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2022-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2022-5 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2022-5 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2022-5 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2022-5 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2022-5 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2022-5 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2022-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2022-5 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2022-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2022-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2022-5 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2022-5 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2022-5 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2022-5 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2022-5 Measurement Month, commencing with the third Series 2022-5 Measurement Month following the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2022-5 Measurement Month and the two Series 2022-5 Measurement Months preceding such Series 2022-5 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2022-5 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2022-5 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2022-5 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2022-5 Carrying Charges on such Payment Date (excluding any Series 2022-5 Carrying Charges payable to the Series 2022-5 Noteholders) and (b) the Series 2022-5 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2022-5 Noteholders).

"<u>Series 2022-5 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2022-5 Lease Principal Payment Deficit, an amount equal to the Series 2022-5 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2022-5 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2022-5 Lease Interest Payment Deficit, an amount equal to the Series 2022-5 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2022-5 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2022-5 Payment Date Available Interest Amount</u>" means, with respect to each Series 2022-5 Interest Period, the sum of the Series 2022-5 Daily Interest Allocation for each Series 2022-5 Deposit Date in such Series 2022-5 Interest Period.

"<u>Series 2022-5 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2022-5 Interest Collection Account*).

"<u>Series 2022-5 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2022-5 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2022-5 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2022-5 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2022-5 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2022-5 Notes.

"<u>Series 2022-5 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2022-5 Principal Amount shall be the "Principal Amount" with respect to the Series 2022-5 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2022-5 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2022-5 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2022-5 Accounts*) of this Series 2022-5 Supplement.

"<u>Series 2022-5 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2022-5 Principal Collection Account as of such date.

"<u>Series 2022-5 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2022-5 Notes is deemed to have occurred with respect to the Series 2022-5 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2022-5 Notes are paid in full and (ii) the termination of this Series 2022-5 Supplement.

"<u>Series 2022-5 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2022-5 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2022-5 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2022-5 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2022-5 Notes.

"<u>Series 2022-5 Related Documents</u>" means the Related Documents, this Series 2022-5 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2022-5 Restatement Date</u>" means October 20, 2023.

"<u>Series 2022-5 Revolving Period</u>" means the period from the Series 2022-5<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2022-5 Controlled Amortization Period and (ii) the commencement of the Series 2022-5 Rapid Amortization Period.

"<u>Series 2022-5 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2022-5 Supplement.

"<u>Series 2022-5 Supplemental Indenture</u>" means a supplement to this Series 2022-5 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2022-5 Supplement.

"<u>Series 2022-5 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2022-5 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2022-5 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2022-5 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2022-5 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2022-5 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2022-5 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2022-5 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2022-5 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2022-5 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2022-5 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2022-5 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2022-5 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2022-5 Collateral</u>" means the Series 2022-5 Account Collateral with respect to each Series 2022-5 Account and each Class A/B/C/D Demand Note. The Series-Specific 2022-5 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2022-5 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(l)</u> (*Transfer Restrictions for Global Notes*) of this Series 2022-5 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2022-5 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available L/C Cash Collateral Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Liquidity Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Reserve Account Deficiency Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Monthly Interest Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Principal Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying
 Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due
 and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance
 Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Adjusted Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Moody's Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Non-Program Vehicle Disposition Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Principal Collection Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2022-5
 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2022-5 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.2

**Exhibit 10.2**

***Execution Version***

**Amendment No. 1 to Series 2023-2 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the SERIES 2023-2 SUPPLEMENT, dated as of March 2, 2023 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2023-2 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2023-2 Supplement permits the Issuer and the Trustee to amend the Series 2023-2 Supplement in writing without the consent of any Series 2023-2 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2023-2 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2023-2 Supplement provides that on any date during the Series 2023-2 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2023-2 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2023-2 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2023-2 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2023-2 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2023-2 Supplement, to amend the Series 2023-2 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2023-2 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2023-2 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2023-2 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2023-2 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2023-2 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2023-2 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2023-2 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2023-2 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. <u>Reference to and Effect on the Series 2023-2 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2023-2 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2023-2 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2023-2 Supplement to "<u>Series 2023-2 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2023-2 Supplement, and each reference in any other Series 2023-2 Related Document to "<u>Series 2023-2 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2023-2 Supplement, shall mean and be a reference to the Series 2023-2 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2023-2 Supplement or the Series 2023-2 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2023-2 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

*Signature Page to Amendment No. 1 to Series 2023-2 Supplement*

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

*Signature Page to Amendment No. 1 to Series 2023-2 Supplement*

<u>Annex A</u>

**EXECUTION VERSION**

<u>**CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026**</u>

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

**SERIES 2023-2 SUPPLEMENT**

dated as of March 2, 2023

to

BASE INDENTURE<br> dated as of June 29, 2021

$202,500,000 Series 2023-2 5.57% Rental Car Asset Backed Notes, Class A

$31,500,000 Series 2023-2 6.49% Rental Car Asset Backed Notes, Class B<br> $27,000,000 Series 2023-2 7.13% Rental Car Asset Backed Notes, Class C<br> $39,000,000 Series 2023-2 9.40% Rental Car Asset Backed Notes, Class D

<u>$14,479,000 Series 2023-2 10.99% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

<br> **Page**

---

| | | |
|:---|:---|:---|
| Article I DEFINITIONS AND CONSTRUCTION | Article I DEFINITIONS AND CONSTRUCTION | 2 |
| Section 1.1 | Defined Terms and References | 2 |
| Section 1.2 | Rules of Construction | 2 |
| Article II INITIAL ISSUANCE OF Series 2023-2 NOTES; FORM OF Series 2023-2 NOTES | Article II INITIAL ISSUANCE OF Series 2023-2 NOTES; FORM OF Series 2023-2 NOTES | 3 |
| Section 2.1 | Initial Issuance | 3 |
| Section 2.2 | Transfer Restrictions for Global Notes | 4<u>5</u> |
| Section 2.3 | Definitive Notes | 9<u>13</u> |
| Section 2.4 | Legal Final Payment Date | 10<u>13</u> |
| Section 2.5 | Required Series Noteholders | 10<u>13</u> |
| Section 2.6 | FATCA | 10<u>13</u> |
| Article III INTEREST AND INTEREST RATES | Article III INTEREST AND INTEREST RATES | 10<u>14</u> |
| Section 3.1 | Interest | 10<u>14</u> |
| Article IV SERIES-SPECIFIC COLLATERAL | Article IV SERIES-SPECIFIC COLLATERAL | 11<u>14</u> |
| Section 4.1 | Granting Clause | 11<u>14</u> |
| Section 4.2 | Series 2023-2 Accounts | 11<u>17</u> |
| Section 4.3 | Trustee as Securities Intermediary | 13<u>18</u> |
| Section 4.4 | <u>Class A/B/C/D</u> Demand Notes | 14<u>19</u> |
| <u>Section 4.5</u> | <u>Class E Demand Notes</u> | <u>19</u> |
| Section <u>4.5</u><u>4.6</u> | Subordination | 15<u>19</u> |
| Section <u>4.6</u><u>4.7</u> | Duty of the Trustee | 15<u>19</u> |
| Section <u>4.7</u><u>4.8</u> | Representations of the Trustee | 15<u>19</u> |
| Article V PRIORITY OF PAYMENTS | Article V PRIORITY OF PAYMENTS | 15<u>20</u> |
| Section 5.1 | [Reserved]. | 15<u>20</u> |
| Section 5.2 | Collections Allocation. | 15<u>20</u> |
| Section 5.3 | Application of Funds in the Series 2023-2 Interest Collection Account | 15<u>20</u> |
| Section 5.4 | Application of Funds in the Series 2023-2 Principal Collection Account | 17<u>21</u> |
| Section 5.5 | Class A/B/C/D Reserve Account Withdrawals | 18<u>23</u> |
| <u>Section 5.6</u> | <u>Class E Reserve Account Withdrawals</u> | <u>23</u> |
| Section <u>5.6</u><u>5.7</u> | Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes | 19<u>24</u> |
| <u>Section 5.8</u> | <u>Class E Letters of Credit and Class E Demand Notes</u> | <u>26</u> |
| Section <u>5.7</u><u>5.9</u> | Past Due Rental Payments | 21<u>29</u> |
| Section <u>5.8</u><u>5.10</u> | Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account | 22<u>30</u> |
| <u>Section 5.11</u> | <u>Class E Letters of Credit and Class E L/C Cash Collateral Account</u> | <u>33</u> |
| Section <u>5.9</u><u>5.12</u> | Certain Instructions to the Trustee | 25<u>35</u> |
| Section <u>5.10</u><u>5.13</u> | HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment | 25<u>36</u> |
| Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS | Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS | 25<u>36</u> |
| Section 6.1 | Representations and Warranties | 25<u>36</u> |
| Section 6.2 | Covenants | 26<u>37</u> |
| Section 6.3 | Closing Conditions | 28<u>38</u> |
| Section 6.4 | Further Assurances | 28<u>38</u> |
| Article VII AMORTIZATION EVENTS | Article VII AMORTIZATION EVENTS | 29<u>39</u> |
| Section 7.1 | Amortization Events | 29<u>39</u> |
| Article VIII SUBORDINATION OF NOTES | Article VIII SUBORDINATION OF NOTES | 31<u>42</u> |
| Section 8.1 | Subordination of Class B Notes | 31<u>42</u> |

---

i

**TABLE OF CONTENTS**

**(continued)** 

**Page**

---

| | | |
|:---|:---|:---|
| Section 8.2 | Subordination of Class C Notes | 31<u>42</u> |
| Section 8.3 | Subordination of Class D Notes | 31<u>42</u> |
| Section 8.4 | Subordination of Class E Notes | 32<u>43</u> |
| Section 8.5 | When Distribution Must be Paid Over | 32<u>43</u> |
| Article IX GENERAL | Article IX GENERAL | 32<u>43</u> |
| Section 9.1 | Optional Redemption of the Series 2023-2 Notes | 32<u>43</u> |
| Section 9.2 | Information | 33<u>44</u> |
| Section 9.3 | Confidentiality | 33<u>44</u> |
| Section 9.4 | Ratification of Base Indenture | 33<u>45</u> |
| Section 9.5 | Notice to the Rating Agencies | 34<u>45</u> |
| Section 9.6 | Third Party Beneficiary | 34<u>45</u> |
| Section 9.7 | Execution in Counterparts; Electronic Execution | 34<u>45</u> |
| Section 9.8 | Governing Law | 34<u>45</u> |
| Section 9.9 | Amendments | 34<u>45</u> |
| Section 9.10 | Administrator to Act on Behalf of HVF III | 36<u>47</u> |
| Section 9.11 | Successors | 37<u>48</u> |
| Section 9.12 | Termination of Series Supplement | 37<u>48</u> |
| Section 9.13 | Electronic Execution | 37<u>48</u> |
| Section 9.14 | Additional UCC Representations | 37<u>48</u> |
| Section 9.15 | Notices | 38<u>49</u> |
| Section 9.16 | Submission to Jurisdiction | 38<u>49</u> |
| Section 9.17 | Waiver of Jury Trial | 39<u>50</u> |
| <u>Section 9.18</u> | <u>Issuance of Class E Notes</u> | 39 |
| Section <u>9.19</u><u>9.18</u> | Trustee Obligations under the Retention Requirements | 41<u>52</u> |
| Section <u>9.20</u><u>9.19</u> | Use of Proceeds<u>.</u> | 41<u>52</u> |
| **Schedule I** **TO THE SERIES 2023-2 SUPPLEMENT** | **Schedule I** **TO THE SERIES 2023-2 SUPPLEMENT** | **44** **<u>54</u>** |
| **Schedule II** **TO THE SERIES 2023-2 SUPPLEMENT** | **Schedule II** **TO THE SERIES 2023-2 SUPPLEMENT** | **85** **<u>100</u>** |

---

(ii) **TABLE OF CONTENTS**

**(continued)** 

**Page**

EXHIBITS AND SCHEDULES

---

| | |
|:---|:---|
| Schedule I | List of Defined Terms |
| Schedule II | Monthly Noteholders' Statement Information |
| Exhibit A-1-1 | Form of Series 2023-2 144A Global Class A Note |
| Exhibit A-1-2 | Form of Series 2023-2 Regulation S Global Class A Note |
| Exhibit A-2-1 | Form of Series 2023-2 144A Global Class B Note |
| Exhibit A-2-2 | Form of Series 2023-2 Regulation S Global Class B Note |
| Exhibit A-3-1 | Form of Series 2023-2 144A Global Class C Note |
| Exhibit A-3-2 | Form of Series 2023-2 Regulation S Global Class C Note |
| Exhibit A-4-1 | Form of Series 2023-2 144A Global Class D Note |
| Exhibit A-4-2 | Form of Series 2023-2 Regulation S Global Class D Note |
| <u>Exhibit A-5</u> | <u>Form of Series 2023-2 144A Global Class E Note</u> |
| Exhibit B-1 | Form of Demand Notice |
| Exhibit B-2 | Form of Class A/B/C/D Demand Note |
| <u>Exhibit B-3</u> | <u>Form of Class E Demand Notice</u> |
| <u>Exhibit B-4</u> | <u>Form of Class E Demand Note</u> |
| <u>Exhibit C-1</u> | Form of Reduction Notice Request Class A/B/C/D Letter of Credit |
| Exhibit C<u>-2</u>  | <u>Form of Reduction Notice Request Class E Letter of Credit</u> |
| Exhibit D | Form of Lease Payment Deficit Notice |
| Exhibit E-1 | <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u> |
| Exhibit E-2 | Form of Transfer Certificate from 144A Global Note to Regulation S Global Note |
| <u>Exhibit E-3</u> | Form of Transfer Certificate from Regulation S Global Note to 144A Global Note |
| Exhibit F<u>-1</u> | Form of Class A/B/C/D Letter of Credit |
| <u>Exhibit F-2</u> | <u>Form of Class E Letter of Credit</u> |

---

(iii) SERIES 2023-2 SUPPLEMENT dated as of March 2, 2023 ("<u>Series 2023-2 Supplement</u>") among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS**,** Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture provides, among other things, that HVF III and the Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or more Series of Notes;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2023-2 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2023-2 Noteholders;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2023-2 Supplement, and such Series of Notes is hereby designated as Series 2023-2 Rental Car Asset Backed Notes.

On the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date, the following classes of Series 2023-2 Rental Car Asset Backed Notes shall be<u>were</u> issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-2 5.57% Rental Car
 Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-2 6.49% Rental
 Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-2 7.13% Rental
 Car Asset Backed Notes, Class C (as referred to herein, the " <u>Class C Notes</u> ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2023-2 9.40% Rental
 Car Asset Backed Notes, Class D (as referred to herein, the " <u>Class D Notes</u> ").

Subsequent to the Series 2023-2 Closing Date, HVF III may on any date during the Series 2023-2 Revolving Period offer and sell additional Series 2023-2 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2023-2 Supplement, which, if issued, shall be designated as the Series 2023-2 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "<u>Class E Notes</u>".

<u>On the Class E Notes Closing Date, the Series 2023-2 10.99% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u> 

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2023-2 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**

**DEFINITIONS AND CONSTRUCTION**

**Section 1.01 <u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2023-2 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2023-2 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2023-2 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02 <u>Rules of Construction</u>**. In this Series 2023-2 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document) as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2023-2 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2023-2 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**<br>INITIAL ISSUANCE OF Series 2023-2 NOTES; FORM OF Series 2023-2 NOTES**

**Section 2.01** **<u>Initial Issuance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance of Class A/B/C/D Notes</u>. On the terms and conditions set forth in this Series 2023-2 Supplement, HVF III shall issue<u>issued</u>, and shall cause<u>caused</u> the Trustee to authenticate, the initial Class A/B/C/D Notes on the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date. Such Class A/B/C/D Notes shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, with respect to each Class of Series 2023-2 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, with respect to each Class of Series 2023-2 Notes, the interest rate set forth in the definition of Note Rate for such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have, with respect to each Class of Series 2023-2 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by DBRS, Moody's and Fitch and, with respect to the Class D Notes, by DBRS and Moody's, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be duly<u>were</u> authenticated in accordance with the provisions of the Base Indenture and this Series 2023-2 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>on</u> <u>Form of</u> the Class A/B/C/D Notes. The <u>Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2023-2 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Notes Closing Date. Such Class E Notes shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2023-2 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of the Series 2023-2 Notes. The</u> Class A/B/C/D Notes will be<u>were</u> offered and sold by HVF III on the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be<u>were</u> resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2023-2 Related Document to the contrary, the initial Payment Date with respect to the Series 2023-2<u>Class A/B/C/D</u> Notes shall be<u>was</u> March 27, 2023 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>144A Global Notes</u>. Each Class of the Class A/B/C/D<u>Series 2023-2</u> Notes offered and sold in their initial distribution on the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date in <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable, in</u> reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to this Series 2023-2 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-1</u> to this Series 2023-2 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to this Series 2023-2 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-1</u> to this Series 2023-2 Supplement, <u>and with respect to the Class E Notes in Exhibit A-5 to this Series 2023-2 Supplement,</u> in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "<u>144A Global Notes</u>"). The <u>Solely</u> <u>with respect to the Class A/B/C/D Notes</u><u>, the</u> aggregate principal amount of the<u>such</u> 144A Global Notes<u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2023-2 Notes as shall be specified in the schedule attached thereto, and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2023-2 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2023-2 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2023-2 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C/D Notes offered and sold on the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to this Series 2023-2 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to this Series 2023-2 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to this Series 2023-2 Supplement and with respect to the Class D Notes in Exhibit A-4-2 to this Series 2023-2 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2023-2 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2023-2 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2023-2 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2023-2 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02** **<u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> wishes at any time to exchange its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E-1</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E-2</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes <u>and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or<u>,</u> Class D <u>Global Notes or Class E</u> Global Notes, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer OR ANY OTHER PERSON TREATED as THE ISSUER for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES, AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, <u>OR</u> (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN,</u> <u>ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer or any other person treated as the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2023-2 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO*.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>Note,</u> Class D <u>Note or Class E</u> Note, as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, <u>or</u> (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03** **<u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D<u>Series 2023-2</u> Notes other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04** **<u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2023-2 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05** **<u>Required Series Noteholders</u>**(a). In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2023-2 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2023-2 Notes.

**Section 2.06** **<u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2023-2 Noteholder (and any Note Owner of any Series 2023-2 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2023-2 Note or an interest in such Series 2023-2 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2023-2 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2023-2 Noteholder and Note Owner of any Series 2023-2 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2023-2 Noteholder (or Note Owner of such Series 2023-2 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2023-2 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2023-2 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2023-2 Noteholder or Note Owner of a Series 2023-2 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2023-2 Notes.

**Article III**<br>INTEREST AND INTEREST RATES**

**Section 3.01** **<u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2023-2 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**<br>SERIES-SPECIFIC COLLATERAL**

**Section 4.01** **<u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2023-2 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2023-2 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2023-2 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2023-2 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2023-2 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2023-2 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2023-2 Account are referred to, collectively, as the "<u>Series 2023-2 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02** **<u>Series 2023-2 Accounts</u>**. With respect to the Series 2023-2 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2023-2 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2023-2 Noteholders three<u>four</u> securities accounts: the Series 2023-2 Principal Collection Account (such account, the "<u>Series 2023-2 Principal Collection Account</u>"), the Series 2023-2 Interest Collection Account (such account, the "<u>Series 2023-2 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2023-2 Reserve Account")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) or <u>Section</u> <u>5.8</u><u>5.10</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2023-2<u>Class A/B/C/D</u> Noteholders the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>On or prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2023-2 Noteholders the Series 2023-2 Distribution Account (the "<u>Series 2023-2 Distribution Account</u>", and together with the Series 2023-2 Principal Collection Account, the Series 2023-2 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2023-2 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2023-2 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2023-2 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2023-2 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2023-2 Account shall be an Eligible Account. If any Series 2023-2 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2023-2 Account is no longer an Eligible Account, establish a new Series 2023-2 Account for such non-qualifying Series 2023-2 Account that is an Eligible Account, and if a new Series 2023-2 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2023-2 Account into such new Series 2023-2 Account. Initially, each of the Series 2023-2 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2023-2 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2023-2 Account (other than the Series 2023-2 Distribution Account) to invest funds on deposit in such Series 2023-2 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary, and Permitted Investments shall be credited to the applicable Series 2023-2 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2023-2 Principal Collection Account, the Series 2023-2 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2023-2 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2023-2 Accounts</u>. With respect to each Series 2023-2 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2023-2 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2023-2 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2023-2 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2023-2 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2023-2 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2023-2 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Upon the termination of this Series 2023-2 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2023-2 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall with-draw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provi-sions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03** **<u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2023-2 Account, the Trustee or other Person maintaining such Series 2023-2 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC) and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC) (the Trustee acting in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2023-2 Account. If the Securities Intermediary in respect of any Series 2023-2 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2023-2 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2023-2 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2023-2 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2023-2 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2023-2 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2023-2 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2023-2 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2023-2 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC), and the Series 2023-2 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2023-2 Supplement, will not enter into, any agreement with any other Person relating to the Series 2023-2 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2023-2 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2023-2 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2023-2 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2023-2 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2023-2 Accounts and in all Proceeds thereof, and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) in respect of the Series 2023-2 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2023-2 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2023-2 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2023-2 Account by crediting such Series 2023-2 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2023-2 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2023-2 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2023-2 Account is deemed not to constitute a securities account.

**Section 4.04** **<u>Class A/B/C/D</u> <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2023-2<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class A/B/C/D Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2023-2 Controlling Class.

**Section 4.5** **<u>Class E Demand Notes</u>**<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2023-2 Controlling Class.</u>

**Section 4.6** **<u>Section 4.5</u> <u>Subordination</u>**. The Series-Specific 2023-2 Collateral has been pledged to the Trustee to secure the Series 2023-2 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2023-2 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2023-2 Notes, and no Noteholder of any Series of Notes other than the Series 2023-2 Notes will have any right, title or interest in, to or under the Series-Specific 2023-2 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2023-2 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2023-2 Notes, then the Series 2023-2 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2023-2 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

**Section 4.7** **<u>Section 4.6</u> <u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2023-2 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2023-2 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2023-2 Collateral now existing or hereafter created.

**Section 4.8** **<u>Section 4.7</u> <u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**<br>PRIORITY OF PAYMENTS**

**Section 5.01** **[Reserved].**

**Section 5.02** <u>Collections Allocation.</u> Subject to the Past Due Rental Payments Priorities, on each Series 2023-2 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2023-2 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2023-2 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2023-2 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2023-2 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2023-2 Principal Collection Account.

**Section 5.03** **<u>Application of Funds in the Series 2023-2 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2023-2 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2023-2 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6 (*Class E Reserve Account Withdrawals*), and 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2023-2 Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2023-2 Distribution Account to pay to the Administrator the Series 2023-2 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2023-2 Distribution Account to pay the Trustee the Series 2023-2 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2023-2 Noteholders, the Series 2023-2 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2023-2 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2023-2 Distribution Account to pay the Persons to whom the Series 2023-2 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2023-2 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2023-2 Distribution Account to pay the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2023-2 Distribution Account to pay the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2023-2 Distribution Account to pay the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2023-2 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2023-2 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2023-2 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2023-2 Distribution Account to pay to the Administrator the Series 2023-2 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2023-2 Distribution Account to pay to the Trustee the Series 2023-2 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2023-2 Distribution Account to pay the Persons to whom the Series 2023-2 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2023-2 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2023-2 Rapid Amortization Period, for deposit into the Series 2023-2 Principal Collection Account up to the amount necessary to pay the Series 2023-2 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2023-2 Principal Collection Account any remaining amount.

**Section 5.04** **<u>Application of Funds in the Series 2023-2 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2023-2 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6 (*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2023-2 Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2023-2 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2023-2 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*(c))); <u>and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2023-2 Interest Collection Account*));</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2023-2 Notes, then for deposit into the Series 2023-2 Distribution Account to be paid on such date, <u>pro rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2023-2 Controlled Amortization Period, then for deposit into the Series 2023-2 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2023-2 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2023-2 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2023-2 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2023-2 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2023-2 Principal Collection Account.

**Section 5.05** **<u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2023-2 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2023-2 Interest Collection Account an amount equal to the excess, if any, of the Series 2023-2 Payment Date Interest Amount for such Payment Date over the Series 2023-2 Payment Date Available Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2023-2 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2023-2 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2023-2 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

**Section 5.6** **<u>Class E Reserve Account Withdrawals</u>**<u>. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (*Application of Funds in the Series 2023-2 Interest Collection Account*) and 5.4 (*Application of Funds in the Series 2023-2 Principal Collection Account*)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2023-2 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2023-2 Payment Date Available Interest Amount solely</u> <u>with respect to the Class E Notes</u> <u>for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2023-2 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2023-2 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2023-2 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>**Section 5.7**</u> **<u>Section 5.6</u> <u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on any Payment Date that there exists a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date, the Trustee, by 12:00 noon (New York City time) on such Payment Date, shall draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2023-2 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2023-2 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2023-2 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on any Payment Date that there exists a Series 2023-2 Lease Principal Payment Deficit that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2023-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2023-2 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of a notice by the Trustee from HVF III in respect of a Series 2023-2 Lease Principal Payment Deficit on or prior to 10:30 a.m. (New York City time) on a Payment Date, the Trustee shall, by 12:00 noon (New York City time) on such Payment Date draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2023-2 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2023-2 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2023-2 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2023-2 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2023-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2023-2 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2023-2 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2023-2 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2023-2 Principal Collection Account on such date.(e) <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2023-2 Supplement (other than pursuant to <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw on such Class A/B/C/D Letter of Credit.

**Section 5.8** **<u>Class E Letters of Credit and Class E Demand Notes</u>**<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2023-2 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2023-2 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2023-2 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2023-2 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2023-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2023-2 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2023-2 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2023-2 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2023-2 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2023-2 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2023-2 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2023-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2023-2 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee</u> <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2023-2 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2023-2 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2023-2 Principal Collection Account on such date.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2023-2 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

**Section 5.9** **<u>Section 5.7</u> <u>Past Due Rental Payments</u>**. On each Series 2023-2 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2023-2 Past Due Rent Payments and deposit such amount into the Series 2023-2 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2023-2 Interest Collection Account and apply the Series 2023-2 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2023-2 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2023-2 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2023-2 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2023-2 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2023-2 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2023-2 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2023-2 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2023-2 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2023-2 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2023-2 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2023-2 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2023-2 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>and second, if the occurrence of such Series 2023-2 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2023-2 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2023-2 Principal Collection Account.

**Section 5.10** **<u>Section 5.8</u> <u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-2 Asset Amount would be less than the Series 2023-2 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2023-2 Adjusted Asset Coverage Threshold Amount over the Series 2023-2 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on such Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2023-2 Adjusted Asset Coverage Threshold Amount over the Series 2023-2 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day of a Class A/B/C/D Downgrade Withdrawal Amount Notice, the Trustee, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C-1</u> hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; <u>provided</u>, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>**Section 5.11**</u> **<u>Class E Letters of Credit and Class E L/C Cash Collateral Account</u>**<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day</u> <u>(or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

**Section 5.12** **<u>Section 5.9</u> <u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2023-2 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 10:00 a.m. (New York City time) on each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2023-2 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

**Section 5.13** **<u>Section 5.10</u> <u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2023-2 Account required to be given by HVF III, at the time specified herein or in any other Series 2023-2 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2023-2 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2023-2 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2023-2 Notes required to be given by HVF III, at the time specified in this Series 2023-2 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as applicable,</u> with respect to such Class of Series 2023-2 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letters of Credit, as applicable</u>.

**Article VI**<br>REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING<br> CONDITIONS**

**Section 6.01** **<u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2023-2 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2023-2 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2023-2 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2023-2 Related Documents to which it is a party as of the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2023-2 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02** **<u>Covenants</u>**. Each of HVF III and the Administrator each severally covenants and agrees that, until the Series 2023-2 Notes have been paid in full, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2023-2 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2023-2 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2023-2 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2023-2 Third-Party Market Value Procedures</u>. Comply with the Series 2023-2 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2023 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Green Finance Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Before the first anniversary of the Series 2023-2 Closing Date and at least annually thereafter until the full allocation of the net proceeds of the Series 2023-2 Notes to Green Finance Vehicles, HVF III shall cause the Administrator to publish an allocation report (the "<u>Allocation Report</u>") on its Investor Relations website that shall include: (i) the amount of net proceeds from the Series 2023-2 Notes that have been allocated to Green Finance Vehicles, subject to any confidentiality considerations; and (ii) the outstanding amount of net proceeds from the Series 2023-2 Notes yet to be allocated to Green Finance Vehicles as of a date specified in the Allocation Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Before the first anniversary of the Series 2023-2 Closing Date and annually thereafter until the full allocation of the net proceeds of the Series 2023-2 Notes to Green Finance Vehicles, and where feasible, HVF III shall cause the Administrator to publish a green bond Impact Report (the "<u>Impact Report</u>") on its Investor Relations website in accordance with the requirements of the Green Finance Framework in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The contents and the frequency of delivery of the reports required by this paragraph (e) shall be determined in good faith by the Administrator in compliance with the Green Finance Framework in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2023-2 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date, within one hundred twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2023-2 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2023-2 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2023-2 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03** **<u>Closing Conditions</u>**. The effectiveness of this Series 2023-2 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04** **<u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2023-2 Collateral on behalf of the Series 2023-2 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2023-2 Permitted Liens) and to carry into effect the purposes of this Series 2023-2 Supplement or the other Series 2023-2 Related Documents or to better assure and confirm unto the Trustee or the Series 2023-2 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2023-2 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2023-2 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2023-2 Supplement, if any amount payable under or in connection with any of the Series-Specific 2023-2 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2023-2 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2023-2 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**<br>AMORTIZATION EVENTS**

**Section 7.01** **<u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2023-2 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2023-2 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2023-2 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2023-2 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2023-2 Permitted Liens) or (ii) other than as a result of a Series 2023-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2023-2 Permitted Liens) or (ii) other than as a result of a Series 2023-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2023-2 Permitted Liens) or (ii) other than as a result of a Series 2023-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2023-2 Permitted Liens) or (ii) other than as a result of a Series 2023-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2023-2 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2023-2 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2023-2 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2023-2 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2023-2 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2023-2 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2023-2 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2023-2 Noteholders and continues to materially and adversely affect the interests of the Series 2023-2 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2023-2 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2023-2 Related Document is false and such false representation materially and adversely affects the interests of the Series 2023-2 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2023-2 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*), an "<u>Amortization Event</u>" with respect to the Series 2023-2 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2023-2 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*), so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2023-2 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2023-2 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2023-2 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2023-2 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2023-2 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2023-2 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2023-2 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**<br>SUBORDINATION OF NOTES**

**Section 8.01** **<u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2023-2 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2023-2 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2023-2 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02** **<u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2023-2 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2023-2 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2023-2 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03** **<u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2023-2 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2023-2 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2023-2 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04** **<u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2023-2 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

**Section 8.05** **<u>When Distribution Must be Paid Over</u>**. In the event that any Series 2023-2 Noteholder (or Series 2023-2 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2023-2 Notes at a time when such Series 2023-2 Noteholder (or Series 2023-2 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2023-2 Noteholder (or Series 2023-2 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**<br>GENERAL**

**Section 9.01** **<u>Optional Redemption of the Series 2023-2 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2023-2</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (*Application of Funds in the Series 2023-2 Principal Collection Account*); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2023-2</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2023-2 Notes with respect to such Class of Series 2023-2 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2023-2</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2023-2 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2023-2 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2023-2 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2023-2 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2023-2 Noteholders of the Class of Series 2023-2 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02** **<u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth (4<sup>th</sup>) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2023-2 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2023-2 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2023-2 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2023-2 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2023-2 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03** **<u>Confidentiality</u>**. The Trustee and each Series 2023-2 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2023-2 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2023-2 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2023-2 Notes in accordance with the requirements of this Series 2023-2 Supplement to which such person sells or offers to sell any such interest in the Series 2023-2 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2023-2 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2023-2 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2023-2 Notes, this Series 2023-2 Supplement or any other document relating to the Series 2023-2 Notes.

**Section 9.04** **<u>Ratification of Base Indenture</u>**. As supplemented by this Series 2023-2 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2023-2 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05** **<u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2023-2 Noteholders delivered to the Trustee pursuant to this Series 2023-2 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2023-2 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2023-2 Notes. HVF III will provide each Rating Agency rating the Series 2023-2 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06** **<u>Third Party Beneficiary</u>**. Nothing in this Series 2023-2 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2023-2 Supplement.

**Section 9.07** **<u>Execution in Counterparts; Electronic Execution</u>**. This Series 2023-2 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2023-2 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2023-2 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08** **<u>Governing Law</u>**. THIS SERIES 2023-2 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2023-2 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09** **<u>Amendments</u>**. This Series 2023-2 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2023-2 Noteholders</u>. Without the consent of any Series 2023-2 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2023-2 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2023-2 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2023-2 Notes in addition to certificated Series 2023-2 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2023-2 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2023-2 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2023-2 Supplement to the terms of the offering document(s) for the Series 2023-2 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2023-2 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2023-2 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to effect any other amendment that does not materially adversely affect the interests of the Series 2023-2 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2023-2 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2023-2 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2023-2 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2023-2 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2023-2 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2023-2 Noteholders, (ii) in the case of an amendment or modification, the Series 2023-2 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2023-2 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2023-2 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2023-2 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 2023-2 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2023-2 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2023-2 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2023-2 Noteholders affected by such amendment, modification or waiver and upon notice to DBRS, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2023-2 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2023-2 Supplement or otherwise reduce the percentage of Series 2023-2 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2023-2 Note (or reduce the principal amount of or rate of interest on any Series 2023-2 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2023-2 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D <u>Reserve Account Withdrawals</u>*<u>), Section 5.6 (*Class E*</u> *Reserve Account Withdrawals*), <u>Section 7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2023-2 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section 9.19</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2023-2 Supplement or that pursuant to the Series 2023-2 Related Documents expressly requires the consent of 100% of the Series 2023-2 Noteholders or each Series 2023-2 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2023-2 Supplemental Indentures</u>. Each amendment or other modification to this Series 2023-2 Supplement shall be set forth in a Series 2023-2 Supplemental Indenture. The initial effectiveness of each Series 2023-2 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2023-2 Supplemental Indenture is authorized or permitted by this Series 2023-2 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2023-2 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2023-2 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2023-2 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2023-2 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2023-2 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10** **<u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2023-2 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2023-2 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2023-2 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2023-2 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2023-2 Supplement and the Related Documents.

**Section 9.11** **<u>Successors</u>**. All agreements of HVF III in this Series 2023-2 Supplement and with respect to the Series 2023-2 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2023-2 Supplement or any Series 2023-2 Note. All agreements of the Trustee in this Series 2023-2 Supplement shall bind its successor.

**Section 9.12** **<u>Termination of Series Supplement</u>**. This Series 2023-2 Supplement shall cease to be of further effect when (i) all Outstanding Series 2023-2 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2023-2 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13** **<u>Electronic Execution</u>**. This Series 2023-2 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14** **<u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2023-2 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2023-2 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2023-2 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2023-2 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2023-2 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2023-2 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2023-2 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15** **<u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel<br>

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16** **<u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2023-2 Supplement, the Series 2023-2 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2023-2 Supplement, the Series 2023-2 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2023-2 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17** **<u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2023-2 SUPPLEMENT, THE SERIES 2023-2 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18</u> <u>Issuance of Class E Notes</u>. No Class E Notes shall be issued on the Series 2023-2 Closing Date. On any date during the Series 2023-2 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2023-2 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2023-2 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "<u>Proposed Class E Notes</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2023-2 Notes, Series 2023-2 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2023-2 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2023-2 Supplement and any Series 2023-2 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2023-2 Supplement or any Series 2023-2 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2023-2 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2023-2 Supplement that expressly require the consent of each Noteholder or Series 2023-2 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2023-2 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2023-2 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not or, upon satisfaction of the Series 2023-2 Rating Agency Condition, should not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2023-2 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2023-2 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2023-2 Supplement and/or any other Series 2023-2 Related Document.

<u>**Section 9.18**</u> **<u>Section 9.19</u> <u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2023-2 Noteholder or any other party for violation of such rules now or hereafter in effect.

**<u>Section 9.19</u> <u>Section 9.20</u> <u>Use of Proceeds.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall use the net proceeds from the issuance and sale of the Series 2023-2 Notes issued on the Series 2023-2 Closing Date, together with the Series 2023-1 Rental Car Asset Backed Notes being issued on the Series 2023-2 Closing Date, to repay amounts outstanding on the Series 2021-A Notes. The amounts repaid on the Series 2021-A Notes shall reflect the aggregate purchase price of Eligible Vehicles previously purchased by the Issuer in the preceding 12 months that meet the eligibility criteria outlined in Hertz's Green Finance Framework (such vehicles, the "<u>Green Finance Vehicles</u>"), and the Issuer agrees to refinance those purchases with the proceeds of the Series 2023-2 Notes. To the extent that the net proceeds of the Series 2023-2 Notes exceed the aggregate purchase price of Green Finance Vehicles purchased in the preceding 12 months, the net proceeds in excess of such aggregate purchase price shall be used to repay the Series 2021-A Notes, and the capacity made available by such excess net proceeds repayment shall be used in the future to purchase Green Finance Vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to ensure the full application of the net proceeds of the Series 2023-2 Notes to the purchase and/or refinancing of the purchase of Green Finance Vehicles, Hertz agrees to assign the purchase price of each Green Finance Vehicle (by vehicle identification number) to the net proceeds of a specific Series of Notes. In other words, the net proceeds of the Series 2023-2 Notes shall be allocated to a discrete pool of Green Finance Vehicles identified by their respective vehicle identification numbers.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2023-2 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| |
|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |
| Name: Mark Johnson |
| Title: Vice President and Interim Treasurer |
| THE HERTZ CORPORATION, as Administrator |
| By: |
| Name: Mark Johnson |
| Title: Senior Vice President and Interim Treasurer |

---

*Signature Page to HVF III Series 2023-2 Supplement*

---

| |
|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: |
| Name: |
| Title: |

---

*Signature Page to HVF III Series 2023-2 Supplement*

Schedule I<br> TO THE SERIES 2023-2 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>d</u><u>e</u><u>)</u> (*Initial Issuance*) of this Series 2023-2 Supplement.

"<u>Allocation Report</u>" has the meaning specified in <u>Section 6.2(</u><u>f</u><u>e</u><u>)(i)</u> (*Green Finance Reporting*) of this Series 2023-2 Supplement.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2023-2 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2023-2 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2023-2 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2023-2 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2023-2 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2023-2 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means March 2, 2023.</u>

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2023-2 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2023-2 Distribution Account and paid to the Series 2023-2 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2023-2 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2023-2 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2023-2 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2023-2 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2023-2 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)", (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2023-2 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1", (iii) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2023-2 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1", (iv) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2023-2 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (v) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class of Series 2023-2 Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (vi) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class of Series 2023-2 Notes at such time, then a short-term issuer default rating from Fitch of at least "F1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2023-2 Accounts*) of this Series 2023-2 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2023-2 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2023-2 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2023-2 Noteholders or (ii) if issued after the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2023-2 Supplement, that satisfies the Series 2023-2 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2023-2 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2023-2 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2023-2 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2023-2 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C/D Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated February 22, 2023, by and among HVF III, Hertz, BofA Securities, Inc., Credit Agricole Securities (USA) Inc., BMO Capital Markets Corp., RBC Capital Markets, LLC, Truist Securities, Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., Lloyds Securities Inc., and Regions Securities LLC, as initial purchasers (collectively, the "<u>Initial Purchasers</u>") of the Class A/B/C/D Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 3.75% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-2 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-2 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2023-2 Accounts*) of this Series 2023-2 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2023-2 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2023-2 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2023-2 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2023-2 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2023-2 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2023-2 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2023-2 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2023-2 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2023-2 Controlled Amortization Period and any Class of Series 2023-2 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2023-2 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2023-2 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2023-2 Notes during the Series 2023-2 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2023-2 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2023-2 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1 or Exhibit A-4-2</u> to this Series 2023-2 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2023-2 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Coverage Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u> 

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2023-2 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2023-2 Supplement.<u>means, as of any date of determination, the Series 2023-2 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2023-2 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> <u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.</u>

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2023-2 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2023-2 Distribution Account and paid to the Series 2023-2 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2023-2 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2023-2 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2023-2 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2023-2 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2023-2* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2023-2 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2023-2 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2023-2 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2023-2 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2023-2 Supplement, that satisfies</u> <u>the Series 2023-2 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2023-2 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2023-2 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2023-2 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E Notes</u>" has the meaning specified in the <u>Preamble</u> <u>means any one of</u> <u>the Series 2023-2 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2023-2 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2023-2 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 6.25% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the excess, if any, of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Required Liquid Enhancement Amount over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,</u>

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the excess, if any, of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Asset Amount, in each case as of such date.</u>

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2023-2 Accounts*) of this Series 2023-2 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2023-2 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2023-2 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2023-2 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2023-2 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2023-2 Notes, the amount set forth in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Principal Amount** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$202500000 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;$31500000 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$27000000 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;$39000000 |
| &nbsp;&nbsp;<u>**E**</u> | &nbsp;&nbsp;<u>$14479000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2023-2 Interest Period (a) with respect to the initial Series 2023-2 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 25/360, and (b) with respect to each Series 2023-2 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2023-2 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2023-2 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2023-2 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Corresponding DBRS Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**DBRS** | &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** | &nbsp;&nbsp;**Fitch** |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;AA(H) | &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ | &nbsp;&nbsp;AA+ |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;AA(L) | &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- | &nbsp;&nbsp;AA- |
| &nbsp;&nbsp;A(H) | &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ | &nbsp;&nbsp;A+ |
| &nbsp;&nbsp;A | &nbsp;&nbsp;A2 | &nbsp;&nbsp;A | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A(L) | &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- | &nbsp;&nbsp;A- |
| &nbsp;&nbsp;BBB(H) | &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ | &nbsp;&nbsp;BBB+ |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;BBB(L) | &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- | &nbsp;&nbsp;BBB- |
| &nbsp;&nbsp;BB(H) | &nbsp;&nbsp;Ba1 | &nbsp;&nbsp;BB+ | &nbsp;&nbsp;BB+ |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;BB(L) | &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- | &nbsp;&nbsp;BB- |
| &nbsp;&nbsp;B-High | &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ | &nbsp;&nbsp;B+ |
| &nbsp;&nbsp;B | &nbsp;&nbsp;B2 | &nbsp;&nbsp;B | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B(L) | &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- | &nbsp;&nbsp;B- |
| &nbsp;&nbsp;CCC(H) | &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;CCC | &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC | &nbsp;&nbsp;CC |
| &nbsp;&nbsp;CCC(L) | &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- | &nbsp;&nbsp;C |

---

"<u>DBRS</u>" means DBRS, Inc. or any successor thereto.

"<u>DBRS Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom DBRS does not maintain a public Relevant DBRS Rating as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies as
of such date, then the median of the Corresponding DBRS Ratings for such Person as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person has an Equivalent Rating Agency Rating from only two of the Equivalent Rating Agencies
as of such date, then the lower Corresponding DBRS Rating for such Person as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person has an Equivalent Rating Agency Rating from only one of the Equivalent Rating Agencies
as of such date, then the Corresponding DBRS Rating for such Person as of such date.

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Eligible Projects</u>" has the meaning set forth in the Green Finance Framework.

"<u>Equivalent Rating Agency</u>" means each of DBRS, Fitch, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2023-2 Notes, the Payment Date in September 2028.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Green Finance Framework</u>" means the Green Finance Framework, dated as of February 2023, established by Hertz, as may be amended, modified, replaced or supplemented from time to time.

"<u>Green Finance Vehicles</u>" means a Vehicle qualifying for purchase as an "Eligible Project" under the Green Finance Framework, which shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Battery Electric Vehicles (BEVs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Fuel Cell Electric Vehicles (FCEVs) running on low-carbon fuels such as hydrogen; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other future vehicles with zero tailpipe emissions.

"<u>Impact Report</u>" has the meaning specified in <u>Section 6.2(f)(ii)</u> (*Green Finance Reporting*) of this Series 2023-2 Supplement.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2023-2 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2023-2 Notes, the Payment Date in September 2029.

"<u>Majority Series 2023-2 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2023-2 Noteholders</u>" means Series 2023-2 Noteholders holding more than 50% of the Series 2023-2 Principal Amount (excluding any other Series 2023-2 Notes held by HVF III or any Affiliate of HVF III (other than Series 2023-2 Notes held by an Affiliate Issuer)). The Majority Series 2023-2 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2023-2 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2023-2 Notes, the date that is six months prior to the commencement of the Series 2023-2 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D<u>Series 2023-2</u> Note on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2023-2</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, <u>(a)</u> with respect to each Class of Series 2023-2 Notes issued on the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 10.99%</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Note Rate** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;5.57% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;6.49% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;7.13% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;9.40% |

---

"<u>Outstanding</u>" means with respect to the Series 2023-2 Notes (or any Class of Series 2023-2 Notes), all Series 2023-2 Notes (or Series 2023-2 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2023-2 Supplement, <u>except</u> (a) Series 2023-2 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2023-2 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2023-2 Distribution Account and are available for payment in full of such Series 2023-2 Notes, and Series 2023-2 Notes that are considered paid pursuant to Section 8.1 (*Payment of Notes*) of the Base Indenture, and (c) Series 2023-2 Notes in exchange for or in lieu of other Series 2023-2 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2023-2 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2023-2 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2023-2 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2023-2 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2023-2 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2023-2 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment of which are to be made by or is fully guaranteed by the United
States of America other than financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in, or certificates of deposit issued by, any depositary institution
or trust company incorporated under the laws of the United States of America or any state thereof whose short-term debt is rated "P-1"
by Moody's and "A-1+" by S&P and subject to supervision and examination by Federal or state banking or depositary
institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment and (y) the time of the
contractual commitment to invest therein, the certificates of deposit or short-term deposits, if any, or long-term unsecured debt obligations
(other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company)
of such depositary institution or trust company shall have a credit rating from S&P of "A-1+" and a credit rating from
Moody's of "P-1" in the case of certificates of deposit or short-term deposits, or a rating from S&P not lower than
 "AA" and a rating from Moody's not lower than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier of (x) the time of the investment and (y) the time of the contractual
commitment to invest therein, a rating from S&P of "A-1+" and a rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated "AAAm" by S&P and "Aaa-mf" by Moody's,
or otherwise approved in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar time deposits having a credit rating from S&P of "A-1+" and a credit rating
from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above and the certificates of deposit described in <u>clause (ii)</u> above which are entered into with a depository institution or trust
company, having a commercial paper or short-term certificate of deposit rating of "A-1+" by S&P and "P-1"
by Moody's; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other instruments or securities, if each Rating Agency then rating any outstanding Class of Series
2023-2 Notes at the request of HVF III will not have advised in writing that the investment in such instruments or securities will result
in the reduction or withdrawal of its then-current rating of such outstanding Class of Series 2023-2 Notes;

<u>provided</u> that for so long as Fitch is rating any Class of Series 2023-2 Notes, (x) any investment in a money market fund rated by Fitch will only be a Permitted Investment if such money market fund has a rating of "AAAmmf" from Fitch, (y) any investment in commercial paper will only be a Permitted Investment if such commercial paper has (at the earlier of the time of the investment and the time of the contractual commitment to invest therein) a rating of "F1" from Fitch, and (z) any other Permitted Investment (other than those described clause (i) above) will only be a Permitted Investment if the institution issuing such Permitted Investment has a long-term issuer default rating of at least "A" by Fitch and a short-term issuer default rating of "F1" by Fitch.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2023-2 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2023-2 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2023-2 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(b)</u> (*Initial Issuance*) of this Series 2023-2 Supplement.

"<u>Rating Agencies</u>" means (i) with respect to the Class A Notes the Class B Notes and the Class C Notes, DBRS, Fitch and Moody's, (ii) with respect to the Class D Notes <u>and the Class E Notes</u>, DBRS and Moody's, and (iii) with respect to any Class of Series 2023-2 Notes, any other nationally recognized rating agency rating the Series 2023-2 Notes at the request of HVF III; <u>provided</u> that, if at any time any nationally recognized rating agency ceases to rate any Class of Series 2023-2 Notes, such rating agency shall be deemed to no longer constitute a Rating Agency with respect to such Class of Series 2023-2 Notes for so long as such rating agency continues not to rate such Class of Series 2023-2 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2023-2 Notes*) of this Series 2023-2 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(e)</u> (*Initial Issuance*) of this Series 2023-2 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Fitch Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a senior unsecured rating by Fitch and a long term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a senior unsecured rating by Fitch and a long term issuer default rating by Fitch as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating with respect to such Person as of such date, (c) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date and (d) with respect to DBRS, the Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2023-2 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2023-2 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2023-2 Supplement.

"<u>Senior Class of Series 2023-2 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2023-2 Payment Date Available Interest Amount with respect to the Series 2023-2 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2023-2 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account,</u> each Class A/B/C/D <u>Demand Note, each Class E</u> Demand Note, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2023-2 Principal Collection Account for deposit into the Series 2023-2 Interest Collection Account on such Payment Date.

"<u>Series 2023-2 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2023-2 Supplement.

"<u>Series 2023-2 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2023-2 Accounts*) of this Series 2023-2 Supplement.

"<u>Series 2023-2 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2023-2 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2023-2 Notes.

"<u>Series 2023-2 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2023-2 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2023-2 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2023-2 Notes.

"<u>Series 2023-2 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2023-2 Principal Amount as of such date over (B) the Series 2023-2 Principal Collection Account Amount as of such date. The Series 2023-2 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2023-2 Notes.

"<u>Series 2023-2 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2023-2 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2023-2 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2023-2 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2023-2 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2023-2 Blended Advance Rate, in each case as of such date.

"<u>Series 2023-2 Blended Advance Rate</u>" means, as of any date of determination, the least of the Series 2023-2 DBRS Blended Advanced Rate as of such date, the Series 2023-2 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2023-2 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2023-2 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2023-2 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2023-2 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2023-2 Administrator Fee Amount and the Series 2023-2 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2023-2 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2023-2 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2023-2 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2023-2 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2023-2 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2023-2 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2023-2 Related Document,

in each case under and in accordance with such Series 2023-2 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2023-2 Notes.

"<u>Series 2023-2</u> <u>Closing Date</u>" means March 2, 2023.

"<u>Series 2023-2 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2023-2 Account Collateral with respect to each Series 2023-2 Account and each Class A/B/C/D Demand Note.

"<u>Series 2023-2 Controlled Amortization Period</u>" means the period commencing upon the close of business on March 27, 2028 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2023-2 Rapid Amortization Period, (ii) the date on which the Series 2023-2 Notes are fully paid and (iii) the termination of this Series 2023-2 Supplement.

"<u>Series 2023-2 Daily Interest Allocation</u>" means, on each Series 2023-2 Deposit Date, the Series 2023-2 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2023-2 Daily Principal Allocation</u>" means, on each Series 2023-2 Deposit Date, an amount equal to the Series 2023-2 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2023-2 DBRS AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-2 DBRS Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-2 DBRS Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2023-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2023-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2023-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2023-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2023-2 DBRS Remainder AAA Amount.

"<u>Series 2023-2 DBRS AAA Select Component</u>" means each Series 2023-2 DBRS AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2023-2 DBRS Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2023-2 DBRS AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-2 DBRS Baseline Advance Rate with respect to such Series 2023-2 DBRS AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-2 DBRS Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2023-2 DBRS AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-2 DBRS MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2023-2 DBRS AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2023-2 DBRS Baseline Advance Rate</u>" means, with respect to each Series 2023-2 DBRS AAA Select Component, the percentage set forth opposite such Series 2023-2 DBRS AAA Select Component in the following table:

---

| | |
|:---|:---|
| **Series 2023-2 DBRS AAA Select Component** | **Series 2023-2 DBRS Baseline Advance Rate** |
| Series 2023-2 DBRS Eligible Investment Grade Program Vehicle Amount | 91.00% |
| Series 2023-2 DBRS Eligible Investment Grade Program Receivable Amount | 91.00% |
| Series 2023-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount | 89.00% |
| Series 2023-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount | 89.00% |
| Series 2023-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount | 0.00% |
| Series 2023-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount | 86.75% |
| Series 2023-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount | 82.55% |
| Series 2023-2 Medium-Duty Truck Amount | 65.00% |
| Cash Amount | 100.00% |
| 2023-2 DBRS Remainder AAA Amount | 0.00% |

---

"<u>Series 2023-2 DBRS Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2023-2 DBRS Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2023-2 DBRS Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2023-2 DBRS Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2023-2 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2023-2 DBRS Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2023-2 DBRS AAA Select Component equal to the product of such Series 2023-2 DBRS AAA Select Component and the Series 2023-2 DBRS Adjusted Advance Rate with respect to such Series 2023-2 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2023-2 DBRS Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2023-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2023-2 DBRS Baseline Advance Rate with respect to such Series 2023-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount over the Series 2023-2 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2023-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2023-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2023-2 DBRS Baseline Advance Rate with respect to such Series 2023-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2023-2 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2023-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2023-2 DBRS Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2023-2 DBRS AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2023-2 DBRS Concentration Excess Amount, if any, allocated to such Series 2023-2 DBRS AAA Select Component by HVF III and (B) the Series 2023-2 DBRS Baseline Advance Rate with respect to such Series 2023-2 DBRS AAA Select Component, and the denominator of which is (II) such Series 2023-2 DBRS AAA Select Component, in each case as of such date, and (b) the Series 2023-2 DBRS Baseline Advance Rate with respect to such Series 2023-2 DBRS AAA Component; <u>provided</u> that the portion of the Series 2023-2 DBRS Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2023-2 DBRS AAA Select Component that was included in determining whether such Series 2023-2 DBRS Concentration Excess Amount exists.

"<u>Series 2023-2 DBRS Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2023-2 DBRS Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2023-2 DBRS Eligible Manufacturer Receivables, in each case, included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2023-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2023-2 DBRS Eligible Manufacturer Receivables included in the Series 2023-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2023-2 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2023-2 DBRS Eligible Manufacturer Receivables are designated as constituting (A) Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2023-2 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2023-2 DBRS Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-2 DBRS Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-2 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-2 DBRS Investment Grade Manufacturers.

"<u>Series 2023-2 DBRS Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2023-2 DBRS Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-2 DBRS Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable due from any Manufacturer that has a Relevant DBRS Rating as of such date of at least "A(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of at least "A(L)") pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable due from any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)" or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)", in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable due from a Series 2023-2 DBRS Non-Investment Grade (High) Manufacturer or a Series 2023-2 DBRS Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2023-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-2 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-2 DBRS Non-Investment Grade (High) Manufacturers.

"<u>Series 2023-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-2 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-2 DBRS Non-Investment Grade (Low) Manufacturers.

"<u>Series 2023-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2023-2 DBRS Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2023-2 DBRS Non-Investment Grade (High) Program Vehicle and each Series 2023-2 DBRS Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-2 DBRS Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of at least "BBB(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of "BBB(L)")as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-2 DBRS Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2023-2 DBRS Investment Grade Manufacturer that is not a Series 2023-2 DBRS Investment Grade Program Vehicle as of such date.

"<u>Series 2023-2 DBRS Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-2 DBRS Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2023-2 DBRS Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2023-2 DBRS Eligible Manufacturer Receivables due from such Manufacturer.

"<u>Series 2023-2 DBRS Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2023-2 DBRS Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2023-2 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2023-2 DBRS Eligible Manufacturer Receivables included in the Series 2023-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2023-2 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2023-2 DBRS Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2023-2 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2023-2 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount and (C) Series 2023-2 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-2 DBRS MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2023-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2023-2 Failure Percentage as of such date and (ii) the Series 2023-2 DBRS Concentration Adjusted Advance Rate with respect to the Series 2023-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2023-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2023-2 Failure Percentage as of such date and (ii) the Series 2023-2 DBRS Concentration Adjusted Advance Rate with respect to the Series 2023-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2023-2 DBRS AAA Component, zero.

"<u>Series 2023-2 DBRS Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "BBB(L)" and (ii) at least "BB(L)", or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2023-2 DBRS Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2023-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2023-2 DBRS Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2023-2 DBRS Eligible Manufacturer Receivables with respect to any Series 2023-2 DBRS Non-Investment Grade (High) Manufacturer included in the Series 2023-2 DBRS Manufacturer Amount for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2023-2 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-2 DBRS Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-2 DBRS Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2023-2 DBRS Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of less than "BB(L)"(or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, a DBRS Equivalent Rating of "BB(L)") as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any DBRS Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-2 DBRS Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-2 DBRS Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another master motor vehicle operating lease, as applicable) as of such date.

"<u>Series 2023-2 DBRS Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2023-2 DBRS Non-Investment Grade (High) Manufacturer or a Series 2023-2 DBRS Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2023-2 DBRS Non-Investment Grade (High) Program Vehicle or a Series 2023-2 DBRS Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2023-2 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount and (C) Series 2023-2 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-2 DBRS Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-2 DBRS Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-2 DBRS Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2023-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2023-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2023-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2023-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2023-2 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2023-2 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2023-2 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(</u><u>iii</u><u>iv</u><u>)</u> (*Series 2023-2 Accounts*) of this Series 2023-2 Supplement.

"<u>Series 2023-2 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2023-2 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2023-2 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2023-2 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2023-2 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2023-2 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2023-2 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2023-2 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2023-2 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2023-2 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2023-2 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2023-2 Market Value Average as of any Determination Date within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2023-2 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2023-2 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2023-2 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2023-2 Accounts*) of this Series 2023-2 Supplement.

"<u>Series 2023-2 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2023-2 Interest Period <u>for the Class A/B/C/D Notes</u> shall commence on and include the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date and end on and include March 27, 2023 <u>and the initial Series 2023-2 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2023-2 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2023-2 Revolving Period, the Series 2023-2 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2023-2 Controlled Amortization Period and the Series 2023-2 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2023-2 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2023-2 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2023-2 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2023-2 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2023-2 Principal Amount shall have been reduced to zero, the Series 2023-2 Invested Percentage shall equal zero.

"<u>Series 2023-2 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2023-2 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2023-2 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2023-2 Lease Payment Deficit</u>" means either a Series 2023-2 Lease Interest Payment Deficit or a Series 2023-2 Lease Principal Payment Deficit.

"<u>Series 2023-2 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2023-2 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2023-2 Principal Collection Account on or prior to such Payment Date on account of such Series 2023-2 Lease Principal Payment Deficit.

"<u>Series 2023-2 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2023-2 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2023-2 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2023-2 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2023-2 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2023-2 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2023-2 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2023-2 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2023-2 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2023-2 Controlling Class.

Each Series 2023-2 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2023-2 Notes.

"<u>Series 2023-2 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table; <u>provided</u> that the Manufacturer Limit for Tesla may be increased by an amount not to exceed 15.00% subject to satisfaction of the Rating Agency Condition.

---

| | |
|:---|:---|
| **Manufacturer** | **Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;25.00% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

"<u>Series 2023-2 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2023-2 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2023-2 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2023-2 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2023-2 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2023-2 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2023-2 Measurement Month shall be included in any other Series 2023-2 Measurement Month.

"<u>Series 2023-2 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-2 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2023-2 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2023-2 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2023-2 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-2 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-2 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2023-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2023-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2023-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2023-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

(viii the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2023-2 Moody's Remainder AAA Amount.

"<u>Series 2023-2 Moody's AAA Select Component</u>" means each Series 2023-2 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2023-2 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2023-2 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-2 Moody's Baseline Advance Rate with respect to such Series 2023-2 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-2 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2023-2 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-2 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2023-2 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2023-2 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2023-2 Moody's AAA Select Component, the percentage set forth opposite such Series 2023-2 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| **Series 2023-2 Moody's AAA Select Component** | **Series 2023-2 Moody's <br> Baseline Advance Rate** |
| Series 2023-2 Moody's Eligible Investment Grade Program Vehicle Amount | 95.00% |
| Series 2023-2 Moody's Eligible Investment Grade Program Receivable Amount | 95.00% |
| Series 2023-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount | 92.00% |
| Series 2023-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | 92.00% |
| Series 2023-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | 0.00% |
| Series 2023-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount | 85.00% |
| Series 2023-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | 85.00% |
| Series 2023-2 Medium-Duty Truck Amount | 65.00% |
| Cash Amount | 100.00% |
| Series 2023-2 Moody's Remainder AAA Amount | 0.00% |

---

"<u>Series 2023-2 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2023-2 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2023-2 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2023-2 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2023-2 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2023-2 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2023-2 Moody's AAA Select Component equal to the product of such Series 2023-2 Moody's AAA Select Component and the Series 2023-2 Moody's Adjusted Advance Rate with respect to such Series 2023-2 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2023-2 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2023-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2023-2 Moody's Baseline Advance Rate with respect to such Series 2023-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2023-2 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2023-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2023-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2023-2 Moody's Baseline Advance Rate with respect to such Series 2023-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2023-2 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2023-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2023-2 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2023-2 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2023-2 Moody's Concentration Excess Amount, if any, allocated to such Series 2023-2 Moody's AAA Select Component by HVF III and (B) the Series 2023-2 Moody's Baseline Advance Rate with respect to such Series 2023-2 Moody's AAA Select Component, and the denominator of which is (II) such Series 2023-2 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2023-2 Moody's Baseline Advance Rate with respect to such Series 2023-2 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2023-2 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2023-2 Moody's AAA Select Component that was included in determining whether such Series 2023-2 Moody's Concentration Excess Amount exists.

"<u>Series 2023-2 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2023-2 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2023-2 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2023-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2023-2 Moody's Eligible Manufacturer Receivables included in the Series 2023-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2023-2 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount, as of such date and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2023-2 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2023-2 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2023-2 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-2 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-2 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-2 Moody's Investment Grade Manufacturers.

"<u>Series 2023-2 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2023-2 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-2 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2023-2 Moody's Non-Investment Grade (High) Manufacturer or a Series 2023-2 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2023-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-2 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-2 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2023-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-2 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-2 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2023-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2023-2 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2023-2 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2023-2 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-2 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-2 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2023-2 Moody's Investment Grade Manufacturer that is not a Series 2023-2 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2023-2 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-2 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2023-2 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2023-2 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2023-2 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2023-2 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2023-2 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2023-2 Moody's Eligible Manufacturer Receivables included in the Series 2023-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2023-2 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2023-2 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2023-2 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2023-2 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2023-2 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-2 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2023-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2023-2 Failure Percentage as of such date and (ii) the Series 2023-2 Moody's Concentration Adjusted Advance Rate with respect to the Series 2023-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2023-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2023-2 Failure Percentage as of such date and (ii) the Series 2023-2 Moody's Concentration Adjusted Advance Rate with respect to the Series 2023-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2023-2 Moody's AAA Component, zero.

"<u>Series 2023-2 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2023-2 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2023-2 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2023-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2023-2 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2023-2 Moody's Eligible Manufacturer Receivables with respect to any Series 2023-2 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2023-2 Moody's Manufacturer Amount for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2023-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2023-2 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-2 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-2 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2023-2 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-2 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-2 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2023-2 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2023-2 Moody's Non-Investment Grade (High) Manufacturer or a Series 2023-2 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2023-2 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2023-2 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2023-2 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Medium-Duty Truck Amount for purposes of calculating the Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2023-2 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-2 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-2 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-2 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2023-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2023-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2023-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2023-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2023-2 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2023-2 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2023-2 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2023-2 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2023-2 Measurement Month, commencing with the third Series 2023-2 Measurement Month following the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2023-2 Measurement Month and the two Series 2023-2 Measurement Months preceding such Series 2023-2 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2023-2 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2023-2 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2023-2 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2023-2 Carrying Charges on such Payment Date (excluding any Series 2023-2 Carrying Charges payable to the Series 2023-2 Noteholders) and (b) the Series 2023-2 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2023-2 Noteholders).

"<u>Series 2023-2 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2023-2 Lease Principal Payment Deficit, an amount equal to the Series 2023-2 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2023-2 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2023-2 Lease Interest Payment Deficit, an amount equal to the Series 2023-2 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2023-2 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2023-2 Payment Date Available Interest Amount</u>" means, with respect to each Series 2023-2 Interest Period, the sum of the Series 2023-2 Daily Interest Allocation for each Series 2023-2 Deposit Date in such Series 2023-2 Interest Period.

"<u>Series 2023-2 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2023-2 Interest Collection Account*).

"<u>Series 2023-2 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2023-2 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2023-2 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2023-2 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2023-2 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2023-2 Notes.

"<u>Series 2023-2 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2023-2 Principal Amount shall be the "Principal Amount" with respect to the Series 2023-2 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2023-2 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2023-2 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2023-2 Accounts*) of this Series 2023-2 Supplement.

"<u>Series 2023-2 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2023-2 Principal Collection Account as of such date.

"<u>Series 2023-2 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2023-2 Notes is deemed to have occurred with respect to the Series 2023-2 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2023-2 Notes are paid in full and (ii) the termination of this Series 2023-2 Supplement.

"<u>Series 2023-2 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2023-2 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2023-2 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2023-2 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2023-2 Notes.

"<u>Series 2023-2 Related Documents</u>" means the Related Documents, this Series 2023-2 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2023-2 Revolving Period</u>" means the period from the Series 2023-2<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2023-2 Controlled Amortization Period and (ii) the commencement of the Series 2023-2 Rapid Amortization Period.

"<u>Series 2023-2 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2023-2 Supplement.

"<u>Series 2023-2 Supplemental Indenture</u>" means a supplement to this Series 2023-2 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2023-2 Supplement.

"<u>Series 2023-2 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2023-2 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2023-2 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2023-2 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2023-2 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2023-2 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2023-2 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2023-2 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2023-2 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2023-2 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2023-2 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2023-2 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2023-2 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2023-2 Collateral</u>" means the Series 2023-2 Account Collateral with respect to each Series 2023-2 Account and each Class A/B/C/D Demand Note. The Series-Specific 2023-2 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2023-2 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(i)</u> (*Transfer Restrictions for Global Notes*) of this Series 2023-2 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2023-2 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Available L/C Cash Collateral Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Available Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Letter of Credit Liquidity Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Required Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Reserve Account Deficiency Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E Monthly Interest Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E Principal Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Adjusted Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 DBRS Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Moody's Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Non-Program Vehicle Disposition Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Principal Collection Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-2 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2023-2 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.3

#### Exhibit 10.3
***Execution Version***

**Amendment No. 1 to Series 2023-4 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the SERIES 2023-4 SUPPLEMENT, dated as of August 24, 2023 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2023-4 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2023-4 Supplement permits the Issuer and the Trustee to amend the Series 2023-4 Supplement in writing without the consent of any Series 2023-4 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2023-4 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2023-4 Supplement provides that on any date during the Series 2023-4 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2023-4 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2023-4 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2023-4 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2023-4 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2023-4 Supplement, to amend the Series 2023-4 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2023-4 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2023-4 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2023-4 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2023-4 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2023-4 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2023-4 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2023-4 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2023-4 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reference to and Effect on the Series 2023-4 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2023-4 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2023-4 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2023-4 Supplement to "<u>Series 2023-4 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2023-4 Supplement, and each reference in any other Series 2023-4 Related Document to "<u>Series 2023-4 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2023-4 Supplement, shall mean and be a reference to the Series 2023-4 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2023-4 Supplement or the Series 2023-4 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2023-4 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

*Signature Page to Amendment No. 1 to Series 2023-4 Supplement*

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

*Signature Page to Amendment No. 1 to Series 2023-4 Supplement*

<u>Annex A</u>

**EXECUTION VERSION**

<u>**CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026**</u>

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

**SERIES 2023-4 SUPPLEMENT**

dated as of August 24, 2023

to

BASE INDENTURE<br> dated as of June 29, 2021

$337,500,000 Series 2023-4 6.15% Rental Car Asset Backed Notes, Class A

$55,000,000 Series 2023-4 6.73% Rental Car Asset Backed Notes, Class B<br> $67,500,000 Series 2023-4 7.51% Rental Car Asset Backed Notes, Class C<br> $40,000,000 Series 2023-4 9.44% Rental Car Asset Backed Notes, Class D

<u>$24,133,000 Series 2023-4 11.48% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| <u>Article I DEFINITIONS AND CONSTRUCTION</u> | <u>Article I DEFINITIONS AND CONSTRUCTION</u> | 2 |
| <u>Section 1.1</u> | <u>Defined Terms and References</u> | 2 |
| <u>Section 1.2</u> | <u>Rules of Construction</u> | 2 |
| <u>Article II INITIAL ISSUANCE OF Series 2023-4 NOTES; FORM OF Series 2023-4 NOTES</u> | <u>Article II INITIAL ISSUANCE OF Series 2023-4 NOTES; FORM OF Series 2023-4 NOTES</u> | 3 |
| <u>Section 2.1</u> | <u>Initial Issuance</u> | 3 |
| <u>Section 2.2</u> | <u>Transfer Restrictions for Global Notes</u> | 4<u>5</u> |
| <u>Section 2.3</u> | <u>Definitive Notes</u> | 10<u>14</u> |
| <u>Section 2.4</u> | <u>Legal Final Payment Date</u> | 10<u>14</u> |
| <u>Section 2.5</u> | <u>Required Series Noteholders</u> | 10<u>14</u> |
| <u>Section 2.6</u> | <u>FATCA</u> | 10<u>14</u> |
| <u>Article III INTEREST AND INTEREST RATES</u> | <u>Article III INTEREST AND INTEREST RATES</u> | 11<u>15</u> |
| <u>Section 3.1</u> | <u>Interest</u> | 11<u>15</u> |
| <u>Article IV SERIES-SPECIFIC COLLATERAL</u> | <u>Article IV SERIES-SPECIFIC COLLATERAL</u> | 11<u>15</u> |
| <u>Section 4.1</u> | <u>Granting Clause</u> | 11<u>15</u> |
| <u>Section 4.2</u> | <u>Series 2023-4 Accounts</u> | 11<u>15</u> |
| <u>Section 4.3</u> | <u>Trustee as Securities Intermediary</u> | 13<u>18</u> |
| <u>Section 4.4</u> | <u>Class A/B/C/D Demand Notes</u> | 15<u>19</u> |
| <u>Section 4.5</u> | <u>Class E Demand Notes</u> | <u>20</u> |
| <u>Section</u> <u>4.5</u><u>4.6</u> | <u>Subordination</u> | 15<u>20</u> |
| <u>Section</u> <u>4.6</u><u>4.7</u> | <u>Duty of the Trustee</u> | 15<u>20</u> |
| <u>Section</u> <u>4.7</u><u>4.8</u> | <u>Representations of the Trustee</u> | 15<u>20</u> |
| <u>Article V PRIORITY OF PAYMENTS</u> | <u>Article V PRIORITY OF PAYMENTS</u> | 15<u>20</u> |
| <u>Section 5.1</u> | <u>[Reserved].</u> | 15<u>21</u> |
| <u>Section 5.2</u> | <u>Collections Allocation.</u> | 15<u>21</u> |
| <u>Section 5.3</u> | <u>Application of Funds in the Series 2023-4 Interest Collection Account</u> | 16<u>21</u> |
| <u>Section 5.4</u> | <u>Application of Funds in the Series 2023-4 Principal Collection Account</u> | 17<u>22</u> |
| <u>Section 5.5</u> | <u>Class A/B/C/D Reserve Account Withdrawals</u> | 18<u>24</u> |
| <u>Section 5.6</u> | <u>Class E Reserve Account Withdrawals</u> | <u>24</u> |
| <u>Section</u> <u>5.6</u><u>5.7</u> | <u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u> | 19<u>25</u> |
| <u>Section 5.8</u> | <u>Class E Letters of Credit and Class E Demand Notes</u> | <u>27</u> |
| <u>Section</u> <u>5.7</u><u>5.9</u> | <u>Past Due Rental Payments</u> | 22<u>30</u> |
| <u>Section</u> <u>5.8</u><u>5.10</u> | <u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u> | 22<u>31</u> |
| <u>Section 5.11</u> | <u>Class E Letters of Credit and Class E L/C Cash Collateral Account</u> | <u>34</u> |
| <u>Section</u> <u>5.9</u><u>5.12</u> | <u>Certain Instructions to the Trustee</u> | 25<u>36</u> |
| <u>Section</u> <u>5.10</u><u>5.13</u> | <u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u> | 25<u>37</u> |
| <u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u> | <u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u> | 25<u>37</u> |
| <u>Section 6.1</u> | <u>Representations and Warranties</u> | 25<u>37</u> |
| <u>Section 6.2</u> | <u>Covenants</u> | 26<u>37</u> |
| <u>Section 6.3</u> | <u>Closing Conditions</u> | 27<u>39</u> |
| <u>Section 6.4</u> | <u>Further Assurances</u> | 28<u>39</u> |
| <u>Article VII AMORTIZATION EVENTS</u> | <u>Article VII AMORTIZATION EVENTS</u> | 28<u>40</u> |
| <u>Section 7.1</u> | <u>Amortization Events</u> | 28<u>40</u> |
| <u>Article VIII SUBORDINATION OF NOTES</u> | <u>Article VIII SUBORDINATION OF NOTES</u> | 31<u>42</u> |
| <u>Section 8.1</u> | <u>Subordination of Class B Notes</u> | 31<u>42</u> |

---

(i) ****TABLE OF CONTENTS**<br> (continued)**

**Page**

---

| | | |
|:---|:---|:---|
| <u>Section 8.2</u> | <u>Subordination of Class C Notes</u> | 31<u>43</u> |
| <u>Section 8.3</u> | <u>Subordination of Class D Notes</u> | 31<u>43</u> |
| <u>Section 8.4</u> | <u>Subordination of Class E Notes</u> | 31<u>43</u> |
| <u>Section 8.5</u> | <u>When Distribution Must be Paid Over</u> | 32<u>44</u> |
| <u>Article IX GENERAL</u> | <u>Article IX GENERAL</u> | 32<u>44</u> |
| <u>Section 9.1</u> | <u>Optional Redemption of the Series 2023-4 Notes</u> | 32<u>44</u> |
| <u>Section 9.2</u> | <u>Information</u> | 32<u>44</u> |
| <u>Section 9.3</u> | <u>Confidentiality</u> | 33<u>45</u> |
| <u>Section 9.4</u> | <u>Ratification of Base Indenture</u> | 33<u>45</u> |
| <u>Section 9.5</u> | <u>Notice to the Rating Agencies</u> | 33<u>45</u> |
| <u>Section 9.6</u> | <u>Third Party Beneficiary</u> | 34<u>45</u> |
| <u>Section 9.7</u> | <u>Execution in Counterparts; Electronic Execution</u> | 34<u>45</u> |
| <u>Section 9.8</u> | <u>Governing Law</u> | 34<u>46</u> |
| <u>Section 9.9</u> | <u>Amendments</u> | 34<u>46</u> |
| <u>Section 9.10</u> | <u>Administrator to Act on Behalf of HVF III</u> | 36<u>48</u> |
| <u>Section 9.11</u> | <u>Successors</u> | 37<u>48</u> |
| <u>Section 9.12</u> | <u>Termination of Series Supplement</u> | 37<u>48</u> |
| <u>Section 9.13</u> | <u>Electronic Execution</u> | 37<u>49</u> |
| <u>Section 9.14</u> | <u>Additional UCC Representations</u> | 37<u>49</u> |
| <u>Section 9.15</u> | <u>Notices</u> | 38<u>50</u> |
| <u>Section 9.16</u> | <u>Submission to Jurisdiction</u> | 38<u>50</u> |
| <u>Section 9.17</u> | <u>Waiver of Jury Trial</u> | 38<u>50</u> |
| <u>Section 9.18</u> | <u>Issuance of Class E Notes</u> | 39 |
| <u>Section</u> <u>9.19</u><u>9.18</u> | <u>Trustee Obligations under the Retention Requirements</u> | 40<u>52</u> |
| **<u>Schedule I</u>**  **<u>TO THE SERIES 2023-4 SUPPLEMENT</u>** | **<u>Schedule I</u>**  **<u>TO THE SERIES 2023-4 SUPPLEMENT</u>** | **44** **<u>55</u>** |
| **<u>Schedule II</u>**  **<u>TO THE SERIES 2023-4 SUPPLEMENT</u>** | **<u>Schedule II</u>**  **<u>TO THE SERIES 2023-4 SUPPLEMENT</u>** | **85** **<u>100</u>** |

---

(ii) ****TABLE OF CONTENTS**<br> (continued)**

**Page**

EXHIBITS AND SCHEDULES

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| | |
|:---|:---|
| Schedule I<br> Schedule II | List of Defined Terms<br> Monthly Noteholders' Statement Information |
| Exhibit A-1-1<br> Exhibit A-1-2<br> Exhibit A-2-1<br> Exhibit A-2-2<br> Exhibit A-3-1<br> Exhibit A-3-2<br> Exhibit A-4-1<br> Exhibit A-4-2<br> <u>Exhibit A-5</u><br> Exhibit B-1<br> Exhibit B-2<br> <u>Exhibit B-3</u><br> <u>Exhibit B-4</u><br> <u>Exhibit C-1</u><br> Exhibit C<u>-2</u><br> Exhibit D<br> Exhibit E-1<br> Exhibit E-2<br> <u>Exhibit E-3</u><br> Exhibit F<u>-1</u><br> <u>Exhibit F-2</u> | Form of Series 2023-4 144A Global Class A Note<br> Form of Series 2023-4 Regulation S Global Class A Note<br> Form of Series 2023-4 144A Global Class B Note<br> Form of Series 2023-4 Regulation S Global Class B Note<br> Form of Series 2023-4 144A Global Class C Note<br> Form of Series 2023-4 Regulation S Global Class C Note<br> Form of Series 2023-4 144A Global Class D Note<br> Form of Series 2023-4 Regulation S Global Class D Note<br> <u>Form of Series 2023-4 144A Global Class E Note</u><br> Form of Demand Notice<br> Form of Class A/B/C/D Demand Note<br> <u>Form of Class E Demand Notice</u><br> <u>Form of Class E Demand Note</u><br> Form of Reduction Notice Request Class A/B/C/D Letter of Credit<br> <u>Form of Reduction Notice Request Class E Letter of Credit</u><br> Form of Lease Payment Deficit Notice<br> <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u><br> Form of Transfer Certificate from 144A Global Note to Regulation S Global Note<br> Form of Transfer Certificate from Regulation S Global Note to 144A Global Note<br> Form of Class A/B/C/D Letter of Credit<br> <u>Form of Class E Letter of Credit</u> |

---

(iii) SERIES 2023-4 SUPPLEMENT dated as of August 24, 2023 ("<u>Series 2023-4 Supplement</u>") among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS**,** Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture provides, among other things, that HVF III and the Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or more Series of Notes;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2023-4 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2023-4 Noteholders;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2023-4 Supplement, and such Series of Notes is hereby designated as Series 2023-4 Rental Car Asset Backed Notes.

On the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date, the following classes of Series 2023-4 Rental Car Asset Backed Notes shall be<u>were</u> issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-4 6.15% Rental
 Car Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-4 6.73% Rental
 Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-4 7.51% Rental
 Car Asset Backed Notes, Class C (as referred to herein, the " <u>Class C Notes</u> ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2023-4 9.44% Rental
 Car Asset Backed Notes, Class D (as referred to herein, the " <u>Class D Notes</u> ").

Subsequent to the Series 2023-4 Closing Date, HVF III may on any date during the Series 2023-4 Revolving Period offer and sell additional Series 2023-4 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2023-4 Supplement, which, if issued, shall be designated as the Series 2023-4 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "<u>Class E Notes</u>".

<u>On the Class E Notes Closing Date, the Series 2023-4 11.48% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u>

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2023-4 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**

**DEFINITIONS AND CONSTRUCTION**

**Section 1.01 <u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2023-4 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2023-4 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2023-4 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02 <u>Rules of Construction</u>**. In this Series 2023-4 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document) as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2023-4 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2023-4 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**

**INITIAL ISSUANCE OF Series 2023-4 NOTES; FORM OF Series 2023-4 NOTES**

**Section 2.01 <u>Initial Issuance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance <u>of Class A/B/C/D Notes</u></u>. On the terms and conditions set forth in this Series 2023-4 Supplement, HVF III shall issue<u>issued</u>, and shall cause<u>caused</u> the Trustee to authenticate, the initial Class A/B/C/D Notes on the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date. Such Class A/B/C/D Notes shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, with respect to each Class of Series 2023-4 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, with respect to each Class of Series 2023-4 Notes, the interest rate set forth in the definition of Note Rate for such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have, with respect to each Class of Series 2023-4 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by DBRS and Moody's and, with respect to the Class D Notes, by DBRS and Moody's, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be duly<u>were</u> authenticated in accordance with the provisions of the Base Indenture and this Series 2023-4 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>on</u> <u>Form of</u> the Class A/B/C/D Notes. The <u>Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2023-4 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Notes Closing Date. Such Class E Notes shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2023-4 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of the Series 2023-4 Notes. The</u> Class A/B/C/D Notes will be<u>were</u> offered and sold by HVF III on the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be<u>were</u> resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2023-4 Related Document to the contrary, the initial Payment Date with respect to the Series 2023-4<u>Class A/B/C/D</u> Notes shall be<u>was</u> September 25, 2023 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>144A Global Notes</u>. Each Class of the Class A/B/C/D<u>Series 2023-4</u> Notes offered and sold in their initial distribution on the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date in <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable, in</u> reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to this Series 2023-4 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-1</u> to this Series 2023-4 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to this Series 2023-4 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-1</u> to this Series 2023-4 Supplement, <u>and with respect to the Class E Notes in Exhibit A-5 to this Series 2023-4 Supplement,</u> in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "<u>144A Global Notes</u>"). The <u>Solely</u> <u>with respect to the Class A/B/C/D Notes</u><u>, the</u> aggregate principal amount of the<u>such</u> 144A Global Notes<u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2023-4 Notes as shall be specified in the schedule attached thereto, and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2023-4 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2023-4 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2023-4 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C/D Notes offered and sold on the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to this Series 2023-4 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to this Series 2023-4 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to this Series 2023-4 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-2</u> to this Series 2023-4 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2023-4 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2023-4 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2023-4 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2023-4 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02 <u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> wishes at any time to exchange its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-1</u><u>-3</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-2</u><u>-4</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes <u>and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or<u>,</u> Class D <u>Global Notes or Class E</u> Global Notes, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer OR ANY OTHER PERSON TREATED as THE ISSUER for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES, AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, <u>OR</u> (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer or any other person treated as the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2023-4 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO*.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>Note,</u> Class D <u>Note or Class E</u> Note, as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, <u>or</u> (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03 <u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D<u>Series 2023-4</u> Notes other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04 <u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2023-4 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05 <u>Required Series Noteholders</u>**(a) . In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2023-4 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2023-4 Notes.

**Section 2.06 <u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2023-4 Noteholder (and any Note Owner of any Series 2023-4 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2023-4 Note or an interest in such Series 2023-4 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2023-4 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2023-4 Noteholder and Note Owner of any Series 2023-4 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2023-4 Noteholder (or Note Owner of such Series 2023-4 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2023-4 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2023-4 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2023-4 Noteholder or Note Owner of a Series 2023-4 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2023-4 Notes.

**Article III**

**INTEREST AND INTEREST RATES**

**Section 3.01 <u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2023-4 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**

**SERIES-SPECIFIC COLLATERAL**

**Section 4.01 <u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2023-4 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2023-4 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2023-4 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2023-4 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2023-4 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2023-4 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2023-4 Account are referred to, collectively, as the "<u>Series 2023-4 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02 <u>Series 2023-4 Accounts</u>**. With respect to the Series 2023-4 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2023-4 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2023-4 Noteholders three<u>four</u> securities accounts: the Series 2023-4 Principal Collection Account (such account, the "<u>Series 2023-4 Principal Collection Account</u>"), the Series 2023-4 Interest Collection Account (such account, the "<u>Series 2023-4 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2023-4 Reserve Account")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) or <u>Section</u> <u>5.8</u><u>5.10</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2023-4<u>Class A/B/C/D</u> Noteholders the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>On or prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2023-4 Noteholders the Series 2023-4 Distribution Account (the "<u>Series 2023-4 Distribution Account</u>", and together with the Series 2023-4 Principal Collection Account, the Series 2023-4 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2023-4 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2023-4 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2023-4 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2023-4 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2023-4 Account shall be an Eligible Account. If any Series 2023-4 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2023-4 Account is no longer an Eligible Account, establish a new Series 2023-4 Account for such non-qualifying Series 2023-4 Account that is an Eligible Account, and if a new Series 2023-4 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2023-4 Account into such new Series 2023-4 Account. Initially, each of the Series 2023-4 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2023-4 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2023-4 Account (other than the Series 2023-4 Distribution Account) to invest funds on deposit in such Series 2023-4 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary, and Permitted Investments shall be credited to the applicable Series 2023-4 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2023-4 Principal Collection Account, the Series 2023-4 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2023-4 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2023-4 Accounts</u>. With respect to each Series 2023-4 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2023-4 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2023-4 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2023-4 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2023-4 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2023-4 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2023-4 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon the termination of this Series 2023-4 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2023-4 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall with-draw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03 <u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2023-4 Account, the Trustee or other Person maintaining such Series 2023-4 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC) and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC) (the Trustee Acting in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2023-4 Account. If the Securities Intermediary in respect of any Series 2023-4 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2023-4 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2023-4 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2023-4 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2023-4 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2023-4 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2023-4 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2023-4 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2023-4 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC), and the Series 2023-4 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2023-4 Supplement, will not enter into, any agreement with any other Person relating to the Series 2023-4 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2023-4 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2023-4 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2023-4 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2023-4 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2023-4 Accounts and in all Proceeds thereof, and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) in respect of the Series 2023-4 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2023-4 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2023-4 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2023-4 Account by crediting such Series 2023-4 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2023-4 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2023-4 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2023-4 Account is deemed not to constitute a securities account.

**Section 4.04 <u>Class A/B/C/D</u> <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2023-4<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of <u>Class A/B/C/D</u> Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2023-4 Controlling Class.

<u>Section 4.5</u> <u>**Class E Demand Notes**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2023-4 Controlling Class.</u>

<u>Section 4.6</u> **<u>Section 4.5</u>** **<u>Subordination</u>**. The Series-Specific 2023-4 Collateral has been pledged to the Trustee to secure the Series 2023-4 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2023-4 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2023-4 Notes, and no Noteholder of any Series of Notes other than the Series 2023-4 Notes will have any right, title or interest in, to or under the Series-Specific 2023-4 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2023-4 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2023-4 Notes, then the Series 2023-4 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2023-4 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

<u>Section 4.7</u> **<u>Section 4.6</u>** **<u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2023-4 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2023-4 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2023-4 Collateral now existing or hereafter created.

<u>Section 4.8</u> **<u>Section 4.7</u>** **<u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**

**PRIORITY OF PAYMENTS**

**Section 5.01 <u>[Reserved].</u>**

**Section 5.02 <u>Collections Allocation.</u>** Subject to the Past Due Rental Payments Priorities, on each Series 2023-4 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2023-4 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2023-4 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2023-4 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2023-4 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2023-4 Principal Collection Account.

**Section 5.03 <u>Application of Funds in the Series 2023-4 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2023-4 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2023-4 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes) and 5.8 (Class E Letters of Credit and Class E</u> Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2023-4 Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2023-4 Distribution Account to pay to the Administrator the Series 2023-4 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2023-4 Distribution Account to pay the Trustee the Series 2023-4 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2023-4 Noteholders, the Series 2023-4 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2023-4 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2023-4 Distribution Account to pay the Persons to whom the Series 2023-4 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2023-4 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2023-4 Distribution Account to pay the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2023-4 Distribution Account to pay the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2023-4 Distribution Account to pay the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2023-4 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2023-4 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2023-4 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2023-4 Distribution Account to pay to the Administrator the Series 2023-4 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2023-4 Distribution Account to pay to the Trustee the Series 2023-4 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2023-4 Distribution Account to pay the Persons to whom the Series 2023-4 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2023-4 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2023-4 Rapid Amortization Period, for deposit into the Series 2023-4 Principal Collection Account up to the amount necessary to pay the Series 2023-4 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2023-4 Principal Collection Account any remaining amount.

**Section 5.04 <u>Application of Funds in the Series 2023-4 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2023-4 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2023-4 Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2023-4 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2023-4 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*(c))); <u>and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2023-4 Interest Collection Account*));</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2023-4 Notes, then for deposit into the Series 2023-4 Distribution Account to be paid on such date, <u>pro rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2023-4 Controlled Amortization Period, then for deposit into the Series 2023-4 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2023-4 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2023-4 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2023-4 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2023-4 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2023-4 Principal Collection Account.

**Section 5.05 <u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2023-4 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2023-4 Interest Collection Account an amount equal to the excess, if any, of the Series 2023-4 Payment Date Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date over the Series 2023-4 Payment Date Available Interest Amount for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2023-4 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2023-4 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2023-4 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

<u>Section 5.6</u> <u>**Class E Reserve Account Withdrawals**</u>. <u>On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (*Application of Funds in the Series 2023-4 Interest Collection Account*) and 5.4 (*Application of Funds in the Series 2023-4 Principal Collection Account*)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2023-4 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2023-4 Payment Date Available Interest Amount solely <u>with respect to the Class E Notes</u> for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2023-4 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2023-4 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2023-4 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>Section 5.7</u> **<u>Section 5.6</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on any Payment Date that there exists a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date, the Trustee, by 12:00 noon (New York City time) on such Payment Date, shall draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2023-4 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2023-4 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2023-4 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on any Payment Date that there exists a Series 2023-4 Lease Principal Payment Deficit that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2023-4 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2023-4 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of a notice by the Trustee from HVF III in respect of a Series 2023-4 Lease Principal Payment Deficit on or prior to 10:30 a.m. (New York City time) on a Payment Date, the Trustee shall, by 12:00 noon (New York City time) on such Payment Date draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2023-4 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2023-4 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2023-4 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2023-4 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2023-4 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2023-4 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2023-4 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2023-4 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2023-4 Principal Collection Account on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (e) <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of Credit on the date
 of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2023-4
 Supplement (other than pursuant to <u>Section</u> <u>5.8</u> <u>5.10</u> <u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III
 shall instruct the Trustee, in writing, to draw on each Class A/B/C/D Letter of Credit
 an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such
 draw on such Class A/B/C/D Letter of Credit.

<u>Section 5.8</u> <u>**Class E Letters of Credit and Class E Demand Notes**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2023-4 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2023-4 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2023-4 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2023-4 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2023-4 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2023-4 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2023-4 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2023-4 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2023-4 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2023-4 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2023-4 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2023-4 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2023-4 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee</u> <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2023-4 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2023-4 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2023-4 Principal Collection Account on such date.</u>(a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2023-4 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

<u>Section 5.9</u> **<u>Section 5.7</u>** **<u>Past Due Rental Payments</u>**. On each Series 2023-4 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2023-4 Past Due Rent Payments and deposit such amount into the Series 2023-4 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2023-4 Interest Collection Account and apply the Series 2023-4 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2023-4 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2023-4 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2023-4 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2023-4 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2023-4 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2023-4 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2023-4 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2023-4 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2023-4 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2023-4 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2023-4 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2023-4 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>and second, if the occurrence of such Series 2023-4 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2023-4 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2023-4 Principal Collection Account.

<u>Section 5.10</u> **<u>Section 5.8</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-4 Asset Amount would be less than the Series 2023-4 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2023-4 Adjusted Asset Coverage Threshold Amount over the Series 2023-4 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on such Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2023-4 Adjusted Asset Coverage Threshold Amount over the Series 2023-4 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day of a Class A/B/C/D Downgrade Withdrawal Amount Notice, the Trustee, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C<u>-1</u></u> hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; <u>provided</u>, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>Section 5.11</u> <u>**Class E Letters of Credit and Class E L/C Cash Collateral Account**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

<u>Section 5.12</u> **<u>Section 5.9</u>** **<u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2023-4 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 10:00 a.m. (New York City time) on each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2023-4 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

<u>Section 5.13</u> **<u>Section 5.10</u>** **<u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2023-4 Account required to be given by HVF III, at the time specified herein or in any other Series 2023-4 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2023-4 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2023-4 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2023-4 Notes required to be given by HVF III, at the time specified in this Series 2023-4 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as applicable,</u> with respect to such Class of Series 2023-4 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letter of Credit, as applicable</u>.

**Article VI**

**REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING<br> CONDITIONS**

**Section 6.01 <u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2023-4 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2023-4 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2023-4 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2023-4 Related Documents to which it is a party as of the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2023-4 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02 <u>Covenants</u>**. Each of HVF III and the Administrator each severally covenants and agrees that, until the Series 2023-4 Notes have been paid in full, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2023-4 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2023-4 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2023-4 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2023-4 Third-Party Market Value Procedures</u>. Comply with the Series 2023-4 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2023 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2023-4 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date, within one hundred twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2023-4 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2023-4 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2023-4 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03 <u>Closing Conditions</u>**. The effectiveness of this Series 2023-4 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04 <u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2023-4 Collateral on behalf of the Series 2023-4 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2023-4 Permitted Liens) and to carry into effect the purposes of this Series 2023-4 Supplement or the other Series 2023-4 Related Documents or to better assure and confirm unto the Trustee or the Series 2023-4 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2023-4 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2023-4 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2023-4 Supplement, if any amount payable under or in connection with any of the Series-Specific 2023-4 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2023-4 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2023-4 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**

**AMORTIZATION EVENTS**

**Section 7.01 <u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2023-4 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2023-4 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2023-4 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2023-4 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2023-4 Permitted Liens) or (ii) other than as a result of a Series 2023-4 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2023-4 Permitted Liens) or (ii) other than as a result of a Series 2023-4 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2023-4 Permitted Liens) or (ii) other than as a result of a Series 2023-4 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2023-4 Permitted Liens) or (ii) other than as a result of a Series 2023-4 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2023-4 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2023-4 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2023-4 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2023-4 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2023-4 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2023-4 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2023-4 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2023-4 Noteholders and continues to materially and adversely affect the interests of the Series 2023-4 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2023-4 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2023-4 Related Document is false and such false representation materially and adversely affects the interests of the Series 2023-4 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2023-4 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*), an "<u>Amortization Event</u>" with respect to the Series 2023-4 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2023-4 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*), so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2023-4 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2023-4 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2023-4 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2023-4 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2023-4 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2023-4 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2023-4 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**

**SUBORDINATION OF NOTES**

**Section 8.01 <u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2023-4 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2023-4 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2023-4 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02 <u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2023-4 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2023-4 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2023-4 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03 <u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2023-4 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2023-4 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2023-4 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04 <u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2023-4 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

**Section 8.05 <u>When Distribution Must be Paid Over</u>**. In the event that any Series 2023-4 Noteholder (or Series 2023-4 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2023-4 Notes at a time when such Series 2023-4 Noteholder (or Series 2023-4 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2023-4 Noteholder (or Series 2023-4 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**

**GENERAL**

**Section 9.01 <u>Optional Redemption of the Series 2023-4 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2023-4</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (*Application of Funds in the Series 2023-4 Principal Collection Account*); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2023-4</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2023-4 Notes with respect to such Class of Series 2023-4 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2023-4</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2023-4 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2023-4 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2023-4 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2023-4 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2023-4 Noteholders of the Class of Series 2023-4 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02 <u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth (4<sup>th</sup>) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2023-4 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2023-4 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2023-4 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2023-4 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2023-4 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03 <u>Confidentiality</u>**. The Trustee and each Series 2023-4 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2023-4 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2023-4 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2023-4 Notes in accordance with the requirements of this Series 2023-4 Supplement to which such person sells or offers to sell any such interest in the Series 2023-4 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2023-4 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2023-4 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2023-4 Notes, this Series 2023-4 Supplement or any other document relating to the Series 2023-4 Notes.

**Section 9.04 <u>Ratification of Base Indenture</u>**. As supplemented by this Series 2023-4 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2023-4 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05 <u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2023-4 Noteholders delivered to the Trustee pursuant to this Series 2023-4 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2023-4 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2023-4 Notes. HVF III will provide each Rating Agency rating the Series 2023-4 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06 <u>Third Party Beneficiary</u>**. Nothing in this Series 2023-4 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2023-4 Supplement.

**Section 9.07 <u>Execution in Counterparts; Electronic Execution</u>**. This Series 2023-4 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2023-4 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2023-4 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08 <u>Governing Law</u>**. THIS SERIES 2023-4 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2023-4 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09 <u>Amendments</u>**. This Series 2023-4 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2023-4 Noteholders</u>. Without the consent of any Series 2023-4 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2023-4 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2023-4 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2023-4 Notes in addition to certificated Series 2023-4 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2023-4 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2023-4 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2023-4 Supplement to the terms of the offering document(s) for the Series 2023-4 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2023-4 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2023-4 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to effect any other amendment that does not materially adversely affect the interests of the Series 2023-4 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2023-4 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2023-4 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2023-4 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2023-4 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2023-4 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2023-4 Noteholders, (ii) in the case of an amendment or modification, the Series 2023-4 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2023-4 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2023-4 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2023-4 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 2023-4 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2023-4 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2023-4 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2023-4 Noteholders affected by such amendment, modification or waiver and upon notice to DBRS, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2023-4 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2023-4 Supplement or otherwise reduce the percentage of Series 2023-4 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2023-4 Note (or reduce the principal amount of or rate of interest on any Series 2023-4 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2023-4 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D <u>Reserve Account Withdrawals</u>*<u>), Section 5.6 (*Class E*</u> *Reserve Account Withdrawals*), <u>Section 7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2023-4 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section 9.19</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2023-4 Supplement or that pursuant to the Series 2023-4 Related Documents expressly requires the consent of 100% of the Series 2023-4 Noteholders or each Series 2023-4 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2023-4 Supplemental Indentures</u>. Each amendment or other modification to this Series 2023-4 Supplement shall be set forth in a Series 2023-4 Supplemental Indenture. The initial effectiveness of each Series 2023-4 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2023-4 Supplemental Indenture is authorized or permitted by this Series 2023-4 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2023-4 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2023-4 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2023-4 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2023-4 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2023-4 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10 <u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2023-4 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2023-4 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2023-4 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2023-4 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2023-4 Supplement and the Related Documents.

**Section 9.11 <u>Successors</u>**. All agreements of HVF III in this Series 2023-4 Supplement and with respect to the Series 2023-4 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2023-4 Supplement or any Series 2023-4 Note. All agreements of the Trustee in this Series 2023-4 Supplement shall bind its successor.

**Section 9.12 <u>Termination of Series Supplement</u>**. This Series 2023-4 Supplement shall cease to be of further effect when (i) all Outstanding Series 2023-4 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2023-4 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13 <u>Electronic Execution</u>**. This Series 2023-4 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14 <u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2023-4 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2023-4 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2023-4 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2023-4 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2023-4 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2023-4 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2023-4 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15 <u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16 <u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2023-4 Supplement, the Series 2023-4 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2023-4 Supplement, the Series 2023-4 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2023-4 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17 <u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2023-4 SUPPLEMENT, THE SERIES 2023-4 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18 Issuance of Class E Notes</u>. No Class E Notes shall be issued on the Series 2023-4 Closing Date. On any date during the Series 2023-4 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2023-4 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2023-4 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "<u>Proposed Class E Notes</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2023-4 Notes, Series 2023-4 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2023-4 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2023-4 Supplement and any Series 2023-4 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2023-4 Supplement or any Series 2023-4 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2023-4 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2023-4 Supplement that expressly require the consent of each Noteholder or Series 2023-4 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2023-4 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2023-4 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not or, upon satisfaction of the Series 2023-4 Rating Agency Condition, should not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2023-4 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2023-4 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2023-4 Supplement and/or any other Series 2023-4 Related Document.

<u>Section 9.18</u> **<u>Section 9.19</u>** **<u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2023-4 Noteholder or any other party for violation of such rules now or hereafter in effect.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2023-4 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | |
|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | President and Treasurer |
| THE HERTZ CORPORATION, as Administrator | THE HERTZ CORPORATION, as Administrator |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | Senior Vice President and Treasurer |

---

*Signature Page to HVF III Series 2023-4 Supplement*

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to HVF III Series 2023-4 Supplement*

Schedule I<br> TO THE SERIES 2023-4 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>d</u><u>e</u><u>)</u> (*Initial Issuance*) of this Series 2023-4 Supplement.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2023-4 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2023-4 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2023-4 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2023-4 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2023-4 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2023-4 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2023-4 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2023-4 Distribution Account and paid to the Series 2023-4 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2023-4 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2023-4 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2023-4 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2023-4 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2023-4 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)", (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2023-4 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1", (iii) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2023-4 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (iv) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2023-4 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2023-4 Accounts*) of this Series 2023-4 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2023-4 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2023-4 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2023-4 Noteholders or (ii) if issued after the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2023-4 Supplement, that satisfies the Series 2023-4 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2023-4 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2023-4 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means August 24, 2023.</u>

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2023-4 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2023-4 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C/D Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated August 16, 2023, by and among HVF III, Hertz, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citizens JMP Securities, LLC, Deutsche Bank Securities, Inc., Mizuho Securities USA LLC, BMO Capital Markets Corp., CIBC World Markets Corp., Natixis Securities Americas LLC, and NatWest Markets Securities Inc., as initial purchasers (collectively, the "<u>Initial Purchasers</u>") of the Class A/B/C/D Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 4.25% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-4 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-4 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2023-4 Accounts*) of this Series 2023-4 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2023-4 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2023-4 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2023-4 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2023-4 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2023-4 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2023-4 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2023-4 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2023-4 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2023-4 Controlled Amortization Period and any Class of Series 2023-4 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2023-4 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2023-4 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2023-4 Notes during the Series 2023-4 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2023-4 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2023-4 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1</u> or <u>Exhibit A-4-2</u> to this Series 2023-4 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2023-4 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Coverage Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u>

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2023-4 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2023-4 Supplement.<u>means, as of any date of determination, the Series 2023-4 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2023-4 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> <u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.</u>

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2023-4 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2023-4 Distribution Account and paid to the Series 2023-4 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2023-4 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2023-4 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2023-4 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2023-4 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2023-4* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2023-4 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2023-4 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2023-4 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2023-4 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2023-4 Supplement, that satisfies</u> <u>the Series 2023-4 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2023-4 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2023-4 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2023-4 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E Notes</u>" has the meaning specified in the <u>Preamble</u> <u>means any one of</u> <u>the Series 2023-4 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2023-4 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2023-4 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 6.50% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the excess, if any, of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Required Liquid Enhancement Amount over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,</u>

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the excess, if any, of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Asset Amount, in each case as of such date.</u>

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2023-4 Accounts*) of this Series 2023-4 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2023-4 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2023-4 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2023-4 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2023-4 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2023-4 Notes, the amount set forth in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Principal Amount** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$337500000 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;$55000000 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$67500000 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;<u>E</u> | &nbsp;&nbsp;<u>$24133000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2023-4 Interest Period (a) with respect to the initial Series 2023-4 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 31/360, and (b) with respect to each Series 2023-4 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2023-4 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2023-4 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2023-4 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Corresponding DBRS Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DBRS** | &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;AA(H) | &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;AA(L) | &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- |
| &nbsp;&nbsp;A(H) | &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ |
| &nbsp;&nbsp;A | &nbsp;&nbsp;A2 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A(L) | &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- |
| &nbsp;&nbsp;BBB(H) | &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;BBB(L) | &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- |
| &nbsp;&nbsp;BB(H) | &nbsp;&nbsp;Ba1 | &nbsp;&nbsp;BB+ |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;BB(L) | &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- |
| &nbsp;&nbsp;B-High | &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ |
| &nbsp;&nbsp;B | &nbsp;&nbsp;B2 | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B(L) | &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- |
| &nbsp;&nbsp;CCC(H) | &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ |
| &nbsp;&nbsp;CCC | &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;CCC(L) | &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- |

---

"<u>DBRS</u>" means DBRS, Inc. or any successor thereto.

"<u>DBRS Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom DBRS does not maintain a public Relevant DBRS Rating as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person has an Equivalent Rating
 Agency Rating from three of the Equivalent Rating Agencies as of such date, then the median
 of the Corresponding DBRS Ratings for such Person as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person has an Equivalent Rating
 Agency Rating from only two of the Equivalent Rating Agencies as of such date, then the lower
 Corresponding DBRS Rating for such Person as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person has an Equivalent Rating
 Agency Rating from only one of the Equivalent Rating Agencies as of such date, then the Corresponding
 DBRS Rating for such Person as of such date.

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Equivalent Rating Agency</u>" means each of DBRS, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2023-4 Notes, the Payment Date in March 2029.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2023-4 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2023-4 Notes, the Payment Date in March 2030.

"<u>Majority Series 2023-4 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2023-4 Noteholders</u>" means Series 2023-4 Noteholders holding more than 50% of the Series 2023-4 Principal Amount (excluding any other Series 2023-4 Notes held by HVF III or any Affiliate of HVF III (other than Series 2023-4 Notes held by an Affiliate Issuer)). The Majority Series 2023-4 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2023-4 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2023-4 Notes, the date that is six months prior to the commencement of the Series 2023-4 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D<u>Series 2023-4</u> Note on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2023-4</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, <u>(a)</u> with respect to each Class of Series 2023-4 Notes issued on the Series 2023-4<u>Class A/B/C/D Note</u> Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 11.48%</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Note Rate** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;6.15% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;6.73% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;7.51% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;9.44% |

---

"<u>Outstanding</u>" means with respect to the Series 2023-4 Notes (or any Class of Series 2023-4 Notes), all Series 2023-4 Notes (or Series 2023-4 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2023-4 Supplement, <u>except</u> (a) Series 2023-4 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2023-4 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2023-4 Distribution Account and are available for payment in full of such Series 2023-4 Notes, and Series 2023-4 Notes that are considered paid pursuant to <u>Section 8.1</u> (*Payment of Notes*) of the Base Indenture, and (c) Series 2023-4 Notes in exchange for or in lieu of other Series 2023-4 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2023-4 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2023-4 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2023-4 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2023-4 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2023-4 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2023-4 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment
 of which are to be made by or is fully guaranteed by the United States of America other than
 financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in,
 or certificates of deposit issued by, any depositary institution or trust company incorporated
 under the laws of the United States of America or any state thereof whose short-term debt
 is rated "P-1" by Moody's and "A-1+" by S&P and subject
 to supervision and examination by Federal or state banking or depositary institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment
 and (y) the time of the contractual commitment to invest therein, the certificates of
 deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than
 such obligation whose rating is based on collateral or on the credit of a Person other than
 such institution or trust company) of such depositary institution or trust company shall
 have a credit rating from S&P of "A-1+" and a credit rating from Moody's
 of "P-1" in the case of certificates of deposit or short-term deposits, or a
 rating from S&P not lower than "AA" and a rating from Moody's not lower
 than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier
 of (x) the time of the investment and (y) the time of the contractual commitment
 to invest therein, a rating from S&P of "A-1+" and a rating from Moody's
 of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by
 any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated
 "AAAm" by S&P and "Aaa-mf" by Moody's, or otherwise approved
 in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar time deposits having a credit
 rating from S&P of "A-1+" and a credit rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any
 of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above
 and the certificates of deposit described in <u>clause (ii)</u> above which are entered
 into with a depository institution or trust company, having a commercial paper or short-term
 certificate of deposit rating of "A-1+" by S&P and "P-1" by Moody's;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other instruments or securities,
 if each Rating Agency then rating any outstanding Class of Series 2023-4 Notes
 at the request of HVF III will not have advised in writing that the investment in such instruments
 or securities will result in the reduction or withdrawal of its then-current rating of such
 outstanding Class of Series 2023-4 Notes.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2023-4 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2023-4 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2023-4 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(b)</u> (*Initial Issuance*) of this Series 2023-4 Supplement.

"<u>Rating Agencies</u>" means (i) with respect to the Class A Notes the Class B Notes and the Class C Notes, DBRS and Moody's, (ii) with respect to the Class D Notes <u>and the Class E Notes</u>, DBRS and Moody's, and (iii) with respect to any Class of Series 2023-4 Notes, any other nationally recognized rating agency rating the Series 2023-4 Notes at the request of HVF III; <u>provided</u> that, if at any time any nationally recognized rating agency ceases to rate any Class of Series 2023-4 Notes, such rating agency shall be deemed to no longer constitute a Rating Agency with respect to such Class of Series 2023-4 Notes for so long as such rating agency continues not to rate such Class of Series 2023-4 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2023-4 Notes*) of this Series 2023-4 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(e)</u> (*Initial Issuance*) of this Series 2023-4 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date and (c) with respect to DBRS, the Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2023-4 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2023-4 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2023-4 Supplement.

"<u>Senior Class of Series 2023-4 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2023-4 Payment Date Available Interest Amount with respect to the Series 2023-4 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2023-4 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account,</u> each Class A/B/C/D <u>Demand Note, each Class E</u> Demand Note, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2023-4 Principal Collection Account for deposit into the Series 2023-4 Interest Collection Account on such Payment Date.

"<u>Series 2023-4 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2023-4 Supplement.

"<u>Series 2023-4 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2023-4 Accounts*) of this Series 2023-4 Supplement.

"<u>Series 2023-4 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2023-4 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2023-4 Notes.

"<u>Series 2023-4 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2023-4 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2023-4 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2023-4 Notes.

"<u>Series 2023-4 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2023-4 Principal Amount as of such date over (B) the Series 2023-4 Principal Collection Account Amount as of such date. The Series 2023-4 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2023-4 Notes.

"<u>Series 2023-4 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2023-4 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2023-4 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2023-4 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2023-4 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2023-4 Blended Advance Rate, in each case as of such date.

"<u>Series 2023-4 Blended Advance Rate</u>" means, as of any date of determination, the least of the Series 2023-4 DBRS Blended Advanced Rate as of such date, the Series 2023-4 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2023-4 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2023-4 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2023-4 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2023-4 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2023-4 Administrator Fee Amount and the Series 2023-4 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2023-4 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2023-4 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2023-4 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2023-4 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2023-4 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2023-4 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2023-4 Related Document,

in each case under and in accordance with such Series 2023-4 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2023-4 Notes.

"<u>Series 2023-4</u> <u>Closing Date</u>" means August 24, 2023.

"<u>Series 2023-4 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2023-4 Account Collateral with respect to each Series 2023-4 Account and each Class A/B/C/D Demand Note.

"<u>Series 2023-4 Controlled Amortization Period</u>" means the period commencing upon the close of business on August 31, 2028 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2023-4 Rapid Amortization Period, (ii) the date on which the Series 2023-4 Notes are fully paid and (iii) the termination of this Series 2023-4 Supplement.

"<u>Series 2023-4 Daily Interest Allocation</u>" means, on each Series 2023-4 Deposit Date, the Series 2023-4 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2023-4 Daily Principal Allocation</u>" means, on each Series 2023-4 Deposit Date, an amount equal to the Series 2023-4 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2023-4 DBRS AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-4 DBRS Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-4 DBRS Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-4 DBRS Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2023-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2023-4 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2023-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2023-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2023-4 DBRS Remainder AAA Amount.

"<u>Series 2023-4 DBRS AAA Select Component</u>" means each Series 2023-4 DBRS AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2023-4 DBRS Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2023-4 DBRS AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-4 DBRS Baseline Advance Rate with respect to such Series 2023-4 DBRS AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-4 DBRS Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2023-4 DBRS AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-4 DBRS MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2023-4 DBRS AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2023-4 DBRS Baseline Advance Rate</u>" means, with respect to each Series 2023-4 DBRS AAA Select Component, the percentage set forth opposite such Series 2023-4 DBRS AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2023-4 DBRS AAA Select Component** | &nbsp;&nbsp;**Series 2023-4 DBRS <br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2023-4 DBRS Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2023-4 DBRS Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2023-4 DBRS Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2023-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2023-4 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2023-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;86.75% |
| &nbsp;&nbsp;Series 2023-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;82.55% |
| &nbsp;&nbsp;Series 2023-4 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;2023-4 DBRS Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2023-4 DBRS Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2023-4 DBRS Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2023-4 DBRS Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2023-4 DBRS Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2023-4 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2023-4 DBRS Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2023-4 DBRS AAA Select Component equal to the product of such Series 2023-4 DBRS AAA Select Component and the Series 2023-4 DBRS Adjusted Advance Rate with respect to such Series 2023-4 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2023-4 DBRS Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2023-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2023-4 DBRS Baseline Advance Rate with respect to such Series 2023-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount over the Series 2023-4 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2023-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2023-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2023-4 DBRS Baseline Advance Rate with respect to such Series 2023-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2023-4 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2023-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2023-4 DBRS Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2023-4 DBRS AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2023-4 DBRS Concentration Excess Amount, if any, allocated to such Series 2023-4 DBRS AAA Select Component by HVF III and (B) the Series 2023-4 DBRS Baseline Advance Rate with respect to such Series 2023-4 DBRS AAA Select Component, and the denominator of which is (II) such Series 2023-4 DBRS AAA Select Component, in each case as of such date, and (b) the Series 2023-4 DBRS Baseline Advance Rate with respect to such Series 2023-4 DBRS AAA Component; <u>provided</u> that the portion of the Series 2023-4 DBRS Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2023-4 DBRS AAA Select Component that was included in determining whether such Series 2023-4 DBRS Concentration Excess Amount exists.

"<u>Series 2023-4 DBRS Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2023-4 DBRS Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2023-4 DBRS Eligible Manufacturer Receivables, in each case, included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2023-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2023-4 DBRS Eligible Manufacturer Receivables included in the Series 2023-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2023-4 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2023-4 DBRS Eligible Manufacturer Receivables are designated as constituting (A) Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2023-4 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2023-4 DBRS Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-4 DBRS Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-4 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-4 DBRS Investment Grade Manufacturers.

"<u>Series 2023-4 DBRS Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2023-4 DBRS Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-4 DBRS Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable due from any Manufacturer that has a Relevant DBRS Rating as of such date of at least "A(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of at least "A(L)") pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable due from any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)" or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)", in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable due from a Series 2023-4 DBRS Non-Investment Grade (High) Manufacturer or a Series 2023-4 DBRS Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2023-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-4 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-4 DBRS Non-Investment Grade (High) Manufacturers.

"<u>Series 2023-4 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-4 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-4 DBRS Non-Investment Grade (Low) Manufacturers.

"<u>Series 2023-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2023-4 DBRS Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-4 DBRS Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2023-4 DBRS Non-Investment Grade (High) Program Vehicle and each Series 2023-4 DBRS Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-4 DBRS Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of at least "BBB(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of "BBB(L)")as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-4 DBRS Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2023-4 DBRS Investment Grade Manufacturer that is not a Series 2023-4 DBRS Investment Grade Program Vehicle as of such date.

"<u>Series 2023-4 DBRS Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-4 DBRS Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2023-4 DBRS Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2023-4 DBRS Eligible Manufacturer Receivables due from such Manufacturer.

"<u>Series 2023-4 DBRS Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2023-4 DBRS Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2023-4 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2023-4 DBRS Eligible Manufacturer Receivables included in the Series 2023-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2023-4 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2023-4 DBRS Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2023-4 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2023-4 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount and (C) Series 2023-4 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-4 DBRS MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2023-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2023-4 Failure Percentage as of such date and (ii) the Series 2023-4 DBRS Concentration Adjusted Advance Rate with respect to the Series 2023-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2023-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2023-4 Failure Percentage as of such date and (ii) the Series 2023-4 DBRS Concentration Adjusted Advance Rate with respect to the Series 2023-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2023-4 DBRS AAA Component, zero.

"<u>Series 2023-4 DBRS Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "BBB(L)" and (ii) at least "BB(L)", or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2023-4 DBRS Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2023-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2023-4 DBRS Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2023-4 DBRS Eligible Manufacturer Receivables with respect to any Series 2023-4 DBRS Non-Investment Grade (High) Manufacturer included in the Series 2023-4 DBRS Manufacturer Amount for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2023-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2023-4 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-4 DBRS Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-4 DBRS Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2023-4 DBRS Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of less than "BB(L)"(or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, a DBRS Equivalent Rating of "BB(L)") as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any DBRS Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-4 DBRS Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-4 DBRS Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another master motor vehicle operating lease, as applicable) as of such date.

"<u>Series 2023-4 DBRS Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2023-4 DBRS Non-Investment Grade (High) Manufacturer or a Series 2023-4 DBRS Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2023-4 DBRS Non-Investment Grade (High) Program Vehicle or a Series 2023-4 DBRS Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2023-4 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2023-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-4 DBRS Medium-Duty Truck Concentration Excess Amount and (C) Series 2023-4 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-4 DBRS Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-4 DBRS Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-4 DBRS Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-4 DBRS Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2023-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2023-4 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2023-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2023-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2023-4 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2023-4 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2023-4 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2023-4 Accounts*) of this Series 2023-4 Supplement.

"<u>Series 2023-4 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2023-4 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2023-4 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2023-4 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2023-4 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2023-4 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2023-4 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2023-4 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2023-4 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2023-4 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2023-4 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2023-4 Market Value Average as of any Determination Date within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2023-4 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2023-4 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2023-4 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2023-4 Accounts*) of this Series 2023-4 Supplement.

"<u>Series 2023-4 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2023-4 Interest Period <u>for the Class A/B/C/D Notes</u> shall commence on and include the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date and end on and include September 24, 2023 <u>and the initial Series 2023-4 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2023-4 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2023-4 Revolving Period, the Series 2023-4 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2023-4 Controlled Amortization Period and the Series 2023-4 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2023-4 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2023-4 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2023-4 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2023-4 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2023-4 Principal Amount shall have been reduced to zero, the Series 2023-4 Invested Percentage shall equal zero.

"<u>Series 2023-4 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2023-4 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2023-4 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2023-4 Lease Payment Deficit</u>" means either a Series 2023-4 Lease Interest Payment Deficit or a Series 2023-4 Lease Principal Payment Deficit.

"<u>Series 2023-4 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2023-4 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2023-4 Principal Collection Account on or prior to such Payment Date on account of such Series 2023-4 Lease Principal Payment Deficit.

"<u>Series 2023-4 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2023-4 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2023-4 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2023-4 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2023-4 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2023-4 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2023-4 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2023-4 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2023-4 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2023-4 Controlling Class.

Each Series 2023-4 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2023-4 Notes.

"<u>Series 2023-4 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table; <u>provided</u> that the Manufacturer Limit for Tesla may be increased by an amount not to exceed 15.00% subject to satisfaction of the Rating Agency Condition.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Manufacturer** | &nbsp;&nbsp;**Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;25.00% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

"<u>Series 2023-4 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2023-4 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2023-4 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2023-4 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2023-4 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2023-4 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2023-4 Measurement Month shall be included in any other Series 2023-4 Measurement Month.

"<u>Series 2023-4 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-4 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2023-4 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2023-4 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2023-4 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-4 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-4 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-4 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2023-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2023-4 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2023-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2023-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2023-4 Moody's Remainder AAA Amount.

"<u>Series 2023-4 Moody's AAA Select Component</u>" means each Series 2023-4 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2023-4 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2023-4 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-4 Moody's Baseline Advance Rate with respect to such Series 2023-4 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-4 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2023-4 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-4 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2023-4 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2023-4 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2023-4 Moody's AAA Select Component, the percentage set forth opposite such Series 2023-4 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2023-4 Moody's AAA Select Component** | &nbsp;&nbsp;**Series 2023-4 Moody's<br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2023-4 Moody's Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2023-4 Moody's Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2023-4 Moody's Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2023-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2023-4 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2023-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2023-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2023-4 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2023-4 Moody's Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2023-4 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2023-4 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2023-4 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2023-4 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2023-4 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2023-4 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2023-4 Moody's AAA Select Component equal to the product of such Series 2023-4 Moody's AAA Select Component and the Series 2023-4 Moody's Adjusted Advance Rate with respect to such Series 2023-4 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2023-4 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2023-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2023-4 Moody's Baseline Advance Rate with respect to such Series 2023-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2023-4 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2023-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2023-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2023-4 Moody's Baseline Advance Rate with respect to such Series 2023-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2023-4 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2023-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2023-4 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2023-4 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2023-4 Moody's Concentration Excess Amount, if any, allocated to such Series 2023-4 Moody's AAA Select Component by HVF III and (B) the Series 2023-4 Moody's Baseline Advance Rate with respect to such Series 2023-4 Moody's AAA Select Component, and the denominator of which is (II) such Series 2023-4 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2023-4 Moody's Baseline Advance Rate with respect to such Series 2023-4 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2023-4 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2023-4 Moody's AAA Select Component that was included in determining whether such Series 2023-4 Moody's Concentration Excess Amount exists.

"<u>Series 2023-4 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2023-4 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2023-4 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2023-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2023-4 Moody's Eligible Manufacturer Receivables included in the Series 2023-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2023-4 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount, as of such date and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2023-4 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2023-4 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2023-4 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-4 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-4 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-4 Moody's Investment Grade Manufacturers.

"<u>Series 2023-4 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2023-4 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-4 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2023-4 Moody's Non-Investment Grade (High) Manufacturer or a Series 2023-4 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2023-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-4 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-4 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2023-4 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2023-4 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2023-4 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2023-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2023-4 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-4 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2023-4 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2023-4 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2023-4 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-4 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2023-4 Moody's Investment Grade Manufacturer that is not a Series 2023-4 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2023-4 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-4 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2023-4 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2023-4 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2023-4 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2023-4 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2023-4 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2023-4 Moody's Eligible Manufacturer Receivables included in the Series 2023-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2023-4 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2023-4 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2023-4 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2023-4 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2023-4 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-4 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2023-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2023-4 Failure Percentage as of such date and (ii) the Series 2023-4 Moody's Concentration Adjusted Advance Rate with respect to the Series 2023-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2023-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2023-4 Failure Percentage as of such date and (ii) the Series 2023-4 Moody's Concentration Adjusted Advance Rate with respect to the Series 2023-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2023-4 Moody's AAA Component, zero.

"<u>Series 2023-4 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2023-4 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2023-4 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2023-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2023-4 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2023-4 Moody's Eligible Manufacturer Receivables with respect to any Series 2023-4 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2023-4 Moody's Manufacturer Amount for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2023-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2023-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2023-4 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-4 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-4 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2023-4 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2023-4 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2023-4 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2023-4 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2023-4 Moody's Non-Investment Grade (High) Manufacturer or a Series 2023-4 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2023-4 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2023-4 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2023-4 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Medium-Duty Truck Amount for purposes of calculating the Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2023-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2023-4 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2023-4 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2023-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2023-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2023-4 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2023-4 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2023-4 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2023-4 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2023-4 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2023-4 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2023-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2023-4 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2023-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2023-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2023-4 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2023-4 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2023-4 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2023-4 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2023-4 Measurement Month, commencing with the third Series 2023-4 Measurement Month following the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2023-4 Measurement Month and the two Series 2023-4 Measurement Months preceding such Series 2023-4 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2023-4 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2023-4 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2023-4 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2023-4 Carrying Charges on such Payment Date (excluding any Series 2023-4 Carrying Charges payable to the Series 2023-4 Noteholders) and (b) the Series 2023-4 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2023-4 Noteholders).

"<u>Series 2023-4 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2023-4 Lease Principal Payment Deficit, an amount equal to the Series 2023-4 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2023-4 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2023-4 Lease Interest Payment Deficit, an amount equal to the Series 2023-4 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2023-4 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2023-4 Payment Date Available Interest Amount</u>" means, with respect to each Series 2023-4 Interest Period, the sum of the Series 2023-4 Daily Interest Allocation for each Series 2023-4 Deposit Date in such Series 2023-4 Interest Period.

"<u>Series 2023-4 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2023-4 Interest Collection Account*).

"<u>Series 2023-4 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2023-4 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2023-4 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2023-4 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2023-4 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2023-4 Notes.

"<u>Series 2023-4 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2023-4 Principal Amount shall be the "Principal Amount" with respect to the Series 2023-4 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2023-4 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2023-4 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2023-4 Accounts*) of this Series 2023-4 Supplement.

"<u>Series 2023-4 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2023-4 Principal Collection Account as of such date.

"<u>Series 2023-4 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2023-4 Notes is deemed to have occurred with respect to the Series 2023-4 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2023-4 Notes are paid in full and (ii) the termination of this Series 2023-4 Supplement.

"<u>Series 2023-4 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2023-4 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2023-4 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2023-4 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2023-4 Notes.

"<u>Series 2023-4 Related Documents</u>" means the Related Documents, this Series 2023-4 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2023-4 Revolving Period</u>" means the period from the Series 2023-4<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2023-4 Controlled Amortization Period and (ii) the commencement of the Series 2023-4 Rapid Amortization Period.

"<u>Series 2023-4 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2023-4 Supplement.

"<u>Series 2023-4 Supplemental Indenture</u>" means a supplement to this Series 2023-4 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2023-4 Supplement.

"<u>Series 2023-4 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2023-4 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2023-4 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2023-4 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2023-4 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2023-4 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2023-4 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2023-4 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2023-4 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2023-4 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2023-4 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2023-4 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2023-4 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2023-4 Collateral</u>" means the Series 2023-4 Account Collateral with respect to each Series 2023-4 Account and each Class A/B/C/D Demand Note. The Series-Specific 2023-4 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2023-4 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(i)</u> (*Transfer Restrictions for Global Notes*) of this Series 2023-4 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2023-4 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available L/C Cash Collateral Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Liquidity Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Reserve Account Deficiency Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Monthly Interest Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Principal Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying
 Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due
 and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance
 Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Adjusted Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 DBRS Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Moody's Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Non-Program Vehicle Disposition Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Principal Collection Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2023-4
 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2023-4 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.4

**Exhibit 10.4**

***Execution Version***

**Amendment No. 1 to Series 2024-1 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the SERIES 2024-1 SUPPLEMENT, dated as of July 26, 2024 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2024-1 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2024-1 Supplement permits the Issuer and the Trustee to amend the Series 2024-1 Supplement in writing without the consent of any Series 2024-1 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2024-1 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2024-1 Supplement provides that on any date during the Series 2024-1 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2024-1 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2024-1 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2024-1 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2024-1 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2024-1 Supplement, to amend the Series 2024-1 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2024-1 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2024-1 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2024-1 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2024-1 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2024-1 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2024-1 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2024-1 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2024-1 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reference to and Effect on the Series 2024-1 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2024-1 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2024-1 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2024-1 Supplement to "<u>Series 2024-1 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2024-1 Supplement, and each reference in any other Series 2024-1 Related Document to "<u>Series 2024-1 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2024-1 Supplement, shall mean and be a reference to the Series 2024-1 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2024-1 Supplement or the Series 2024-1 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2024-1 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

<u>Annex A</u>

**EXECUTION VERSION**

<u>**CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026**</u>

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

**SERIES 2024-1 SUPPLEMENT**

dated as of July 26, 2024

to

BASE INDENTURE<br> dated as of June 29, 2021

$256,875,000 Series 2024-1 5.44% Rental Car Asset Backed Notes, Class A

$37,500,000 Series 2024-1 6.12% Rental Car Asset Backed Notes, Class B<br> $50,625,000 Series 2024-1 6.70% Rental Car Asset Backed Notes, Class C<br> $30,000,000 Series 2024-1 9.22% Rental Car Asset Backed Notes, Class D

<u>$18,099,000 Series 2024-1 10.95% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| <u><u>Article I DEFINITIONS AND CONSTRUCTION</u></u> | <u><u>Article I DEFINITIONS AND CONSTRUCTION</u></u> | 2 |
| <u><u>Section 1.1</u></u> | <u><u>Defined Terms and References</u></u> | 2 |
| <u><u>Section 1.2</u></u> | <u><u>Rules of Construction</u></u> | 2 |
| <u><u>Article II INITIAL ISSUANCE OF SERIES 2024-1 NOTES; FORM OF SERIES 2024-1 NOTES</u></u> | <u><u>Article II INITIAL ISSUANCE OF SERIES 2024-1 NOTES; FORM OF SERIES 2024-1 NOTES</u></u> | 3 |
| <u><u>Section 2.1</u></u> | <u><u>Initial Issuance</u></u> | 3 |
| <u><u>Section 2.2</u></u> | <u><u>Transfer Restrictions for Global Notes</u></u> | 4<u>5</u> |
| <u><u>Section 2.3</u></u> | <u><u>Definitive Notes</u></u> | 10<u>14</u> |
| <u><u>Section 2.4</u></u> | <u><u>Legal Final Payment Date</u></u> | 10<u>14</u> |
| <u><u>Section 2.5</u></u> | <u><u>Required Series Noteholders</u></u> | 10<u>14</u> |
| <u><u>Section 2.6</u></u> | <u><u>FATCA</u></u> | 10<u>14</u> |
| <u><u>Article III INTEREST AND INTEREST RATES</u></u> | <u><u>Article III INTEREST AND INTEREST RATES</u></u> | 11<u>15</u> |
| <u><u>Section 3.1</u></u> | <u><u>Interest</u></u> | 11<u>15</u> |
| <u><u>Article IV SERIES-SPECIFIC COLLATERAL</u></u> | <u><u>Article IV SERIES-SPECIFIC COLLATERAL</u></u> | 11<u>15</u> |
| <u><u>Section 4.1</u></u> | <u><u>Granting Clause</u></u> | 11<u>15</u> |
| <u><u>Section 4.2</u></u> | <u><u>Series 2024-1 Accounts</u></u> | 11<u>15</u> |
| <u><u>Section 4.3</u></u> | <u><u>Trustee as Securities Intermediary</u></u> | 13<u>18</u> |
| <u><u>Section 4.4</u></u> | <u>Class A/B/C/D</u> <u><u>Demand Notes</u></u> | 15<u>19</u> |
| <u>Section 4.5</u> | <u>Class E Demand Notes</u> | <u>20</u> |
| <u><u>Section</u></u> <u>4.5</u><u>4.6</u> | <u><u>Subordination</u></u> | 15<u>20</u> |
| <u><u>Section</u></u> <u>4.6</u><u>4.7</u> | <u><u>Duty of the Trustee</u></u> | 15<u>20</u> |
| <u><u>Section</u></u> <u>4.7</u><u>4.8</u> | <u><u>Representations of the Trustee</u></u> | 15<u>20</u> |
| <u><u>Article V PRIORITY OF PAYMENTS</u></u> | <u><u>Article V PRIORITY OF PAYMENTS</u></u> | 15<u>20</u> |
| <u><u>Section 5.1</u></u> | <u><u>[Reserved].</u></u> | 15<u>20</u> |
| <u><u>Section 5.2</u></u> | <u><u>Collections Allocation.</u></u> | 15<u>20</u> |
| <u><u>Section 5.3</u></u> | <u><u>Application of Funds in the Series 2024-1 Interest Collection Account</u></u> | 16<u>21</u> |
| <u><u>Section 5.4</u></u> | <u><u>Application of Funds in the Series 2024-1 Principal Collection Account</u></u> | 17<u>22</u> |
| <u><u>Section 5.5</u></u> | <u><u>Class A/B/C/D Reserve Account Withdrawals</u></u> | 18<u>24</u> |
| <u>Section 5.6</u> | <u>Class E Reserve Account Withdrawals</u> | <u>24</u> |
| <u><u>Section</u></u> <u>5.6</u><u>5.7</u> | <u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u></u> | 19<u>25</u> |
| <u>Section 5.8</u> | <u>Class E Letters of Credit and Class E Demand Notes</u> | <u>28</u> |
| <u><u>Section</u></u> <u>5.7</u><u>5.9</u> | <u><u>Past Due Rental Payments</u></u> | 22<u>30</u> |
| <u><u>Section</u></u> <u>5.8</u><u>5.10</u> | <u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u></u> | 22<u>31</u> |
| <u>Section 5.11</u> | <u>Class E Letters of Credit and Class E L/C Cash Collateral Account</u> | <u>34</u> |
| <u><u>Section</u></u> <u>5.9</u><u>5.12</u> | <u><u>Certain Instructions to the Trustee</u></u> | 25<u>37</u> |
| <u><u>Section</u></u> <u>5.10</u><u>5.13</u> | <u><u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u></u> | 25<u>37</u> |
| <u><u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u></u> | <u><u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u></u> | 26<u>37</u> |
| <u><u>Section 6.1</u></u> | <u><u>Representations and Warranties</u></u> | 26<u>37</u> |
| <u><u>Section 6.2</u></u> | <u><u>Covenants</u></u> | 26<u>38</u> |
| <u><u>Section 6.3</u></u> | <u><u>Closing Conditions</u></u> | 28<u>39</u> |
| <u><u>Section 6.4</u></u> | <u><u>Further Assurances</u></u> | 28<u>39</u> |
| <u><u>Article VII AMORTIZATION EVENTS</u></u> | <u><u>Article VII AMORTIZATION EVENTS</u></u> | 29<u>40</u> |
| <u><u>Section 7.1</u></u> | <u><u>Amortization Events</u></u> | 29<u>40</u> |
| <u><u>Article VIII SUBORDINATION OF NOTES</u></u> | <u><u>Article VIII SUBORDINATION OF NOTES</u></u> | 31<u>43</u> |
| <u><u>Section 8.1</u></u> | <u><u>Subordination of Class B Notes</u></u> | 31<u>43</u> |

---

(i) ****TABLE OF CONTENTS**<br> (continued)**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| <u><u>Section 8.2</u></u> | <u><u>Subordination of Class C Notes</u></u> | 31<u>43</u> |
| <u><u>Section 8.3</u></u> | <u><u>Subordination of Class D Notes</u></u> | 31<u>43</u> |
| <u><u>Section 8.4</u></u> | <u><u>Subordination of Class E Notes</u></u> | 32<u>44</u> |
| <u><u>Section 8.5</u></u> | <u><u>When Distribution Must be Paid Over</u></u> | 32<u>44</u> |
| <u><u>Article IX GENERAL</u></u> | <u><u>Article IX GENERAL</u></u> | 32<u>44</u> |
| <u><u>Section 9.1</u></u> | <u><u>Optional Redemption of the Series 2024-1 Notes</u></u> | 32<u>44</u> |
| <u><u>Section 9.2</u></u> | <u><u>Information</u></u> | 33<u>45</u> |
| <u><u>Section 9.3</u></u> | <u><u>Confidentiality</u></u> | 33<u>45</u> |
| <u><u>Section 9.4</u></u> | <u><u>Ratification of Base Indenture</u></u> | 33<u>45</u> |
| <u><u>Section 9.5</u></u> | <u><u>Notice to the Rating Agencies</u></u> | 34<u>45</u> |
| <u><u>Section 9.6</u></u> | <u><u>Third Party Beneficiary</u></u> | 34<u>46</u> |
| <u><u>Section 9.7</u></u> | <u><u>Execution in Counterparts; Electronic Execution</u></u> | 34<u>46</u> |
| <u><u>Section 9.8</u></u> | <u><u>Governing Law</u></u> | 34<u>46</u> |
| <u><u>Section 9.9</u></u> | <u><u>Amendments</u></u> | 34<u>46</u> |
| <u><u>Section 9.10</u></u> | <u><u>Administrator to Act on Behalf of HVF III</u></u> | 36<u>48</u> |
| <u><u>Section 9.11</u></u> | <u><u>Successors</u></u> | 37<u>49</u> |
| <u><u>Section 9.12</u></u> | <u><u>Termination of Series Supplement</u></u> | 37<u>49</u> |
| <u><u>Section 9.13</u></u> | <u><u>Electronic Execution</u></u> | 37<u>49</u> |
| <u><u>Section 9.14</u></u> | <u><u>Additional UCC Representations</u></u> | 37<u>49</u> |
| <u><u>Section 9.15</u></u> | <u><u>Notices</u></u> | 38<u>50</u> |
| <u><u>Section 9.16</u></u> | <u><u>Submission to Jurisdiction</u></u> | 38<u>50</u> |
| <u><u>Section 9.17</u></u> | <u><u>Waiver of Jury Trial</u></u> | 39<u>51</u> |
| <u>Section 9.18</u> | <u>Issuance of Class E Notes</u> | 39 |
| <u><u>Section</u></u> <u>9.19</u><u>9.18</u> | <u><u>Trustee Obligations under the Retention Requirements</u></u> | 41<u>53</u> |
| **<u>Schedule I</u>**  **<u><u>TO THE SERIES 2024-1 SUPPLEMENT</u></u>** | **<u>Schedule I</u>**  **<u><u>TO THE SERIES 2024-1 SUPPLEMENT</u></u>** | **44** **<u>56</u>** |
| **<u>Schedule II</u>**  **<u><u>TO THE SERIES 2024-1 SUPPLEMENT</u></u>** | **<u>Schedule II</u>**  **<u><u>TO THE SERIES 2024-1 SUPPLEMENT</u></u>** | **85** **<u>101</u>** |

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(ii) ****TABLE OF CONTENTS**<br> (continued)**

**Page**

EXHIBITS AND SCHEDULES

---

| | |
|:---|:---|
| Schedule I | List of Defined Terms |
| Schedule II | Monthly Noteholders' Statement Information |
| Exhibit A-1-1 | Form of Series 2024-1 144A Global Class A Note |
| Exhibit A-1-2 | Form of Series 2024-1 Regulation S Global Class A Note |
| Exhibit A-2-1 | Form of Series 2024-1 144A Global Class B Note |
| Exhibit A-2-2 | Form of Series 2024-1 Regulation S Global Class B Note |
| Exhibit A-3-1 | Form of Series 2024-1 144A Global Class C Note |
| Exhibit A-3-2 | Form of Series 2024-1 Regulation S Global Class C Note |
| Exhibit A-4-1 | Form of Series 2024-1 144A Global Class D Note |
| Exhibit A-4-2 | Form of Series 2024-1 Regulation S Global Class D Note |
| <u>Exhibit A-5</u> | <u>Form of Series 2024-1 144A Global Class E Note</u> |
| Exhibit B-1 | Form of Demand Notice |
| Exhibit B-2 | Form of Class A/B/C/D Demand Note |
| <u>Exhibit B-3</u> | <u>Form of Class E Demand Notice</u> |
| <u>Exhibit B-4</u> | <u>Form of Class E Demand Note</u> |
| <u>Exhibit C-1</u> | Form of Reduction Notice Request Class A/B/C/D Letter of Credit |
| Exhibit C<u>-2</u> | <u>Form of Reduction Notice Request Class E Letter of Credit</u> |
| Exhibit D | Form of Lease Payment Deficit Notice |
| Exhibit E-1 | <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u> |
| Exhibit E-2 | Form of Transfer Certificate from 144A Global Note to Regulation S Global Note |
| <u>Exhibit E-3</u> | Form of Transfer Certificate from Regulation S Global Note to 144A Global Note |
| Exhibit F<u>-1</u> | Form of Class A/B/C/D Letter of Credit |
| <u>Exhibit F-2</u> | <u>Form of Class E Letter of Credit</u> |

---

(iii) SERIES 2024-1 SUPPLEMENT, dated as of July 26, 2024 ("<u>Series 2024-1 Supplement</u>"), among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as may be further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS, Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture provides, among other things, that HVF III and the Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or more Series of Notes;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2024-1 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2024-1 Noteholders;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2024-1 Supplement, and such Series of Notes is hereby designated as Series 2024-1 Rental Car Asset Backed Notes.

On the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date, the following classes of Series 2024-1 Rental Car Asset Backed Notes shall be<u>were</u> issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-1 5.44% Rental Car Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-1 6.12% Rental Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-1 6.70% Rental Car Asset Backed Notes, Class C (as referred to herein, the " <u>Class C Notes</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2024-1 9.22% Rental Car Asset Backed Notes, Class D (as referred to herein, the " <u>Class D Notes</u> ").

Subsequent to the Series 2024-1 Closing Date, HVF III may on any date during the Series 2024-1 Revolving Period offer and sell additional Series 2024-1 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2024-1 Supplement, which, if issued, shall be designated as the Series 2024-1 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "<u>Class E Notes</u>".

<u>On the Class E Notes Closing Date, the Series 2024-1 10.95% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u>

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2024-1 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**

**DEFINITIONS AND CONSTRUCTION**

**Section 1.01 <u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2024-1 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2024-1 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2024-1 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02 <u>Rules of Construction</u>**. In this Series 2024-1 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document), as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2024-1 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2024-1 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**

**INITIAL ISSUANCE OF SERIES 2024-1 NOTES; FORM OF SERIES 2024-1 NOTES**

**Section 2.01 <u>Initial Issuance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance</u> <u>of Class A/B/C/D Notes</u>. On the terms and conditions set forth in this Series 2024-1 Supplement, HVF III shall issue<u>issued</u>, and shall cause<u>caused</u> the Trustee to authenticate, the initial Class A/B/C/D Notes on the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date. Such Class A/B/C/D Notes shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, with respect to each Class of Series 2024-1 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, with respect to each Class of Series 2024-1 Notes, the interest rate set forth in the definition of Note Rate for such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have, with respect to each Class of Series 2024-1 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by DBRS and Moody's and, with respect to the Class D Notes, by DBRS and Moody's, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be duly<u>were</u> authenticated in accordance with the provisions of the Base Indenture and this Series 2024-1 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>on</u> <u>Form of</u> the Class A/B/C/D Notes. The <u>Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2024-1 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Notes Closing Date. Such Class E Notes shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2024-1 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of the Series 2024-1 Notes. The</u> Class A/B/C/D Notes will be<u>were</u> offered and sold by HVF III on the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be<u>were</u> resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2024-1 Related Document to the contrary, the initial Payment Date with respect to the Series 2024-1<u>Class A/B/C/D</u> Notes shall be<u>was</u> August 26, 2024 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>144A Global Notes</u>. Each Class of the Class A/B/C/D<u>Series 2024-1</u> Notes offered and sold in their initial distribution on the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date in <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable, in</u> reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to this Series 2024-1 Supplement, with respect to the Class B Notes in Exhibit A-2-1 to this Series 2024-1 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to this Series 2024-1 Supplement and<u>,</u> with respect to the Class D Notes in <u>Exhibit A-4-1</u> <u><u>to this Series 2024-1 Supplement, and with respect to the Class E Notes in Exhibit A-5</u></u> to this Series 2024-1 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "144A Global Notes"). The <u>Solely</u> <u>with respect to the Class A/B/C/D Notes</u><u>, the</u> aggregate principal amount of the<u>such</u> 144A Global Notes<u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2024-1 Notes as shall be specified in the schedule attached thereto, and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2024-1 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2024-1 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2024-1 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by Section 2.2 (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C/D Notes offered and sold on the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to this Series 2024-1 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to this Series 2024-1 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to this Series 2024-1 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-2</u> to this Series 2024-1 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2024-1 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2024-1 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2024-1 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2024-1 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02 <u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> wishes at any time to exchange its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-1</u><u>-3</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-2</u><u>-4</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes <u>and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or<u>,</u> Class D <u>Global Notes or Class E</u> Global Notes, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer OR ANY OTHER PERSON TREATED as THE ISSUER for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES (UNLESS A STATUTORY OR ADMINISTRATIVE EXEMPTION APPLIES (ALL OF THE APPLICABLE CONDITIONS OF WHICH ARE SATISFIED) OR THE TRANSACTION IS NOT OTHERWISE PROHIBITED), AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, <u>OR</u> (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u> <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2022-5 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO*.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>,</u> Class D <u>Note or Class E</u> Note, as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, <u>or</u> (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(p)</u> <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(r)</u> <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03 <u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D<u>Series 2024-1</u> Notes other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04 <u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2024-1 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05 <u>Required Series Noteholders</u>**(a) . In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2024-1 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2024-1 Notes.

**Section 2.06 <u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2024-1 Noteholder (and any Note Owner of any Series 2024-1 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2024-1 Note or an interest in such Series 2024-1 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2024-1 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2024-1 Noteholder and Note Owner of any Series 2024-1 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2024-1 Noteholder (or Note Owner of such Series 2024-1 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2024-1 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2024-1 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2024-1 Noteholder or Note Owner of a Series 2024-1 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2024-1 Notes.

**Article III**

**INTEREST AND INTEREST RATES**

**Section 3.01 <u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2024-1 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**

**SERIES-SPECIFIC COLLATERAL**

**Section 4.01 <u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2024-1 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2024-1 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2024-1 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2024-1 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2024-1 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2024-1 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2024-1 Account are referred to, collectively, as the "<u>Series 2024-1 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02 <u>Series 2024-1 Accounts</u>**. With respect to the Series 2024-1 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2024-1 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2024-1 Noteholders three<u>four</u> securities accounts: the Series 2024-1 Principal Collection Account (such account, the "<u>Series 2024-1 Principal Collection Account</u>"), the Series 2024-1 Interest Collection Account (such account, the "<u>Series 2024-1 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2024-1 Reserve Account")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) or <u>Section</u> <u>5.8</u><u>5.10</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2024-1<u>Class A/B/C/D</u> Noteholders<u>,</u> the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>On or prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2024-1 Noteholders the Series 2024-1 Distribution Account (the "<u>Series 2024-1 Distribution Account</u>", and together with the Series 2024-1 Principal Collection Account, the Series 2024-1 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2024-1 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2024-1 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2024-1 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2024-1 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2024-1 Account shall be an Eligible Account. If any Series 2024-1 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2024-1 Account is no longer an Eligible Account, establish a new Series 2024-1 Account for such non-qualifying Series 2024-1 Account that is an Eligible Account, and if a new Series 2024-1 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2024-1 Account into such new Series 2024-1 Account. Initially, each of the Series 2024-1 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2024-1 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2024-1 Account (other than the Series 2024-1 Distribution Account) to invest funds on deposit in such Series 2024-1 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary, and Permitted Investments shall be credited to the applicable Series 2024-1 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2024-1 Principal Collection Account, the Series 2024-1 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2024-1 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2024-1 Accounts</u>. With respect to each Series 2024-1 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2024-1 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2024-1 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2024-1 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2024-1 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2024-1 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2024-1 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon the termination of this Series 2024-1 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2024-1 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall withdraw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03 <u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2024-1 Account, the Trustee or other Person maintaining such Series 2024-1 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC) and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC) (the Trustee acting in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2024-1 Account. If the Securities Intermediary in respect of any Series 2024-1 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2024-1 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2024-1 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2024-1 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2024-1 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2024-1 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2024-1 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2024-1 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2024-1 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC), and the Series 2024-1 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2024-1 Supplement, will not enter into, any agreement with any other Person relating to the Series 2024-1 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2024-1 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2024-1 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2024-1 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2024-1 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2024-1 Accounts and in all Proceeds thereof, and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) in respect of the Series 2024-1 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2024-1 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2024-1 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2024-1 Account by crediting such Series 2024-1 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2024-1 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2024-1 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2024-1 Account is deemed not to constitute a securities account.

**Section 4.04 <u>Class A/B/C/D</u> <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2024-1<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of</u> <u>Class A/B/C/D</u> Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2024-1 Controlling Class.

<u>Section 4.5</u> <u>**Class E Demand Notes**.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2024-1 Controlling Class.</u>

<u>Section 4.6</u> **<u>Section 4.5</u>** **<u>Subordination</u>**. The Series-Specific 2024-1 Collateral has been pledged to the Trustee to secure the Series 2024-1 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2024-1 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2024-1 Notes, and no Noteholder of any Series of Notes other than the Series 2024-1 Notes will have any right, title or interest in, to or under the Series-Specific 2024-1 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2024-1 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2024-1 Notes, then the Series 2024-1 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2024-1 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

<u>Section 4.7</u> **<u>Section 4.6</u>** **<u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2024-1 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2024-1 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2024-1 Collateral now existing or hereafter created.

<u>Section 4.8</u> **<u>Section 4.7</u>** **<u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**

**PRIORITY OF PAYMENTS**

Section 5.1 **<u>[Reserved].</u>**

**Section 5.2 <u>Collections Allocation.</u>** Subject to the Past Due Rental Payments Priorities, on each Series 2024-1 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2024-1 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2024-1 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2024-1 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2024-1 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2024-1 Principal Collection Account.

**Section 5.03 <u>Application of Funds in the Series 2024-1 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2024-1 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2024-1 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), and 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2024-1 Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2024-1 Distribution Account to pay to the Administrator the Series 2024-1 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2024-1 Distribution Account to pay the Trustee the Series 2024-1 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2024-1 Noteholders, the Series 2024-1 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2024-1 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2024-1 Distribution Account to pay the Persons to whom the Series 2024-1 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2024-1 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2024-1 Distribution Account to pay the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2024-1 Distribution Account to pay the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2024-1 Distribution Account to pay the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2024-1 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2024-1 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2024-1 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2024-1 Distribution Account to pay to the Administrator the Series 2024-1 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2024-1 Distribution Account to pay to the Trustee the Series 2024-1 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2024-1 Distribution Account to pay the Persons to whom the Series 2024-1 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2024-1 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2024-1 Rapid Amortization Period, for deposit into the Series 2024-1 Principal Collection Account up to the amount necessary to pay the Series 2024-1 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2024-1 Principal Collection Account any remaining amount.

**Section 5.04 <u>Application of Funds in the Series 2024-1 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2024-1 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2024-1 Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2024-1 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2024-1 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*<u>)))) and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2024-1 Interest Collection Account*));</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2024-1 Notes, then for deposit into the Series 2024-1 Distribution Account to be paid on such date, <u>pro rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2024-1 Controlled Amortization Period, then for deposit into the Series 2024-1 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2024-1 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2024-1 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2024-1 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2024-1 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2024-1 Principal Collection Account.

**Section 5.05 <u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2024-1 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2024-1 Interest Collection Account an amount equal to the excess, if any, of the Series 2024-1 Payment Date Interest Amount for such Payment Date over the Series 2024-1 Payment Date Available Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2024-1 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2024-1 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2024-1 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

<u>Section 5.6</u> <u>**Class E Reserve Account Withdrawals**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (*Application of Funds in the Series 2024-1 Interest Collection Account*) and 5.4 (*Application of Funds in the Series 2024-1 Principal Collection Account*)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2024-1 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2024-1 Payment Date Available Interest Amount solely</u> <u>with respect to the Class E Notes</u> <u>for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2024-1 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2024-1 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2024-1 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>Section 5.7</u> **<u>Section 5.6</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2024-1 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2024-1 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2024-1 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2024-1 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2024-1 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2024-1 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2024-1 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2024-1 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2024-1 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2024-1 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2024-1 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2024-1 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2024-1 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2024-1 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2024-1 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2024-1 Principal Collection Account on such date.(e) <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2024-1 Supplement (other than pursuant to <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw on such Class A/B/C/D Letter of Credit.

<u>Section 5.8</u> <u>**Class E Letters of Credit and Class E Demand Notes**.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2024-1 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2024-1 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2024-1 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2024-1 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2024-1 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2024-1 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2024-1 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2024-1 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2024-1 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2024-1 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2024-1 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2024-1 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2024-1 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee</u> <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2024-1 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2024-1 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2024-1 Principal Collection Account on such date.</u>(e) <u>Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2024-1 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

<u>Section 5.9</u> **<u>Section 5.7</u>** **<u>Past Due Rental Payments</u>**. On each Series 2024-1 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2024-1 Past Due Rent Payments and deposit such amount into the Series 2024-1 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2024-1 Interest Collection Account and apply the Series 2024-1 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2024-1 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2024-1 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2024-1 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2024-1 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2024-1 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2024-1 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2024-1 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2024-1 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2024-1 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2024-1 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2024-1 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2024-1 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>and second, if the occurrence of such Series 2024-1 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2024-1 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2024-1 Principal Collection Account.

<u>Section 5.10</u> **<u>Section 5.8</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-1 Asset Amount would be less than the Series 2024-1 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2024-1 Adjusted Asset Coverage Threshold Amount over the Series 2024-1 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2024-1 Adjusted Asset Coverage Threshold Amount over the Series 2024-1 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C</u><u>-1</u> hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>Section 5.11</u> <u>**Class E Letters of Credit and Class E L/C Cash Collateral Account**.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

<u>Section 5.12</u> **<u>Section 5.9</u>** **<u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2024-1 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2024-1 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

<u>Section 5.13</u> **<u>Section 5.10</u>** **<u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2024-1 Account required to be given by HVF III, at the time specified herein or in any other Series 2024-1 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2024-1 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2024-1 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2024-1 Notes required to be given by HVF III, at the time specified in this Series 2024-1 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as applicable,</u> with respect to such Class of Series 2024-1 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letter of Credit, as applicable</u>.

**Article VI**

**REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING<br> CONDITIONS**

**Section 6.01 <u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2024-1 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2024-1 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2024-1 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2024-1 Related Documents to which it is a party as of the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2024-1 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02 <u>Covenants</u>**. Each of HVF III and the Administrator each severally covenants and agrees that, until the Series 2024-1 Notes have been paid in full, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2024-1 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2024-1 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2024-1 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2024-1 Third-Party Market Value Procedures</u>. Comply with the Series 2024-1 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2025 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2024-1 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date, within one hundred twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2024-1 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2024-1 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2024-1 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03 <u>Closing Conditions</u>**. The effectiveness of this Series 2024-1 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04 <u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2024-1 Collateral on behalf of the Series 2024-1 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2024-1 Permitted Liens) and to carry into effect the purposes of this Series 2024-1 Supplement or the other Series 2024-1 Related Documents or to better assure and confirm unto the Trustee or the Series 2024-1 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2024-1 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2024-1 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2024-1 Supplement, if any amount payable under or in connection with any of the Series-Specific 2024-1 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2024-1 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2024-1 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**

**AMORTIZATION EVENTS**

**Section 7.01 <u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2024-1 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2024-1 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2024-1 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2024-1 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2024-1 Permitted Liens) or (ii) other than as a result of a Series 2024-1 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2024-1 Permitted Liens) or (ii) other than as a result of a Series 2024-1 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2024-1 Permitted Liens) or (ii) other than as a result of a Series 2024-1 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2024-1 Permitted Liens) or (ii) other than as a result of a Series 2024-1 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2024-1 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2024-1 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2024-1 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2024-1 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2024-1 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2024-1 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2024-1 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2024-1 Noteholders and continues to materially and adversely affect the interests of the Series 2024-1 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2024-1 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2024-1 Related Document is false and such false representation materially and adversely affects the interests of the Series 2024-1 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2024-1 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*), an "<u>Amortization Event</u>" with respect to the Series 2024-1 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2024-1 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*), so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2024-1 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2024-1 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2024-1 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2024-1 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2024-1 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2024-1 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2024-1 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**

**SUBORDINATION OF NOTES**

**Section 8.01 <u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2024-1 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2024-1 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2024-1 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02 <u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2024-1 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2024-1 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2024-1 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03 <u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2024-1 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2024-1 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2024-1 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04 <u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2024-1 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

**Section 8.05 <u>When Distribution Must be Paid Over</u>**. In the event that any Series 2024-1 Noteholder (or Series 2024-1 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2024-1 Notes at a time when such Series 2024-1 Noteholder (or Series 2024-1 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2024-1 Noteholder (or Series 2024-1 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**

**GENERAL**

**Section 9.01 <u>Optional Redemption of the Series 2024-1 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2024-1</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (*Application of Funds in the Series 2024-1 Principal Collection Account*); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2024-1</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2024-1 Notes with respect to such Class of Series 2024-1 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2024-1</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2024-1 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2024-1 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2024-1 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2024-1 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2024-1 Noteholders of the Class of Series 2024-1 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02 <u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth (4<sup>th</sup>) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2024-1 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2024-1 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2024-1 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2024-1 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2024-1 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03 <u>Confidentiality</u>**. The Trustee and each Series 2024-1 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2024-1 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2024-1 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2024-1 Notes in accordance with the requirements of this Series 2024-1 Supplement to which such person sells or offers to sell any such interest in the Series 2024-1 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2024-1 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2024-1 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2024-1 Notes, this Series 2024-1 Supplement or any other document relating to the Series 2024-1 Notes.

**Section 9.04 <u>Ratification of Base Indenture</u>**. As supplemented by this Series 2024-1 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2024-1 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05 <u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2024-1 Noteholders delivered to the Trustee pursuant to this Series 2024-1 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2024-1 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2024-1 Notes. HVF III will provide each Rating Agency rating the Series 2024-1 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06 <u>Third Party Beneficiary</u>**. Nothing in this Series 2024-1 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2024-1 Supplement.

**Section 9.07 <u>Execution in Counterparts; Electronic Execution</u>**. This Series 2024-1 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2024-1 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2024-1 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08 <u>Governing Law</u>**. THIS SERIES 2024-1 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2024-1 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09 <u>Amendments</u>**. This Series 2024-1 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2024-1 Noteholders</u>. Without the consent of any Series 2024-1 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2024-1 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2024-1 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2024-1 Notes in addition to certificated Series 2024-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2024-1 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2024-1 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2024-1 Supplement to the terms of the offering document(s) for the Series 2024-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2024-1 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2024-1 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to effect any other amendment that does not materially adversely affect the interests of the Series 2024-1 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2024-1 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2024-1 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2024-1 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2024-1 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2024-1 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2024-1 Noteholders, (ii) in the case of an amendment or modification, the Series 2024-1 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2024-1 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2024-1 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2024-1 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 2024-1 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2024-1 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2024-1 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2024-1 Noteholders affected by such amendment, modification or waiver and upon notice to DBRS, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2024-1 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2024-1 Supplement or otherwise reduce the percentage of Series 2024-1 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2024-1 Note (or reduce the principal amount of or rate of interest on any Series 2024-1 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2024-1 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D <u>Reserve Account Withdrawals</u>*<u>), Section 5.6 (*Class E*</u> *Reserve Account Withdrawals*), <u>Section 7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2024-1 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section 9.19</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2024-1 Supplement or that pursuant to the Series 2024-1 Related Documents expressly requires the consent of 100% of the Series 2024-1 Noteholders or each Series 2024-1 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2024-1 Supplemental Indentures</u>. Each amendment or other modification to this Series 2024-1 Supplement shall be set forth in a Series 2024-1 Supplemental Indenture. The initial effectiveness of each Series 2024-1 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2024-1 Supplemental Indenture is authorized or permitted by this Series 2024-1 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2024-1 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2024-1 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2024-1 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2024-1 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2024-1 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10 <u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2024-1 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2024-1 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2024-1 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2024-1 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2024-1 Supplement and the Related Documents.

**Section 9.11 <u>Successors</u>**. All agreements of HVF III in this Series 2024-1 Supplement and with respect to the Series 2024-1 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2024-1 Supplement or any Series 2024-1 Note. All agreements of the Trustee in this Series 2024-1 Supplement shall bind its successor.

**Section 9.12 <u>Termination of Series Supplement</u>**. This Series 2024-1 Supplement shall cease to be of further effect when (i) all Outstanding Series 2024-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2024-1 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13 <u>Electronic Execution</u>**. This Series 2024-1 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14 <u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2024-1 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2024-1 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2024-1 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2024-1 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2024-1 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2024-1 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2024-1 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15 <u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16 <u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2024-1 Supplement, the Series 2024-1 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2024-1 Supplement, the Series 2024-1 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2024-1 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17 <u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2024-1 SUPPLEMENT, THE SERIES 2024-1 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18 Issuance of Class E Notes. No</u> Class E Notes shall be issued on the Series 2024-1 Closing Date. On any date during the Series 2024-1 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2024-1 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2024-1 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "<u>Proposed Class E Notes</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2024-1 Notes, Series 2024-1 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2024-1 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2024-1 Supplement and any Series 2024-1 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2024-1 Supplement or any Series 2024-1 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2024-1 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2024-1 Supplement that expressly require the consent of each Noteholder or Series 2024-1 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2024-1 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2024-1 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not or, upon satisfaction of the Series 2024-1 Rating Agency Condition, should not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2024-1 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2024-1 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2024-1 Supplement and/or any other Series 2024-1 Related Document.

<u>Section 9.18</u> **<u>Section 9.19</u>** **<u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2024-1 Noteholder or any other party for violation of such rules now or hereafter in effect.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2024-1 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| |
|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |
| Name: Mark E. Johnson |
| Title: President and Treasurer |
| THE HERTZ CORPORATION, as Administrator |
| By: |
| Name: Mark E. Johnson |
| Title: Senior Vice President and Treasurer |

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*Signature Page to HVF III Series 2024-1 Supplement*

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| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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*Signature Page to HVF III Series 2024-1 Supplement*

Schedule I<br> TO THE SERIES 2024-1 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>d</u><u>e</u><u>)</u> (*Initial Issuance*) of this Series 2024-1 Supplement.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2024-1 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2024-1 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2024-1 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2024-1 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2024-1 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2024-1 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2024-1 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2024-1 Distribution Account and paid to the Series 2024-1 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2024-1 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2024-1 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2024-1 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2024-1 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2024-1 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)", (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2024-1 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1", (iii) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2024-1 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (iv) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2024-1 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2024-1 Accounts*) of this Series 2024-1 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2024-1 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2024-1 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2024-1 Noteholders or (ii) if issued after the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2024-1 Supplement, that satisfies the Series 2024-1 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2024-1 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2024-1 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means July 26, 2024.</u>

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2024-1 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2024-1 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C/D Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated July 16, 2024, by and among HVF III, Hertz, RBC Capital Markets, LLC, BofA Securities, Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC, as initial representatives of the several initial purchasers set forth on Schedule I thereto (collectively, the "<u>Initial Purchasers</u>") of the Class A/B/C/D Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 4.00% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-1 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-1 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2024-1 Accounts*) of this Series 2024-1 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2024-1 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2024-1 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2024-1 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2024-1 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2024-1 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2024-1 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2024-1 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2024-1 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2024-1 Controlled Amortization Period and any Class of Series 2024-1 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2024-1 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2024-1 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2024-1 Notes during the Series 2024-1 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2024-1 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2024-1 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1</u> or <u>Exhibit A-4-2</u> to this Series 2024-1 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2024-1 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Coverage Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u>

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2024-1 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2024-1 Supplement.<u>means, as of any date of determination, the Series 2024-1 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2024-1 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> <u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.</u>

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2024-1 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2024-1 Distribution Account and paid to the Series 2024-1 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2024-1 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2024-1 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2024-1 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2024-1 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2024-1* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2024-1 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2024-1 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2024-1 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2024-1 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2024-1 Supplement, that satisfies</u> <u>the Series 2024-1 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2024-1 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2024-1 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2024-1 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E Notes</u>" has the meaning specified in the <u>Preamble</u> <u>means any one of</u> <u>the Series 2024-1 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2024-1 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2024-1 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 6.25% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the excess, if any, of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Required Liquid Enhancement Amount over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,</u>

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the excess, if any, of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Asset Amount, in each case as of such date.</u>

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2024-1 Accounts*) of this Series 2024-1 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2024-1 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2024-1 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2024-1 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2024-1 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2024-1 Notes, the amount set forth in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Principal Amount** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$256875000 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;$37500000 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$50625000 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;$30000000 |
| &nbsp;&nbsp;<u>E</u> | &nbsp;&nbsp;<u>$18099000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2024-1 Interest Period (a) with respect to the initial Series 2024-1 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 30/360, and (b) with respect to each Series 2024-1 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2024-1 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2024-1 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2024-1 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Corresponding DBRS Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DBRS** | &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;AA(H) | &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;AA(L) | &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- |
| &nbsp;&nbsp;A(H) | &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ |
| &nbsp;&nbsp;A | &nbsp;&nbsp;A2 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A(L) | &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- |
| &nbsp;&nbsp;BBB(H) | &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;BBB(L) | &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- |
| &nbsp;&nbsp;BB(H) | &nbsp;&nbsp;Ba1 | &nbsp;&nbsp;BB+ |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;BB(L) | &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- |
| &nbsp;&nbsp;B-High | &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ |
| &nbsp;&nbsp;B | &nbsp;&nbsp;B2 | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B(L) | &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- |
| &nbsp;&nbsp;CCC(H) | &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ |
| &nbsp;&nbsp;CCC | &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;CCC(L) | &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- |

---

"<u>DBRS</u>" means DBRS, Inc. or any successor thereto.

"<u>DBRS Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom DBRS does not maintain a public Relevant DBRS Rating as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person has an Equivalent Rating
 Agency Rating from three of the Equivalent Rating Agencies as of such date, then the median
 of the Corresponding DBRS Ratings for such Person as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person has an Equivalent Rating
 Agency Rating from only two of the Equivalent Rating Agencies as of such date, then the lower
 Corresponding DBRS Rating for such Person as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person has an Equivalent Rating
 Agency Rating from only one of the Equivalent Rating Agencies as of such date, then the Corresponding
 DBRS Rating for such Person as of such date.

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Equivalent Rating Agency</u>" means each of DBRS, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2024-1 Notes, the Payment Date in January 2028.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2024-1 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2024-1 Notes, the Payment Date in January 2029.

"<u>Majority Series 2024-1 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2024-1 Noteholders</u>" means Series 2024-1 Noteholders holding more than 50% of the Series 2024-1 Principal Amount (excluding any other Series 2024-1 Notes held by HVF III or any Affiliate of HVF III (other than Series 2024-1 Notes held by an Affiliate Issuer)). The Majority Series 2024-1 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2024-1 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2024-1 Notes, the date that is six months prior to the commencement of the Series 2024-1 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D<u>Series 2024-1</u> Note on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2024-1</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, <u>(a)</u> with respect to each Class of Series 2024-1 Notes issued on the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 10.95%</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Note Rate** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;6.12% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;6.70% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;9.22% |

---

"<u>Outstanding</u>" means with respect to the Series 2024-1 Notes (or any Class of Series 2024-1 Notes), all Series 2024-1 Notes (or Series 2024-1 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2024-1 Supplement, <u>except</u> (a) Series 2024-1 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2024-1 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2024-1 Distribution Account and are available for payment in full of such Series 2024-1 Notes, and Series 2024-1 Notes that are considered paid pursuant to <u>Section 8.1</u> (*Payment of Notes*) of the Base Indenture, and (c) Series 2024-1 Notes in exchange for or in lieu of other Series 2024-1 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2024-1 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2024-1 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2024-1 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2024-1 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2024-1 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2024-1 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment
 of which are to be made by or is fully guaranteed by the United States of America other than
 financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in,
 or certificates of deposit issued by, any depositary institution or trust company incorporated
 under the laws of the United States of America or any state thereof whose short-term debt
 is rated "P-1" by Moody's and "A-1+" by S&P and subject
 to supervision and examination by Federal or state banking or depositary institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment
 and (y) the time of the contractual commitment to invest therein, the certificates of
 deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than
 such obligation whose rating is based on collateral or on the credit of a Person other than
 such institution or trust company) of such depositary institution or trust company shall
 have a credit rating from S&P of "A-1+" and a credit rating from Moody's
 of "P-1" in the case of certificates of deposit or short-term deposits, or a
 rating from S&P not lower than "AA" and a rating from Moody's not lower
 than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier
 of (x) the time of the investment and (y) the time of the contractual commitment
 to invest therein, a rating from S&P of "A-1+" and a rating from Moody's
 of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by
 any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated
 "AAAm" by S&P and "Aaa-mf" by Moody's, or otherwise approved
 in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar time deposits having a credit
 rating from S&P of "A-1+" and a credit rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any
 of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above
 and the certificates of deposit described in <u>clause (ii)</u> above which are entered
 into with a depository institution or trust company, having a commercial paper or short-term
 certificate of deposit rating of "A-1+" by S&P and "P-1" by Moody's;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other instruments or securities,
 if each Rating Agency then rating any outstanding Class of Series 2024-1 Notes
 at the request of HVF III will not have advised in writing that the investment in such instruments
 or securities will result in the reduction or withdrawal of its then-current rating of such
 outstanding Class of Series 2024-1 Notes.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2024-1 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2024-1 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2024-1 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(b)</u> (*Initial Issuance*) of this Series 2024-1 Supplement.

"<u>Rating Agencies</u>" means (i) with respect to the Class A Notes the Class B Notes and the Class C Notes, DBRS and Moody's, (ii) with respect to the Class D Notes <u>and the Class E Notes</u>, DBRS and Moody's, and (iii) with respect to any Class of Series 2024-1 Notes, any other nationally recognized rating agency rating the Series 2024-1 Notes at the request of HVF III; <u>provided</u> that, if at any time any nationally recognized rating agency ceases to rate any Class of Series 2024-1 Notes, such rating agency shall be deemed to no longer constitute a Rating Agency with respect to such Class of Series 2024-1 Notes for so long as such rating agency continues not to rate such Class of Series 2024-1 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2024-1 Notes*) of this Series 2024-1 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(e)</u> (*Initial Issuance*) of this Series 2024-1 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date and (c) with respect to DBRS, the Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2024-1 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2024-1 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2024-1 Supplement.

"<u>Senior Class of Series 2024-1 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2024-1 Payment Date Available Interest Amount with respect to the Series 2024-1 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2024-1 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account, proceeds of the Class E Reserve Account,</u> each Class A/B/C/D <u>Demand Note, each Class E</u> Demand Note, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2024-1 Principal Collection Account for deposit into the Series 2024-1 Interest Collection Account on such Payment Date.

"<u>Series 2024-1 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2024-1 Supplement.

"<u>Series 2024-1 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2024-1 Accounts*) of this Series 2024-1 Supplement.

"<u>Series 2024-1 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2024-1 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2024-1 Notes.

"<u>Series 2024-1 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2024-1 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2024-1 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2024-1 Notes.

"<u>Series 2024-1 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2024-1 Principal Amount as of such date over (B) the Series 2024-1 Principal Collection Account Amount as of such date. The Series 2024-1 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2024-1 Notes.

"<u>Series 2024-1 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2024-1 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2024-1 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2024-1 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2024-1 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2024-1 Blended Advance Rate, in each case as of such date.

"<u>Series 2024-1 Blended Advance Rate</u>" means, as of any date of determination, the least of the Series 2024-1 DBRS Blended Advanced Rate as of such date, the Series 2024-1 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2024-1 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2024-1 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2024-1 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2024-1 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2024-1 Administrator Fee Amount and the Series 2024-1 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2024-1 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2024-1 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2024-1 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2024-1 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2024-1 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2024-1 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2024-1 Related Document,

in each case under and in accordance with such Series 2024-1 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2024-1 Notes.

"<u>Series 2024-1</u> <u>Closing Date" means July 26, 2024.</u>

"<u>Series 2024-1 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2024-1 Account Collateral with respect to each Series 2024-1 Account and each Class A/B/C/D Demand Note.

"<u>Series 2024-1 Controlled Amortization Period</u>" means the period commencing upon the close of business on June 30, 2027 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2024-1 Rapid Amortization Period, (ii) the date on which the Series 2024-1 Notes are fully paid and (iii) the termination of this Series 2024-1 Supplement.

"<u>Series 2024-1 Daily Interest Allocation</u>" means, on each Series 2024-1 Deposit Date, the Series 2024-1 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2024-1 Daily Principal Allocation</u>" means, on each Series 2024-1 Deposit Date, an amount equal to the Series 2024-1 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2024-1 DBRS AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-1 DBRS Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-1 DBRS Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-1 DBRS Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2024-1 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2024-1 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2024-1 DBRS Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2024-1 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2024-1 DBRS Remainder AAA Amount.

"<u>Series 2024-1 DBRS AAA Select Component</u>" means each Series 2024-1 DBRS AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2024-1 DBRS Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2024-1 DBRS AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-1 DBRS Baseline Advance Rate with respect to such Series 2024-1 DBRS AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-1 DBRS Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2024-1 DBRS AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-1 DBRS MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2024-1 DBRS AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2024-1 DBRS Baseline Advance Rate</u>" means, with respect to each Series 2024-1 DBRS AAA Select Component, the percentage set forth opposite such Series 2024-1 DBRS AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2024-1 DBRS AAA Select Component** | &nbsp;&nbsp;**Series 2024-1 DBRS<br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2024-1 DBRS Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2024-1 DBRS Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2024-1 DBRS Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2024-1 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2024-1 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2024-1 DBRS Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;86.75% |
| &nbsp;&nbsp;Series 2024-1 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;82.55% |
| &nbsp;&nbsp;Series 2024-1 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;2024-1 DBRS Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2024-1 DBRS Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2024-1 DBRS Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2024-1 DBRS Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2024-1 DBRS Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2024-1 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2024-1 DBRS Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2024-1 DBRS AAA Select Component equal to the product of such Series 2024-1 DBRS AAA Select Component and the Series 2024-1 DBRS Adjusted Advance Rate with respect to such Series 2024-1 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2024-1 DBRS Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2024-1 DBRS Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2024-1 DBRS Baseline Advance Rate with respect to such Series 2024-1 DBRS Eligible Investment Grade Non-Program Vehicle Amount over the Series 2024-1 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2024-1 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2024-1 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2024-1 DBRS Baseline Advance Rate with respect to such Series 2024-1 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2024-1 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2024-1 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2024-1 DBRS Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2024-1 DBRS AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2024-1 DBRS Concentration Excess Amount, if any, allocated to such Series 2024-1 DBRS AAA Select Component by HVF III and (B) the Series 2024-1 DBRS Baseline Advance Rate with respect to such Series 2024-1 DBRS AAA Select Component, and the denominator of which is (II) such Series 2024-1 DBRS AAA Select Component, in each case as of such date, and (b) the Series 2024-1 DBRS Baseline Advance Rate with respect to such Series 2024-1 DBRS AAA Component; <u>provided</u> that the portion of the Series 2024-1 DBRS Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2024-1 DBRS AAA Select Component that was included in determining whether such Series 2024-1 DBRS Concentration Excess Amount exists.

"<u>Series 2024-1 DBRS Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2024-1 DBRS Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2024-1 DBRS Eligible Manufacturer Receivables, in each case, included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2024-1 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2024-1 DBRS Eligible Manufacturer Receivables included in the Series 2024-1 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2024-1 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2024-1 DBRS Eligible Manufacturer Receivables are designated as constituting (A) Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2024-1 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-1 DBRS Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2024-1 DBRS Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-1 DBRS Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-1 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-1 DBRS Investment Grade Manufacturers.

"<u>Series 2024-1 DBRS Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2024-1 DBRS Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-1 DBRS Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable due from any Manufacturer that has a Relevant DBRS Rating as of such date of at least "A(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of at least "A(L)") pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable due from any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)" or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)", in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable due from a Series 2024-1 DBRS Non-Investment Grade (High) Manufacturer or a Series 2024-1 DBRS Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2024-1 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-1 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-1 DBRS Non-Investment Grade (High) Manufacturers.

"<u>Series 2024-1 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-1 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-1 DBRS Non-Investment Grade (Low) Manufacturers.

"<u>Series 2024-1 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2024-1 DBRS Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-1 DBRS Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2024-1 DBRS Non-Investment Grade (High) Program Vehicle and each Series 2024-1 DBRS Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-1 DBRS Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of at least "BBB(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of "BBB(L)")as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-1 DBRS Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2024-1 DBRS Investment Grade Manufacturer that is not a Series 2024-1 DBRS Investment Grade Program Vehicle as of such date.

"<u>Series 2024-1 DBRS Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-1 DBRS Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2024-1 DBRS Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2024-1 DBRS Eligible Manufacturer Receivables due from such Manufacturer.

"<u>Series 2024-1 DBRS Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2024-1 DBRS Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2024-1 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2024-1 DBRS Eligible Manufacturer Receivables included in the Series 2024-1 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2024-1 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2024-1 DBRS Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2024-1 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2024-1 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount and (C) Series 2024-1 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-1 DBRS MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2024-1 DBRS Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2024-1 Failure Percentage as of such date and (ii) the Series 2024-1 DBRS Concentration Adjusted Advance Rate with respect to the Series 2024-1 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2024-1 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2024-1 Failure Percentage as of such date and (ii) the Series 2024-1 DBRS Concentration Adjusted Advance Rate with respect to the Series 2024-1 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2024-1 DBRS AAA Component, zero.

"<u>Series 2024-1 DBRS Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "BBB(L)" and (ii) at least "BB(L)", or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2024-1 DBRS Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2024-1 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2024-1 DBRS Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2024-1 DBRS Eligible Manufacturer Receivables with respect to any Series 2024-1 DBRS Non-Investment Grade (High) Manufacturer included in the Series 2024-1 DBRS Manufacturer Amount for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2024-1 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2024-1 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-1 DBRS Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-1 DBRS Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2024-1 DBRS Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of less than "BB(L)"(or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, a DBRS Equivalent Rating of "BB(L)") as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any DBRS Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-1 DBRS Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-1 DBRS Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another master motor vehicle operating lease, as applicable) as of such date.

"<u>Series 2024-1 DBRS Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2024-1 DBRS Non-Investment Grade (High) Manufacturer or a Series 2024-1 DBRS Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2024-1 DBRS Non-Investment Grade (High) Program Vehicle or a Series 2024-1 DBRS Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2024-1 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2024-1 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-1 DBRS Medium-Duty Truck Concentration Excess Amount and (C) Series 2024-1 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-1 DBRS Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-1 DBRS Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-1 DBRS Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-1 DBRS Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2024-1 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2024-1 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2024-1 DBRS Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2024-1 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2024-1 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2024-1 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2024-1 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(</u><u>iii</u><u>iv</u><u>)</u> (*Series 2024-1 Accounts*) of this Series 2024-1 Supplement.

"<u>Series 2024-1 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2024-1 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2024-1 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2024-1 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2024-1 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2024-1 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2024-1 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2024-1 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2024-1 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2024-1 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2024-1 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2024-1 Market Value Average as of any Determination Date within the preceding three (3) calendar months (or such fewer number of months as have elapsed since the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2024-1 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2024-1 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2024-1 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2024-1 Accounts*) of this Series 2024-1 Supplement.

"<u>Series 2024-1 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2024-1 Interest Period <u>for the Class A/B/C/D Notes</u> shall commence on and include the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date and end on and include August 25, 2024 <u>and the initial Series 2024-1 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2024-1 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2024-1 Revolving Period, the Series 2024-1 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2024-1 Controlled Amortization Period and the Series 2024-1 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2024-1 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2024-1 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2024-1 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2024-1 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2024-1 Principal Amount shall have been reduced to zero, the Series 2024-1 Invested Percentage shall equal zero.

"<u>Series 2024-1 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2024-1 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2024-1 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2024-1 Lease Payment Deficit</u>" means either a Series 2024-1 Lease Interest Payment Deficit or a Series 2024-1 Lease Principal Payment Deficit.

"<u>Series 2024-1 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2024-1 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2024-1 Principal Collection Account on or prior to such Payment Date on account of such Series 2024-1 Lease Principal Payment Deficit.

"<u>Series 2024-1 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2024-1 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2024-1 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2024-1 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2024-1 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2024-1 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2024-1 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2024-1 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2024-1 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2024-1 Controlling Class.

Each Series 2024-1 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2024-1 Notes.

"<u>Series 2024-1 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Manufacturer** | &nbsp;&nbsp;**Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;17.50% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

"<u>Series 2024-1 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2024-1 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2024-1 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2024-1 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2024-1 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2024-1 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2024-1 Measurement Month shall be included in any other Series 2024-1 Measurement Month.

"<u>Series 2024-1 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-1 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2024-1 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2024-1 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2024-1 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-1 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-1 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-1 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2024-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2024-1 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2024-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2024-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2024-1 Moody's Remainder AAA Amount.

"<u>Series 2024-1 Moody's AAA Select Component</u>" means each Series 2024-1 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2024-1 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2024-1 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-1 Moody's Baseline Advance Rate with respect to such Series 2024-1 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-1 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2024-1 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-1 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2024-1 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2024-1 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2024-1 Moody's AAA Select Component, the percentage set forth opposite such Series 2024-1 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2024-1 Moody's AAA Select Component** | &nbsp;&nbsp;**Series 2024-1 Moody's <br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2024-1 Moody's Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2024-1 Moody's Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2024-1 Moody's Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2024-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2024-1 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2024-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2024-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2024-1 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2024-1 Moody's Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2024-1 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2024-1 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2024-1 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2024-1 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2024-1 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2024-1 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2024-1 Moody's AAA Select Component equal to the product of such Series 2024-1 Moody's AAA Select Component and the Series 2024-1 Moody's Adjusted Advance Rate with respect to such Series 2024-1 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2024-1 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2024-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2024-1 Moody's Baseline Advance Rate with respect to such Series 2024-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2024-1 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2024-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2024-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2024-1 Moody's Baseline Advance Rate with respect to such Series 2024-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2024-1 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2024-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2024-1 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2024-1 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2024-1 Moody's Concentration Excess Amount, if any, allocated to such Series 2024-1 Moody's AAA Select Component by HVF III and (B) the Series 2024-1 Moody's Baseline Advance Rate with respect to such Series 2024-1 Moody's AAA Select Component, and the denominator of which is (II) such Series 2024-1 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2024-1 Moody's Baseline Advance Rate with respect to such Series 2024-1 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2024-1 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2024-1 Moody's AAA Select Component that was included in determining whether such Series 2024-1 Moody's Concentration Excess Amount exists.

"<u>Series 2024-1 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2024-1 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2024-1 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2024-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2024-1 Moody's Eligible Manufacturer Receivables included in the Series 2024-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2024-1 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount, as of such date and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2024-1 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2024-1 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2024-1 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-1 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-1 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-1 Moody's Investment Grade Manufacturers.

"<u>Series 2024-1 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2024-1 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-1 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2024-1 Moody's Non-Investment Grade (High) Manufacturer or a Series 2024-1 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2024-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-1 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-1 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2024-1 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-1 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-1 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2024-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2024-1 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-1 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2024-1 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2024-1 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-1 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-1 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2024-1 Moody's Investment Grade Manufacturer that is not a Series 2024-1 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2024-1 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-1 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2024-1 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2024-1 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2024-1 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2024-1 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2024-1 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2024-1 Moody's Eligible Manufacturer Receivables included in the Series 2024-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2024-1 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2024-1 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2024-1 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2024-1 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2024-1 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-1 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2024-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2024-1 Failure Percentage as of such date and (ii) the Series 2024-1 Moody's Concentration Adjusted Advance Rate with respect to the Series 2024-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2024-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2024-1 Failure Percentage as of such date and (ii) the Series 2024-1 Moody's Concentration Adjusted Advance Rate with respect to the Series 2024-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2024-1 Moody's AAA Component, zero.

"<u>Series 2024-1 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2024-1 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2024-1 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2024-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2024-1 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2024-1 Moody's Eligible Manufacturer Receivables with respect to any Series 2024-1 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2024-1 Moody's Manufacturer Amount for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2024-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2024-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2024-1 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-1 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-1 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2024-1 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-1 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-1 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2024-1 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2024-1 Moody's Non-Investment Grade (High) Manufacturer or a Series 2024-1 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2024-1 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2024-1 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2024-1 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Medium-Duty Truck Amount for purposes of calculating the Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-1 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-1 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2024-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-1 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2024-1 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-1 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-1 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-1 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-1 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2024-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2024-1 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2024-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2024-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2024-1 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2024-1 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2024-1 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2024-1 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2024-1 Measurement Month, commencing with the third Series 2024-1 Measurement Month following the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2024-1 Measurement Month and the two Series 2024-1 Measurement Months preceding such Series 2024-1 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2024-1 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2024-1 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2024-1 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2024-1 Carrying Charges on such Payment Date (excluding any Series 2024-1 Carrying Charges payable to the Series 2024-1 Noteholders) and (b) the Series 2024-1 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2024-1 Noteholders).

"<u>Series 2024-1 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2024-1 Lease Principal Payment Deficit, an amount equal to the Series 2024-1 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2024-1 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2024-1 Lease Interest Payment Deficit, an amount equal to the Series 2024-1 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2024-1 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2024-1 Payment Date Available Interest Amount</u>" means, with respect to each Series 2024-1 Interest Period, the sum of the Series 2024-1 Daily Interest Allocation for each Series 2024-1 Deposit Date in such Series 2024-1 Interest Period.

"<u>Series 2024-1 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2024-1 Interest Collection Account*).

"<u>Series 2024-1 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2024-1 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2024-1 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2024-1 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2024-1 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2024-1 Notes.

"<u>Series 2024-1 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2024-1 Principal Amount shall be the "Principal Amount" with respect to the Series 2024-1 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2024-1 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2024-1 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2024-1 Accounts*) of this Series 2024-1 Supplement.

"<u>Series 2024-1 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2024-1 Principal Collection Account as of such date.

"<u>Series 2024-1 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2024-1 Notes is deemed to have occurred with respect to the Series 2024-1 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2024-1 Notes are paid in full and (ii) the termination of this Series 2024-1 Supplement.

"<u>Series 2024-1 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2024-1 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2024-1 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2024-1 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2024-1 Notes.

"<u>Series 2024-1 Related Documents</u>" means the Related Documents, this Series 2024-1 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2024-1 Revolving Period</u>" means the period from the Series 2024-1<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2024-1 Controlled Amortization Period and (ii) the commencement of the Series 2024-1 Rapid Amortization Period.

"<u>Series 2024-1 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2024-1 Supplement.

"<u>Series 2024-1 Supplemental Indenture</u>" means a supplement to this Series 2024-1 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2024-1 Supplement.

"<u>Series 2024-1 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2024-1 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2024-1 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2024-1 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2024-1 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2024-1 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2024-1 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2024-1 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2024-1 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2024-1 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2024-1 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2024-1 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2024-1 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2024-1 Collateral</u>" means the Series 2024-1 Account Collateral with respect to each Series 2024-1 Account and each Class A/B/C/D Demand Note. The Series-Specific 2024-1 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2024-1 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(i)</u> (*Transfer Restrictions for Global Notes*) of this Series 2024-1 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2024-1 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available L/C Cash Collateral Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Liquidity Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Reserve Account Deficiency Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Monthly Interest Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Principal Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying
 Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due
 and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance
 Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Adjusted Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 DBRS Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Moody's Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Non-Program Vehicle Disposition Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Principal Collection Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-1
 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2024-1 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.5

**Exhibit 10.5**

***EXECUTION DOCUMENT***

**Amendment No. 1 to Series 2024-2 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the SERIES 2024-2 SUPPLEMENT, dated as of July 26, 2024 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2024-2 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2024-2 Supplement permits the Issuer and the Trustee to amend the Series 2024-2 Supplement in writing without the consent of any Series 2024-2 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2024-2 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2024-2 Supplement provides that on any date during the Series 2024-2 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2024-2 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2024-2 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2024-2 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2024-2 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2024-2 Supplement, to amend the Series 2024-2 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2024-2 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2024-2 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2024-2 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2024-2 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2024-2 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2024-2 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2024-2 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2024-2 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reference to and Effect on the Series 2024-2 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2024-2 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2024-2 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2024-2 Supplement to "<u>Series 2024-2 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2024-2 Supplement, and each reference in any other Series 2024-2 Related Document to "<u>Series 2024-2 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2024-2 Supplement, shall mean and be a reference to the Series 2024-2 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2024-2 Supplement or the Series 2024-2 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2024-2 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

<u>Annex A</u>

**EXECUTION VERSION**

<u>**CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026**</u>

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

**SERIES 2024-2 SUPPLEMENT**

dated as of July 26, 2024

to

BASE INDENTURE<br> dated as of June 29, 2021

$256,875,000 Series 2024-2 5.48% Rental Car Asset Backed Notes, Class A

$37,500,000 Series 2024-2 6.21% Rental Car Asset Backed Notes, Class B<br> $50,625,000 Series 2024-2 6.70% Rental Car Asset Backed Notes, Class C<br> $30,000,000 Series 2024-2 9.41% Rental Car Asset Backed Notes, Class D

<u>$18,099,000 Series 2024-2 11.99% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

 **Page**

---

| | | |
|:---|:---|:---|
| <u><u>Article I DEFINITIONS AND CONSTRUCTION</u></u> | <u><u>Article I DEFINITIONS AND CONSTRUCTION</u></u> | 2 |
| <u><u>Section 1.1</u></u> | <u><u>Defined Terms and References</u></u> | 2 |
| <u><u>Section 1.2</u></u> | <u><u>Rules of Construction</u></u> | 2 |
| <u><u>Article II INITIAL ISSUANCE OF SERIES 2024-2 NOTES; FORM OF SERIES 2024-2 NOTES</u></u> | <u><u>Article II INITIAL ISSUANCE OF SERIES 2024-2 NOTES; FORM OF SERIES 2024-2 NOTES</u></u> | 3 |
| <u><u>Section 2.1</u></u> | <u><u>Initial Issuance</u></u> | 3 |
| <u><u>Section 2.2</u></u> | <u><u>Transfer Restrictions for Global Notes</u></u> | 4<u>5</u> |
| <u><u>Section 2.3</u></u> | <u><u>Definitive Notes</u></u> | 10<u>13</u> |
| <u><u>Section 2.4</u></u> | <u><u>Legal Final Payment Date</u></u> | 10<u>13</u> |
| <u><u>Section 2.5</u></u> | <u><u>Required Series Noteholders</u></u> | 10<u>13</u> |
| <u><u>Section 2.6</u></u> | <u><u>FATCA</u></u> | 10<u>13</u> |
| <u><u>Article III INTEREST AND INTEREST RATES</u></u> | <u><u>Article III INTEREST AND INTEREST RATES</u></u> | 11<u>14</u> |
| <u><u>Section 3.1</u></u> | <u><u>Interest</u></u> | 11<u>14</u> |
| <u><u>Article IV SERIES-SPECIFIC COLLATERAL</u></u> | <u><u>Article IV SERIES-SPECIFIC COLLATERAL</u></u> | 11<u>14</u> |
| <u><u>Section 4.1</u></u> | <u><u>Granting Clause</u></u> | 11<u>14</u> |
| <u><u>Section 4.2</u></u> | <u><u>Series 2024-2 Accounts</u></u> | 11<u>15</u> |
| <u><u>Section 4.3</u></u> | <u><u>Trustee as Securities Intermediary</u></u> | 13<u>17</u> |
| <u><u>Section 4.4</u></u> | <u>Class A/B/C/D <u>Demand Notes</u></u> | 15<u>18</u> |
| <u>Section 4.5</u> | <u>Class E Demand Notes</u> | <u>19</u> |
| <u><u>Section</u></u> <u>4.5</u><u>4.6</u> | <u><u>Subordination</u></u> | 15<u>19</u> |
| <u><u>Section</u></u> <u>4.6</u><u>4.7</u> | <u><u>Duty of the Trustee</u></u> | 15<u>19</u> |
| <u><u>Section</u></u> <u>4.7</u><u>4.8</u> | <u><u>Representations of the Trustee</u></u> | 15<u>19</u> |
| <u><u>Article V PRIORITY OF PAYMENTS</u></u> | <u><u>Article V PRIORITY OF PAYMENTS</u></u> | 15<u>20</u> |
| <u><u>Section 5.1</u></u> | <u><u>[Reserved].</u></u> | 15<u>20</u> |
| <u><u>Section 5.2</u></u> | <u><u>Collections Allocation.</u></u> | 15<u>20</u> |
| <u><u>Section 5.3</u></u> | <u><u>Application of Funds in the Series 2024-2 Interest Collection Account</u></u> | 16<u>20</u> |
| <u><u>Section 5.4</u></u> | <u><u>Application of Funds in the Series 2024-2 Principal Collection Account</u></u> | 17<u>21</u> |
| <u><u>Section 5.5</u></u> | <u><u>Class A/B/C/D Reserve Account Withdrawals</u></u> | 18<u>23</u> |
| <u>Section 5.6</u> | <u>Class E Reserve Account Withdrawals</u> | <u>23</u> |
| <u><u>Section</u></u> <u>5.6</u><u>5.7</u> | <u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u></u> | 19<u>24</u> |
| <u>Section 5.8</u> | <u>Class E Letters of Credit and Class E Demand Notes</u> | <u>27</u> |
| <u><u>Section</u></u> <u>5.7</u><u>5.9</u> | <u><u>Past Due Rental Payments</u></u> | 22<u>29</u> |
| <u><u>Section</u></u> <u>5.8</u><u>5.10</u> | <u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u></u> | 22<u>30</u> |
| <u>Section 5.11</u> | <u>Class E Letters of Credit and Class E L/C Cash Collateral Account</u> | <u>33</u> |
| <u><u>Section</u></u> <u>5.9</u><u>5.12</u> | <u><u>Certain Instructions to the Trustee</u></u> | 25<u>36</u> |
| <u><u>Section</u></u> <u>5.10</u><u>5.13</u> | <u><u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u></u> | 25<u>36</u> |
| <u><u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u></u> | <u><u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u></u> | 26<u>36</u> |
| <u><u>Section 6.1</u></u> | <u><u>Representations and Warranties</u></u> | 26<u>36</u> |
| <u><u>Section 6.2</u></u> | <u><u>Covenants</u></u> | 26<u>37</u> |
| <u><u>Section 6.3</u></u> | <u><u>Closing Conditions</u></u> | 28<u>38</u> |
| <u><u>Section 6.4</u></u> | <u><u>Further Assurances</u></u> | 28<u>38</u> |
| <u><u>Article VII AMORTIZATION EVENTS</u></u> | <u><u>Article VII AMORTIZATION EVENTS</u></u> | 29<u>39</u> |
| <u><u>Section 7.1</u></u> | <u><u>Amortization Events</u></u> | 29<u>39</u> |
| <u><u>Article VIII SUBORDINATION OF NOTES</u></u> | <u><u>Article VIII SUBORDINATION OF NOTES</u></u> | 31<u>42</u> |
| <u><u>Section 8.1</u></u> | <u><u>Subordination of Class B Notes</u></u> | 31<u>42</u> |

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(i) **TABLE OF CONTENTS**<br> (continued)

**Page**

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| | | |
|:---|:---|:---|
| <u><u>Section 8.2</u></u> | <u><u>Subordination of Class C Notes</u></u> | 31<u>42</u> |
| <u><u>Section 8.3</u></u> | <u><u>Subordination of Class D Notes</u></u> | 31<u>42</u> |
| <u><u>Section 8.4</u></u> | <u><u>Subordination of Class E Notes</u></u> | 32<u>43</u> |
| <u><u>Section 8.5</u></u> | <u><u>When Distribution Must be Paid Over</u></u> | 32<u>43</u> |
| <u><u>Article IX GENERAL</u></u> | <u><u>Article IX GENERAL</u></u> | 32<u>43</u> |
| <u><u>Section 9.1</u></u> | <u><u>Optional Redemption of the Series 2024-2 Notes</u></u> | 32<u>43</u> |
| <u><u>Section 9.2</u></u> | <u><u>Information</u></u> | 33<u>44</u> |
| <u><u>Section 9.3</u></u> | <u><u>Confidentiality</u></u> | 33<u>44</u> |
| <u><u>Section 9.4</u></u> | <u><u>Ratification of Base Indenture</u></u> | 33<u>44</u> |
| <u><u>Section 9.5</u></u> | <u><u>Notice to the Rating Agencies</u></u> | 34<u>44</u> |
| <u><u>Section 9.6</u></u> | <u><u>Third Party Beneficiary</u></u> | 34<u>45</u> |
| <u><u>Section 9.7</u></u> | <u><u>Execution in Counterparts; Electronic Execution</u></u> | 34<u>45</u> |
| <u><u>Section 9.8</u></u> | <u><u>Governing Law</u></u> | 34<u>45</u> |
| <u><u>Section 9.9</u></u> | <u><u>Amendments</u></u> | 34<u>45</u> |
| <u><u>Section 9.10</u></u> | <u><u>Administrator to Act on Behalf of HVF III</u></u> | 36<u>47</u> |
| <u><u>Section 9.11</u></u> | <u><u>Successors</u></u> | 37<u>48</u> |
| <u><u>Section 9.12</u></u> | <u><u>Termination of Series Supplement</u></u> | 37<u>48</u> |
| <u><u>Section 9.13</u></u> | <u><u>Electronic Execution</u></u> | 37<u>48</u> |
| <u><u>Section 9.14</u></u> | <u><u>Additional UCC Representations</u></u> | 37<u>48</u> |
| <u><u>Section 9.15</u></u> | <u><u>Notices</u></u> | 38<u>49</u> |
| <u><u>Section 9.16</u></u> | <u><u>Submission to Jurisdiction</u></u> | 38<u>49</u> |
| <u><u>Section 9.17</u></u> | <u><u>Waiver of Jury Trial</u></u> | 39<u>50</u> |
| <u>Section 9.18</u> | <u>Issuance of Class E Notes</u> | 39<u>50</u> |
| <u><u>Section</u></u> <u>9.19</u><u>9.18</u> | <u><u>Trustee Obligations under the Retention Requirements</u></u> | 41<u>52</u> |
| <u>**Schedule I**</u> **<u>TO THE SERIES 2024-2 SUPPLEMENT</u>** | <u>**Schedule I**</u> **<u>TO THE SERIES 2024-2 SUPPLEMENT</u>** | **44** **<u>55</u>** |
| <u>**Schedule II**</u> **<u>TO THE SERIES 2024-2 SUPPLEMENT</u>** | <u>**Schedule II**</u> **<u>TO THE SERIES 2024-2 SUPPLEMENT</u>** | **85** **<u>100</u>** |

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(ii) **TABLE OF CONTENTS**<br> (continued)

**Page**

EXHIBITS AND SCHEDULES

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| | |
|:---|:---|
| Schedule I<br> Schedule II | List of Defined Terms<br> Monthly Noteholders' Statement Information |
| Exhibit A-1-1<br> Exhibit A-1-2<br> Exhibit A-2-1<br> Exhibit A-2-2<br> Exhibit A-3-1<br> Exhibit A-3-2<br> Exhibit A-4-1<br> Exhibit A-4-2<br> <u>Exhibit A-5</u><br> Exhibit B-1<br> Exhibit B-2<br> <u>Exhibit B-3</u><br> <u>Exhibit B-4</u><br> <u>Exhibit C-1</u><br> Exhibit C<u>-2</u><br> Exhibit D<br> Exhibit E-1<br> Exhibit E-2<br> <u>Exhibit E-3</u><br> Exhibit F<u>-1</u><br> <u>Exhibit F-2</u>  | Form of Series 2024-2 144A Global Class A Note<br> Form of Series 2024-2 Regulation S Global Class A Note<br> Form of Series 2024-2 144A Global Class B Note<br> Form of Series 2024-2 Regulation S Global Class B Note<br> Form of Series 2024-2 144A Global Class C Note<br> Form of Series 2024-2 Regulation S Global Class C Note<br> Form of Series 2024-2 144A Global Class D Note<br> Form of Series 2024-2 Regulation S Global Class D Note<br> <u>Form of Series 2024-2 144A Global Class E Note</u><br> Form of Demand Notice<br> Form of Class A/B/C/D Demand Note<br> <u>Form of Class E Demand Notice</u><br> <u>Form of Class E Demand Note</u><br> Form of Reduction Notice Request Class A/B/C/D Letter of Credit<br> <u>Form of Reduction Notice Request Class E Letter of Credit</u><br> Form of Lease Payment Deficit Notice<br> <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u><br> Form of Transfer Certificate from 144A Global Note to Regulation S Global Note<br> Form of Transfer Certificate from Regulation S Global Note to 144A Global Note<br> Form of Class A/B/C/D Letter of Credit<br> <u>Form of Class E Letter of Credit</u> |

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(iii) SERIES 2024-2 SUPPLEMENT, dated as of July 26, 2024 ("<u>Series 2024-2 Supplement</u>"), among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as may be further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS, Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture provides, among other things, that HVF III and the Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or more Series of Notes;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2024-2 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2024-2 Noteholders;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2024-2 Supplement, and such Series of Notes is hereby designated as Series 2024-2 Rental Car Asset Backed Notes.

On the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date, the following classes of Series 2024-2 Rental Car Asset Backed Notes shall be<u>were</u> issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-2 5.48% Rental
 Car Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-2 6.21% Rental
 Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-2 6.70% Rental
 Car Asset Backed Notes, Class C (as referred to herein, the " <u>Class C Notes</u> ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2024-2 9.41% Rental
 Car Asset Backed Notes, Class D (as referred to herein, the " <u>Class D Notes</u> ").

Subsequent to the Series 2024-2 Closing Date, HVF III may on any date during the Series 2024-2 Revolving Period offer and sell additional Series 2024-2 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2024-2 Supplement, which, if issued, shall be designated as the Series 2024-2 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "<u>Class E Notes</u>".

<u>On the Class E Notes Closing Date, the Series 2024-2 11.99% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u>

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2024-2 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**

**DEFINITIONS AND CONSTRUCTION**

**Section 1.01 <u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2024-2 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2024-2 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2024-2 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02 <u>Rules of Construction</u>**. In this Series 2024-2 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document), as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2024-2 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2024-2 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**

**INITIAL ISSUANCE OF SERIES 2024-2 NOTES; FORM OF SERIES 2024-2 NOTES**

**Section 2.01 <u>Initial Issuance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance</u> <u>of the Class A/B/C/D Notes</u>. On the terms and conditions set forth in this Series 2024-2 Supplement, HVF III shall issue<u>issued</u>, and shall cause<u>caused</u> the Trustee to authenticate, the initial Class A/B/C/D Notes on the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date. Such Class A/B/C/D Notes shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, with respect to each Class of Series 2024-2 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, with respect to each Class of Series 2024-2 Notes, the interest rate set forth in the definition of Note Rate for such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have, with respect to each Class of Series 2024-2 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by DBRS and Moody's and, with respect to the Class D Notes, by DBRS and Moody's, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be duly<u>were</u> authenticated in accordance with the provisions of the Base Indenture and this Series 2024-2 Supplement <u>on the Class E Notes Closing Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2024-2 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Notes Closing Date. Such Class E Notes shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2024-2 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (b) <u>Form of the</u> <u>Class A/B/C/D</u><u>Series 2024-2</u> <u>Notes</u>. The Class A/B/C/D Notes will be<u>were</u> offered and sold by HVF III on the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be<u>were</u> resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2024-2 Related Document to the contrary, the initial Payment Date with respect to the Series 2024-2<u>Class A/B/C/D</u> Notes shall be<u>was</u> August 26, 2024 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>144A Global Notes</u>. Each Class of the Class A/B/C/D<u>Series 2024-2</u> Notes offered and sold in their initial distribution on the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date in <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable, in</u> reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to this Series 2024-2 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-1</u> to this Series 2024-2 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to this Series 2024-2 Supplement and<u>,</u> with respect to the Class D Notes in <u>Exhibit A-4-1</u> <u>to this Series 2024-2 Supplement, and with respect to the Class E Notes in Exhibit A-5</u> to this Series 2024-2 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "<u>144A Global Notes</u>"). The <u>Solely</u> <u>with respect to the Class A/B/C/D Notes</u><u>, the</u> aggregate principal amount of the<u>such</u> 144A Global Notes<u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2024-2 Notes as shall be specified in the schedule attached thereto, and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2024-2 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2024-2 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2024-2 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by Section 2.2 (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C/D Notes offered and sold on the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to this Series 2024-2 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to this Series 2024-2 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to this Series 2024-2 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-2</u> to this Series 2024-2 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2024-2 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2024-2 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2024-2 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2024-2 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02 <u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note wishes at any time to exchange its interest in such 144A Global Note <u>(other than a Class E Global Note)</u> for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-1</u><u>-3</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-2</u><u>-4</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes <u>and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or Class D Global Notes <u>or Class E Global Notes</u>, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer or any other person treated<u>OF SUCH NOTE</u> as the Issuer<u>DETERMINED</u> for U.S. federal income tax purposes <u>OR ANY OTHER AFFILIATE THEREOF</u>) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES (UNLESS A STATUTORY OR ADMINISTRATIVE EXEMPTION APPLIES (ALL OF THE APPLICABLE CONDITIONS OF WHICH ARE SATISFIED) OR THE TRANSACTION IS NOT OTHERWISE PROHIBITED), AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>{xe "ERISA"}"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>{xe "Internal Revenue Code"}"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, <u>OR</u> (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>{xe "Similar Law"}") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u> <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer</u> <u>or any other person treated</u> <u>as the Issuer for U.S. federal income tax purposes)</u> <u>AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2024-2 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO*.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>Note,</u> Class D Note, <u>or Class E Note</u> as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, <u>or</u> (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(p)</u> <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(r)</u> <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03 <u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D<u>Series 2024-2</u> Notes other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04 <u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2024-2 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05 <u>Required Series Noteholders</u>**(a) . In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2024-2 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2024-2 Notes.

**Section 2.06 <u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2024-2 Noteholder (and any Note Owner of any Series 2024-2 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2024-2 Note or an interest in such Series 2024-2 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2024-2 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2024-2 Noteholder and Note Owner of any Series 2024-2 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2024-2 Noteholder (or Note Owner of such Series 2024-2 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2024-2 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2024-2 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2024-2 Noteholder or Note Owner of a Series 2024-2 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2024-2 Notes.

**Article III**

**INTEREST AND INTEREST RATES**

**Section 3.01 <u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2024-2 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**

**SERIES-SPECIFIC COLLATERAL**

**Section 4.01 <u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2024-2 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2024-2 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2024-2 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2024-2 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2024-2 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2024-2 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2024-2 Account are referred to, collectively, as the "<u>Series 2024-2 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02 <u>Series 2024-2 Accounts</u>**. With respect to the Series 2024-2 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2024-2 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2024-2 Noteholders three<u>four</u> securities accounts: the Series 2024-2 Principal Collection Account (such account, the "<u>Series 2024-2 Principal Collection Account</u>"), the Series 2024-2 Interest Collection Account (such account, the "<u>Series 2024-2 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2024-2 Reserve Account")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) or <u>Section</u> <u>5.8</u><u>5.10</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2024-2<u>Class A/B/C/D</u> Noteholders<u>,</u> the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>On prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2024-2 Noteholders the Series 2024-2 Distribution Account (the "<u>Series 2024-2 Distribution Account</u>", and together with the Series 2024-2 Principal Collection Account, the Series 2024-2 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2024-2 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2024-2 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2024-2 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2024-2 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2024-2 Account shall be an Eligible Account. If any Series 2024-2 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2024-2 Account is no longer an Eligible Account, establish a new Series 2024-2 Account for such non-qualifying Series 2024-2 Account that is an Eligible Account, and if a new Series 2024-2 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2024-2 Account into such new Series 2024-2 Account. Initially, each of the Series 2024-2 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2024-2 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2024-2 Account (other than the Series 2024-2 Distribution Account) to invest funds on deposit in such Series 2024-2 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary, and Permitted Investments shall be credited to the applicable Series 2024-2 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2024-2 Principal Collection Account, the Series 2024-2 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2024-2 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2024-2 Accounts</u>. With respect to each Series 2024-2 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2024-2 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2024-2 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2024-2 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2024-2 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2024-2 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2024-2 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro</u> <u>rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon the termination of this Series 2024-2 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2024-2 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall withdraw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03 <u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2024-2 Account, the Trustee or other Person maintaining such Series 2024-2 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC) and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC) (the Trustee acting in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2024-2 Account. If the Securities Intermediary in respect of any Series 2024-2 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2024-2 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2024-2 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2024-2 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2024-2 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2024-2 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2024-2 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2024-2 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2024-2 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC), and the Series 2024-2 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2024-2 Supplement, will not enter into, any agreement with any other Person relating to the Series 2024-2 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2024-2 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2024-2 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2024-2 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2024-2 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2024-2 Accounts and in all Proceeds thereof, and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) in respect of the Series 2024-2 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2024-2 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2024-2 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2024-2 Account by crediting such Series 2024-2 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2024-2 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2024-2 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2024-2 Account is deemed not to constitute a securities account.

**Section 4.04 <u>Class A/B/C/D</u> <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2024-2<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class A/B/C/D Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2024-2 Controlling Class.

<u>Section 4.5</u> <u>**Class E Demand Notes**.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2024-2 Controlling Class.</u>

<u>Section 4.6</u> **<u>Section 4.5</u>** **<u>Subordination</u>**. The Series-Specific 2024-2 Collateral has been pledged to the Trustee to secure the Series 2024-2 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2024-2 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2024-2 Notes, and no Noteholder of any Series of Notes other than the Series 2024-2 Notes will have any right, title or interest in, to or under the Series-Specific 2024-2 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2024-2 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2024-2 Notes, then the Series 2024-2 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2024-2 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

<u>Section 4.7</u> **<u>Section 4.6</u>** **<u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2024-2 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2024-2 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2024-2 Collateral now existing or hereafter created.

<u>Section 4.8</u> **<u>Section 4.7</u>** **<u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**

**PRIORITY OF PAYMENTS**

Section 5.1 **Section 5.01 <u>[Reserved].</u> Section 5.02 <u>Collections Allocation.</u>** Subject to the Past Due Rental Payments Priorities, on each Series 2024-2 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2024-2 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2024-2 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2024-2 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2024-2 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2024-2 Principal Collection Account.

**Section 5.03 <u>Application of Funds in the Series 2024-2 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2024-2 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2024-2 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6 (*Class E Reserve Account Withdrawals*), and 5.7 (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and 5.8 (*Class E Letters of Credit and Class E Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2024-2 Interest Collection Account):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2024-2 Distribution Account to pay to the Administrator the Series 2024-2 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2024-2 Distribution Account to pay the Trustee the Series 2024-2 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2024-2 Noteholders, the Series 2024-2 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2024-2 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2024-2 Distribution Account to pay the Persons to whom the Series 2024-2 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro</u> <u>rata</u> basis (based on the amount owed to each such Person), such Series 2024-2 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2024-2 Distribution Account to pay the Class A Noteholders on a <u>pro</u> <u>rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2024-2 Distribution Account to pay the Class B Noteholders on a <u>pro</u> <u>rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2024-2 Distribution Account to pay the Class C Noteholders on a <u>pro</u> <u>rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2024-2 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2024-2 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2024-2 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2024-2 Distribution Account to pay to the Administrator the Series 2024-2 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2024-2 Distribution Account to pay to the Trustee the Series 2024-2 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2024-2 Distribution Account to pay the Persons to whom the Series 2024-2 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro</u> <u>rata</u> basis (based on the amount owed to each such Person), such Series 2024-2 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2024-2 Rapid Amortization Period, for deposit into the Series 2024-2 Principal Collection Account up to the amount necessary to pay the Series 2024-2 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2024-2 Principal Collection Account any remaining amount.

**Section 5.04 <u>Application of Funds in the Series 2024-2 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2024-2 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6 (*Class E Reserve Account Withdrawals*), 5.7 (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and 5.8 (*Class E Letters of Credit and Class E Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2024-2 Principal Collection Account on such date):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2024-2 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2024-2 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*(c))); <u>and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2024-2 Interest Collection Account*));</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2024-2 Notes, then for deposit into the Series 2024-2 Distribution Account to be paid on such date, <u>pro</u> <u>rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2024-2 Controlled Amortization Period, then for deposit into the Series 2024-2 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro</u> <u>rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro</u> <u>rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro</u> <u>rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro</u> <u>rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro</u> <u>rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2024-2 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2024-2 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro</u> <u>rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro</u> <u>rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro</u> <u>rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro</u> <u>rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2024-2 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro</u> <u>rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro</u> <u>rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro</u> <u>rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro</u> <u>rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro</u> <u>rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2024-2 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2024-2 Principal Collection Account.

**Section 5.05 <u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2024-2 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2024-2 Interest Collection Account an amount equal to the excess, if any, of the Series 2024-2 Payment Date Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date over the Series 2024-2 Payment Date Available Interest Amount for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2024-2 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2024-2 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2024-2 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

<u>Section 5.6</u> <u>**Class E Reserve Account Withdrawals**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (*Application of Funds in the Series 2024-2 Interest Collection Account*) and 5.4 (*Application of Funds in the Series 2024-2 Principal Collection Account*)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2024-2 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2024-2 Payment Date Available Interest Amount solely</u> <u>with respect to the Class E Notes</u> <u>for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2024-2 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2024-2 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2024-2 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>Section 5.7</u> **<u>Section 5.6</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2024-2 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2024-2 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2024-2 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2024-2 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2024-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2024-2 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2024-2 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2024-2 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2024-2 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2024-2 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2024-2 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2024-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2024-2 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2024-2 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2024-2 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2024-2 Principal Collection Account on such date. <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2024-2 Supplement (other than pursuant to <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw on such Class A/B/C/D Letter of Credit.

<u>Section 5.8</u> <u>**Class E Letters of Credit and Class E Demand Notes**.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2024-2 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2024-2 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2024-2 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2024-2 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2024-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2024-2 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2024-2 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2024-2 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2024-2 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2024-2 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2024-2 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2024-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2024-2 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2024-2 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2024-2 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2024-2 Principal Collection Account on such date. Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2024-2 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

<u>Section 5.9</u> **<u>Section 5.7</u>** **<u>Past Due Rental Payments</u>**. On each Series 2024-2 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2024-2 Past Due Rent Payments and deposit such amount into the Series 2024-2 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2024-2 Interest Collection Account and apply the Series 2024-2 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2024-2 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro</u> <u>rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2024-2 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2024-2 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2024-2 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2024-2 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2024-2 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2024-2 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2024-2 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2024-2 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2024-2 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2024-2 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2024-2 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>and second, if the occurrence of such Series 2024-2 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2024-2 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2024-2 Principal Collection Account.

<u>Section 5.10</u> **<u>Section 5.8</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-2 Asset Amount would be less than the Series 2024-2 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2024-2 Adjusted Asset Coverage Threshold Amount over the Series 2024-2 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2024-2 Adjusted Asset Coverage Threshold Amount over the Series 2024-2 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C</u>-1 hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; <u>provided</u>, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>Section 5.11</u> <u>**Class E Letters of Credit and Class E L/C Cash Collateral Account**.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

<u>Section 5.12</u> **<u>Section 5.9</u>** **<u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2024-2 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2024-2 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

<u>Section 5.13</u> **<u>Section 5.10</u>** **<u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2024-2 Account required to be given by HVF III, at the time specified herein or in any other Series 2024-2 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2024-2 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2024-2 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2024-2 Notes required to be given by HVF III, at the time specified in this Series 2024-2 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as available,</u> with respect to such Class of Series 2024-2 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letter of Credit, as applicable</u>.

**Article VI**

**REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING<br> CONDITIONS**

**Section 6.01 <u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2024-2 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2024-2 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2024-2 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2024-2 Related Documents to which it is a party as of the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2024-2 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02 <u>Covenants</u>**. Each of HVF III and the Administrator each severally covenants and agrees that, until the Series 2024-2 Notes have been paid in full, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2024-2 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2024-2 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2024-2 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2024-2 Third-Party Market Value Procedures</u>. Comply with the Series 2024-2 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2025 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2024-2 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date, within one hundred twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2024-2 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2024-2 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2024-2 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03 <u>Closing Conditions</u>**. The effectiveness of this Series 2024-2 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04 <u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2024-2 Collateral on behalf of the Series 2024-2 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2024-2 Permitted Liens) and to carry into effect the purposes of this Series 2024-2 Supplement or the other Series 2024-2 Related Documents or to better assure and confirm unto the Trustee or the Series 2024-2 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2024-2 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2024-2 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2024-2 Supplement, if any amount payable under or in connection with any of the Series-Specific 2024-2 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2024-2 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2024-2 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**

**AMORTIZATION EVENTS**

**Section 7.01 <u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2024-2 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2024-2 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2024-2 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2024-2 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2024-2 Permitted Liens) or (ii) other than as a result of a Series 2024-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2024-2 Permitted Liens) or (ii) other than as a result of a Series 2024-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2024-2 Permitted Liens) or (ii) other than as a result of a Series 2024-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2024-2 Permitted Liens) or (ii) other than as a result of a Series 2024-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2024-2 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2024-2 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2024-2 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2024-2 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2024-2 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2024-2 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2024-2 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2024-2 Noteholders and continues to materially and adversely affect the interests of the Series 2024-2 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2024-2 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2024-2 Related Document is false and such false representation materially and adversely affects the interests of the Series 2024-2 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2024-2 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*), an "<u>Amortization Event</u>" with respect to the Series 2024-2 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2024-2 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*), so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2024-2 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2024-2 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2024-2 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2024-2 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2024-2 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2024-2 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2024-2 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**

**SUBORDINATION OF NOTES**

**Section 8.01 <u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2024-2 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2024-2 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2024-2 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02 <u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2024-2 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2024-2 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2024-2 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03 <u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2024-2 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2024-2 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2024-2 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04 <u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2024-2 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

**Section 8.05 <u>When Distribution Must be Paid Over</u>**. In the event that any Series 2024-2 Noteholder (or Series 2024-2 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2024-2 Notes at a time when such Series 2024-2 Noteholder (or Series 2024-2 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2024-2 Noteholder (or Series 2024-2 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**

**GENERAL**

**Section 9.01 <u>Optional Redemption of the Series 2024-2 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2024-2</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (*Application of Funds in the Series 2024-2 Principal Collection Account*); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2024-2</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2024-2 Notes with respect to such Class of Series 2024-2 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2024-2</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2024-2 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2024-2 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2024-2 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2024-2 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2024-2 Noteholders of the Class of Series 2024-2 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02 <u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth (4<sup>th</sup>) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2024-2 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2024-2 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2024-2 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2024-2 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2024-2 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03 <u>Confidentiality</u>**. The Trustee and each Series 2024-2 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2024-2 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2024-2 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2024-2 Notes in accordance with the requirements of this Series 2024-2 Supplement to which such person sells or offers to sell any such interest in the Series 2024-2 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2024-2 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2024-2 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2024-2 Notes, this Series 2024-2 Supplement or any other document relating to the Series 2024-2 Notes.

**Section 9.04 <u>Ratification of Base Indenture</u>**. As supplemented by this Series 2024-2 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2024-2 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05 <u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2024-2 Noteholders delivered to the Trustee pursuant to this Series 2024-2 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2024-2 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2024-2 Notes. HVF III will provide each Rating Agency rating the Series 2024-2 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06 <u>Third Party Beneficiary</u>**. Nothing in this Series 2024-2 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2024-2 Supplement.

**Section 9.07 <u>Execution in Counterparts; Electronic Execution</u>**. This Series 2024-2 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2024-2 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2024-2 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08 <u>Governing Law</u>**. THIS SERIES 2024-2 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2024-2 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09 <u>Amendments</u>**. This Series 2024-2 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2024-2 Noteholders</u>. Without the consent of any Series 2024-2 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2024-2 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2024-2 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2024-2 Notes in addition to certificated Series 2024-2 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2024-2 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2024-2 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2024-2 Supplement to the terms of the offering document(s) for the Series 2024-2 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2024-2 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2024-2 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to effect any other amendment that does not materially adversely affect the interests of the Series 2024-2 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2024-2 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2024-2 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2024-2 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2024-2 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2024-2 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2024-2 Noteholders, (ii) in the case of an amendment or modification, the Series 2024-2 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2024-2 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2024-2 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2024-2 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 2024-2 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2024-2 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2024-2 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2024-2 Noteholders affected by such amendment, modification or waiver and upon notice to DBRS, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2024-2 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2024-2 Supplement or otherwise reduce the percentage of Series 2024-2 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2024-2 Note (or reduce the principal amount of or rate of interest on any Series 2024-2 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2024-2 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D <u>Reserve Account Withdrawals</u>*<u>), Section 5.6 (*Class E*</u> *Reserve Account Withdrawals),* <u>Section 7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2024-2 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section 9.19</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2024-2 Supplement or that pursuant to the Series 2024-2 Related Documents expressly requires the consent of 100% of the Series 2024-2 Noteholders or each Series 2024-2 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2024-2 Supplemental Indentures</u>. Each amendment or other modification to this Series 2024-2 Supplement shall be set forth in a Series 2024-2 Supplemental Indenture. The initial effectiveness of each Series 2024-2 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2024-2 Supplemental Indenture is authorized or permitted by this Series 2024-2 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2024-2 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2024-2 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2024-2 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2024-2 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2024-2 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10 <u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2024-2 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2024-2 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2024-2 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2024-2 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2024-2 Supplement and the Related Documents.

**Section 9.11 <u>Successors</u>**. All agreements of HVF III in this Series 2024-2 Supplement and with respect to the Series 2024-2 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2024-2 Supplement or any Series 2024-2 Note. All agreements of the Trustee in this Series 2024-2 Supplement shall bind its successor.

**Section 9.12 <u>Termination of Series Supplement</u>**. This Series 2024-2 Supplement shall cease to be of further effect when (i) all Outstanding Series 2024-2 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2024-2 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13 <u>Electronic Execution</u>**. This Series 2024-2 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14 <u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2024-2 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2024-2 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2024-2 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2024-2 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2024-2 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2024-2 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2024-2 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15 <u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16 <u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2024-2 Supplement, the Series 2024-2 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2024-2 Supplement, the Series 2024-2 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2024-2 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17 <u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2024-2 SUPPLEMENT, THE SERIES 2024-2 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18 Issuance of Class E Notes</u>. No Class E Notes shall be issued on the Series 2024-2 Closing Date. On any date during the Series 2024-2 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2024-2 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2024-2 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "<u>Proposed Class E Notes</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2024-2 Notes, Series 2024-2 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2024-2 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2024-2 Supplement and any Series 2024-2 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2024-2 Supplement or any Series 2024-2 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2024-2 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2024-2 Supplement that expressly require the consent of each Noteholder or Series 2024-2 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2024-2 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2024-2 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not or, upon satisfaction of the Series 2024-2 Rating Agency Condition, should not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2024-2 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2024-2 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2024-2 Supplement and/or any other Series 2024-2 Related Document.

<u>Section 9.18</u> **<u>Section 9.19</u>** **<u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2024-2 Noteholder or any other party for violation of such rules now or hereafter in effect.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2024-2 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | President and Treasurer |
| THE HERTZ CORPORATION, as Administrator | THE HERTZ CORPORATION, as Administrator |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | Senior Vice President and Treasurer |

---

*Signature Page to HVF III Series 2024-2 Supplement*

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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*Signature Page to HVF III Series 2024-2 Supplement*

Schedule I<br> TO THE SERIES 2024-2 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>d</u><u>e</u><u>)</u> (*Initial Issuance*) of this Series 2024-2 Supplement.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2024-2 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2024-2 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2024-2 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2024-2 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2024-2 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2024-2 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2024-2 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2024-2 Distribution Account and paid to the Series 2024-2 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2024-2 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2024-2 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2024-2 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2024-2 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2024-2 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)", (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2024-2 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1", (iii) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2024-2 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (iv) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2024-2 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2024-2 Accounts*) of this Series 2024-2 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2024-2 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2024-2 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2024-2 Noteholders or (ii) if issued after the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2024-2 Supplement, that satisfies the Series 2024-2 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2024-2 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2024-2 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means July 26, 2024.</u>

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2024-2 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2024-2 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C/D Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated July 16, 2024, by and among HVF III, Hertz, RBC Capital Markets, LLC, BofA Securities, Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, as representatives of several initial purchasers set forth on Schedule I thereto (collectively, the "<u>Initial Purchasers</u>") of the Class A/B/C/D Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 4.00% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-2 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-2 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2024-2 Accounts*) of this Series 2024-2 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2024-2 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2024-2 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2024-2 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2024-2 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2024-2 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2024-2 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2024-2 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2024-2 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2024-2 Controlled Amortization Period and any Class of Series 2024-2 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2024-2 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2024-2 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2024-2 Notes during the Series 2024-2 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2024-2 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2024-2 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1</u> or <u>Exhibit A-4-2</u> to this Series 2024-2 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2024-2 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Coverage Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u>

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2024-2 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2024-2 Supplement.<u>means, as of any date of determination, the Series 2024-2 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2024-2 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> <u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.</u>

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2024-2 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2024-2 Distribution Account and paid to the Series 2024-2 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2024-2 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2024-2 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2024-2 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2024-2 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2024-2* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2024-2 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2024-2 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2024-2 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2024-2 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2024-2 Supplement, that satisfies</u> <u>the Series 2024-2 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2024-2 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2024-2 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2024-2 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E Notes</u>" has the meaning specified in the Preamble <u>means any one of</u> <u>the Series 2024-2 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2024-2 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2024-2 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 6.75% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the excess, if any, of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Required Liquid Enhancement Amount over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,</u>

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the excess, if any, of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Asset Amount, in each case as of such date.</u>

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2024-2 Accounts*) of this Series 2024-2 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2024-2 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2024-2 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2024-2 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2024-2 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2024-2 Notes, the amount set forth in the following table:

---

| | |
|:---|:---|
| **Class** | **Initial Principal Amount** |
| &nbsp;&nbsp;A | $256875000 |
| &nbsp;&nbsp;B | $37500000 |
| &nbsp;&nbsp;C | $50625000 |
| &nbsp;&nbsp;D | $30000000 |
| &nbsp;&nbsp;<u><u>E</u></u> | $<u>18099000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2024-2 Interest Period (a) with respect to the initial Series 2024-2 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 30/360, and (b) with respect to each Series 2024-2 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2024-2 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2024-2 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2024-2 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Corresponding DBRS Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DBRS** | &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;AA(H) | &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;AA(L) | &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- |
| &nbsp;&nbsp;A(H) | &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ |
| &nbsp;&nbsp;A | &nbsp;&nbsp;A2 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A(L) | &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- |
| &nbsp;&nbsp;BBB(H) | &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;BBB(L) | &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- |
| &nbsp;&nbsp;BB(H) | &nbsp;&nbsp;Ba1 | &nbsp;&nbsp;BB+ |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;BB(L) | &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- |
| &nbsp;&nbsp;B-High | &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ |
| &nbsp;&nbsp;B | &nbsp;&nbsp;B2 | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B(L) | &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- |
| &nbsp;&nbsp;CCC(H) | &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ |
| &nbsp;&nbsp;CCC | &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;CCC(L) | &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- |

---

"<u>DBRS</u>" means DBRS, Inc. or any successor thereto.

"<u>DBRS Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom DBRS does not maintain a public Relevant DBRS Rating as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person has an Equivalent Rating
 Agency Rating from three of the Equivalent Rating Agencies as of such date, then the median
 of the Corresponding DBRS Ratings for such Person as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person has an Equivalent Rating
 Agency Rating from only two of the Equivalent Rating Agencies as of such date, then the lower
 Corresponding DBRS Rating for such Person as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person has an Equivalent Rating
 Agency Rating from only one of the Equivalent Rating Agencies as of such date, then the Corresponding
 DBRS Rating for such Person as of such date.

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Equivalent Rating Agency</u>" means each of DBRS, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2024-2 Notes, the Payment Date in January 2030.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2024-2 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2024-2 Notes, the Payment Date in January 2031.

"<u>Majority Series 2024-2 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2024-2 Noteholders</u>" means Series 2024-2 Noteholders holding more than 50% of the Series 2024-2 Principal Amount (excluding any other Series 2024-2 Notes held by HVF III or any Affiliate of HVF III (other than Series 2024-2 Notes held by an Affiliate Issuer)). The Majority Series 2024-2 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2024-2 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2024-2 Notes, the date that is six months prior to the commencement of the Series 2024-2 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D<u>Series 2024-2</u> Note on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2024-2</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, <u>(a)</u> with respect to each Class of Series 2024-2 Notes issued on the Series 2024-2 Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 11.99%</u>:

---

| | |
|:---|:---|
| **Class** | **Note Rate** |
| &nbsp;&nbsp;A | 5.48% |
| &nbsp;&nbsp;B | 6.21% |
| &nbsp;&nbsp;C | 6.70% |
| &nbsp;&nbsp;D | 9.41% |

---

"<u>Outstanding</u>" means with respect to the Series 2024-2 Notes (or any Class of Series 2024-2 Notes), all Series 2024-2 Notes (or Series 2024-2 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2024-2 Supplement, <u>except</u> (a) Series 2024-2 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2024-2 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2024-2 Distribution Account and are available for payment in full of such Series 2024-2 Notes, and Series 2024-2 Notes that are considered paid pursuant to <u>Section 8.1</u> (*Payment of Notes*) of the Base Indenture, and (c) Series 2024-2 Notes in exchange for or in lieu of other Series 2024-2 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2024-2 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2024-2 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2024-2 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2024-2 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2024-2 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2024-2 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment
 of which are to be made by or is fully guaranteed by the United States of America other than
 financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in,
 or certificates of deposit issued by, any depositary institution or trust company incorporated
 under the laws of the United States of America or any state thereof whose short-term debt
 is rated "P-1" by Moody's and "A-1+" by S&P and subject
 to supervision and examination by Federal or state banking or depositary institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment
 and (y) the time of the contractual commitment to invest therein, the certificates of
 deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than
 such obligation whose rating is based on collateral or on the credit of a Person other than
 such institution or trust company) of such depositary institution or trust company shall
 have a credit rating from S&P of "A-1+" and a credit rating from Moody's
 of "P-1" in the case of certificates of deposit or short-term deposits, or a
 rating from S&P not lower than "AA" and a rating from Moody's not lower
 than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier
 of (x) the time of the investment and (y) the time of the contractual commitment
 to invest therein, a rating from S&P of "A-1+" and a rating from Moody's
 of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by
 any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated
 "AAAm" by S&P and "Aaa-mf" by Moody's, or otherwise approved
 in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar time deposits having a credit
 rating from S&P of "A-1+" and a credit rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any
 of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above
 and the certificates of deposit described in <u>clause (ii)</u> above which are entered
 into with a depository institution or trust company, having a commercial paper or short-term
 certificate of deposit rating of "A-1+" by S&P and "P-1" by Moody's;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other instruments or securities,
 if each Rating Agency then rating any outstanding Class of Series 2024-2 Notes
 at the request of HVF III will not have advised in writing that the investment in such instruments
 or securities will result in the reduction or withdrawal of its then-current rating of such
 outstanding Class of Series 2024-2 Notes.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2024-2 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2024-2 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2024-2 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(b)</u> (*Initial Issuance*) of this Series 2024-2 Supplement.

"<u>Rating Agencies</u>" means (i) with respect to the Class A Notes the Class B Notes and the Class C Notes, DBRS and Moody's, (ii) with respect to the Class D Notes <u>and the Class E Notes</u>, DBRS and Moody's, and (iii) with respect to any Class of Series 2024-2 Notes, any other nationally recognized rating agency rating the Series 2024-2 Notes at the request of HVF III; <u>provided</u> that, if at any time any nationally recognized rating agency ceases to rate any Class of Series 2024-2 Notes, such rating agency shall be deemed to no longer constitute a Rating Agency with respect to such Class of Series 2024-2 Notes for so long as such rating agency continues not to rate such Class of Series 2024-2 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2024-2 Notes*) of this Series 2024-2 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(e)</u> (*Initial Issuance*) of this Series 2024-2 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date and (c) with respect to DBRS, the Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2024-2 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2024-2 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2024-2 Supplement.

"<u>Senior Class of Series 2024-2 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2024-2 Payment Date Available Interest Amount with respect to the Series 2024-2 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2024-2 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account,</u> each Class A/B/C/D Demand Note<u>, each Class E Demand Notes</u>, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2024-2 Principal Collection Account for deposit into the Series 2024-2 Interest Collection Account on such Payment Date.

"<u>Series 2024-2 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2024-2 Supplement.

"<u>Series 2024-2 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2024-2 Accounts*) of this Series 2024-2 Supplement.

"<u>Series 2024-2 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2024-2 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2024-2 Notes.

"<u>Series 2024-2 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2024-2 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2024-2 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2024-2 Notes.

"<u>Series 2024-2 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2024-2 Principal Amount as of such date over (B) the Series 2024-2 Principal Collection Account Amount as of such date. The Series 2024-2 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2024-2 Notes.

"<u>Series 2024-2 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2024-2 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2024-2 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2024-2 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2024-2 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2024-2 Blended Advance Rate, in each case as of such date.

"<u>Series 2024-2 Blended Advance Rate</u>" means, as of any date of determination, the least of the Series 2024-2 DBRS Blended Advanced Rate as of such date, the Series 2024-2 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2024-2 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2024-2 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2024-2 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2024-2 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2024-2 Administrator Fee Amount and the Series 2024-2 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2024-2 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2024-2 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2024-2 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2024-2 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2024-2 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2024-2 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2024-2 Related Document,

in each case under and in accordance with such Series 2024-2 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2024-2 Notes.

"<u>Series 2024-2</u> <u>Closing Date" means July 26, 2024.</u>

"<u>Series 2024-2 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2024-2 Account Collateral with respect to each Series 2024-2 Account and each Class A/B/C/D Demand Note.

"<u>Series 2024-2 Controlled Amortization Period</u>" means the period commencing upon the close of business on June 30, 2029 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2024-2 Rapid Amortization Period, (ii) the date on which the Series 2024-2 Notes are fully paid and (iii) the termination of this Series 2024-2 Supplement.

"<u>Series 2024-2 Daily Interest Allocation</u>" means, on each Series 2024-2 Deposit Date, the Series 2024-2 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2024-2 Daily Principal Allocation</u>" means, on each Series 2024-2 Deposit Date, an amount equal to the Series 2024-2 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2024-2 DBRS AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-2 DBRS Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-2 DBRS Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2024-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2024-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2024-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2024-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2024-2 DBRS Remainder AAA Amount.

"<u>Series 2024-2 DBRS AAA Select Component</u>" means each Series 2024-2 DBRS AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2024-2 DBRS Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2024-2 DBRS AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-2 DBRS Baseline Advance Rate with respect to such Series 2024-2 DBRS AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-2 DBRS Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2024-2 DBRS AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-2 DBRS MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2024-2 DBRS AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2024-2 DBRS Baseline Advance Rate</u>" means, with respect to each Series 2024-2 DBRS AAA Select Component, the percentage set forth opposite such Series 2024-2 DBRS AAA Select Component in the following table:

---

| | |
|:---|:---|
| **Series 2024-2 DBRS AAA Select Component** | **Series 2024-2 DBRS <br>Baseline Advance Rate** |
| Series 2024-2 DBRS Eligible Investment Grade Program Vehicle Amount | 91.00% |
| Series 2024-2 DBRS Eligible Investment Grade Program Receivable Amount | 91.00% |
| Series 2024-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount | 89.00% |
| Series 2024-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount | 89.00% |
| Series 2024-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount | 0.00% |
| Series 2024-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount | 86.75% |
| Series 2024-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount | 82.55% |
| Series 2024-2 Medium-Duty Truck Amount | 65.00% |
| Cash Amount | 100.00% |
| 2024-2 DBRS Remainder AAA Amount | 0.00% |

---

"<u>Series 2024-2 DBRS Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2024-2 DBRS Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2024-2 DBRS Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2024-2 DBRS Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2024-2 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2024-2 DBRS Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2024-2 DBRS AAA Select Component equal to the product of such Series 2024-2 DBRS AAA Select Component and the Series 2024-2 DBRS Adjusted Advance Rate with respect to such Series 2024-2 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2024-2 DBRS Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2024-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2024-2 DBRS Baseline Advance Rate with respect to such Series 2024-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount over the Series 2024-2 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2024-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2024-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2024-2 DBRS Baseline Advance Rate with respect to such Series 2024-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2024-2 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2024-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2024-2 DBRS Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2024-2 DBRS AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2024-2 DBRS Concentration Excess Amount, if any, allocated to such Series 2024-2 DBRS AAA Select Component by HVF III and (B) the Series 2024-2 DBRS Baseline Advance Rate with respect to such Series 2024-2 DBRS AAA Select Component, and the denominator of which is (II) such Series 2024-2 DBRS AAA Select Component, in each case as of such date, and (b) the Series 2024-2 DBRS Baseline Advance Rate with respect to such Series 2024-2 DBRS AAA Component; <u>provided</u> that the portion of the Series 2024-2 DBRS Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2024-2 DBRS AAA Select Component that was included in determining whether such Series 2024-2 DBRS Concentration Excess Amount exists.

"<u>Series 2024-2 DBRS Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2024-2 DBRS Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2024-2 DBRS Eligible Manufacturer Receivables, in each case, included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2024-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2024-2 DBRS Eligible Manufacturer Receivables included in the Series 2024-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2024-2 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2024-2 DBRS Eligible Manufacturer Receivables are designated as constituting (A) Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2024-2 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2024-2 DBRS Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-2 DBRS Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-2 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-2 DBRS Investment Grade Manufacturers.

"<u>Series 2024-2 DBRS Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2024-2 DBRS Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-2 DBRS Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable due from any Manufacturer that has a Relevant DBRS Rating as of such date of at least "A(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of at least "A(L)") pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable due from any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)" or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)", in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable due from a Series 2024-2 DBRS Non-Investment Grade (High) Manufacturer or a Series 2024-2 DBRS Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2024-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-2 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-2 DBRS Non-Investment Grade (High) Manufacturers.

"<u>Series 2024-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-2 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-2 DBRS Non-Investment Grade (Low) Manufacturers.

"<u>Series 2024-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2024-2 DBRS Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2024-2 DBRS Non-Investment Grade (High) Program Vehicle and each Series 2024-2 DBRS Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-2 DBRS Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of at least "BBB(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of "BBB(L)")as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-2 DBRS Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2024-2 DBRS Investment Grade Manufacturer that is not a Series 2024-2 DBRS Investment Grade Program Vehicle as of such date.

"<u>Series 2024-2 DBRS Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-2 DBRS Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2024-2 DBRS Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2024-2 DBRS Eligible Manufacturer Receivables due from such Manufacturer.

"<u>Series 2024-2 DBRS Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2024-2 DBRS Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2024-2 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2024-2 DBRS Eligible Manufacturer Receivables included in the Series 2024-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2024-2 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2024-2 DBRS Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2024-2 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2024-2 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount and (C) Series 2024-2 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-2 DBRS MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2024-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2024-2 Failure Percentage as of such date and (ii) the Series 2024-2 DBRS Concentration Adjusted Advance Rate with respect to the Series 2024-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2024-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2024-2 Failure Percentage as of such date and (ii) the Series 2024-2 DBRS Concentration Adjusted Advance Rate with respect to the Series 2024-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2024-2 DBRS AAA Component, zero.

"<u>Series 2024-2 DBRS Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "BBB(L)" and (ii) at least "BB(L)", or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2024-2 DBRS Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2024-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2024-2 DBRS Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2024-2 DBRS Eligible Manufacturer Receivables with respect to any Series 2024-2 DBRS Non-Investment Grade (High) Manufacturer included in the Series 2024-2 DBRS Manufacturer Amount for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2024-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2024-2 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-2 DBRS Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-2 DBRS Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2024-2 DBRS Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of less than "BB(L)"(or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, a DBRS Equivalent Rating of "BB(L)") as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any DBRS Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-2 DBRS Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-2 DBRS Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another master motor vehicle operating lease, as applicable) as of such date.

"<u>Series 2024-2 DBRS Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2024-2 DBRS Non-Investment Grade (High) Manufacturer or a Series 2024-2 DBRS Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2024-2 DBRS Non-Investment Grade (High) Program Vehicle or a Series 2024-2 DBRS Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2024-2 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2024-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-2 DBRS Medium-Duty Truck Concentration Excess Amount and (C) Series 2024-2 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-2 DBRS Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-2 DBRS Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-2 DBRS Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2024-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2024-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2024-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2024-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2024-2 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2024-2 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2024-2 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2024-2 Accounts*) of this Series 2024-2 Supplement.

"<u>Series 2024-2 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2024-2 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2024-2 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2024-2 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2024-2 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2024-2 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2024-2 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2024-2 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2024-2 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2024-2 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2024-2 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2024-2 Market Value Average as of any Determination Date within the preceding three (3) calendar months (or such fewer number of months as have elapsed since the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2024-2 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2024-2 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2024-2 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2024-2 Accounts*) of this Series 2024-2 Supplement.

"<u>Series 2024-2 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2024-2 Interest Period <u>for the Class A/B/C/D Notes</u> shall commence on and include the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date and end on and include August 25, 2024 <u>and the initial Series 2024-2 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2024-2 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2024-2 Revolving Period, the Series 2024-2 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2024-2 Controlled Amortization Period and the Series 2024-2 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2024-2 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2024-2 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2024-2 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2024-2 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2024-2 Principal Amount shall have been reduced to zero, the Series 2024-2 Invested Percentage shall equal zero.

"<u>Series 2024-2 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2024-2 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2024-2 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2024-2 Lease Payment Deficit</u>" means either a Series 2024-2 Lease Interest Payment Deficit or a Series 2024-2 Lease Principal Payment Deficit.

"<u>Series 2024-2 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2024-2 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2024-2 Principal Collection Account on or prior to such Payment Date on account of such Series 2024-2 Lease Principal Payment Deficit.

"<u>Series 2024-2 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2024-2 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2024-2 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2024-2 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2024-2 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2024-2 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2024-2 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2024-2 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2024-2 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2024-2 Controlling Class.

Each Series 2024-2 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2024-2 Notes.

"<u>Series 2024-2 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table.

---

| | |
|:---|:---|
| **Manufacturer** | **Manufacturer Limit** |
| &nbsp;&nbsp;Audi | 12.50% |
| &nbsp;&nbsp;BMW | 12.50% |
| &nbsp;&nbsp;Chrysler | 55.00% |
| &nbsp;&nbsp;Fiat | 12.50% |
| &nbsp;&nbsp;Ford | 55.00% |
| &nbsp;&nbsp;GM | 55.00% |
| &nbsp;&nbsp;Honda | 55.00% |
| &nbsp;&nbsp;Hyundai | 55.00% |
| &nbsp;&nbsp;Jaguar | 12.50% |
| &nbsp;&nbsp;Kia | 55.00% |
| &nbsp;&nbsp;Land Rover | 12.50% |
| &nbsp;&nbsp;Lexus | 12.50% |
| &nbsp;&nbsp;Mazda | 35.00% |
| &nbsp;&nbsp;Mercedes | 12.50% |
| &nbsp;&nbsp;Nissan | 55.00% |
| &nbsp;&nbsp;Subaru | 12.50% |
| &nbsp;&nbsp;Tesla | 17.50% |
| &nbsp;&nbsp;Toyota | 55.00% |
| &nbsp;&nbsp;Volkswagen | 55.00% |
| &nbsp;&nbsp;Volvo | 35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | 55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | 55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | 55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | 10.00% |

---

"<u>Series 2024-2 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2024-2 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2024-2 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2024-2 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2024-2 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2024-2 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2024-2 Measurement Month shall be included in any other Series 2024-2 Measurement Month.

"<u>Series 2024-2 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-2 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2024-2 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2024-2 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2024-2 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-2 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-2 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2024-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2024-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2024-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2024-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2024-2 Moody's Remainder AAA Amount.

"<u>Series 2024-2 Moody's AAA Select Component</u>" means each Series 2024-2 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2024-2 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2024-2 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-2 Moody's Baseline Advance Rate with respect to such Series 2024-2 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-2 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2024-2 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-2 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2024-2 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2024-2 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2024-2 Moody's AAA Select Component, the percentage set forth opposite such Series 2024-2 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| **Series 2024-2 Moody's AAA Select Component** | **Series 2024-2 Moody's<br> Baseline Advance Rate** |
| Series 2024-2 Moody's Eligible Investment Grade Program Vehicle Amount | 95.00% |
| Series 2024-2 Moody's Eligible Investment Grade Program Receivable Amount | 95.00% |
| Series 2024-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount | 92.00% |
| Series 2024-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | 92.00% |
| Series 2024-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | 0.00% |
| Series 2024-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount | 85.00% |
| Series 2024-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | 85.00% |
| Series 2024-2 Medium-Duty Truck Amount | 65.00% |
| Cash Amount | 100.00% |
| Series 2024-2 Moody's Remainder AAA Amount | 0.00% |

---

"<u>Series 2024-2 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2024-2 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2024-2 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2024-2 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2024-2 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2024-2 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2024-2 Moody's AAA Select Component equal to the product of such Series 2024-2 Moody's AAA Select Component and the Series 2024-2 Moody's Adjusted Advance Rate with respect to such Series 2024-2 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2024-2 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2024-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2024-2 Moody's Baseline Advance Rate with respect to such Series 2024-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2024-2 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2024-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2024-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2024-2 Moody's Baseline Advance Rate with respect to such Series 2024-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2024-2 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2024-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2024-2 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2024-2 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2024-2 Moody's Concentration Excess Amount, if any, allocated to such Series 2024-2 Moody's AAA Select Component by HVF III and (B) the Series 2024-2 Moody's Baseline Advance Rate with respect to such Series 2024-2 Moody's AAA Select Component, and the denominator of which is (II) such Series 2024-2 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2024-2 Moody's Baseline Advance Rate with respect to such Series 2024-2 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2024-2 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2024-2 Moody's AAA Select Component that was included in determining whether such Series 2024-2 Moody's Concentration Excess Amount exists.

"<u>Series 2024-2 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2024-2 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2024-2 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2024-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2024-2 Moody's Eligible Manufacturer Receivables included in the Series 2024-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2024-2 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount, as of such date and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2024-2 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2024-2 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2024-2 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-2 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-2 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-2 Moody's Investment Grade Manufacturers.

"<u>Series 2024-2 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2024-2 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-2 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2024-2 Moody's Non-Investment Grade (High) Manufacturer or a Series 2024-2 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2024-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-2 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-2 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2024-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2024-2 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2024-2 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2024-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2024-2 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2024-2 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2024-2 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2024-2 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-2 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2024-2 Moody's Investment Grade Manufacturer that is not a Series 2024-2 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2024-2 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-2 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2024-2 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2024-2 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2024-2 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2024-2 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2024-2 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2024-2 Moody's Eligible Manufacturer Receivables included in the Series 2024-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2024-2 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2024-2 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2024-2 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2024-2 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2024-2 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-2 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2024-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2024-2 Failure Percentage as of such date and (ii) the Series 2024-2 Moody's Concentration Adjusted Advance Rate with respect to the Series 2024-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2024-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2024-2 Failure Percentage as of such date and (ii) the Series 2024-2 Moody's Concentration Adjusted Advance Rate with respect to the Series 2024-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2024-2 Moody's AAA Component, zero.

"<u>Series 2024-2 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2024-2 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2024-2 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2024-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2024-2 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2024-2 Moody's Eligible Manufacturer Receivables with respect to any Series 2024-2 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2024-2 Moody's Manufacturer Amount for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2024-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2024-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2024-2 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-2 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-2 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2024-2 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2024-2 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2024-2 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2024-2 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2024-2 Moody's Non-Investment Grade (High) Manufacturer or a Series 2024-2 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2024-2 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2024-2 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2024-2 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Medium-Duty Truck Amount for purposes of calculating the Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2024-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2024-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2024-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2024-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2024-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2024-2 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2024-2 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2024-2 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2024-2 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2024-2 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2024-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2024-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2024-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2024-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2024-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2024-2 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2024-2 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2024-2 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2024-2 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2024-2 Measurement Month, commencing with the third Series 2024-2 Measurement Month following the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2024-2 Measurement Month and the two Series 2024-2 Measurement Months preceding such Series 2024-2 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2024-2 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2024-2 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2024-2 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2024-2 Carrying Charges on such Payment Date (excluding any Series 2024-2 Carrying Charges payable to the Series 2024-2 Noteholders) and (b) the Series 2024-2 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2024-2 Noteholders).

"<u>Series 2024-2 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2024-2 Lease Principal Payment Deficit, an amount equal to the Series 2024-2 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2024-2 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2024-2 Lease Interest Payment Deficit, an amount equal to the Series 2024-2 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2024-2 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2024-2 Payment Date Available Interest Amount</u>" means, with respect to each Series 2024-2 Interest Period, the sum of the Series 2024-2 Daily Interest Allocation for each Series 2024-2 Deposit Date in such Series 2024-2 Interest Period.

"<u>Series 2024-2 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2024-2 Interest Collection Account*).

"<u>Series 2024-2 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2024-2 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2024-2 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2024-2 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2024-2 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2024-2 Notes.

"<u>Series 2024-2 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2024-2 Principal Amount shall be the "Principal Amount" with respect to the Series 2024-2 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2024-2 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2024-2 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2024-2 Accounts*) of this Series 2024-2 Supplement.

"<u>Series 2024-2 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2024-2 Principal Collection Account as of such date.

"<u>Series 2024-2 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2024-2 Notes is deemed to have occurred with respect to the Series 2024-2 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2024-2 Notes are paid in full and (ii) the termination of this Series 2024-2 Supplement.

"<u>Series 2024-2 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2024-2 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2024-2 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2024-2 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2024-2 Notes.

"<u>Series 2024-2 Related Documents</u>" means the Related Documents, this Series 2024-2 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2024-2 Revolving Period</u>" means the period from the Series 2024-2<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2024-2 Controlled Amortization Period and (ii) the commencement of the Series 2024-2 Rapid Amortization Period.

"<u>Series 2024-2 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2024-2 Supplement.

"<u>Series 2024-2 Supplemental Indenture</u>" means a supplement to this Series 2024-2 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2024-2 Supplement.

"<u>Series 2024-2 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2024-2 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2024-2 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2024-2 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2024-2 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2024-2 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2024-2 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2024-2 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2024-2 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2024-2 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2024-2 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2024-2 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2024-2 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2024-2 Collateral</u>" means the Series 2024-2 Account Collateral with respect to each Series 2024-2 Account and each Class A/B/C/D Demand Note. The Series-Specific 2024-2 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2024-2 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(i)</u> (*Transfer Restrictions for Global Notes*) of this Series 2024-2 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2024-2 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available L/C Cash Collateral Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Liquidity Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Reserve Account Deficiency Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Monthly Interest Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Principal Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying
 Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due
 and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance
 Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Adjusted Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 DBRS Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Moody's Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Non-Program Vehicle Disposition Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Principal Collection Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2024-2
 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2024-2 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.6

**Exhibit 10.6**

***EXECUTION VERSION***

**Amendment No. 1 to Series 2025-1 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the SERIES 2025-1 SUPPLEMENT, dated as of March 12, 2025 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2025-1 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2025-1 Supplement permits the Issuer and the Trustee to amend the Series 2025-1 Supplement in writing without the consent of any Series 2025-1 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-1 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-1 Supplement provides that on any date during the Series 2025-1 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2025-1 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2025-1 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2025-1 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2025-1 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-1 Supplement, to amend the Series 2025-1 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2025-1 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2025-1 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2025-1 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2025-1 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2025-1 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2025-1 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2025-1 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2025-1 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. <u>Reference to and Effect on the Series 2025-1 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2025-1 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2025-1 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2025-1 Supplement to "<u>Series 2025-1 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2025-1 Supplement, and each reference in any other Series 2025-1 Related Document to "<u>Series 2025-1 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2025-1 Supplement, shall mean and be a reference to the Series 2025-1 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2025-1 Supplement or the Series 2025-1 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2025-1 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

<u>Annex A</u>

**EXECUTION VERSION**

<u>**CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026**</u>

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

____________

**SERIES 2025-1 SUPPLEMENT**

dated as of March 12, 2025

to

BASE INDENTURE<br> dated as of June 29, 2021

____________

$342,500,000 Series 2025-1 4.91% Rental Car Asset Backed Notes, Class A

$50,000,000 Series 2025-1 5.45% Rental Car Asset Backed Notes, Class B<br> $67,500,000 Series 2025-1 6.03% Rental Car Asset Backed Notes, Class C<br> $40,000,000 Series 2025-1 7.98% Rental Car Asset Backed Notes, Class D<u><br> $24,133,000 Series 2025-1 10.99% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| <u>Article I DEFINITIONS AND CONSTRUCTION</u> | <u>Article I DEFINITIONS AND CONSTRUCTION</u> | 2 |
| <u>Section 1.1</u> | <u><u>Defined Terms and References</u></u> | 2 |
| <u><u>Section 1.2</u></u> | <u><u>Rules of Construction</u></u> | 2 |
| <u><u>Article II INITIAL ISSUANCE OF SERIES 2025-1 NOTES; FORM OF SERIES 2025-1 NOTES</u></u> | <u><u>Article II INITIAL ISSUANCE OF SERIES 2025-1 NOTES; FORM OF SERIES 2025-1 NOTES</u></u> | 3 |
| <u><u>Section 2.1</u></u> | <u><u>Initial Issuance</u></u> | 3 |
| <u><u>Section 2.2</u></u> | <u><u>Transfer Restrictions for Global Notes</u></u> | 4<u>5</u> |
| <u><u>Section 2.3</u></u> | <u><u>Definitive Notes</u></u> | 10<u>13</u> |
| <u><u>Section 2.4</u></u> | <u><u>Legal Final Payment Date</u></u> | 10<u>13</u> |
| <u><u>Section 2.5</u></u> | <u><u>Required Series Noteholders</u></u> | 10<u>13</u> |
| <u><u>Section 2.6</u></u> | <u><u>FATCA</u></u> | 10<u>13</u> |
| <u><u>Article III INTEREST AND INTEREST RATES</u></u> | <u><u>Article III INTEREST AND INTEREST RATES</u></u> | 11<u>14</u> |
| <u><u>Section 3.1</u></u> | <u><u>Interest</u></u> | 11<u>14</u> |
| <u><u>Article IV SERIES-SPECIFIC COLLATERAL</u></u> | <u><u>Article IV SERIES-SPECIFIC COLLATERAL</u></u> | 11<u>14</u> |
| <u><u>Section 4.1</u></u> | <u><u>Granting Clause</u></u> | 11<u>14</u> |
| <u><u>Section 4.2</u></u> | <u><u>Series 2025-1 Accounts</u></u> | 11<u>15</u> |
| <u><u>Section 4.3</u></u> | <u><u>Trustee as Securities Intermediary</u></u> | 13<u>17</u> |
| <u><u>Section 4.4</u></u> | <u>Class A/B/C/D</u> <u><u>Demand Notes</u></u> | 15<u>18</u> |
| <u>Section 4.5</u> | <u>Class E Demand Notes</u> | <u>19</u> |
| <u><u>Section</u></u> <u>4.5</u><u>4.6</u> | <u><u>Subordination</u></u> | 15<u>19</u> |
| <u><u>Section</u></u> <u>4.6</u><u>4.7</u> | <u><u>Duty of the Trustee</u></u> | 15<u>19</u> |
| <u><u>Section</u></u> <u>4.7</u><u>4.8</u> | <u><u>Representations of the Trustee</u></u> | 15<u>20</u> |
| <u><u>Article V PRIORITY OF PAYMENTS</u></u> | <u><u>Article V PRIORITY OF PAYMENTS</u></u> | 15<u>20</u> |
| <u><u>Section 5.1</u></u> | <u><u>[Reserved].</u></u> | 15<u>20</u> |
| <u><u>Section 5.2</u></u> | <u><u>Collections Allocation.</u></u> | 15<u>20</u> |
| <u><u>Section 5.3</u></u> | <u><u>Application of Funds in the Series 2025-1 Interest Collection Account</u></u> | 16<u>20</u> |
| <u><u>Section 5.4</u></u> | <u><u>Application of Funds in the Series 2025-1 Principal Collection Account</u></u> | 17<u>21</u> |
| <u><u>Section 5.5</u></u> | <u><u>Class A/B/C/D Reserve Account Withdrawals</u></u> | 18<u>23</u> |
| <u>Section 5.6</u> | <u>Class E Reserve Account Withdrawals</u> | <u>23</u> |
| <u><u>Section</u></u> <u>5.6</u><u>5.7</u> | <u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u></u> | 19<u>24</u> |
| <u>Section 5.8</u> | <u>Class E Letters of Credit and Class E Demand Notes</u> | <u>27</u> |
| <u><u>Section</u></u> <u>5.7</u><u>5.9</u> | <u><u>Past Due Rental Payments</u></u> | 22<u>29</u> |
| <u><u>Section</u></u> <u>5.8</u><u>5.10</u> | <u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u></u> | 22<u>30</u> |
| <u>Section 5.11</u> | <u>Class E Letters of Credit and Class E L/C Cash Collateral Account</u> | <u>33</u> |
| <u><u>Section</u></u> <u>5.9</u><u>5.12</u> | <u><u>Certain Instructions to the Trustee</u></u> | 25<u>36</u> |
| <u><u>Section</u></u> <u>5.10</u><u>5.13</u> | <u><u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u></u> | 25<u>36</u> |
| <u><u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u></u> | <u><u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u></u> | 26<u>36</u> |
| <u><u>Section 6.1</u></u> | <u><u>Representations and Warranties</u></u> | 26<u>36</u> |
| <u><u>Section 6.2</u></u> | <u><u>Covenants</u></u> | 26<u>37</u> |
| <u><u>Section 6.3</u></u> | <u><u>Closing Conditions</u></u> | 28<u>38</u> |
| <u><u>Section 6.4</u></u> | <u><u>Further Assurances</u></u> | 28<u>39</u> |
| <u><u>Article VII AMORTIZATION EVENTS</u></u> | <u><u>Article VII AMORTIZATION EVENTS</u></u> | 29<u>39</u> |
| <u><u>Section 7.1</u></u> | <u><u>Amortization Events</u></u> | 29<u>39</u> |
| <u><u>Article VIII SUBORDINATION OF NOTES</u></u> | <u><u>Article VIII SUBORDINATION OF NOTES</u></u> | 31<u>42</u> |
| <u><u>Section 8.1</u></u> | <u><u>Subordination of Class B Notes</u></u> | 31<u>42</u> |

---

(i) ****TABLE OF CONTENTS**<br> (continued)**

**Page**

---

| | | |
|:---|:---|:---|
| <u><u>Section 8.2</u></u> | <u><u>Subordination of Class C Notes</u></u> | 31<u>42</u> |
| <u><u>Section 8.3</u></u> | <u><u>Subordination of Class D Notes</u></u> | 31<u>42</u> |
| <u><u>Section 8.4</u></u> | <u><u>Subordination of Class E Notes</u></u> | 32<u>43</u> |
| <u><u>Section 8.5</u></u> | <u><u>When Distribution Must be Paid Over</u></u> | 32<u>43</u> |
| <u><u>Article IX GENERAL</u></u> | <u><u>Article IX GENERAL</u></u> | 32<u>43</u> |
| <u><u>Section 9.1</u></u> | <u><u>Optional Redemption of the Series 2025-1 Notes</u></u> | 32<u>43</u> |
| <u><u>Section 9.2</u></u> | <u><u>Information</u></u> | 33<u>44</u> |
| <u><u>Section 9.3</u></u> | <u><u>Confidentiality</u></u> | 33<u>44</u> |
| <u><u>Section 9.4</u></u> | <u><u>Ratification of Base Indenture</u></u> | 33<u>45</u> |
| <u><u>Section 9.5</u></u> | <u><u>Notice to the Rating Agencies</u></u> | 34<u>45</u> |
| <u><u>Section 9.6</u></u> | <u><u>Third Party Beneficiary</u></u> | 34<u>45</u> |
| <u><u>Section 9.7</u></u> | <u><u>Execution in Counterparts; Electronic Execution</u></u> | 34<u>45</u> |
| <u><u>Section 9.8</u></u> | <u><u>Governing Law</u></u> | 34<u>45</u> |
| <u><u>Section 9.9</u></u> | <u><u>Amendments</u></u> | 34<u>45</u> |
| <u><u>Section 9.10</u></u> | <u><u>Administrator to Act on Behalf of HVF III</u></u> | 36<u>48</u> |
| <u><u>Section 9.11</u></u> | <u><u>Successors</u></u> | 37<u>48</u> |
| <u><u>Section 9.12</u></u> | <u><u>Termination of Series Supplement</u></u> | 37<u>48</u> |
| <u><u>Section 9.13</u></u> | <u><u>Electronic Execution</u></u> | 37<u>48</u> |
| <u><u>Section 9.14</u></u> | <u><u>Additional UCC Representations</u></u> | 37<u>48</u> |
| <u><u>Section 9.15</u></u> | <u><u>Notices</u></u> | 38<u>49</u> |
| <u><u>Section 9.16</u></u> | <u><u>Submission to Jurisdiction</u></u> | 38<u>50</u> |
| <u><u>Section 9.17</u></u> | <u><u>Waiver of Jury Trial</u></u> | 39<u>50</u> |
| <u>Section 9.18</u> | <u>Issuance of Class E Notes</u> | 39 |
| <u><u>Section</u></u> <u>9.19</u><u>9.18</u> | <u><u>Trustee Obligations under the Retention Requirements</u></u> | 41<u>52</u> |
| **<u>Schedule I</u>**  **<u><u>TO THE SERIES 2025-1 SUPPLEMENT</u></u>** | **<u>Schedule I</u>**  **<u><u>TO THE SERIES 2025-1 SUPPLEMENT</u></u>** | **44** **<u>55</u>** |
| **<u>Schedule II</u>**  **<u><u>TO THE SERIES 2025-1 SUPPLEMENT</u></u>** | **<u>Schedule II</u>**  **<u><u>TO THE SERIES 2025-1 SUPPLEMENT</u></u>** | **77** **<u>101</u>** |

---

(ii) ****TABLE OF CONTENTS**<br> (continued)**

 **Page**

EXHIBITS AND SCHEDULES

---

| | |
|:---|:---|
| Schedule I | List of Defined Terms |
| Schedule II | Monthly Noteholders' Statement Information |
| Exhibit A-1-1 | Form of Series 2025-1 144A Global Class A Note |
| Exhibit A-1-2 | Form of Series 2025-1 Regulation S Global Class A Note |
| Exhibit A-2-1 | Form of Series 2025-1 144A Global Class B Note |
| Exhibit A-2-2 | Form of Series 2025-1 Regulation S Global Class B Note |
| Exhibit A-3-1 | Form of Series 2025-1 144A Global Class C Note |
| Exhibit A-3-2 | Form of Series 2025-1 Regulation S Global Class C Note |
| Exhibit A-4-1 | Form of Series 2025-1 144A Global Class D Note |
| Exhibit A-4-2 | Form of Series 2025-1 Regulation S Global Class D Note |
| <u>Exhibit A-5</u> | <u>Form of Series 2025-1 144A Global Class E Note</u> |
| Exhibit B-1 | Form of Demand Notice |
| Exhibit B-2 | Form of Class A/B/C/D Demand Note |
| <u>Exhibit B-3</u> | <u>Form of Class E Demand Notice</u> |
| <u>Exhibit B-4</u> | <u>Form of Class E Demand Note</u> |
| <u>Exhibit C-1</u> | Form of Reduction Notice Request Class A/B/C/D Letter of Credit |
| Exhibit C<u>-2</u> | <u>Form of Reduction Notice Request Class E Letter of Credit</u> |
| Exhibit D | Form of Lease Payment Deficit Notice |
| Exhibit E-1 | <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u> |
| Exhibit E-2 | Form of Transfer Certificate from 144A Global Note to Regulation S Global Note |
| <u>Exhibit E-3</u> | Form of Transfer Certificate from Regulation S Global Note to 144A Global Note |
| Exhibit F<u>-1</u> | Form of Class A/B/C/D Letter of Credit |
| <u>Exhibit F-2</u> | <u>Form of Class E Letter of Credit</u> |

---

(iii) SERIES 2025-1 SUPPLEMENT, dated as of March 12, 2025 ("<u>Series 2025-1 Supplement</u>"), among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as may be further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS, Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture provides, among other things, that HVF III and the Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or more Series of Notes;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2025-1 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2025-1 Noteholders;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2025-1 Supplement, and such Series of Notes is hereby designated as Series 2025-1 Rental Car Asset Backed Notes.

On the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date, the following classes of Series 2025-1 Rental Car Asset Backed Notes shall be<u>were</u> issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-1 4.91% Rental Car Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-1 5.45% Rental Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-1 6.03% Rental Car Asset Backed Notes, Class C (as referred to herein, the " <u>Class C Notes</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-1 7.98% Rental Car Asset Backed Notes, Class D (as referred to herein, the " <u>Class D Notes</u> ").

Subsequent to the Series 2025-1 Closing Date, HVF III may on any date during the Series 2025-1 Revolving Period offer and sell additional Series 2025-1 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-1 Supplement, which, if issued, shall be designated as the Series 2025-1 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "<u>Class E Notes</u>".

<u>On the Class E Notes Closing Date, the Series 2025-1 10.99</u><u>% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u> 

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2025-1 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**<br>DEFINITIONS AND CONSTRUCTION**

**Section 1.01** **<u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2025-1 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2025-1 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2025-1 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02** **<u>Rules of Construction</u>**. In this Series 2025-1 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document), as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2025-1 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2025-1 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**<br>INITIAL ISSUANCE OF SERIES 2025-1 NOTES; FORM OF SERIES 2025-1 NOTES**

**Section 2.01** **<u>Initial Issuance</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance</u> <u>of Class A/B/C/D Notes</u>. On the terms and conditions set forth in this Series 2025-1 Supplement, HVF III shall issue<u>issued</u>, and shall cause<u>caused</u> the Trustee to authenticate, the initial Class A/B/C/D Notes on the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date. Such Class A/B/C/D Notes shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, with respect to each Class of Series 2025-1 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, with respect to each Class of Series 2025-1 Notes, the interest rate set forth in the definition of Note Rate for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have, with respect to each Class of Series 2025-1 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by Moody's and Fitch and, with respect to the Class D Notes, by Moody's, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be duly<u>were</u> authenticated in accordance with the provisions of the Base Indenture and this Series 2025-1 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>on</u> <u>Form of</u> the Class A/B/C/D Notes. The <u>Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2025-1 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Notes Closing Date. Such Class E Notes shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2025-1 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of the Series 2025-1 Notes. The</u> Class A/B/C/D Notes will be<u>were</u> offered and sold by HVF III on the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be<u>were</u> resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2025-1 Related Document to the contrary, the initial Payment Date with respect to the Series 2025-1<u>Class A/B/C/D</u> Notes shall be<u>was</u> April 25, 2025 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>144A Global Notes</u>. Each Class of the Class A/B/C/D<u>Series 2025-1</u> Notes offered and sold in their initial distribution on the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date in <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable, in</u> reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to this Series 2025-1 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-1</u> to this Series 2025-1 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to this Series 2025-1 Supplement and<u>,</u> with respect to the Class D Notes in <u>Exhibit A-4-1</u> <u><u>to this Series 2025-1 Supplement, and with respect to the Class E Notes in Exhibit A-5</u></u> to this Series 2025-1 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "<u>144A Global Notes</u>"). The <u>Solely</u> <u>with respect to the Class A/B/C/D Notes</u><u>, the</u> aggregate principal amount of the<u>such</u> 144A Global Notes<u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-1 Notes as shall be specified in the schedule attached thereto, and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-1 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-1 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-1 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by Section 2.2 (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C/D Notes offered and sold on the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to this Series 2025-1 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to this Series 2025-1 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to this Series 2025-1 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-2</u> to this Series 2025-1 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-1 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-1 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-1 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-1 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02** **<u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> wishes at any time to exchange its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-1</u><u>-3</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-2</u><u>-4</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes <u>and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or<u>,</u> Class D <u>Global Notes or Class E</u> Global Notes, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer OR ANY OTHER PERSON TREATED as THE ISSUER for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES (UNLESS A STATUTORY OR ADMINISTRATIVE EXEMPTION APPLIES (ALL OF THE APPLICABLE CONDITIONS OF WHICH ARE SATISFIED) OR THE TRANSACTION IS NOT OTHERWISE PROHIBITED), AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, <u>OR</u> (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN,</u> <u>ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer or any other person treated as the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2025-1 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO*.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>Note,</u> Class D <u>Note or Class E</u> Note, as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, <u>or</u> (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(p)</u> <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(r)</u> <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03** **<u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D<u>Series 2025-1</u> Notes other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04** **<u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2025-1 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05** **<u>Required Series Noteholders</u>**(a). In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2025-1 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-1 Notes.

**Section 2.06** **<u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2025-1 Noteholder (and any Note Owner of any Series 2025-1 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2025-1 Note or an interest in such Series 2025-1 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2025-1 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2025-1 Noteholder and Note Owner of any Series 2025-1 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2025-1 Noteholder (or Note Owner of such Series 2025-1 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2025-1 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2025-1 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2025-1 Noteholder or Note Owner of a Series 2025-1 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2025-1 Notes.

**Article III**<br>INTEREST AND INTEREST RATES**

**Section 3.01** **<u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2025-1 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**<br>SERIES-SPECIFIC COLLATERAL**

**Section 4.01** **<u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2025-1 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2025-1 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2025-1 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2025-1 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2025-1 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2025-1 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2025-1 Account are referred to, collectively, as the "<u>Series 2025-1 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02** **<u>Series 2025-1 Accounts</u>**. With respect to the Series 2025-1 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2025-1 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-1 Noteholders three<u>four</u> securities accounts: the Series 2025-1 Principal Collection Account (such account, the "<u>Series 2025-1 Principal Collection Account</u>"), the Series 2025-1 Interest Collection Account (such account, the "<u>Series 2025-1 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2025-1 Reserve Account")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) or <u>Section</u> <u>5.8</u><u>5.10</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2025-1<u>Class A/B/C/D</u> Noteholders<u>,</u> the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>On or prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-1 Noteholders the Series 2025-1 Distribution Account (the "<u>Series 2025-1 Distribution Account</u>", and together with the Series 2025-1 Principal Collection Account, the Series 2025-1 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2025-1 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-1 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2025-1 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2025-1 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2025-1 Account shall be an Eligible Account. If any Series 2025-1 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2025-1 Account is no longer an Eligible Account, establish a new Series 2025-1 Account for such non-qualifying Series 2025-1 Account that is an Eligible Account, and if a new Series 2025-1 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2025-1 Account into such new Series 2025-1 Account. Initially, each of the Series 2025-1 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2025-1 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2025-1 Account (other than the Series 2025-1 Distribution Account) to invest funds on deposit in such Series 2025-1 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary, and Permitted Investments shall be credited to the applicable Series 2025-1 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2025-1 Principal Collection Account, the Series 2025-1 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2025-1 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2025-1 Accounts</u>. With respect to each Series 2025-1 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2025-1 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2025-1 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2025-1 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2025-1 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2025-1 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-1 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon the termination of this Series 2025-1 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-1 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall withdraw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03** **<u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2025-1 Account, the Trustee or other Person maintaining such Series 2025-1 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC) and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC) (the Trustee acting in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2025-1 Account. If the Securities Intermediary in respect of any Series 2025-1 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-1 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2025-1 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2025-1 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2025-1 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2025-1 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2025-1 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2025-1 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2025-1 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC), and the Series 2025-1 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2025-1 Supplement, will not enter into, any agreement with any other Person relating to the Series 2025-1 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2025-1 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2025-1 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2025-1 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2025-1 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2025-1 Accounts and in all Proceeds thereof and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) in respect of the Series 2025-1 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-1 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2025-1 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2025-1 Account by crediting such Series 2025-1 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-1 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2025-1 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2025-1 Account is deemed not to constitute a securities account.

**Section 4.04** **<u>Class A/B/C/D</u> <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2025-1<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class A/B/C/D Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2025-1 Controlling Class.

<u>Section 4.5</u> **<u>Class E Demand Notes</u>**<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2025-1 Controlling Class.</u>

<u>Section 4.6</u> **<u>Section 4.5</u> <u>Subordination</u>**. The Series-Specific 2025-1 Collateral has been pledged to the Trustee to secure the Series 2025-1 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2025-1 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2025-1 Notes, and no Noteholder of any Series of Notes other than the Series 2025-1 Notes will have any right, title or interest in, to or under the Series-Specific 2025-1 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2025-1 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2025-1 Notes, then the Series 2025-1 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2025-1 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

<u>Section 4.7</u> **<u>Section 4.6</u> <u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2025-1 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2025-1 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2025-1 Collateral now existing or hereafter created.

<u>Section 4.8</u> **<u>Section 4.7</u> <u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**<br>PRIORITY OF PAYMENTS**

Section 5.1 **<u>[Reserved].</u>**

**Section 5.2 <u>Collections Allocation</u>**. Subject to the Past Due Rental Payments Priorities, on each Series 2025-1 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2025-1 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2025-1 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2025-1 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2025-1 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2025-1 Principal Collection Account.

**Section 5.03** **<u>Application of Funds in the Series 2025-1 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2025-1 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2025-1 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), and 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-1 Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-1 Distribution Account to pay to the Administrator the Series 2025-1 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2025-1 Distribution Account to pay the Trustee the Series 2025-1 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2025-1 Noteholders, the Series 2025-1 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2025-1 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2025-1 Distribution Account to pay the Persons to whom the Series 2025-1 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2025-1 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2025-1 Distribution Account to pay the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2025-1 Distribution Account to pay the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2025-1 Distribution Account to pay the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2025-1 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2025-1 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2025-1 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2025-1 Distribution Account to pay to the Administrator the Series 2025-1 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2025-1 Distribution Account to pay to the Trustee the Series 2025-1 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2025-1 Distribution Account to pay the Persons to whom the Series 2025-1 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2025-1 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2025-1 Rapid Amortization Period, for deposit into the Series 2025-1 Principal Collection Account up to the amount necessary to pay the Series 2025-1 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2025-1 Principal Collection Account any remaining amount.

**Section 5.04** **<u>Application of Funds in the Series 2025-1 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2025-1 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-1 Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2025-1 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2025-1 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*(c))); <u>and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2025-1 Interest Collection Account*));</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2025-1 Notes, then for deposit into the Series 2025-1 Distribution Account to be paid on such date, <u>pro rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2025-1 Controlled Amortization Period, then for deposit into the Series 2025-1 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2025-1 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2025-1 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2025-1 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2025-1 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2025-1 Principal Collection Account.

**Section 5.05** **<u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-1 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-1 Interest Collection Account an amount equal to the excess, if any, of the Series 2025-1 Payment Date Interest Amount for such Payment Date over the Series 2025-1 Payment Date Available Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-1 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-1 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-1 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

<u>Section 5.6</u> **<u>Class E Reserve Account Withdrawals</u>**<u>. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (*Application of Funds in the Series 2025-1 Interest Collection Account*) and 5.4 (*Application of Funds in the Series 2025-1 Principal Collection Account*)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2025-1 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2025-1 Payment Date Available Interest Amount solely</u> <u>with respect to the Class E Notes</u> <u>for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-1 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-1 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-1 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>Section 5.7</u> **<u>Section 5.6</u><u> </u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-1 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2025-1 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-1 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-1 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-1 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-1 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-1 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-1 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2025-1 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-1 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2025-1 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-1 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-1 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2025-1 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-1 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-1 Principal Collection Account on such date.

(e) <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of
Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2025-1 Supplement (other than
pursuant to <u>Section</u> <u>5.8</u> <u>5.10</u> <u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing,
to draw on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw
on such Class A/B/C/D Letter of Credit.

<u>Section 5.8</u> **<u>Class E Letters of Credit and Class E Demand Notes</u>**<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-1 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2025-1 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-1 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-1 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-1 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-1 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-1 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-1 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2025-1 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-1 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2025-1 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-1 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-1 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee</u> <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2025-1 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-1 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-1 Principal Collection Account on such date.</u>(a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2025-1 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

<u>Section 5.9</u> **<u>Section 5.7</u> <u>Past Due Rental Payments</u>**. On each Series 2025-1 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2025-1 Past Due Rent Payments and deposit such amount into the Series 2025-1 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2025-1 Interest Collection Account and apply the Series 2025-1 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2025-1 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2025-1 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2025-1 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2025-1 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2025-1 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-1 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2025-1 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2025-1 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-1 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2025-1 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2025-1 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-1 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>and second, if the occurrence of such Series 2025-1 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-1 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2025-1 Principal Collection Account.

<u>Section 5.10</u> **<u>Section 5.8</u> <u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-1 Asset Amount would be less than the Series 2025-1 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2025-1 Adjusted Asset Coverage Threshold Amount over the Series 2025-1 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2025-1 Adjusted Asset Coverage Threshold Amount over the Series 2025-1 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C</u><u>-1</u> hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; <u>provided</u>, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>Section 5.11</u> **<u>Class E Letters of Credit and Class E L/C Cash Collateral Account</u>**<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day</u> <u>(or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

<u>Section 5.12</u> **<u>Section 5.9</u> <u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2025-1 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2025-1 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

<u>Section 5.13</u> **<u>Section 5.10</u> <u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2025-1 Account required to be given by HVF III, at the time specified herein or in any other Series 2025-1 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2025-1 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2025-1 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2025-1 Notes required to be given by HVF III, at the time specified in this Series 2025-1 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as applicable,</u> with respect to such Class of Series 2025-1 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letter of Credit, as applicable</u>.

**Article VI**<br>REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING<br> CONDITIONS**

**Section 6.01** **<u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2025-1 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2025-1 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2025-1 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2025-1 Related Documents to which it is a party as of the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2025-1 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02** **<u>Covenants</u>**. Each of HVF III and the Administrator severally covenants and agrees that, until the Series 2025-1 Notes have been paid in full, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2025-1 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2025-1 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2025-1 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2025-1 Third-Party Market Value Procedures</u>. Comply with the Series 2025-1 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2026 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2025-1 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date, within one hundred twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2025-1 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2025-1 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2025-1 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03** **<u>Closing Conditions</u>**. The effectiveness of this Series 2025-1 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04** **<u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2025-1 Collateral on behalf of the Series 2025-1 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2025-1 Permitted Liens) and to carry into effect the purposes of this Series 2025-1 Supplement or the other Series 2025-1 Related Documents or to better assure and confirm unto the Trustee or the Series 2025-1 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2025-1 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2025-1 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2025-1 Supplement, if any amount payable under or in connection with any of the Series-Specific 2025-1 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2025-1 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2025-1 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**<br>AMORTIZATION EVENTS**

**Section 7.01** **<u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2025-1 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2025-1 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2025-1 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-1 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-1 Permitted Liens) or (ii) other than as a result of a Series 2025-1 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-1 Permitted Liens) or (ii) other than as a result of a Series 2025-1 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-1 Permitted Liens) or (ii) other than as a result of a Series 2025-1 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-1 Permitted Liens) or (ii) other than as a result of a Series 2025-1 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2025-1 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2025-1 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2025-1 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2025-1 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2025-1 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2025-1 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2025-1 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2025-1 Noteholders and continues to materially and adversely affect the interests of the Series 2025-1 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-1 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2025-1 Related Document is false and such false representation materially and adversely affects the interests of the Series 2025-1 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-1 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*), an "<u>Amortization Event</u>" with respect to the Series 2025-1 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2025-1 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*), so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2025-1 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2025-1 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-1 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2025-1 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-1 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2025-1 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2025-1 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**<br>SUBORDINATION OF NOTES**

**Section 8.01** **<u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-1 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2025-1 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2025-1 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02** **<u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-1 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2025-1 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2025-1 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03** **<u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-1 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2025-1 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2025-1 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04** **<u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-1 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

**Section 8.05** **<u>When Distribution Must be Paid Over</u>**. In the event that any Series 2025-1 Noteholder (or Series 2025-1 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2025-1 Notes at a time when such Series 2025-1 Noteholder (or Series 2025-1 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2025-1 Noteholder (or Series 2025-1 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**<br>GENERAL**

**Section 9.01** **<u>Optional Redemption of the Series 2025-1 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2025-1</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (*Application of Funds in the Series 2025-1 Principal Collection Account*); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2025-1</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2025-1 Notes with respect to such Class of Series 2025-1 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2025-1</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2025-1 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2025-1 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2025-1 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2025-1 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2025-1 Noteholders of the Class of Series 2025-1 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02** **<u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth (4<sup>th</sup>) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2025-1 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2025-1 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2025-1 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2025-1 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2025-1 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03** **<u>Confidentiality</u>**. The Trustee and each Series 2025-1 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2025-1 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2025-1 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2025-1 Notes in accordance with the requirements of this Series 2025-1 Supplement to which such person sells or offers to sell any such interest in the Series 2025-1 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2025-1 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2025-1 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2025-1 Notes, this Series 2025-1 Supplement or any other document relating to the Series 2025-1 Notes.

**Section 9.04** **<u>Ratification of Base Indenture</u>**. As supplemented by this Series 2025-1 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2025-1 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05** **<u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2025-1 Noteholders delivered to the Trustee pursuant to this Series 2025-1 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2025-1 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2025-1 Notes. HVF III will provide each Rating Agency rating the Series 2025-1 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06** **<u>Third Party Beneficiary</u>**. Nothing in this Series 2025-1 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2025-1 Supplement.

**Section 9.07** **<u>Execution in Counterparts; Electronic Execution</u>**. This Series 2025-1 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2025-1 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2025-1 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08** **<u>Governing Law</u>**. THIS SERIES 2025-1 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2025-1 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09** **<u>Amendments</u>**. This Series 2025-1 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2025-1 Noteholders</u>. Without the consent of any Series 2025-1 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2025-1 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2025-1 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2025-1 Notes in addition to certificated Series 2025-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2025-1 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2025-1 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2025-1 Supplement to the terms of the offering document(s) for the Series 2025-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2025-1 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2025-1 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to effect any other amendment that does not materially adversely affect the interests of the Series 2025-1 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2025-1 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2025-1 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2025-1 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2025-1 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2025-1 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2025-1 Noteholders, (ii) in the case of an amendment or modification, the Series 2025-1 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2025-1 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2025-1 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2025-1 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 202-1 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-1 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2025-1 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2025-1 Noteholders affected by such amendment, modification or waiver, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2025-1 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2025-1 Supplement or otherwise reduce the percentage of Series 2025-1 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2025-1 Note (or reduce the principal amount of or rate of interest on any Series 2025-1 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2025-1 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D <u>Reserve Account Withdrawals</u>*<u>), Section 5.6 (*Class E*</u> *Reserve Account Withdrawals*), <u>Section 7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-1 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section 9.19</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2025-1 Supplement or that pursuant to the Series 2025-1 Related Documents expressly requires the consent of 100% of the Series 2025-1 Noteholders or each Series 2025-1 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2025-1 Supplemental Indentures</u>. Each amendment or other modification to this Series 2025-1 Supplement shall be set forth in a Series 2025-1 Supplemental Indenture. The initial effectiveness of each Series 2025-1 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2025-1 Supplemental Indenture is authorized or permitted by this Series 2025-1 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2025-1 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2025-1 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2025-1 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2025-1 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2025-1 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10** **<u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2025-1 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2025-1 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2025-1 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2025-1 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2025-1 Supplement and the Related Documents.

**Section 9.11** **<u>Successors</u>**. All agreements of HVF III in this Series 2025-1 Supplement and with respect to the Series 2025-1 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2025-1 Supplement or any Series 2025-1 Note. All agreements of the Trustee in this Series 2025-1 Supplement shall bind its successor.

**Section 9.12** **<u>Termination of Series Supplement</u>**. This Series 2025-1 Supplement shall cease to be of further effect when (i) all Outstanding Series 2025-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2025-1 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13** **<u>Electronic Execution</u>**. This Series 2025-1 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14** **<u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2025-1 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-1 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2025-1 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2025-1 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2025-1 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2025-1 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2025-1 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15** **<u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16** **<u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2025-1 Supplement, the Series 2025-1 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2025-1 Supplement, the Series 2025-1 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2025-1 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17** **<u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2025-1 SUPPLEMENT, THE SERIES 2025-1 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18</u> <u>Issuance of Class E Notes</u>. No Class E Notes shall be issued on the Series 2025-1 Closing Date. On any date during the Series 2025-1 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2025-1 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2025-1 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "<u>Proposed Class E Notes</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2025-1 Notes, Series 2025-1 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2025-1 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2025-1 Supplement and any Series 2025-1 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2025-1 Supplement or any Series 2025-1 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2025-1 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2025-1 Supplement that expressly require the consent of each Noteholder or Series 2025-1 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2025-1 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2025-1 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not or, upon satisfaction of the Series 2025-1 Rating Agency Condition, should not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-1 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2025-1 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2025-1 Supplement and/or any other Series 2025-1 Related Document.

<u>Section 9.18</u> **<u>Section 9.19</u> <u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2025-1 Noteholder or any other party for violation of such rules now or hereafter in effect.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2025-1 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |  |
|  | Name: Mark E. Johnson |
|  | Title: President and Treasurer |
| THE HERTZ CORPORATION, as Administrator | THE HERTZ CORPORATION, as Administrator |
| By: |  |
|  | Name: Mark E. Johnson |
|  | Title: Senior Vice President and Treasurer |

---

*Signature Page to HVF III Series 2025-1 Supplement*

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to HVF III Series 2025-1 Supplement*

Schedule I<br> TO THE SERIES 2025-1 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>d</u><u>e</u><u>)</u> (*Initial Issuance*) of this Series 2025-1 Supplement.

"<u>Alternative Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom the alternative Rating Agency does not maintain a public Relevant Alternative Rating as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies as of such date, then the median of the Corresponding Alternative Ratings for such Person as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person has an Equivalent Rating Agency Rating from only two of the Equivalent Rating Agencies as of such date, then the lower Corresponding Alternative Rating for such Person as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person has an Equivalent Rating Agency Rating from only one of the Equivalent Rating Agencies as of such date, then the Corresponding Alternative Rating for such Person as of such date.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-1 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2025-1 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2025-1 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2025-1 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2025-1 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2025-1 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2025-1 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2025-1 Distribution Account and paid to the Series 2025-1 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-1 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-1 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-1 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-1 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-1 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-1 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class of Series 2025-1 Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class of Series 2025-1 Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-1 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-1 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2025-1 Accounts*) of this Series 2025-1 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2025-1 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2025-1 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-1 Noteholders or (ii) if issued after the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2025-1 Supplement, that satisfies the Series 2025-1 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-1 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-1 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means March 12, 2025.</u>

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2025-1 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2025-1 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C/D Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated March 5, 2025, by and among HVF III, Hertz, BNP Paribas Securities Corp., Barclays Capital Inc., BMO Capital Markets Corp., Citizens JMP Securities, LLC, Mizuho Securities USA LLC and Truist Securities, Inc., as initial representatives of the several initial purchasers set forth on Schedule I thereto (collectively, the "<u>Initial Purchasers</u>") of the Class A/B/C/D Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 3.75% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-1 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-1 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-1 Accounts*) of this Series 2025-1 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2025-1 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2025-1 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2025-1 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2025-1 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2025-1 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2025-1 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2025-1 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2025-1 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2025-1 Controlled Amortization Period and any Class of Series 2025-1 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2025-1 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2025-1 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2025-1 Notes during the Series 2025-1 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2025-1 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2025-1 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1</u> or <u>Exhibit A-4-2</u> to this Series 2025-1 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2025-1 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Coverage Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u>

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2025-1 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-1 Supplement.<u>means, as of any date of determination, the Series 2025-1 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2025-1 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> <u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.</u>

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2025-1 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2025-1 Distribution Account and paid to the Series 2025-1 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-1 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-1 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-1 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-1 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2025-1* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2025-1 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2025-1 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2025-1 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-1 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2025-1 Supplement, that satisfies</u> <u>the Series 2025-1 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2025-1 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2025-1 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2025-1 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E Notes</u>" has the meaning specified in the <u>Preamble</u> <u>means any one of</u> <u>the Series 2025-1 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2025-1 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2025-1 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 6.25% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the excess, if any, of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Required Liquid Enhancement Amount over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,</u>

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the excess, if any, of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Asset Amount, in each case as of such date.</u>

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2025-1 Accounts*) of this Series 2025-1 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2025-1 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2025-1 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2025-1 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-1 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2025-1 Notes, the amount set forth in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Principal Amount** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$342500000 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$67500000 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;<u>E</u> | &nbsp;&nbsp;<u>$24133000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2025-1 Interest Period (a) with respect to the initial Series 2025-1 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 43/360, and (b) with respect to each Series 2025-1 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2025-1 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2025-1 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2025-1 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Corresponding Alternative Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the alternative Rating Agency rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** | &nbsp;&nbsp;**Alternative Rating** |
| &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ | &nbsp;&nbsp;AA(H) |
| &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- | &nbsp;&nbsp;AA(L) |
| &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ | &nbsp;&nbsp;A(H) |
| &nbsp;&nbsp;A2 | &nbsp;&nbsp;A | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- | &nbsp;&nbsp;A(L) |
| &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ | &nbsp;&nbsp;BBB(H) |
| &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- | &nbsp;&nbsp;BBB(L) |
| &nbsp;&nbsp;Bal | &nbsp;&nbsp;BB+ | &nbsp;&nbsp;BB(H) |
| &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- | &nbsp;&nbsp;BB(L) |
| &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ | &nbsp;&nbsp;B-High |
| &nbsp;&nbsp;B2 | &nbsp;&nbsp;B | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- | &nbsp;&nbsp;B(L) |
| &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ | &nbsp;&nbsp;CCC(H) |
| &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- | &nbsp;&nbsp;CCC(L) |
| &nbsp;&nbsp;Ca | &nbsp;&nbsp;CC | &nbsp;&nbsp;CC(H) |
| &nbsp;&nbsp;C |  | &nbsp;&nbsp;CC |

---

"<u>DBRS</u>" means DBRS, Inc. or any successor thereto.

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Equivalent Rating Agency</u>" means each of DBRS, Fitch, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2025-1 Notes, the Payment Date in September 2028.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2025-1 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2025-1 Notes, the Payment Date in September 2029.

"<u>Majority Series 2025-1 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2025-1 Noteholders</u>" means Series 2025-1 Noteholders holding more than 50% of the Series 2025-1 Principal Amount (excluding any other Series 2025-1 Notes held by HVF III or any Affiliate of HVF III (other than Series 2025-1 Notes held by an Affiliate Issuer)). The Majority Series 2025-1 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-1 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2025-1 Notes, the date that is six months prior to the commencement of the Series 2025-1 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D<u>Series 2025-1</u> Note on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2025-1</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, <u>(a)</u> with respect to each Class of Series 2025-1 Notes issued on the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 10.99%</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Note Rate** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;4.91% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;5.45% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;6.03% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;7.98% |

---

"<u>Outstanding</u>" means with respect to the Series 2025-1 Notes (or any Class of Series 2025-1 Notes), all Series 2025-1 Notes (or Series 2025-1 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2025-1 Supplement, <u>except</u> (a) Series 2025-1 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2025-1 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2025-1 Distribution Account and are available for payment in full of such Series 2025-1 Notes, and Series 2025-1 Notes that are considered paid pursuant to <u>Section 8.1</u> (*Payment of Notes*) of the Base Indenture, and (c) Series 2025-1 Notes in exchange for or in lieu of other Series 2025-1 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2025-1 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2025-1 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2025-1 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2025-1 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2025-1 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2025-1 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment of which are to be made by or is fully guaranteed by the United States of America other than financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in, or certificates of deposit issued by, any depositary institution or trust company incorporated under the laws of the United States of America or any state thereof whose short-term debt is rated "P-1" by Moody's and "A-1+" by S&P and subject to supervision and examination by Federal or state banking or depositary institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment and (y) the time of the contractual commitment to invest therein, the certificates of deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from S&P of "A-1+" and a credit rating from Moody's of "P-1" in the case of certificates of deposit or short-term deposits, or a rating from S&P not lower than "AA" and a rating from Moody's not lower than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier of (x) the time of the investment and (y) the time of the contractual commitment to invest therein, a rating from S&P of "A-1+" and a rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated "AAAm" by S&P and "Aaa-mf" by Moody's, or otherwise approved in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar time deposits having a credit rating from S&P of "A-1+" and a credit rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above and the certificates of deposit described in <u>clause (ii)</u> above which are entered into with a depository institution or trust company, having a commercial paper or short-term certificate of deposit rating of "A-1+" by S&P and "P-1" by Moody's; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other instruments or securities, if each Rating Agency then rating any outstanding Class of Series 2025-1 Notes at the request of HVF III will not have advised in writing that the investment in such instruments or securities will result in the reduction or withdrawal of its then-current rating of such outstanding Class of Series 2025-1 Notes;

*provided*, that for so long as Fitch is rating any Class of Series 2025-1 Notes, (x) any investment in a money market fund rated by Fitch will only be a Permitted Investment if such money market fund has a rating of "AAAmmf" from Fitch, (y) any investment in commercial paper will only be a Permitted Investment if such commercial paper has (at the earlier of the time of the investment and the time of the contractual commitment to invest therein) a rating of "F1" from Fitch, and (z) any other Permitted Investment (other than those described clause (i) above) will only be a Permitted Investment if the institution issuing such Permitted Investment has a long-term issuer default rating of at least "A" by Fitch and a short-term issuer default rating of "F1" by Fitch.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2025-1 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2025-1 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2025-1 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(b)</u> (*Initial Issuance*) of this Series 2025-1 Supplement.

"<u>Rating Agencies</u>" means (i) with respect to the Class A Notes the Class B Notes and the Class C Notes, Fitch and Moody's, (ii) with respect to the Class D Notes <u>and the Class E Notes</u>, Moody's, and (iii) with respect to any Class of Series 2025-1 Notes, any other nationally recognized rating agency rating the Series 2025-1 Notes at the request of HVF III; <u>provided</u> that, if at any time any nationally recognized rating agency ceases to rate any Class of Series 2025-1 Notes, such rating agency shall be deemed to no longer constitute a Rating Agency with respect to such Class of Series 2025-1 Notes for so long as such rating agency continues not to rate such Class of Series 2025-1 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2025-1 Notes*) of this Series 2025-1 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(e)</u> (*Initial Issuance*) of this Series 2025-1 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant Alternative Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a senior unsecured rating by the alternative Rating Agency and a long-term issuer default rating by the alternative Rating Agency as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a senior unsecured rating by the alternative Rating Agency and a long-term issuer default rating by the alternative Rating Agency as of such date, then such rating of such person as of such date; provided, that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Alternative Rating with respect to such Person as of such date.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Fitch Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, and (b) if such person has only one of a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then such rating of such Person as of such date; <u>provided</u>, that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating with respect to such Person as of such date and (c) with respect to DBRS, the Relevant DBRS Rating with respect to such Person as of such date, (d) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date and (e) with respect to any alternative Rating Agency, the Relevant Alternative Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2025-1 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2025-1 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2025-1 Supplement.

"<u>Senior Class of Series 2025-1 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2025-1 Payment Date Available Interest Amount with respect to the Series 2025-1 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2025-1 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account,</u> each Class A/B/C/D <u>Demand Note, each Class E</u> Demand Note, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2025-1 Principal Collection Account for deposit into the Series 2025-1 Interest Collection Account on such Payment Date.

"<u>Series 2025-1 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2025-1 Supplement.

"<u>Series 2025-1 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2025-1 Accounts*) of this Series 2025-1 Supplement.

"<u>Series 2025-1 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2025-1 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2025-1 Notes.

"<u>Series 2025-1 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2025-1 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2025-1 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2025-1 Notes.

"<u>Series 2025-1 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2025-1 Principal Amount as of such date over (B) the Series 2025-1 Principal Collection Account Amount as of such date. The Series 2025-1 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2025-1 Notes.

"<u>Series 2025-1 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-1 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2025-1 Alternative AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-1 Alternative Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-1 Alternative Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-1 Alternative Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-1 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-1 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-1 Alternative Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-1 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-1 Alternative Remainder AAA Amount.

"<u>Series 2025-1 Alternative AAA Select Component</u>" means each Series 2025-1 Alternative AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-1 Alternative Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-1 Alternative AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-1 Alternative Baseline Advance Rate with respect to such Series 2025-1 Alternative AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-1 Alternative Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-1 Alternative AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-1 Alternative MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-1 Alternative AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-1 Alternative Baseline Advance Rate</u>" means, with respect to each Series 2025-1 Alternative AAA Select Component, the percentage set forth opposite such Series 2025-1 Alternative AAA Select Component in the following table:

---

| | |
|:---|:---|
| **Series 2025-1 Alternative AAA Select Component** | **Series 2025-1 Alternative Baseline Advance Rate** |
| Series 2025-1 Alternative Eligible Investment Grade Program Vehicle Amount | 91.00% |
| Series 2025-1 Alternative Eligible Investment Grade Program Receivable Amount | 91.00% |
| Series 2025-1 Alternative Eligible Non-Investment Grade Program Vehicle Amount | 89.00% |
| Series 2025-1 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount | 89.00% |
| Series 2025-1 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount | 0.00% |
| Series 2025-1 Alternative Eligible Investment Grade Non-Program Vehicle Amount | 86.75% |
| Series 2025-1 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount | 82.55% |
| Series 2025-1 Medium-Duty Truck Amount | 65.00% |
| Cash Amount | 100.00% |
| Series 2025-1 Alternative Remainder AAA Amount | 0.00% |

---

"<u>Series 2025-1 Alternative Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-1 Alternative Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-1 Alternative Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-1 Alternative Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-1 Alternative AAA Select Component, in each case as of such date.

"<u>Series 2025-1 Alternative Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-1 Alternative AAA Select Component equal to the product of such Series 2025-1 Alternative AAA Select Component and the Series 2025-1 Alternative Adjusted Advance Rate with respect to such Series 2025-1 Alternative AAA Select Component, in each case as of such date.

"<u>Series 2025-1 Alternative Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-1 Alternative Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-1 Alternative Baseline Advance Rate with respect to such Series 2025-1 Alternative Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-1 Alternative Concentration Excess Advance Rate Adjustment with respect to such Series 2025-1 Alternative Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-1 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-1 Alternative Baseline Advance Rate with respect to such Series 2025-1 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-1 Alternative Concentration Excess Advance Rate Adjustment with respect to such Series 2025-1 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-1 Alternative Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-1 Alternative AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-1 Alternative Concentration Excess Amount, if any, allocated to such Series 2025-1 Alternative AAA Select Component by HVF III and (B) the Series 2025-1 Alternative Baseline Advance Rate with respect to such Series 2025-1 Alternative AAA Select Component, and the denominator of which is (II) such Series 2025-1 Alternative AAA Select Component, in each case as of such date, and (b) the Series 2025-1 Alternative Baseline Advance Rate with respect to such Series 2025-1 Alternative AAA Component; <u>provided</u> that, the portion of the Series 2025-1 Alternative Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-1 Alternative AAA Select Component that was included in determining whether such Series 2025-1 Alternative Concentration Excess Amount exists.

"<u>Series 2025-1 Alternative Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-1 Alternative Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-1 Alternative Eligible Manufacturer Receivables, in each case, included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-1 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount, as of such date or the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount, as of such date or the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-1 Alternative Eligible Manufacturer Receivables included in the Series 2025-1 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer with respect to such Series 2025-1 Alternative Eligible Manufacturer Receivable for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-1 Alternative Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-1 Alternative Manufacturer Concentration Excess Amounts and (D) Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-1 Alternative Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-1 Alternative Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-1 Alternative Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-1 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-1 Alternative Investment Grade Manufacturers.

"<u>Series 2025-1 Alternative Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-1 Alternative Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-1 Alternative Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable due from any Manufacturer that has a Relevant Alternative Rating as of such date of at least "A(L)" (or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, then the Alternative Equivalent Rating of at least "A(L)") pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable due from any Manufacturer that (a) has a Relevant Alternative Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)" or (b) if such Manufacturer does not have a Relevant Alternative Rating as of such date, then has the Alternative Equivalent Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)", in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable due from a Series 2025-1 Alternative Non-Investment Grade (High) Manufacturer or a Series 2025-1 Alternative Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-1 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-1 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-1 Alternative Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-1 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-1 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-1 Alternative Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-1 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-1 Alternative Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-1 Alternative Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-1 Alternative Non-Investment Grade (High) Program Vehicle and each Series 2025-1 Alternative Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-1 Alternative Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Alternative Rating as of such date of at least "BBB(L)" (or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, then the Alternative Equivalent Rating of "BBB(L)")as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, the Alternative Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-1 Alternative Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-1 Alternative Investment Grade Manufacturer that is not a Series 2025-1 Alternative Investment Grade Program Vehicle as of such date.

"<u>Series 2025-1 Alternative Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-1 Alternative Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-1 Alternative Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-1 Alternative Eligible Manufacturer Receivables due from such Manufacturer.

"<u>Series 2025-1 Alternative Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-1 Alternative Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-1 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-1 Alternative Eligible Manufacturer Receivables included in the Series 2025-1 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer with respect to such Series 2025-1 Alternative Eligible Manufacturer Receivable for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-1 Alternative Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-1 Alternative Manufacturer Concentration Excess Amounts and (D) Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-1 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-1 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-1 Alternative MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-1 Alternative Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-1 Failure Percentage as of such date and (ii) the Series 2025-1 Alternative Concentration Adjusted Advance Rate with respect to the Series 2025-1 Alternative Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-1 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-1 Failure Percentage as of such date and (ii) the Series 2025-1 Alternative Concentration Adjusted Advance Rate with respect to the Series 2025-1 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-1 Alternative AAA Component, zero.

"<u>Series 2025-1 Alternative Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant Alternative Rating as of such date of (i) less than "BBB(L)" and (ii) at least "BB(L)", or (b) if such Manufacturer does not have a Relevant Alternative Rating as of such date, then has the Alternative Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-1 Alternative Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-1 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-1 Alternative Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-1 Alternative Eligible Manufacturer Receivables with respect to any Series 2025-1 Alternative Non-Investment Grade (High) Manufacturer included in the Series 2025-1 Alternative Manufacturer Amount for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-1 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-1 Alternative Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-1 Alternative Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-1 Alternative Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Alternative Rating as of such date of less than "BB(L)"(or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, the Alternative Equivalent Rating of "BB(L)") as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, the Alternative Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-1 Alternative Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-1 Alternative Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another master motor vehicle operating lease, as applicable) as of such date.

"<u>Series 2025-1 Alternative Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-1 Alternative Non-Investment Grade (High) Manufacturer or a Series 2025-1 Alternative Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-1 Alternative Non-Investment Grade (High) Program Vehicle or a Series 2025-1 Alternative Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-1 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-1 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-1 Alternative Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-1 Alternative Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-1 Alternative Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-1 Alternative Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-1 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount as of such
date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-1 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount as of such
date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-1 Alternative Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-1 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-1 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2025-1 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2025-1 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2025-1 Blended Advance Rate, in each case as of such date.

"<u>Series 2025-1 Baseline Advance Rate</u>" means, with respect to each Series 2025-1 Alternative AAA Select Component, the percentage set forth opposite such Series 2025-1 Alternative AAA Select Component in the following table:

---

| | |
|:---|:---|
| **Series 2025-1 AAA Select Component** | **Series 2025-1 Alternative Baseline Advance Rate** |
| Series 2025-1 Eligible Investment Grade Program Vehicle Amount | 91.00% |
| Series 2025-1 Eligible Investment Grade Program Receivable Amount | 91.00% |
| Series 2025-1 Eligible Non-Investment Grade Program Vehicle Amount | 89.00% |
| Series 2025-1 Eligible Non-Investment Grade (High) Program Receivable Amount | 89.00% |
| Series 2025-1 Eligible Non-Investment Grade (Low) Program Receivable Amount | 0.00% |
| Series 2025-1 Eligible Investment Grade Non-Program Vehicle Amount | 86.75% |
| Series 2025-1 Eligible Non-Investment Grade Non-Program Vehicle Amount | 82.55% |
| Series 2025-1 Medium-Duty Truck Amount | 65.00% |
| Cash Amount | 100.00% |
| Series 2025-1 Remainder AAA Amount | 0.00% |

---

"<u>Series 2025-1 Blended Advance Rate</u>" means, as of any date of determination, the least of the Series 2025-1 Alternative Blended Advanced Rate as of such date, the Series 2025-1 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2025-1 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-1 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2025-1 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2025-1 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2025-1 Administrator Fee Amount and the Series 2025-1 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2025-1 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-1 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2025-1 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-1 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2025-1 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2025-1 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2025-1 Related Document,

in each case under and in accordance with such Series 2025-1 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2025-1 Notes.

"<u>Series 2025-1</u> <u>Closing Date</u>" means March 12, 2025.

"<u>Series 2025-1 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2025-1 Account Collateral with respect to each Series 2025-1 Account and each Class A/B/C/D Demand Note.

"<u>Series 2025-1 Controlled Amortization Period</u>" means the period commencing upon the close of business on April 25, 2028 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2025-1 Rapid Amortization Period, (ii) the date on which the Series 2025-1 Notes are fully paid and (iii) the termination of this Series 2025-1 Supplement.

"<u>Series 2025-1 Daily Interest Allocation</u>" means, on each Series 2025-1 Deposit Date, the Series 2025-1 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2025-1 Daily Principal Allocation</u>" means, on each Series 2025-1 Deposit Date, an amount equal to the Series 2025-1 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2025-1 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2025-1 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2025-1 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(</u><u>iii</u><u>iv</u><u>)</u> (*Series 2025-1 Accounts*) of this Series 2025-1 Supplement.

"<u>Series 2025-1 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-1 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2025-1 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-1 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2025-1 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2025-1 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2025-1 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-1 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2025-1 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2025-1 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2025-1 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2025-1 Market Value Average as of any Determination Date within the preceding three (3) calendar months (or such fewer number of months as have elapsed since the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2025-1 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-1 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2025-1 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-1 Accounts*) of this Series 2025-1 Supplement.

"<u>Series 2025-1 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2025-1 Interest Period <u>for the Class A/B/C/D Notes</u> shall commence on and include the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date and end on and include April 25, 2025 <u>and the initial Series 2025-1 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2025-1 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2025-1 Revolving Period, the Series 2025-1 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2025-1 Controlled Amortization Period and the Series 2025-1 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2025-1 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2025-1 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2025-1 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2025-1 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2025-1 Principal Amount shall have been reduced to zero, the Series 2025-1 Invested Percentage shall equal zero.

"<u>Series 2025-1 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2025-1 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2025-1 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-1 Lease Payment Deficit</u>" means either a Series 2025-1 Lease Interest Payment Deficit or a Series 2025-1 Lease Principal Payment Deficit.

"<u>Series 2025-1 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2025-1 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2025-1 Principal Collection Account on or prior to such Payment Date on account of such Series 2025-1 Lease Principal Payment Deficit.

"<u>Series 2025-1 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2025-1 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2025-1 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2025-1 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2025-1 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-1 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2025-1 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-1 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2025-1 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2025-1 Controlling Class.

Each Series 2025-1 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2025-1 Notes.

"<u>Series 2025-1 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table.

---

| | |
|:---|:---|
| **Manufacturer** | **Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;17.50% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

"<u>Series 2025-1 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2025-1 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2025-1 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2025-1 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2025-1 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2025-1 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2025-1 Measurement Month shall be included in any other Series 2025-1 Measurement Month.

"<u>Series 2025-1 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-1 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2025-1 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2025-1 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-1 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-1 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-1 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-1 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-1 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-1 Moody's Remainder AAA Amount.

"<u>Series 2025-1 Moody's AAA Select Component</u>" means each Series 2025-1 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-1 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-1 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-1 Moody's Baseline Advance Rate with respect to such Series 2025-1 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-1 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-1 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-1 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-1 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-1 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2025-1 Moody's AAA Select Component, the percentage set forth opposite such Series 2025-1 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| **Series 2025-1 Moody's AAA Select Component** | **Series 2025-1 Moody's Baseline Advance Rate** |
| Series 2025-1 Moody's Eligible Investment Grade Program Vehicle Amount | 95.00% |
| Series 2025-1 Moody's Eligible Investment Grade Program Receivable Amount | 95.00% |
| Series 2025-1 Moody's Eligible Non-Investment Grade Program Vehicle Amount | 92.00% |
| Series 2025-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | 92.00% |
| Series 2025-1 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | 0.00% |
| Series 2025-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount | 85.00% |
| Series 2025-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | 85.00% |
| Series 2025-1 Medium-Duty Truck Amount | 65.00% |
| Cash Amount | 100.00% |
| Series 2025-1 Moody's Remainder AAA Amount | 0.00% |

---

"<u>Series 2025-1 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-1 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-1 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-1 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-1 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-1 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-1 Moody's AAA Select Component equal to the product of such Series 2025-1 Moody's AAA Select Component and the Series 2025-1 Moody's Adjusted Advance Rate with respect to such Series 2025-1 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-1 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-1 Moody's Baseline Advance Rate with respect to such Series 2025-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-1 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-1 Moody's Baseline Advance Rate with respect to such Series 2025-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-1 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-1 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-1 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-1 Moody's Concentration Excess Amount, if any, allocated to such Series 2025-1 Moody's AAA Select Component by HVF III and (B) the Series 2025-1 Moody's Baseline Advance Rate with respect to such Series 2025-1 Moody's AAA Select Component, and the denominator of which is (II) such Series 2025-1 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2025-1 Moody's Baseline Advance Rate with respect to such Series 2025-1 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2025-1 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-1 Moody's AAA Select Component that was included in determining whether such Series 2025-1 Moody's Concentration Excess Amount exists.

"<u>Series 2025-1 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-1 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-1 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-1 Moody's Eligible Manufacturer Receivables included in the Series 2025-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-1 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-1 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-1 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-1 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-1 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-1 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-1 Moody's Investment Grade Manufacturers.

"<u>Series 2025-1 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-1 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-1 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2025-1 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-1 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-1 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-1 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-1 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-1 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-1 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-1 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-1 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-1 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2025-1 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-1 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-1 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-1 Moody's Investment Grade Manufacturer that is not a Series 2025-1 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2025-1 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-1 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-1 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-1 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2025-1 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-1 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-1 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-1 Moody's Eligible Manufacturer Receivables included in the Series 2025-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-1 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-1 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-1 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-1 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-1 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-1 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-1 Failure Percentage as of such date and (ii) the Series 2025-1 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-1 Failure Percentage as of such date and (ii) the Series 2025-1 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-1 Moody's AAA Component, zero.

"<u>Series 2025-1 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2025-1 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-1 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-1 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-1 Moody's Eligible Manufacturer Receivables with respect to any Series 2025-1 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2025-1 Moody's Manufacturer Amount for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-1 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-1 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-1 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-1 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-1 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-1 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-1 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-1 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-1 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-1 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2025-1 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2025-1 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Medium-Duty Truck Amount for purposes of calculating the Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-1 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-1 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-1 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-1 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-1 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-1 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-1 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-1 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-1 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-1 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2025-1 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2025-1 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2025-1 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2025-1 Measurement Month, commencing with the third Series 2025-1 Measurement Month following the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2025-1 Measurement Month and the two Series 2025-1 Measurement Months preceding such Series 2025-1 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2025-1 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2025-1 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2025-1 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2025-1 Carrying Charges on such Payment Date (excluding any Series 2025-1 Carrying Charges payable to the Series 2025-1 Noteholders) and (b) the Series 2025-1 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2025-1 Noteholders).

"<u>Series 2025-1 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2025-1 Lease Principal Payment Deficit, an amount equal to the Series 2025-1 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2025-1 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2025-1 Lease Interest Payment Deficit, an amount equal to the Series 2025-1 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2025-1 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2025-1 Payment Date Available Interest Amount</u>" means, with respect to each Series 2025-1 Interest Period, the sum of the Series 2025-1 Daily Interest Allocation for each Series 2025-1 Deposit Date in such Series 2025-1 Interest Period.

"<u>Series 2025-1 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2025-1 Interest Collection Account*).

"<u>Series 2025-1 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-1 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2025-1 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2025-1 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2025-1 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2025-1 Notes.

"<u>Series 2025-1 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2025-1 Principal Amount shall be the "Principal Amount" with respect to the Series 2025-1 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2025-1 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2025-1 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-1 Accounts*) of this Series 2025-1 Supplement.

"<u>Series 2025-1 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2025-1 Principal Collection Account as of such date.

"<u>Series 2025-1 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2025-1 Notes is deemed to have occurred with respect to the Series 2025-1 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2025-1 Notes are paid in full and (ii) the termination of this Series 2025-1 Supplement.

"<u>Series 2025-1 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2025-1 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2025-1 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2025-1 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2025-1 Notes.

"<u>Series 2025-1 Related Documents</u>" means the Related Documents, this Series 2025-1 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2025-1 Revolving Period</u>" means the period from the Series 2025-1<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2025-1 Controlled Amortization Period and (ii) the commencement of the Series 2025-1 Rapid Amortization Period.

"<u>Series 2025-1 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2025-1 Supplement.

"<u>Series 2025-1 Supplemental Indenture</u>" means a supplement to this Series 2025-1 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2025-1 Supplement.

"<u>Series 2025-1 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2025-1 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-1 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2025-1 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-1 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2025-1 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2025-1 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2025-1 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2025-1 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2025-1 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2025-1 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2025-1 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-1 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2025-1 Collateral</u>" means the Series 2025-1 Account Collateral with respect to each Series 2025-1 Account and each Class A/B/C/D Demand Note. The Series-Specific 2025-1 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2025-1 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(i)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-1 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2025-1 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Available L/C Cash Collateral Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Available Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Letter of Credit Liquidity Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Required Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Reserve Account Deficiency Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E Monthly Interest Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E Principal Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Adjusted Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Alternative Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Moody's Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Non-Program Vehicle Disposition Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Principal Collection Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-1 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2025-1 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.7

**Exhibit 10.7**

***EXECUTION VERSION***

**Amendment No. 1 to Series 2025-2 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the SERIES 2025-2 SUPPLEMENT, dated as of March 12, 2025 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2025-2 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2025-2 Supplement permits the Issuer and the Trustee to amend the Series 2025-2 Supplement in writing without the consent of any Series 2025-2 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-2 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-2 Supplement provides that on any date during the Series 2025-2 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2025-2 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2025-2 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2025-2 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2025-2 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-2 Supplement, to amend the Series 2025-2 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2025-2 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2025-2 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2025-2 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2025-2 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2025-2 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2025-2 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2025-2 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2025-2 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. <u>Reference to and Effect on the Series 2025-2 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2025-2 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2025-2 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2025-2 Supplement to "<u>Series 2025-2 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2025-2 Supplement, and each reference in any other Series 2025-2 Related Document to "<u>Series 2025-2 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2025-2 Supplement, shall mean and be a reference to the Series 2025-2 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2025-2 Supplement or the Series 2025-2 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2025-2 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

<u>Annex A</u>

**EXECUTION VERSION** **<u>CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026</u>**

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

____________

**SERIES 2025-2 SUPPLEMENT**

dated as of March 12, 2025

to

BASE INDENTURE<br> dated as of June 29, 2021

____________

$342,500,000 Series 2025-2 5.13% Rental Car Asset Backed Notes, Class A

$50,000,000 Series 2025-2 5.66% Rental Car Asset Backed Notes, Class B

$67,500,000 Series 2025-2 6.40% Rental Car Asset Backed Notes, Class C

$40,000,000 Series 2025-2 8.34% Rental Car Asset Backed Notes, Class D

<u>$24,133,000 Series 2025-2 12.26% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

 **Page**

---

| | | |
|:---|:---|:---|
| <u><u>Article I DEFINITIONS AND CONSTRUCTION</u></u> | <u><u>Article I DEFINITIONS AND CONSTRUCTION</u></u> | 2 |
| <u><u>Section 1.1</u></u> | <u><u>Defined Terms and References</u></u> | 2 |
| <u><u>Section 1.2</u></u> | <u><u>Rules of Construction</u></u> | 2 |
| <u><u>Article II INITIAL ISSUANCE OF SERIES 2025-2 NOTES; FORM OF SERIES 2025-2 NOTES</u></u> | <u><u>Article II INITIAL ISSUANCE OF SERIES 2025-2 NOTES; FORM OF SERIES 2025-2 NOTES</u></u> | 3 |
| <u><u>Section 2.1</u></u> | <u><u>Initial Issuance</u></u> | 3 |
| <u><u>Section 2.2</u></u> | <u><u>Transfer Restrictions for Global Notes</u></u> | 4<u>5</u> |
| <u><u>Section 2.3</u></u> | <u><u>Definitive Notes</u></u> | 10<u>14</u> |
| <u><u>Section 2.4</u></u> | <u><u>Legal Final Payment Date</u></u> | 10<u>14</u> |
| <u><u>Section 2.5</u></u> | <u><u>Required Series Noteholders</u></u> | 10<u>14</u> |
| <u><u>Section 2.6</u></u> | <u><u>FATCA</u></u> | 10<u>14</u> |
| <u><u>Article III INTEREST AND INTEREST RATES</u></u> | <u><u>Article III INTEREST AND INTEREST RATES</u></u> | 11<u>15</u> |
| <u><u>Section 3.1</u></u> | <u><u>Interest</u></u> | 11<u>15</u> |
| <u><u>Article IV SERIES-SPECIFIC COLLATERAL</u></u> | <u><u>Article IV SERIES-SPECIFIC COLLATERAL</u></u> | 11<u>15</u> |
| <u><u>Section 4.1</u></u> | <u><u>Granting Clause</u></u> | 11<u>15</u> |
| <u><u>Section 4.2</u></u> | <u><u>Series 2025-2 Accounts</u></u> | 11<u>16</u> |
| <u><u>Section 4.3</u></u> | <u><u>Trustee as Securities Intermediary</u></u> | 13<u>18</u> |
| <u><u>Section 4.4</u></u> | <u><u>Class A/B/C/D Demand Notes</u></u> | 15<u>19</u> |
| <u><u>Section 4.5</u></u> | <u><u>Class E Demand Notes</u></u> | <u>20</u> |
| <u><u>Section</u></u> <u>4.5</u><u>4.6</u> | <u><u>Subordination</u></u> | 15<u>20</u> |
| <u><u>Section</u></u> <u>4.6</u><u>4.7</u> | <u><u>Duty of the Trustee</u></u> | 15<u>20</u> |
| <u><u>Section</u></u> <u>4.7</u><u>4.8</u> | <u><u>Representations of the Trustee</u></u> | 15<u>20</u> |
| <u><u>Article V PRIORITY OF PAYMENTS</u></u> | <u><u>Article V PRIORITY OF PAYMENTS</u></u> | 15<u>21</u> |
| <u><u>Section 5.1</u></u> | <u><u>[Reserved].</u></u> | 15<u>21</u> |
| <u><u>Section 5.2</u></u> | <u><u>Collections Allocation.</u></u> | 15<u>21</u> |
| <u><u>Section 5.3</u></u> | <u><u>Application of Funds in the Series 2025-2 Interest Collection Account</u></u> | 16<u>21</u> |
| <u><u>Section 5.4</u></u> | <u><u>Application of Funds in the Series 2025-2 Principal Collection Account</u></u> | 17<u>22</u> |
| <u><u>Section 5.5</u></u> | <u><u>Class A/B/C/D Reserve Account Withdrawals</u></u> | 18<u>24</u> |
| <u><u>Section 5.6</u></u> | <u><u>Class E Reserve Account Withdrawals</u></u> | <u>24</u> |
| <u><u>Section</u></u> <u>5.6</u><u>5.7</u> | <u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u></u> | 19<u>25</u> |
| <u><u>Section 5.8</u></u> | <u><u>Class E Letters of Credit and Class E Demand Notes</u></u> | <u>28</u> |
| <u><u>Section</u></u> <u>5.7</u><u>5.9</u> | <u><u>Past Due Rental Payments</u></u> | 22<u>30</u> |
| <u><u>Section</u></u> <u>5.8</u><u>5.10</u> | <u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u></u> | 22<u>31</u> |
| <u><u>Section 5.11</u></u> | <u><u>Class E Letters of Credit and Class E L/C Cash Collateral Account.</u></u> | <u>34</u> |
| <u><u>Section</u></u> <u>5.9</u><u>5.12</u> | <u><u>Certain Instructions to the Trustee</u></u> | 25<u>37</u> |
| <u><u>Section</u></u> <u>5.10</u><u>5.13</u> | <u><u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u></u> | 25<u>37</u> |
| <u><u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u></u> | <u><u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u></u> | 26<u>37</u> |
| <u><u>Section 6.1</u></u> | <u><u>Representations and Warranties</u></u> | 26<u>37</u> |
| <u><u>Section 6.2</u></u> | <u><u>Covenants</u></u> | 26<u>38</u> |
| <u><u>Section 6.3</u></u> | <u><u>Closing Conditions</u></u> | 28<u>39</u> |
| <u><u>Section 6.4</u></u> | <u><u>Further Assurances</u></u> | 28<u>39</u> |
| <u><u>Article VII AMORTIZATION EVENTS</u></u> | <u><u>Article VII AMORTIZATION EVENTS</u></u> | 29<u>40</u> |
| <u><u>Section 7.1</u></u> | <u><u>Amortization Events</u></u> | 29<u>40</u> |
| <u><u>Article VIII SUBORDINATION OF NOTES</u></u> | <u><u>Article VIII SUBORDINATION OF NOTES</u></u> | 31<u>43</u> |
| <u><u>Section 8.1</u></u> | <u><u>Subordination of Class B Notes</u></u> | 31<u>43</u> |

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(i) ****TABLE OF CONTENTS**<br> (continued)**

 **Page**

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| | | |
|:---|:---|:---|
| <u><u>Section 8.2</u></u> | <u><u>Subordination of Class C Notes</u></u> | 31<u>43</u> |
| <u><u>Section 8.3</u></u> | <u><u>Subordination of Class D Notes</u></u> | 31<u>43</u> |
| <u><u>Section 8.4</u></u> | <u><u>Subordination of Class E Notes</u></u> | 32<u>44</u> |
| <u><u>Section 8.5</u></u> | <u><u>When Distribution Must be Paid Over</u></u> | 32<u>44</u> |
| <u><u>Article IX GENERAL</u></u> | <u><u>Article IX GENERAL</u></u> | 32<u>44</u> |
| <u><u>Section 9.1</u></u> | <u><u>Optional Redemption of the Series 2025-2 Notes</u></u> | 32<u>44</u> |
| <u><u>Section 9.2</u></u> | <u><u>Information</u></u> | 33<u>45</u> |
| <u><u>Section 9.3</u></u> | <u><u>Confidentiality</u></u> | 33<u>45</u> |
| <u><u>Section 9.4</u></u> | <u><u>Ratification of Base Indenture</u></u> | 33<u>45</u> |
| <u><u>Section 9.5</u></u> | <u><u>Notice to the Rating Agencies</u></u> | 34<u>45</u> |
| <u><u>Section 9.6</u></u> | <u><u>Third Party Beneficiary</u></u> | 34<u>46</u> |
| <u><u>Section 9.7</u></u> | <u><u>Execution in Counterparts; Electronic Execution</u></u> | 34<u>46</u> |
| <u><u>Section 9.8</u></u> | <u><u>Governing Law</u></u> | 34<u>46</u> |
| <u><u>Section 9.9</u></u> | <u><u>Amendments</u></u> | 34<u>46</u> |
| <u><u>Section 9.10</u></u> | <u><u>Administrator to Act on Behalf of HVF III</u></u> | 36<u>48</u> |
| <u><u>Section 9.11</u></u> | <u><u>Successors</u></u> | 37<u>49</u> |
| <u><u>Section 9.12</u></u> | <u><u>Termination of Series Supplement</u></u> | 37<u>49</u> |
| <u><u>Section 9.13</u></u> | <u><u>Electronic Execution</u></u> | 37<u>49</u> |
| <u><u>Section 9.14</u></u> | <u><u>Additional UCC Representations</u></u> | 37<u>49</u> |
| <u><u>Section 9.15</u></u> | <u><u>Notices</u></u> | 38<u>50</u> |
| <u><u>Section 9.16</u></u> | <u><u>Submission to Jurisdiction</u></u> | 38<u>50</u> |
| <u><u>Section 9.17</u></u> | <u><u>Waiver of Jury Trial</u></u> | 39<u>51</u> |
| <u>Section 9.18</u> | <u>Issuance of Class E Notes</u> | 39<u>51</u> |
| <u><u>Section</u></u> <u>9.19</u><u>9.18</u> | <u><u>Trustee Obligations under the Retention Requirements</u></u> | 41<u>53</u> |
| <u>**Schedule I**</u> **<u>TO THE SERIES 2025-2 SUPPLEMENT</u>** | <u>**Schedule I**</u> **<u>TO THE SERIES 2025-2 SUPPLEMENT</u>** | **44** **<u>56</u>** |
| <u>**Schedule II**</u> **<u>TO THE SERIES 2025-2 SUPPLEMENT</u>** | <u>**Schedule II**</u> **<u>TO THE SERIES 2025-2 SUPPLEMENT</u>** | **77** **<u>103</u>** |

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(ii) ****TABLE OF CONTENTS**<br> (continued)**

 **Page**

EXHIBITS AND SCHEDULES

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| | |
|:---|:---|
| Schedule I<br> Schedule II<br>| List of Defined Terms<br> Monthly Noteholders' Statement Information<br>|
| Exhibit A-1-1<br> Exhibit A-1-2<br> Exhibit A-2-1<br> Exhibit A-2-2<br> Exhibit A-3-1<br> Exhibit A-3-2<br> Exhibit A-4-1<br> Exhibit A-4-2<br> <u>Exhibit A-5</u><br> Exhibit B-1<br> Exhibit B-2<br> <u>Exhibit B-3</u><br> <u>Exhibit B-4</u><br> <u>Exhibit C-1</u><br> Exhibit C<u>-2</u> <br> Exhibit D<br> Exhibit E-1<br> Exhibit E-2<br> <u>Exhibit E-3</u><br> Exhibit F<u>-1</u><br> <u>Exhibit F-2</u> | Form of Series 2025-2 144A Global Class A Note<br> Form of Series 2025-2 Regulation S Global Class A Note<br> Form of Series 2025-2 144A Global Class B Note<br> Form of Series 2025-2 Regulation S Global Class B Note<br> Form of Series 2025-2 144A Global Class C Note<br> Form of Series 2025-2 Regulation S Global Class C Note<br> Form of Series 2025-2 144A Global Class D Note<br> Form of Series 2025-2 Regulation S Global Class D Note<br> <u>Form of Series 2025-2 144A Global Class E Note</u><br> Form of Demand Notice<br> Form of Class A/B/C/D Demand Note<br> <u>Form of Class E Demand Notice</u><br> <u>Form of Class E Demand Note</u><br> Form of Reduction Notice Request Class A/B/C/D Letter of Credit<br> <u>Form of Reduction Notice Request Class E Letter of Credit</u><br> Form of Lease Payment Deficit Notice<br> <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u><br> Form of Transfer Certificate from 144A Global Note to Regulation S Global Note<br> Form of Transfer Certificate from Regulation S Global Note to 144A Global Note<br> Form of Class A/B/C/D Letter of Credit<br> <u>Form of Class E Letter of Credit</u>  |

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(iii) SERIES 2025-2 SUPPLEMENT, dated as of March 12, 2025 ("<u>Series 2025-2 Supplement</u>"), among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as may be further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS, Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture provides, among other things, that HVF III and the Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or more Series of Notes;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2025-2 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2025-2 Noteholders;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2025-2 Supplement, and such Series of Notes is hereby designated as Series 2025-2 Rental Car Asset Backed Notes.

On the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date, the following classes of Series 2025-2 Rental Car Asset Backed Notes shall be<u>were</u> issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-2 5.13% Rental Car Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-2 5.66% Rental Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-2 6.40% Rental Car Asset Backed Notes, Class C (as referred to herein, the " <u>Class C Notes</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-2 8.34% Rental Car Asset Backed Notes, Class D (as referred to herein, the " <u>Class D Notes</u> ").

Subsequent to the Series 2025-2 Closing Date, HVF III may on any date during the Series 2025-2 Revolving Period offer and sell additional Series 2025-2 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-2 Supplement, which, if issued, shall be designated as the Series 2025-2 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "<u>Class E Notes</u>".

<u>On the Class E Notes Closing Date, the Series 2025-2 12.26</u><u>% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u> 

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2025-2 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**<br>DEFINITIONS AND CONSTRUCTION**

**Section 1.01** **<u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2025-2 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2025-2 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2025-2 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02** **<u>Rules of Construction</u>**. In this Series 2025-2 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document), as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2025-2 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2025-2 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**<br>INITIAL ISSUANCE OF SERIES 2025-2 NOTES; FORM OF SERIES 2025-2 NOTES**

**Section 2.01** **<u>Initial Issuance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance</u> <u><u>of Class A/B/C/D Notes</u></u>. On the terms and conditions set forth in this Series 2025-2 Supplement, HVF III shall issue<u>issued</u>, and shall cause<u>caused</u> the Trustee to authenticate, the initial Class A/B/C/D Notes on the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date. Such Class A/B/C/D Notes shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, with respect to each Class of Series 2025-2 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, with respect to each Class of Series 2025-2 Notes, the interest rate set forth in the definition of Note Rate for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have, with respect to each Class of Series 2025-2 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by Moody's and Fitch and, with respect to the Class D Notes, by Moody's, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be duly<u>were</u> authenticated in accordance with the provisions of the Base Indenture and this Series 2025-2 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>on</u> <u>Form of</u> the Class A/B/C/D Notes. The <u>Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2025-2 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Notes Closing Date. Such Class E Notes shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2025-2 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of the Series 2025-2 Notes. The</u> Class A/B/C/D Notes will be<u>were</u> offered and sold by HVF III on the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be<u>were</u> resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2025-2 Related Document to the contrary, the initial Payment Date with respect to the Series 2025-2<u>Class A/B/C/D</u> Notes shall be<u>was</u> April 25, 2025 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>144A Global Notes</u>. Each Class of the Class A/B/C/D<u>Series 2025-2</u> Notes offered and sold in their initial distribution on the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date in <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable, in</u> reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to this Series 2025-2 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-1</u> to this Series 2025-2 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to this Series 2025-2 Supplement and<u>,</u> with respect to the Class D Notes in <u>Exhibit A-4-1</u> <u><u>to this Series 2025-2 Supplement, and with respect to the Class E Notes in Exhibit A-5</u></u> to this Series 2025-2 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "<u>144A Global Notes</u>"). The <u><u>Solely</u></u> <u><u>with respect to the Class A/B/C/D Notes</u></u><u><u>, the</u></u> aggregate principal amount of the<u>such</u> 144A Global Notes<u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-2 Notes as shall be specified in the schedule attached thereto, and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-2 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-2 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-2 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C/D Notes offered and sold on the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to this Series 2025-2 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to this Series 2025-2 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to this Series 2025-2 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-2</u> to this Series 2025-2 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-2 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-2 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-2 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-2 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02** **<u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> wishes at any time to exchange its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-1</u><u>-3</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-2</u><u>-4</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes <u>and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or<u>,</u> Class D <u>Global Notes or Class E</u> Global Notes, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer OR ANY OTHER PERSON TREATED as THE ISSUER for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES (UNLESS A STATUTORY OR ADMINISTRATIVE EXEMPTION APPLIES (ALL OF THE APPLICABLE CONDITIONS OF WHICH ARE SATISFIED) OR THE TRANSACTION IS NOT OTHERWISE PROHIBITED), AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, <u>OR</u> (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u> <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN,</u> <u>ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer or any other person treated as the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2025-2 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO*.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>Note,</u> Class D <u>Note or Class E</u> Note, as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, <u>or</u> (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(p)</u> <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(r)</u> <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03** **<u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D<u>Series 2025-2</u> Notes other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04** **<u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2025-2 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05** **<u>Required Series Noteholders</u>**(a). In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2025-2 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-2 Notes.

**Section 2.06** **<u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2025-2 Noteholder (and any Note Owner of any Series 2025-2 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2025-2 Note or an interest in such Series 2025-2 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2025-2 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2025-2 Noteholder and Note Owner of any Series 2025-2 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2025-2 Noteholder (or Note Owner of such Series 2025-2 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2025-2 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2025-2 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2025-2 Noteholder or Note Owner of a Series 2025-2 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2025-2 Notes.

**Article III**<br>INTEREST AND INTEREST RATES**

**Section 3.01** **<u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2025-2 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**<br>SERIES-SPECIFIC COLLATERAL**

**Section 4.01** **<u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2025-2 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2025-2 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2025-2 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2025-2 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2025-2 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2025-2 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2025-2 Account are referred to, collectively, as the "<u>Series 2025-2 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02** **<u>Series 2025-2 Accounts</u>**. With respect to the Series 2025-2 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2025-2 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-2 Noteholders three<u>four</u> securities accounts: the Series 2025-2 Principal Collection Account (such account, the "<u>Series 2025-2 Principal Collection Account</u>"), the Series 2025-2 Interest Collection Account (such account, the "<u>Series 2025-2 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2025-2 Reserve Account")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) or <u>Section</u> <u>5.8</u><u>5.10</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2025-2<u>Class A/B/C/D</u> Noteholders<u>,</u> the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>On or prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-2 Noteholders the Series 2025-2 Distribution Account (the "<u>Series 2025-2 Distribution Account</u>", and together with the Series 2025-2 Principal Collection Account, the Series 2025-2 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2025-2 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-2 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2025-2 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2025-2 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2025-2 Account shall be an Eligible Account. If any Series 2025-2 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2025-2 Account is no longer an Eligible Account, establish a new Series 2025-2 Account for such non-qualifying Series 2025-2 Account that is an Eligible Account, and if a new Series 2025-2 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2025-2 Account into such new Series 2025-2 Account. Initially, each of the Series 2025-2 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2025-2 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2025-2 Account (other than the Series 2025-2 Distribution Account) to invest funds on deposit in such Series 2025-2 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary, and Permitted Investments shall be credited to the applicable Series 2025-2 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2025-2 Principal Collection Account, the Series 2025-2 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2025-2 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2025-2 Accounts</u>. With respect to each Series 2025-2 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2025-2 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2025-2 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2025-2 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2025-2 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2025-2 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-2 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro</u> <u>rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon the termination of this Series 2025-2 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-2 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall withdraw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03** **<u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2025-2 Account, the Trustee or other Person maintaining such Series 2025-2 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC) and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC) (the Trustee acting in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2025-2 Account. If the Securities Intermediary in respect of any Series 2025-2 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-2 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2025-2 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2025-2 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2025-2 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2025-2 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2025-2 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2025-2 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2025-2 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC), and the Series 2025-2 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2025-2 Supplement, will not enter into, any agreement with any other Person relating to the Series 2025-2 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2025-2 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2025-2 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2025-2 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2025-2 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2025-2 Accounts and in all Proceeds thereof and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) in respect of the Series 2025-2 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-2 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2025-2 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2025-2 Account by crediting such Series 2025-2 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-2 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2025-2 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2025-2 Account is deemed not to constitute a securities account.

**Section 4.04** **<u>Class A/B/C/D</u> <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2025-2<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of <u>Class A/B/C/D</u> Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2025-2 Controlling Class.

<u>Section 4.5</u> <u>**Class E Demand Notes**.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2025-2 Controlling Class.</u>

<u>Section 4.6</u> **<u>Section 4.5</u>**  **<u>Subordination</u>**. The Series-Specific 2025-2 Collateral has been pledged to the Trustee to secure the Series 2025-2 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2025-2 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2025-2 Notes, and no Noteholder of any Series of Notes other than the Series 2025-2 Notes will have any right, title or interest in, to or under the Series-Specific 2025-2 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2025-2 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2025-2 Notes, then the Series 2025-2 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2025-2 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

<u>Section 4.7</u> **<u>Section 4.6</u>**  **<u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2025-2 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2025-2 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2025-2 Collateral now existing or hereafter created.

<u>Section 4.8</u> **<u>Section 4.7</u>**  **<u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**<br>PRIORITY OF PAYMENTS**

Section 5.1 <u>**Section 5.01**[Reserved].</u> **Section 5.02** <u>Collections Allocation.</u> Subject to the Past Due Rental Payments Priorities, on each Series 2025-2 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2025-2 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2025-2 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2025-2 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2025-2 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2025-2 Principal Collection Account.

**Section 5.03** **<u>Application of Funds in the Series 2025-2 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2025-2 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2025-2 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6 <u>(*Class E Reserve Account Withdrawals*), and 5.7</u></u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-2 Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-2 Distribution Account to pay to the Administrator the Series 2025-2 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2025-2 Distribution Account to pay the Trustee the Series 2025-2 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2025-2 Noteholders, the Series 2025-2 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2025-2 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2025-2 Distribution Account to pay the Persons to whom the Series 2025-2 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro</u> <u>rata</u> basis (based on the amount owed to each such Person), such Series 2025-2 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2025-2 Distribution Account to pay the Class A Noteholders on a <u>pro</u> <u>rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2025-2 Distribution Account to pay the Class B Noteholders on a <u>pro</u> <u>rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2025-2 Distribution Account to pay the Class C Noteholders on a <u>pro</u> <u>rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2025-2 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2025-2 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2025-2 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2025-2 Distribution Account to pay to the Administrator the Series 2025-2 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2025-2 Distribution Account to pay to the Trustee the Series 2025-2 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2025-2 Distribution Account to pay the Persons to whom the Series 2025-2 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro</u> <u>rata</u> basis (based on the amount owed to each such Person), such Series 2025-2 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2025-2 Rapid Amortization Period, for deposit into the Series 2025-2 Principal Collection Account up to the amount necessary to pay the Series 2025-2 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2025-2 Principal Collection Account any remaining amount.

**Section 5.04** **<u>Application of Funds in the Series 2025-2 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2025-2 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6 <u>(*Class E Reserve Account Withdrawals*), 5.7</u></u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-2 Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2025-2 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2025-2 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*(c))); <u>and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2025-2 Interest Collection Account*));</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2025-2 Notes, then for deposit into the Series 2025-2 Distribution Account to be paid on such date, <u>pro</u> <u>rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2025-2 Controlled Amortization Period, then for deposit into the Series 2025-2 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro</u> <u>rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro</u> <u>rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro</u> <u>rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro</u> <u>rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2025-2 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2025-2 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro</u> <u>rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro</u> <u>rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro</u> <u>rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro</u> <u>rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro</u> <u>rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2025-2 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro</u> <u>rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro</u> <u>rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro</u> <u>rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro</u> <u>rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro</u> <u>rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2025-2 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2025-2 Principal Collection Account.

**Section 5.05** **<u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-2 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-2 Interest Collection Account an amount equal to the excess, if any, of the Series 2025-2 Payment Date Interest Amount for such Payment Date over the Series 2025-2 Payment Date Available Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-2 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-2 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-2 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

<u>Section 5.6</u> **<u>Class E Reserve Account Withdrawals</u>**<u>. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (*Application of Funds in the Series 2025-2 Interest Collection Account*) and 5.4 (*Application of Funds in the Series 2025-2 Principal Collection Account*)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2025-2 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2025-2 Payment Date Available Interest Amount solely</u> <u>with respect to the Class E Notes</u> <u>for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-2 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-2 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-2 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>Section 5.7</u> **<u>Section 5.6</u>**  **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-2 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2025-2 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-2 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-2 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-2 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-2 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-2 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2025-2 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-2 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2025-2 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-2 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2025-2 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-2 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-2 Principal Collection Account on such date.

(e) <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of
Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2025-2 Supplement (other than
pursuant to <u>Section</u> <u>5.8</u> <u>5.10</u> <u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing,
to draw on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw
on such Class A/B/C/D Letter of Credit.

**<u>Section 5.8</u> <u>Class E Letters of Credit and Class E Demand Notes</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-2 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2025-2 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-2 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-2 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-2 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-2 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-2 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2025-2 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-2 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2025-2 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-2 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-2 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee</u> <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2025-2 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-2 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-2 Principal Collection Account on such date.(e)</u><u>Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2025-2 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

<u>Section 5.9</u> **<u>Section 5.7</u>**  **<u>Past Due Rental Payments</u>**. On each Series 2025-2 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2025-2 Past Due Rent Payments and deposit such amount into the Series 2025-2 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2025-2 Interest Collection Account and apply the Series 2025-2 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2025-2 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro</u> <u>rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2025-2 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2025-2 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2025-2 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2025-2 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-2 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2025-2 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2025-2 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-2 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2025-2 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2025-2 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-2 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>second, if the occurrence of such Series 2025-2 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-2 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2025-2 Principal Collection Account.

<u>Section 5.10</u> **<u>Section 5.8</u>**  **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-2 Asset Amount would be less than the Series 2025-2 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2025-2 Adjusted Asset Coverage Threshold Amount over the Series 2025-2 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2025-2 Adjusted Asset Coverage Threshold Amount over the Series 2025-2 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C<u>-1</u></u> hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; <u>provided</u>, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>Section 5.11</u> <u>**Class E Letters of Credit and Class E L/C Cash Collateral Account.**(a)Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day</u> <u>(or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

<u>Section 5.12</u> **<u>Section 5.9</u>**  **<u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2025-2 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2025-2 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

<u>Section 5.13</u> **<u>Section 5.10</u>**  **<u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2025-2 Account required to be given by HVF III, at the time specified herein or in any other Series 2025-2 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2025-2 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2025-2 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2025-2 Notes required to be given by HVF III, at the time specified in this Series 2025-2 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as applicable,</u> with respect to such Class of Series 2025-2 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letter of Credit, as applicable</u>.

**Article VI**<br>REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING<br> CONDITIONS**

**Section 6.01** **<u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2025-2 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2025-2 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2025-2 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2025-2 Related Documents to which it is a party as of the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2025-2 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02** **<u>Covenants</u>**. Each of HVF III and the Administrator severally covenants and agrees that, until the Series 2025-2 Notes have been paid in full, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2025-2 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2025-2 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2025-2 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2025-2 Third-Party Market Value Procedures</u>. Comply with the Series 2025-2 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2026 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2025-2 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date, within one hundred twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2025-2 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2025-2 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2025-2 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03** **<u>Closing Conditions</u>**. The effectiveness of this Series 2025-2 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04** **<u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2025-2 Collateral on behalf of the Series 2025-2 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2025-2 Permitted Liens) and to carry into effect the purposes of this Series 2025-2 Supplement or the other Series 2025-2 Related Documents or to better assure and confirm unto the Trustee or the Series 2025-2 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2025-2 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2025-2 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2025-2 Supplement, if any amount payable under or in connection with any of the Series-Specific 2025-2 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2025-2 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2025-2 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**<br>AMORTIZATION EVENTS**

**Section 7.01** **<u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2025-2 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2025-2 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2025-2 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-2 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-2 Permitted Liens) or (ii) other than as a result of a Series 2025-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount;<u>, or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-2 Permitted Liens) or (ii) other than as a result of a Series 2025-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-2 Permitted Liens) or (ii) other than as a result of a Series 2025-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount;<u>, or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-2 Permitted Liens) or (ii) other than as a result of a Series 2025-2 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2025-2 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2025-2 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2025-2 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2025-2 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2025-2 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2025-2 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2025-2 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2025-2 Noteholders and continues to materially and adversely affect the interests of the Series 2025-2 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-2 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2025-2 Related Document is false and such false representation materially and adversely affects the interests of the Series 2025-2 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-2 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*), an "<u>Amortization Event</u>" with respect to the Series 2025-2 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2025-2 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*), so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2025-2 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2025-2 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-2 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2025-2 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-2 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2025-2 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2025-2 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**<br>SUBORDINATION OF NOTES**

**Section 8.01** **<u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-2 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2025-2 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2025-2 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02** **<u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-2 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2025-2 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2025-2 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03** **<u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-2 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2025-2 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2025-2 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04** **<u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-2 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

**Section 8.05** **<u>When Distribution Must be Paid Over</u>**. In the event that any Series 2025-2 Noteholder (or Series 2025-2 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2025-2 Notes at a time when such Series 2025-2 Noteholder (or Series 2025-2 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2025-2 Noteholder (or Series 2025-2 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**<br>GENERAL**

**Section 9.01** **<u>Optional Redemption of the Series 2025-2 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2025-2</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (*Application of Funds in the Series 2025-2 Principal Collection Account*); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2025-2</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2025-2 Notes with respect to such Class of Series 2025-2 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2025-2</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2025-2 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2025-2 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2025-2 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2025-2 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2025-2 Noteholders of the Class of Series 2025-2 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02** **<u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth (4<sup>th</sup>) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2025-2 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2025-2 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2025-2 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2025-2 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2025-2 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03** **<u>Confidentiality</u>**. The Trustee and each Series 2025-2 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2025-2 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2025-2 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2025-2 Notes in accordance with the requirements of this Series 2025-2 Supplement to which such person sells or offers to sell any such interest in the Series 2025-2 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2025-2 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2025-2 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2025-2 Notes, this Series 2025-2 Supplement or any other document relating to the Series 2025-2 Notes.

**Section 9.04** **<u>Ratification of Base Indenture</u>**. As supplemented by this Series 2025-2 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2025-2 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05** **<u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2025-2 Noteholders delivered to the Trustee pursuant to this Series 2025-2 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2025-2 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2025-2 Notes. HVF III will provide each Rating Agency rating the Series 2025-2 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06** **<u>Third Party Beneficiary</u>**. Nothing in this Series 2025-2 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2025-2 Supplement.

**Section 9.07** **<u>Execution in Counterparts; Electronic Execution</u>**. This Series 2025-2 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2025-2 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2025-2 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08** **<u>Governing Law</u>**. THIS SERIES 2025-2 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2025-2 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09** **<u>Amendments</u>**. This Series 2025-2 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2025-2 Noteholders</u>. Without the consent of any Series 2025-2 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2025-2 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2025-2 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2025-2 Notes in addition to certificated Series 2025-2 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2025-2 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2025-2 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2025-2 Supplement to the terms of the offering document(s) for the Series 2025-2 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2025-2 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2025-2 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to effect any other amendment that does not materially adversely affect the interests of the Series 2025-2 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2025-2 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2025-2 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2025-2 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2025-2 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2025-2 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2025-2 Noteholders, (ii) in the case of an amendment or modification, the Series 2025-2 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2025-2 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2025-2 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2025-2 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 202-1 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-2 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2025-2 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2025-2 Noteholders affected by such amendment, modification or waiver, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2025-2 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2025-2 Supplement or otherwise reduce the percentage of Series 2025-2 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2025-2 Note (or reduce the principal amount of or rate of interest on any Series 2025-2 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2025-2 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*), <u>Section <u>5.6 (*Class E Reserve Account Withdrawals*), Section</u> 7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-2 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section</u> <u>9.19</u><u>9.18</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2025-2 Supplement or that pursuant to the Series 2025-2 Related Documents expressly requires the consent of 100% of the Series 2025-2 Noteholders or each Series 2025-2 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2025-2 Supplemental Indentures</u>. Each amendment or other modification to this Series 2025-2 Supplement shall be set forth in a Series 2025-2 Supplemental Indenture. The initial effectiveness of each Series 2025-2 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2025-2 Supplemental Indenture is authorized or permitted by this Series 2025-2 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2025-2 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2025-2 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2025-2 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2025-2 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2025-2 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10** **<u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2025-2 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2025-2 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2025-2 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2025-2 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2025-2 Supplement and the Related Documents.

**Section 9.11** **<u>Successors</u>**. All agreements of HVF III in this Series 2025-2 Supplement and with respect to the Series 2025-2 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2025-2 Supplement or any Series 2025-2 Note. All agreements of the Trustee in this Series 2025-2 Supplement shall bind its successor.

**Section 9.12** **<u>Termination of Series Supplement</u>**. This Series 2025-2 Supplement shall cease to be of further effect when (i) all Outstanding Series 2025-2 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2025-2 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13** **<u>Electronic Execution</u>**. This Series 2025-2 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14** **<u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2025-2 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-2 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2025-2 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2025-2 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2025-2 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2025-2 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2025-2 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15** **<u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16** **<u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2025-2 Supplement, the Series 2025-2 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2025-2 Supplement, the Series 2025-2 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2025-2 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17** **<u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2025-2 SUPPLEMENT, THE SERIES 2025-2 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18</u> <u>Issuance of Class E Notes</u>. No Class E Notes shall be issued on the Series 2025-2 Closing Date. On any date during the Series 2025-2 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2025-2 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2025-2 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "<u>Proposed Class E Notes</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2025-2 Notes, Series 2025-2 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2025-2 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2025-2 Supplement and any Series 2025-2 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2025-2 Supplement or any Series 2025-2 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2025-2 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2025-2 Supplement that expressly require the consent of each Noteholder or Series 2025-2 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2025-2 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2025-2 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not or, upon satisfaction of the Series 2025-2 Rating Agency Condition, should not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-2 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2025-2 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2025-2 Supplement and/or any other Series 2025-2 Related Document.

<u>Section 9.18</u> **<u>Section 9.19</u>**  **<u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2025-2 Noteholder or any other party for violation of such rules now or hereafter in effect.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2025-2 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | President and Treasurer |

---

---

| | |
|:---|:---|
| THE HERTZ CORPORATION, as Administrator | THE HERTZ CORPORATION, as Administrator |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | Senior Vice President and Treasurer |

---

*Signature Page to HVF III Series 2025-2 Supplement*

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| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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*Signature Page to HVF III Series 2025-2 Supplement*

Schedule I<br> TO THE SERIES 2025-2 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>d</u><u>e</u><u>)</u> (*Initial Issuance*) of this Series 2025-2 Supplement.

"<u>Alternative Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom the alternative Rating Agency does not maintain a public Relevant Alternative Rating as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies as
of such date, then the median of the Corresponding Alternative Ratings for such Person as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person has an Equivalent Rating Agency Rating from only two of the Equivalent Rating Agencies
as of such date, then the lower Corresponding Alternative Rating for such Person as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person has an Equivalent Rating Agency Rating from only one of the Equivalent Rating Agencies
as of such date, then the Corresponding Alternative Rating for such Person as of such date.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-2 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2025-2 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2025-2 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2025-2 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2025-2 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2025-2 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2025-2 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2025-2 Distribution Account and paid to the Series 2025-2 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-2 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-2 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-2 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-2 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-2 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-2 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class of Series 2025-2 Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class of Series 2025-2 Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-2 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-2 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2025-2 Accounts*) of this Series 2025-2 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2025-2 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2025-2 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-2 Noteholders or (ii) if issued after the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2025-2 Supplement, that satisfies the Series 2025-2 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-2 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-2 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means March 12, 2025.</u>

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2025-2 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2025-2 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C/D Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated March 5, 2025, by and among HVF III, Hertz, BNP Paribas Securities Corp., Barclays Capital Inc., BMO Capital Markets Corp., Citizens JMP Securities, LLC, Mizuho Securities USA LLC and Truist Securities, Inc., as initial representatives of the several initial purchasers set forth on Schedule I thereto (collectively, the "<u>Initial Purchasers</u>") of the Class A/B/C/D Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 4.00% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-2 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-2 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-2 Accounts*) of this Series 2025-2 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2025-2 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2025-2 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2025-2 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2025-2 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2025-2 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2025-2 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2025-2 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2025-2 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2025-2 Controlled Amortization Period and any Class of Series 2025-2 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2025-2 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2025-2 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2025-2 Notes during the Series 2025-2 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2025-2 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2025-2 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1</u> or <u>Exhibit A-4-2</u> to this Series 2025-2 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2025-2 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Coverage Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u> 

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2025-2 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-2 Supplement.<u>means, as of any date of determination, the Series 2025-2 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2025-2 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> <u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.</u>

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2025-2 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2025-2 Distribution Account and paid to the Series 2025-2 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-2 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-2 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-2 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-2 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2025-2* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2025-2 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2025-2 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2025-2 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-2 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2025-2 Supplement, that satisfies</u> <u>the Series 2025-2 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2025-2 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2025-2 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2025-2 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E Notes</u>" has the meaning specified in the <u>Preamble</u> <u>means any one of</u> <u>the Series 2025-2 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2025-2 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2025-2 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 6.75% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the excess, if any, of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Required Liquid Enhancement Amount over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,</u>

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the excess, if any, of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Asset Amount, in each case as of such date.</u>

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2025-2 Accounts*) of this Series 2025-2 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2025-2 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2025-2 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2025-2 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-2 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2025-2 Notes, the amount set forth in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Principal Amount** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$342500000 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$67500000 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;<u>E</u> | &nbsp;&nbsp;<u>$24133000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2025-2 Interest Period (a) with respect to the initial Series 2025-2 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 43/360, and (b) with respect to each Series 2025-2 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2025-2 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2025-2 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2025-2 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Corresponding Alternative Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the alternative Rating Agency rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** |
| &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ &nbsp;&nbsp;AA(H) |
| &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- &nbsp;&nbsp;AA(L) |
| &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ &nbsp;&nbsp;A(H) |
| &nbsp;&nbsp;A2 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- &nbsp;&nbsp;A(L) |
| &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ &nbsp;&nbsp;BBB(H) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- | &nbsp;&nbsp;BBB(L) |
| &nbsp;&nbsp;Bal | &nbsp;&nbsp;BB+ | &nbsp;&nbsp;BB(H) |
| &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- | &nbsp;&nbsp;BB(L) |
| &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ | &nbsp;&nbsp;B-High |
| &nbsp;&nbsp;B2 | &nbsp;&nbsp;B | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- | &nbsp;&nbsp;B(L) |
| &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ | &nbsp;&nbsp;CCC(H) |
| &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- | &nbsp;&nbsp;CCC(L) |
| &nbsp;&nbsp;Ca | &nbsp;&nbsp;CC | &nbsp;&nbsp;CC(H) |
| &nbsp;&nbsp;C |  | &nbsp;&nbsp;CC |

---

"<u>DBRS</u>" means DBRS, Inc. or any successor thereto.

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Equivalent Rating Agency</u>" means each of DBRS, Fitch, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2025-2 Notes, the Payment Date in September 25, 2030.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2025-2 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2025-2 Notes, the Payment Date in September 25, 2031.

"<u>Majority Series 2025-2 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2025-2 Noteholders</u>" means Series 2025-2 Noteholders holding more than 50% of the Series 2025-2 Principal Amount (excluding any other Series 2025-2 Notes held by HVF III or any Affiliate of HVF III (other than Series 2025-2 Notes held by an Affiliate Issuer)). The Majority Series 2025-2 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-2 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2025-2 Notes, the date that is six months prior to the commencement of the Series 2025-2 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D<u>Series 2025-2</u> Note on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2025-2</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, <u>(a)</u> with respect to each Class of Series 2025-2 Notes issued on the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 12.26%</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Note Rate** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;5.13% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;5.66% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;6.40% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;8.34% |

---

"<u>Outstanding</u>" means with respect to the Series 2025-2 Notes (or any Class of Series 2025-2 Notes), all Series 2025-2 Notes (or Series 2025-2 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2025-2 Supplement, <u>except</u> (a) Series 2025-2 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2025-2 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2025-2 Distribution Account and are available for payment in full of such Series 2025-2 Notes, and Series 2025-2 Notes that are considered paid pursuant to <u>Section 8.1</u> (*Payment of Notes*) of the Base Indenture, and (c) Series 2025-2 Notes in exchange for or in lieu of other Series 2025-2 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2025-2 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2025-2 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2025-2 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2025-2 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2025-2 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2025-2 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment of which are to be made by or is fully guaranteed by the United
States of America other than financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in, or certificates of deposit issued by, any depositary institution
or trust company incorporated under the laws of the United States of America or any state thereof whose short-term debt is rated "P-1"
by Moody's and "A-1+" by S&P and subject to supervision and examination by Federal or state banking or depositary
institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment and (y) the time of the
contractual commitment to invest therein, the certificates of deposit or short-term deposits, if any, or long-term unsecured debt obligations
(other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company)
of such depositary institution or trust company shall have a credit rating from S&P of "A-1+" and a credit rating from
Moody's of "P-1" in the case of certificates of deposit or short-term deposits, or a rating from S&P not lower than
 "AA" and a rating from Moody's not lower than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier of (x) the time of the investment and (y) the time of the contractual
commitment to invest therein, a rating from S&P of "A-1+" and a rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated "AAAm" by S&P and "Aaa-mf" by Moody's,
or otherwise approved in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar time deposits having a credit rating from S&P of "A-1+" and a credit rating
from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above and the certificates of deposit described in <u>clause (ii)</u> above which are entered into with a depository institution or trust
company, having a commercial paper or short-term certificate of deposit rating of "A-1+" by S&P and "P-1"
by Moody's; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other instruments or securities, if each Rating Agency then rating any outstanding Class of Series
2025-2 Notes at the request of HVF III will not have advised in writing that the investment in such instruments or securities will result
in the reduction or withdrawal of its then-current rating of such outstanding Class of Series 2025-2 Notes;

*provided*, that for so long as Fitch is rating any Class of Series 2025-2 Notes, (x) any investment in a money market fund rated by Fitch will only be a Permitted Investment if such money market fund has a rating of "AAAmmf" from Fitch, (y) any investment in commercial paper will only be a Permitted Investment if such commercial paper has (at the earlier of the time of the investment and the time of the contractual commitment to invest therein) a rating of "F1" from Fitch, and (z) any other Permitted Investment (other than those described clause (i) above) will only be a Permitted Investment if the institution issuing such Permitted Investment has a long-term issuer default rating of at least "A" by Fitch and a short-term issuer default rating of "F1" by Fitch.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2025-2 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2025-2 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2025-2 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(b)</u> (*Initial Issuance*) of this Series 2025-2 Supplement.

"<u>Rating Agencies</u>" means (i) with respect to the Class A Notes the Class B Notes and the Class C Notes, Fitch and Moody's, (ii) with respect to the Class D Notes <u>and the Class E Notes</u>, Moody's, and (iii) with respect to any Class of Series 2025-2 Notes, any other nationally recognized rating agency rating the Series 2025-2 Notes at the request of HVF III; <u>provided</u> that, if at any time any nationally recognized rating agency ceases to rate any Class of Series 2025-2 Notes, such rating agency shall be deemed to no longer constitute a Rating Agency with respect to such Class of Series 2025-2 Notes for so long as such rating agency continues not to rate such Class of Series 2025-2 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2025-2 Notes*) of this Series 2025-2 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(e)</u> (*Initial Issuance*) of this Series 2025-2 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant Alternative Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a senior unsecured rating by the alternative Rating Agency and a long-term issuer default rating by the alternative Rating Agency as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a senior unsecured rating by the alternative Rating Agency and a long-term issuer default rating by the alternative Rating Agency as of such date, then such rating of such person as of such date; provided, that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Alternative Rating with respect to such Person as of such date.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Fitch Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, and (b) if such person has only one of a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then such rating of such Person as of such date; <u>provided</u>, that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating with respect to such Person as of such date and (c) with respect to DBRS, the Relevant DBRS Rating with respect to such Person as of such date, (d) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date and (e) with respect to any alternative Rating Agency, the Relevant Alternative Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2025-2 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2025-2 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2025-2 Supplement.

"<u>Senior Class of Series 2025-2 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2025-2 Payment Date Available Interest Amount with respect to the Series 2025-2 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2025-2 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account,</u> each Class A/B/C/D <u>Demand Note, each Class E</u> Demand Note, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2025-2 Principal Collection Account for deposit into the Series 2025-2 Interest Collection Account on such Payment Date.

"<u>Series 2025-2 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2025-2 Supplement.

"<u>Series 2025-2 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2025-2 Accounts*) of this Series 2025-2 Supplement.

"<u>Series 2025-2 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2025-2 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2025-2 Notes.

"<u>Series 2025-2 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2025-2 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2025-2 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2025-2 Notes.

"<u>Series 2025-2 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2025-2 Principal Amount as of such date over (B) the Series 2025-2 Principal Collection Account Amount as of such date. The Series 2025-2 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2025-2 Notes.

"<u>Series 2025-2 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-2 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2025-2 Alternative AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-2 Alternative Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-2 Alternative Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-2 Alternative Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-2 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-2 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-2 Alternative Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-2 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-2 Alternative Remainder AAA Amount.

"<u>Series 2025-2 Alternative AAA Select Component</u>" means each Series 2025-2 Alternative AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-2 Alternative Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-2 Alternative AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-2 Alternative Baseline Advance Rate with respect to such Series 2025-2 Alternative AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-2 Alternative Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-2 Alternative AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-2 Alternative MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-2 Alternative AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-2 Alternative Baseline Advance Rate</u>" means, with respect to each Series 2025-2 Alternative AAA Select Component, the percentage set forth opposite such Series 2025-2 Alternative AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2025-2 Alternative AAA Select Component** | &nbsp;&nbsp;**Series 2025-2 Alternative <br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2025-2 Alternative Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2025-2 Alternative Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2025-2 Alternative Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2025-2 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2025-2 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2025-2 Alternative Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;86.75% |
| &nbsp;&nbsp;Series 2025-2 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;82.55% |
| &nbsp;&nbsp;Series 2025-2 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2025-2 Alternative Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2025-2 Alternative Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-2 Alternative Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-2 Alternative Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-2 Alternative Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-2 Alternative AAA Select Component, in each case as of such date.

"<u>Series 2025-2 Alternative Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-2 Alternative AAA Select Component equal to the product of such Series 2025-2 Alternative AAA Select Component and the Series 2025-2 Alternative Adjusted Advance Rate with respect to such Series 2025-2 Alternative AAA Select Component, in each case as of such date.

"<u>Series 2025-2 Alternative Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-2 Alternative Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-2 Alternative Baseline Advance Rate with respect to such Series 2025-2 Alternative Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-2 Alternative Concentration Excess Advance Rate Adjustment with respect to such Series 2025-2 Alternative Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-2 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-2 Alternative Baseline Advance Rate with respect to such Series 2025-2 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-2 Alternative Concentration Excess Advance Rate Adjustment with respect to such Series 2025-2 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-2 Alternative Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-2 Alternative AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-2 Alternative Concentration Excess Amount, if any, allocated to such Series 2025-2 Alternative AAA Select Component by HVF III and (B) the Series 2025-2 Alternative Baseline Advance Rate with respect to such Series 2025-2 Alternative AAA Select Component, and the denominator of which is (II) such Series 2025-2 Alternative AAA Select Component, in each case as of such date, and (b) the Series 2025-2 Alternative Baseline Advance Rate with respect to such Series 2025-2 Alternative AAA Component; <u>provided</u> that, the portion of the Series 2025-2 Alternative Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-2 Alternative AAA Select Component that was included in determining whether such Series 2025-2 Alternative Concentration Excess Amount exists.

"<u>Series 2025-2 Alternative Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-2 Alternative Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-2 Alternative Eligible Manufacturer Receivables, in each case, included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-2 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount, as of such date or the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount, as of such date or the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-2 Alternative Eligible Manufacturer Receivables included in the Series 2025-2 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer with respect to such Series 2025-2 Alternative Eligible Manufacturer Receivable for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-2 Alternative Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-2 Alternative Manufacturer Concentration Excess Amounts and (D) Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-2 Alternative Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-2 Alternative Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-2 Alternative Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-2 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-2 Alternative Investment Grade Manufacturers.

"<u>Series 2025-2 Alternative Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-2 Alternative Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-2 Alternative Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable due from any Manufacturer that has a Relevant Alternative Rating as of such date of at least "A(L)" (or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, then the Alternative Equivalent Rating of at least "A(L)") pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable due from any Manufacturer that (a) has a Relevant Alternative Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)" or (b) if such Manufacturer does not have a Relevant Alternative Rating as of such date, then has the Alternative Equivalent Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)", in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable due from a Series 2025-2 Alternative Non-Investment Grade (High) Manufacturer or a Series 2025-2 Alternative Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-2 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-2 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-2 Alternative Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-2 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-2 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-2 Alternative Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-2 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-2 Alternative Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-2 Alternative Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-2 Alternative Non-Investment Grade (High) Program Vehicle and each Series 2025-2 Alternative Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-2 Alternative Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Alternative Rating as of such date of at least "BBB(L)" (or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, then the Alternative Equivalent Rating of "BBB(L)")as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, the Alternative Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-2 Alternative Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-2 Alternative Investment Grade Manufacturer that is not a Series 2025-2 Alternative Investment Grade Program Vehicle as of such date.

"<u>Series 2025-2 Alternative Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-2 Alternative Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-2 Alternative Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-2 Alternative Eligible Manufacturer Receivables due from such Manufacturer.

"<u>Series 2025-2 Alternative Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-2 Alternative Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-2 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-2 Alternative Eligible Manufacturer Receivables included in the Series 2025-2 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer with respect to such Series 2025-2 Alternative Eligible Manufacturer Receivable for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-2 Alternative Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-2 Alternative Manufacturer Concentration Excess Amounts and (D) Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-2 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-2 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-2 Alternative MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-2 Alternative Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-2 Failure Percentage as of such date and (ii) the Series 2025-2 Alternative Concentration Adjusted Advance Rate with respect to the Series 2025-2 Alternative Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-2 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-2 Failure Percentage as of such date and (ii) the Series 2025-2 Alternative Concentration Adjusted Advance Rate with respect to the Series 2025-2 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-2 Alternative AAA Component, zero.

"<u>Series 2025-2 Alternative Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant Alternative Rating as of such date of (i) less than "BBB(L)" and (ii) at least "BB(L)", or (b) if such Manufacturer does not have a Relevant Alternative Rating as of such date, then has the Alternative Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-2 Alternative Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-2 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-2 Alternative Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-2 Alternative Eligible Manufacturer Receivables with respect to any Series 2025-2 Alternative Non-Investment Grade (High) Manufacturer included in the Series 2025-2 Alternative Manufacturer Amount for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-2 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-2 Alternative Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-2 Alternative Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-2 Alternative Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Alternative Rating as of such date of less than "BB(L)"(or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, the Alternative Equivalent Rating of "BB(L)") as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, the Alternative Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-2 Alternative Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-2 Alternative Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another master motor vehicle operating lease, as applicable) as of such date.

"<u>Series 2025-2 Alternative Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-2 Alternative Non-Investment Grade (High) Manufacturer or a Series 2025-2 Alternative Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-2 Alternative Non-Investment Grade (High) Program Vehicle or a Series 2025-2 Alternative Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-2 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-2 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-2 Alternative Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-2 Alternative Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-2 Alternative Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-2 Alternative Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-2 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-2 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-2 Alternative Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-2 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-2 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2025-2 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2025-2 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2025-2 Blended Advance Rate, in each case as of such date.

"<u>Series 2025-2 Baseline Advance Rate</u>" means, with respect to each Series 2025-2 Alternative AAA Select Component, the percentage set forth opposite such Series 2025-2 Alternative AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2025-2 AAA Select Component** | &nbsp;&nbsp;**Series 2025-2 Alternative<br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2025-2 Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2025-2 Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2025-2 Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2025-2 Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2025-2 Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2025-2 Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;86.75% |
| &nbsp;&nbsp;Series 2025-2 Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;82.55% |
| &nbsp;&nbsp;Series 2025-2 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2025-2 Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2025-2 Blended Advance Rate</u>" means, as of any date of determination, the least of the Series 2025-2 Alternative Blended Advanced Rate as of such date, the Series 2025-2 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2025-2 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-2 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2025-2 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2025-2 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2025-2 Administrator Fee Amount and the Series 2025-2 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2025-2 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-2 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2025-2 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-2 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2025-2 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2025-2 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2025-2 Related Document,

in each case under and in accordance with such Series 2025-2 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2025-2 Notes.

"<u>Series 2025-2</u> <u>Closing Date</u>" means March 12, 2025.

"<u>Series 2025-2 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2025-2 Account Collateral with respect to each Series 2025-2 Account and each Class A/B/C/D Demand Note.

"<u>Series 2025-2 Controlled Amortization Period</u>" means the period commencing upon the close of business on April 25, 2030 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2025-2 Rapid Amortization Period, (ii) the date on which the Series 2025-2 Notes are fully paid and (iii) the termination of this Series 2025-2 Supplement.

"<u>Series 2025-2 Daily Interest Allocation</u>" means, on each Series 2025-2 Deposit Date, the Series 2025-2 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2025-2 Daily Principal Allocation</u>" means, on each Series 2025-2 Deposit Date, an amount equal to the Series 2025-2 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2025-2 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2025-2 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2025-2 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(</u><u>iii</u><u>iv</u><u>)</u> (*Series 2025-2 Accounts*) of this Series 2025-2 Supplement.

"<u>Series 2025-2 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-2 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2025-2 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-2 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2025-2 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2025-2 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2025-2 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-2 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2025-2 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2025-2 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2025-2 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2025-2 Market Value Average as of any Determination Date within the preceding three (3) calendar months (or such fewer number of months as have elapsed since the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2025-2 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-2 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2025-2 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-2 Accounts*) of this Series 2025-2 Supplement.

"<u>Series 2025-2 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2025-2 Interest Period <u>for the Class A/B/C/D Notes</u> shall commence on and include the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date and end on and include April 25, 2025 <u>and the initial Series 2025-2 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2025-2 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2025-2 Revolving Period, the Series 2025-2 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2025-2 Controlled Amortization Period and the Series 2025-2 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2025-2 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2025-2 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2025-2 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2025-2 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2025-2 Principal Amount shall have been reduced to zero, the Series 2025-2 Invested Percentage shall equal zero.

"<u>Series 2025-2 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2025-2 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2025-2 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-2 Lease Payment Deficit</u>" means either a Series 2025-2 Lease Interest Payment Deficit or a Series 2025-2 Lease Principal Payment Deficit.

"<u>Series 2025-2 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2025-2 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2025-2 Principal Collection Account on or prior to such Payment Date on account of such Series 2025-2 Lease Principal Payment Deficit.

"<u>Series 2025-2 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2025-2 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2025-2 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2025-2 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2025-2 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-2 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2025-2 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-2 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2025-2 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2025-2 Controlling Class.

Each Series 2025-2 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2025-2 Notes.

"<u>Series 2025-2 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table.

---

| | |
|:---|:---|
| **Manufacturer** | **Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |

---

---

| | |
|:---|:---|
| **Manufacturer** | **Manufacturer Limit** |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;17.50% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

"<u>Series 2025-2 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2025-2 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2025-2 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2025-2 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2025-2 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2025-2 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2025-2 Measurement Month shall be included in any other Series 2025-2 Measurement Month.

"<u>Series 2025-2 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-2 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2025-2 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2025-2 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-2 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-2 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-2 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-2 Moody's Remainder AAA Amount.

"<u>Series 2025-2 Moody's AAA Select Component</u>" means each Series 2025-2 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-2 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-2 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-2 Moody's Baseline Advance Rate with respect to such Series 2025-2 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-2 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-2 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-2 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-2 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-2 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2025-2 Moody's AAA Select Component, the percentage set forth opposite such Series 2025-2 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2025-2 Moody's AAA Select Component** | &nbsp;&nbsp;**Series 2025-2 Moody's <br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2025-2 Moody's Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2025-2 Moody's Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2025-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2025-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2025-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2025-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2025-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2025-2 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2025-2 Moody's Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2025-2 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-2 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-2 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-2 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-2 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-2 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-2 Moody's AAA Select Component equal to the product of such Series 2025-2 Moody's AAA Select Component and the Series 2025-2 Moody's Adjusted Advance Rate with respect to such Series 2025-2 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-2 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-2 Moody's Baseline Advance Rate with respect to such Series 2025-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-2 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-2 Moody's Baseline Advance Rate with respect to such Series 2025-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-2 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-2 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-2 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-2 Moody's Concentration Excess Amount, if any, allocated to such Series 2025-2 Moody's AAA Select Component by HVF III and (B) the Series 2025-2 Moody's Baseline Advance Rate with respect to such Series 2025-2 Moody's AAA Select Component, and the denominator of which is (II) such Series 2025-2 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2025-2 Moody's Baseline Advance Rate with respect to such Series 2025-2 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2025-2 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-2 Moody's AAA Select Component that was included in determining whether such Series 2025-2 Moody's Concentration Excess Amount exists.

"<u>Series 2025-2 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-2 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-2 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-2 Moody's Eligible Manufacturer Receivables included in the Series 2025-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-2 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-2 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-2 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-2 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-2 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-2 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-2 Moody's Investment Grade Manufacturers.

"<u>Series 2025-2 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-2 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-2 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2025-2 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-2 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-2 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-2 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-2 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-2 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-2 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-2 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2025-2 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-2 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-2 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-2 Moody's Investment Grade Manufacturer that is not a Series 2025-2 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2025-2 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-2 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-2 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-2 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2025-2 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-2 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-2 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-2 Moody's Eligible Manufacturer Receivables included in the Series 2025-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-2 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-2 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-2 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-2 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-2 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-2 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-2 Failure Percentage as of such date and (ii) the Series 2025-2 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-2 Failure Percentage as of such date and (ii) the Series 2025-2 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-2 Moody's AAA Component, zero.

"<u>Series 2025-2 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2025-2 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-2 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-2 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-2 Moody's Eligible Manufacturer Receivables with respect to any Series 2025-2 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2025-2 Moody's Manufacturer Amount for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-2 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-2 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-2 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-2 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-2 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-2 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-2 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-2 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-2 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-2 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2025-2 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2025-2 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Medium-Duty Truck Amount for purposes of calculating the Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-2 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-2 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-2 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-2 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-2 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-2 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-2 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-2 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2025-2 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2025-2 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2025-2 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2025-2 Measurement Month, commencing with the third Series 2025-2 Measurement Month following the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2025-2 Measurement Month and the two Series 2025-2 Measurement Months preceding such Series 2025-2 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2025-2 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2025-2 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2025-2 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2025-2 Carrying Charges on such Payment Date (excluding any Series 2025-2 Carrying Charges payable to the Series 2025-2 Noteholders) and (b) the Series 2025-2 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2025-2 Noteholders).

"<u>Series 2025-2 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2025-2 Lease Principal Payment Deficit, an amount equal to the Series 2025-2 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2025-2 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2025-2 Lease Interest Payment Deficit, an amount equal to the Series 2025-2 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2025-2 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2025-2 Payment Date Available Interest Amount</u>" means, with respect to each Series 2025-2 Interest Period, the sum of the Series 2025-2 Daily Interest Allocation for each Series 2025-2 Deposit Date in such Series 2025-2 Interest Period.

"<u>Series 2025-2 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2025-2 Interest Collection Account*).

"<u>Series 2025-2 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-2 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2025-2 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2025-2 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2025-2 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2025-2 Notes.

"<u>Series 2025-2 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2025-2 Principal Amount shall be the "Principal Amount" with respect to the Series 2025-2 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2025-2 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2025-2 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-2 Accounts*) of this Series 2025-2 Supplement.

"<u>Series 2025-2 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2025-2 Principal Collection Account as of such date.

"<u>Series 2025-2 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2025-2 Notes is deemed to have occurred with respect to the Series 2025-2 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2025-2 Notes are paid in full and (ii) the termination of this Series 2025-2 Supplement.

"<u>Series 2025-2 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2025-2 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2025-2 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2025-2 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2025-2 Notes.

"<u>Series 2025-2 Related Documents</u>" means the Related Documents, this Series 2025-2 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2025-2 Revolving Period</u>" means the period from the Series 2025-2<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2025-2 Controlled Amortization Period and (ii) the commencement of the Series 2025-2 Rapid Amortization Period.

"<u>Series 2025-2 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2025-2 Supplement.

"<u>Series 2025-2 Supplemental Indenture</u>" means a supplement to this Series 2025-2 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2025-2 Supplement.

"<u>Series 2025-2 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2025-2 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-2 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2025-2 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-2 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2025-2 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2025-2 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2025-2 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2025-2 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2025-2 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2025-2 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2025-2 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-2 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2025-2 Collateral</u>" means the Series 2025-2 Account Collateral with respect to each Series 2025-2 Account and each Class A/B/C/D Demand Note. The Series-Specific 2025-2 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2025-2 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(i)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-2 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2025-2 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Available L/C Cash Collateral Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Available Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Letter of Credit Liquidity Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Required Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Reserve Account Deficiency Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E Monthly Interest Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E Principal Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Adjusted Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Alternative Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Moody's Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Non-Program Vehicle Disposition Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Principal Collection Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-2 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2025-2 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.8

**Exhibit 10.8**

***EXECUTION VERSION***

**Amendment No. 1 to Series 2025-3 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the SERIES 2025-3 SUPPLEMENT, dated as of June 30, 2025 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2025-3 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2025-3 Supplement permits the Issuer and the Trustee to amend the Series 2025-3 Supplement in writing without the consent of any Series 2025-3 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-3 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-3 Supplement provides that on any date during the Series 2025-3 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2025-3 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2025-3 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2025-3 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2025-3 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-3 Supplement, to amend the Series 2025-3 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2025-3 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2025-3 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2025-3 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2025-3 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2025-3 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2025-3 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2025-3 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2025-3 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reference to and Effect on the Series 2025-3 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2025-3 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2025-3 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2025-3 Supplement to "<u>Series 2025-3 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2025-3 Supplement, and each reference in any other Series 2025-3 Related Document to "<u>Series 2025-3 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2025-3 Supplement, shall mean and be a reference to the Series 2025-3 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2025-3 Supplement or the Series 2025-3 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2025-3 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

*Signature Page to Amendment No. 1 to Series 2025-3 Supplement*

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

*Signature Page to Amendment No. 1 to Series 2025-3 Supplement*

<u>Annex A</u>

**EXECUTION VERSION** **<u>CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026</u>**

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

**SERIES 2025-3 SUPPLEMENT**

dated as of June 30, 2025

to

BASE INDENTURE<br> dated as of June 29, 2021

$256,875,000 Series 2025-3 5.06% Rental Car Asset Backed Notes, Class A

$37,500,000 Series 2025-3 5.59% Rental Car Asset Backed Notes, Class B<br> $50,625,000 Series 2025-3 6.13% Rental Car Asset Backed Notes, Class C<br> $30,000,000 Series 2025-3 8.55% Rental Car Asset Backed Notes, Class D

<u>$18,099,000 Series 2025-3 11.47% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| <u><u>Article I DEFINITIONS AND CONSTRUCTION</u></u> | <u><u>Article I DEFINITIONS AND CONSTRUCTION</u></u> | 2 |
| <u><u>Section 1.1</u></u> | <u><u>Defined Terms and References</u></u> | 2 |
| <u><u>Section 1.2</u></u> | <u><u>Rules of Construction</u></u> | 2 |
| <u><u>Article II INITIAL ISSUANCE OF SERIES 2025-3 NOTES; FORM OF SERIES 2025-3 NOTES</u></u> | <u><u>Article II INITIAL ISSUANCE OF SERIES 2025-3 NOTES; FORM OF SERIES 2025-3 NOTES</u></u> | 3 |
| <u><u>Section 2.1</u></u> | <u><u>Initial Issuance</u></u> | 3 |
| <u><u>Section 2.2</u></u> | <u><u>Transfer Restrictions for Global Notes</u></u> | 4<u>5</u> |
| <u><u>Section 2.3</u></u> | <u><u>Definitive Notes</u></u> | 10<u>13</u> |
| <u><u>Section 2.4</u></u> | <u><u>Legal Final Payment Date</u></u> | 10<u>13</u> |
| <u><u>Section 2.5</u></u> | <u><u>Required Series Noteholders</u></u> | 10<u>13</u> |
| <u><u>Section 2.6</u></u> | <u><u>FATCA</u></u> | 10<u>13</u> |
| <u><u>Article III INTEREST AND INTEREST RATES</u></u> | <u><u>Article III INTEREST AND INTEREST RATES</u></u> | 11<u>14</u> |
| <u><u>Section 3.1</u></u> | <u><u>Interest</u></u> | 11<u>14</u> |
| <u><u>Article IV SERIES-SPECIFIC COLLATERAL</u></u> | <u><u>Article IV SERIES-SPECIFIC COLLATERAL</u></u> | 11<u>14</u> |
| <u><u>Section 4.1</u></u> | <u><u>Granting Clause</u></u> | 11<u>14</u> |
| <u><u>Section 4.2</u></u> | <u><u>Series 2025-3 Accounts</u></u> | 11<u>15</u> |
| <u><u>Section 4.3</u></u> | <u><u>Trustee as Securities Intermediary</u></u> | 13<u>17</u> |
| <u><u>Section 4.4</u></u> | <u>Class A/B/C/D <u>Demand Notes</u></u> | 15<u>18</u> |
| <u>Section 4.5</u> | <u>Class E Demand Notes</u> | <u>19</u> |
| <u><u>Section</u></u> <u>4.5</u><u>4.6</u> | <u><u>Subordination</u></u> | 15<u>19</u> |
| <u><u>Section</u></u> <u>4.6</u><u>4.7</u> | <u><u>Duty of the Trustee</u></u> | 15<u>19</u> |
| <u><u>Section</u></u> <u>4.7</u><u>4.8</u> | <u><u>Representations of the Trustee</u></u> | 15<u>19</u> |
| <u><u>Article V PRIORITY OF PAYMENTS</u></u> | <u><u>Article V PRIORITY OF PAYMENTS</u></u> | 15<u>20</u> |
| <u><u>Section 5.1</u></u> | <u><u>[Reserved].</u></u> | 15<u>20</u> |
| <u><u>Section 5.2</u></u> | <u><u>Collections Allocation</u></u> | 15<u>20</u> |
| <u><u>Section 5.3</u></u> | <u><u>Application of Funds in the Series 2025-3 Interest Collection Account</u></u> | 16<u>20</u> |
| <u><u>Section 5.4</u></u> | <u><u>Application of Funds in the Series 2025-3 Principal Collection Account</u></u> | 17<u>21</u> |
| <u><u>Section 5.5</u></u> | <u><u>Class A/B/C/D Reserve Account Withdrawals</u></u> | 18<u>23</u> |
| <u>Section 5.6</u> | <u>Class E Reserve Account Withdrawals:</u> | <u>23</u> |
| <u><u>Section</u></u> <u>5.6</u><u>5.7</u> | <u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u></u> | 19<u>24</u> |
| <u>Section 5.8</u> | <u>Class E Letters of Credit and Class E Demand Notes</u> | <u>27</u> |
| <u><u>Section</u></u> <u>5.7</u><u>5.9</u> | <u><u>Past Due Rental Payments</u></u> | 22<u>29</u> |
| <u><u>Section</u></u> <u>5.8</u><u>5.10</u> | <u><u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u></u> | 22<u>30</u> |
| <u><u>Section</u></u> <u>5.9</u><u>5.12</u> | <u><u>Certain Instructions to the Trustee</u></u> | 25<u>36</u> |
| <u><u>Section</u></u> <u>5.10</u><u>5.13</u> | <u><u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u></u> | 25<u>36</u> |
| <u><u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u></u> | <u><u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u></u> | 26<u>36</u> |
| <u><u>Section 6.1</u></u> | <u><u>Representations and Warranties</u></u> | 26<u>36</u> |
| <u><u>Section 6.2</u></u> | <u><u>Covenants</u></u> | 26<u>37</u> |
| <u><u>Section 6.3</u></u> | <u><u>Closing Conditions</u></u> | 28<u>38</u> |
| <u><u>Section 6.4</u></u> | <u><u>Further Assurances</u></u> | 28<u>38</u> |
| <u><u>Article VII AMORTIZATION EVENTS</u></u> | <u><u>Article VII AMORTIZATION EVENTS</u></u> | 29<u>39</u> |
| <u><u>Section 7.1</u></u> | <u><u>Amortization Events</u></u> | 29<u>39</u> |
| <u><u>Article VIII SUBORDINATION OF NOTES</u></u> | <u><u>Article VIII SUBORDINATION OF NOTES</u></u> | 31<u>42</u> |
| <u><u>Section 8.1</u></u> | <u><u>Subordination of Class B Notes</u></u> | 31<u>42</u> |
| <u><u>Section 8.2</u></u> | <u><u>Subordination of Class C Notes</u></u> | 31<u>42</u> |

---

(i) ****TABLE OF CONTENTS**<br> (continued)**

**Page**

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| | | |
|:---|:---|:---|
| <u><u>Section 8.3</u></u> | <u><u>Subordination of Class D Notes</u></u> | 31<u>42</u> |
| <u><u>Section 8.4</u></u> | <u><u>Subordination of Class E Notes</u></u> | 32<u>43</u> |
| <u>Section 8.5</u> | <u>When Distribution Must be Paid Over</u> | 32 |
| <u><u>Article IX GENERAL</u></u> | <u><u>Article IX GENERAL</u></u> | 32<u>43</u> |
| <u><u>Section 9.1</u></u> | <u><u>Optional Redemption of the Series 2025-3 Notes</u></u> | 32<u>43</u> |
| <u><u>Section 9.2</u></u> | <u><u>Information</u></u> | 33<u>44</u> |
| <u><u>Section 9.3</u></u> | <u><u>Confidentiality</u></u> | 33<u>44</u> |
| <u><u>Section 9.4</u></u> | <u><u>Ratification of Base Indenture</u></u> | 33<u>44</u> |
| <u><u>Section 9.5</u></u> | <u><u>Notice to the Rating Agencies</u></u> | 34<u>45</u> |
| <u><u>Section 9.6</u></u> | <u><u>Third Party Beneficiary</u></u> | 34<u>45</u> |
| <u><u>Section 9.7</u></u> | <u><u>Execution in Counterparts; Electronic Execution</u></u> | 34<u>45</u> |
| <u><u>Section 9.8</u></u> | <u><u>Governing Law</u></u> | 34<u>45</u> |
| <u><u>Section 9.9</u></u> | <u><u>Amendments</u></u> | 34<u>45</u> |
| <u><u>Section 9.10</u></u> | <u><u>Administrator to Act on Behalf of HVF III</u></u> | 36<u>48</u> |
| <u><u>Section 9.11</u></u> | <u><u>Successors</u></u> | 37<u>48</u> |
| <u><u>Section 9.12</u></u> | <u><u>Termination of Series Supplement</u></u> | 37<u>48</u> |
| <u><u>Section 9.13</u></u> | <u><u>Electronic Execution</u></u> | 37<u>48</u> |
| <u><u>Section 9.14</u></u> | <u><u>Additional UCC Representations</u></u> | 37<u>48</u> |
| <u><u>Section 9.15</u></u> | <u><u>Notices</u></u> | 38<u>49</u> |
| <u><u>Section 9.16</u></u> | <u><u>Submission to Jurisdiction</u></u> | 38<u>50</u> |
| <u><u>Section 9.17</u></u> | <u><u>Waiver of Jury Trial</u></u> | 39<u>50</u> |
| <u>Section 9.18</u> | <u>Issuance of Class E Notes</u> | 39 |
| <u><u>Section</u></u> <u>9.19</u><u>9.18</u> | <u><u>Trustee Obligations under the Retention Requirements</u></u> | 41<u>52</u> |

---

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| | |
|:---|:---|
| <u>**Schedule I**</u> **<u>TO THE SERIES 2025-3 SUPPLEMENT</u>** | **44** **<u>55</u>** |
| <u>**Schedule II**</u> **<u>TO THE SERIES 2025-3 SUPPLEMENT</u>** | **85** **<u>100</u>** |

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(ii) **TABLE OF CONTENTS**

**(continued)**

**Page**

EXHIBITS AND SCHEDULES

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| | |
|:---|:---|
| Schedule I<br> Schedule II | List of Defined Terms<br> Monthly Noteholders' Statement Information |
| Exhibit A-1-1<br> Exhibit A-1-2<br> Exhibit A-2-1<br> Exhibit A-2-2<br> Exhibit A-3-1<br> Exhibit A-3-2<br> Exhibit A-4-1<br> Exhibit A-4-2<br> <u>Exhibit A-5</u><br> Exhibit B-1<br> Exhibit B-2<br> <u>Exhibit B-3</u><br> <u>Exhibit B-4</u><br> <u>Exhibit C-1</u><br> Exhibit C<u>-2</u><br> Exhibit D<br> Exhibit E-1<br> Exhibit E-2<br> <u>Exhibit E-3</u><br> Exhibit F<u>-1</u><br> <u>Exhibit F-2</u> | Form of Series 2025-3 144A Global Class A Note<br> Form of Series 2025-3 Regulation S Global Class A Note<br> Form of Series 2025-3 144A Global Class B Note<br> Form of Series 2025-3 Regulation S Global Class B Note<br> Form of Series 2025-3 144A Global Class C Note<br> Form of Series 2025-3 Regulation S Global Class C Note<br> Form of Series 2025-3 144A Global Class D Note<br> Form of Series 2025-3 Regulation S Global Class D Note<br> <u>Form of Series 2025-3 144A Global Class E Note</u><br> Form of Demand Notice<br> Form of Class A/B/C/D Demand Note<br> <u>Form of Class E Demand Notice</u><br> <u>Form of Class E Demand Note</u><br> Form of Reduction Notice Request Class A/B/C/D Letter of Credit<br> <u>Form of Reduction Notice Request Class E Letter of Credit</u><br> Form of Lease Payment Deficit Notice<br> <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u><br> Form of Transfer Certificate from 144A Global Note to Regulation S Global Note<br> Form of Transfer Certificate from Regulation S Global Note to 144A Global Note<br> Form of Class A/B/C/D Letter of Credit<br> <u>Form of Class E Letter of Credit</u>  |

---

(iii) SERIES 2025-3 SUPPLEMENT, dated as of June 30, 2025 ("<u>Series 2025-3 Supplement</u>"), among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as may be further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS, Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture provides, among other things, that HVF III and the Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or more Series of Notes;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2025-3 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2025-3 Noteholders;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2025-3 Supplement, and such Series of Notes is hereby designated as Series 2025-3 Rental Car Asset Backed Notes.

On the Series 2025-3 Closing Date<u>Class A/B/C/D Notes</u>, the following classes of Series 2025-3 Rental Car Asset Backed Notes shall be<u>were</u> issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-3 5.06% Rental Car Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-3 5.59% Rental Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-3 6.13% Rental Car Asset Backed Notes, Class C (as referred to herein, the " <u>Class C Notes</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-3 8.55% Rental Car Asset Backed Notes, Class D (as referred to herein, the " <u>Class D Notes</u> ").

Subsequent to the Series 2025-3 Closing Date, HVF III may on any date during the Series 2025-3 Revolving Period offer and sell additional Series 2025-3 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in Section 9.18 (*Issuance of Class E Notes*) of this Series 2025-3 Supplement, which, if issued, shall be designated as the Series 2025-3 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "Class E Notes".

<u>On the Class E Notes Closing Date, the Series 2025-3 11.47% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u>

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2025-3 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**

**DEFINITIONS AND CONSTRUCTION**

**Section 1.01 <u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2025-3 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2025-3 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2025-3 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02 <u>Rules of Construction</u>**. In this Series 2025-3 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document), as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2025-3 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2025-3 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**

**INITIAL ISSUANCE OF SERIES 2025-3 NOTES; FORM OF SERIES 2025-3 NOTES**

**Section 2.01 <u>Initial Issuance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance</u> <u><u>of Class A/B/C/D Notes</u></u>. On the terms and conditions set forth in this Series 2025-3 Supplement, HVF III <u>shall issue</u><u>issued</u>, and <u>shall cause</u><u>caused</u> the Trustee to authenticate, the initial Class A/B/C/D Notes on the Series 2025-3 Closing Date. Such Class A/B/C/D Notes <u>shall</u><u>:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, with respect to each Class of Series 2025-3 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, with respect to each Class of Series 2025-3 Notes, the interest rate set forth in the definition of Note Rate for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have, with respect to each Class of Series 2025-3 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by DBRS and Moody's and, with respect to the Class D Notes, by DBRS and Moody's, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be duly<u>were</u> authenticated in accordance with the provisions of the Base Indenture and this Series 2025-3 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>on</u> <u>Form of</u> the Class A/B/C/D Notes. The <u>Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2025-3 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Note Closing Date. Such Class E Note shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2025-3 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of the Series 2025-3 Notes. The</u> Class A/B/C/D Notes will be<u>were</u> offered and sold by HVF III on the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be<u>were</u> resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2025-3 Related Document to the contrary, the initial Payment Date with respect to the Series 2025-3<u>Class A/B/C/D</u> Notes shall be<u>was</u> July 25, 2025 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>144A Global Notes</u>. Each Class of the Class A/B/C/D<u>Series 2025-3</u> Notes offered and sold in their initial distribution on the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date in <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable, in</u> reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to this Series 2025-3 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-1</u> to this Series 2025-3 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to this Series 2025-3 Supplement and<u>,</u> with respect to the Class D Notes in <u>Exhibit A-4-1</u> <u>to this Series 2025-3 Supplement, and with respect to the Class E Notes in Exhibit A-5</u> to this Series 2025-3 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "<u>144A Global Notes</u>"). The <u>Solely</u> <u><u>with respect to the Class A/B/C/D Notes</u></u><u>, the</u> aggregate principal amount of the<u>such</u> 144A Global Notes<u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-3 Notes as shall be specified in the schedule attached thereto, and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-3 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-3 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-3 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C/D Notes offered and sold on the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to this Series 2025-3 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to this Series 2025-3 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to this Series 2025-3 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-2</u> to this Series 2025-3 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-3 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-3 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-3 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-3 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02 <u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> wishes at any time to exchange its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-1</u><u>-3</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-2</u><u>-4</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes<u>, and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or<u>,</u> Class D Global Notes, <u>or Class E Global Notes</u> respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer OR ANY OTHER PERSON TREATED as THE ISSUER for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES (UNLESS A STATUTORY OR ADMINISTRATIVE EXEMPTION APPLIES (ALL OF THE APPLICABLE CONDITIONS OF WHICH ARE SATISFIED) OR THE TRANSACTION IS NOT OTHERWISE PROHIBITED), AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, <u>OR</u> (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u> <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer or any other person treated as the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2025-3 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO*.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>Note,</u> Class D <u>Note or Class E</u> Note, as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, <u>or</u> (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(p)</u> <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(r)</u> <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03 <u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D<u>Series 2025-3</u> Notes other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04 <u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2025-3 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05 <u>Required Series Noteholders</u>**(a) . In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2025-3 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-3 Notes.

**Section 2.06 <u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2025-3 Noteholder (and any Note Owner of any Series 2025-3 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2025-3 Note or an interest in such Series 2025-3 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2025-3 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2025-3 Noteholder and Note Owner of any Series 2025-3 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2025-3 Noteholder (or Note Owner of such Series 2025-3 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2025-3 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2025-3 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2025-3 Noteholder or Note Owner of a Series 2025-3 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2025-3 Notes.

**Article III**

**INTEREST AND INTEREST RATES**

**Section 3.01 <u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2025-3 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**

**SERIES-SPECIFIC COLLATERAL**

**Section 4.01 <u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2025-3 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2025-3 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2025-3 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2025-3 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2025-3 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2025-3 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2025-3 Account are referred to, collectively, as the "<u>Series 2025-3 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02 <u>Series 2025-3 Accounts</u>**. With respect to the Series 2025-3 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2025-3 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-3 Noteholders three<u>four</u> securities accounts: the Series 2025-3 Principal Collection Account (such account, the "<u>Series 2025-3 Principal Collection Account</u>"), the Series 2025-3 Interest Collection Account (such account, the "<u>Series 2025-3 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2025-3 Reserve Account")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes) or <u>Section</u> <u>5.8</u><u>5.10</u> (Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2025-3<u>Class A/B/C/D</u> Noteholders<u>,</u> the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>On or prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-3 Noteholders the Series 2025-3 Distribution Account (the "<u>Series 2025-3 Distribution Account</u>", and together with the Series 2025-3 Principal Collection Account, the Series 2025-3 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2025-3 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-3 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2025-3 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2025-3 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2025-3 Account shall be an Eligible Account. If any Series 2025-3 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2025-3 Account is no longer an Eligible Account, establish a new Series 2025-3 Account for such non-qualifying Series 2025-3 Account that is an Eligible Account, and if a new Series 2025-3 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2025-3 Account into such new Series 2025-3 Account. Initially, each of the Series 2025-3 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2025-3 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2025-3 Account (other than the Series 2025-3 Distribution Account) to invest funds on deposit in such Series 2025-3 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary, and Permitted Investments shall be credited to the applicable Series 2025-3 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2025-3 Principal Collection Account, the Series 2025-3 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2025-3 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2025-3 Accounts</u>. With respect to each Series 2025-3 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2025-3 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2025-3 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2025-3 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2025-3 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2025-3 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-3 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon the termination of this Series 2025-3 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-3 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall withdraw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03 <u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2025-3 Account, the Trustee or other Person maintaining such Series 2025-3 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC) and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC) (the Trustee acting in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2025-3 Account. If the Securities Intermediary in respect of any Series 2025-3 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-3 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2025-3 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2025-3 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2025-3 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2025-3 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2025-3 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2025-3 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2025-3 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC), and the Series 2025-3 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2025-3 Supplement, will not enter into, any agreement with any other Person relating to the Series 2025-3 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2025-3 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2025-3 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2025-3 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2025-3 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2025-3 Accounts and in all Proceeds thereof and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) in respect of the Series 2025-3 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-3 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2025-3 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2025-3 Account by crediting such Series 2025-3 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-3 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2025-3 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2025-3 Account is deemed not to constitute a securities account.

**Section 4.04 <u>Class A/B/C/D</u> <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2025-3<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of <u>the Class A/B/C/D</u> Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2025-3 Controlling Class.

<u>Section 4.5</u> <u>Class E Demand Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2025-3 Controlling Class.</u>

<u>Section 4.6</u> **<u>Section 4.5</u>** **<u>Subordination</u>**. The Series-Specific 2025-3 Collateral has been pledged to the Trustee to secure the Series 2025-3 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2025-3 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2025-3 Notes, and no Noteholder of any Series of Notes other than the Series 2025-3 Notes will have any right, title or interest in, to or under the Series-Specific 2025-3 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2025-3 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2025-3 Notes, then the Series 2025-3 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2025-3 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

<u>Section 4.7</u> **<u>Section 4.6</u>** **<u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2025-3 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2025-3 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2025-3 Collateral now existing or hereafter created.

<u>Section 4.8</u> **<u>Section 4.7</u>** **<u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**

**PRIORITY OF PAYMENTS**

Section 5.1 **Section 5.01 <u>[Reserved].</u>**

**Section 5.02 <u>Collections Allocation.</u>** Subject to the Past Due Rental Payments Priorities, on each Series 2025-3 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2025-3 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2025-3 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2025-3 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2025-3 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2025-3 Principal Collection Account.

**Section 5.03 <u>Application of Funds in the Series 2025-3 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2025-3 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2025-3 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> 5.6 <u>(*Class E Reserve Account Withdrawals*), and 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-3 Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-3 Distribution Account to pay to the Administrator the Series 2025-3 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2025-3 Distribution Account to pay the Trustee the Series 2025-3 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2025-3 Noteholders, the Series 2025-3 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2025-3 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2025-3 Distribution Account to pay the Persons to whom the Series 2025-3 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2025-3 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2025-3 Distribution Account to pay the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2025-3 Distribution Account to pay the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2025-3 Distribution Account to pay the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2025-3 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2025-3 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2025-3 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2025-3 Distribution Account to pay to the Administrator the Series 2025-3 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2025-3 Distribution Account to pay to the Trustee the Series 2025-3 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2025-3 Distribution Account to pay the Persons to whom the Series 2025-3 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2025-3 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2025-3 Rapid Amortization Period, for deposit into the Series 2025-3 Principal Collection Account up to the amount necessary to pay the Series 2025-3 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2025-3 Principal Collection Account any remaining amount.

**Section 5.04 <u>Application of Funds in the Series 2025-3 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2025-3 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-3 Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2025-3 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2025-3 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*<u>)) and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2025-3 Interest Collection Account*));</u>));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2025-3 Notes, then for deposit into the Series 2025-3 Distribution Account to be paid on such date, <u>pro rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2025-3 Controlled Amortization Period, then for deposit into the Series 2025-3 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2025-3 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2025-3 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2025-3 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2025-3 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2025-3 Principal Collection Account.

**Section 5.05 <u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-3 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-3 Interest Collection Account an amount equal to the excess, if any, of the Series 2025-3 Payment Date Interest Amount for such Payment Date over the Series 2025-3 Payment Date Available Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-3 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-3 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-3 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

<u>Section 5.6</u> **<u>Class E Reserve Account Withdrawals. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (*Application of Funds in the Series 2025-3 Interest Collection Account*) and 5.4 (*Application of Funds in the Series 2025-3 Principal Collection Account*)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2025-3 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2025-3 Payment Date Available Interest Amount solely</u> <u>with respect to the Class E Notes</u> <u>for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-3 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-3 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-3 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>Section 5.7</u> **<u>Section 5.6</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-3 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2025-3 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-3 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-3 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-3 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-3 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-3 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-3 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2025-3 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-3 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2025-3 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-3 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-3 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2025-3 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-3 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-3 Principal Collection Account on such date.(e) <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2025-3 Supplement (other than pursuant to <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw on such Class A/B/C/D Letter of Credit.

<u>Section 5.8</u> <u>**Class E Letters of Credit and Class E Demand Notes.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-3 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2025-3 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-3 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-3 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-3 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-3 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-3 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-3 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2025-3 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-3 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2025-3 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-3 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-3 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee</u> <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2025-3 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-3 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-3 Principal Collection Account on such date.</u>(e) <u>Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2025-3 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

<u>Section 5.9</u> **<u>Section 5.7</u>** **<u>Past Due Rental Payments</u>**. On each Series 2025-3 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2025-3 Past Due Rent Payments and deposit such amount into the Series 2025-3 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2025-3 Interest Collection Account and apply the Series 2025-3 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2025-3 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2025-3 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2025-3 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2025-3 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2025-3 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-3 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2025-3 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2025-3 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-3 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2025-3 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2025-3 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-3 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>and second, if the occurrence of such Series 2025-3 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-3 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2025-3 Principal Collection Account.

<u>Section 5.10</u> **<u>Section 5.8</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-3 Asset Amount would be less than the Series 2025-3 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2025-3 Adjusted Asset Coverage Threshold Amount over the Series 2025-3 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2025-3 Adjusted Asset Coverage Threshold Amount over the Series 2025-3 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C<u>-1</u></u> hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; <u>provided</u>, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>Section 5.11</u> <u>Class E Letters of Credit and Class E L/C Cash Collateral Account.</u><u>(a)</u> <u>Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

<u>Section 5.12</u> **<u>Section 5.9</u>** **<u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2025-3 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2025-3 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

<u>Section 5.13</u> **<u>Section 5.10</u>** **<u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2025-3 Account required to be given by HVF III, at the time specified herein or in any other Series 2025-3 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2025-3 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2025-3 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2025-3 Notes required to be given by HVF III, at the time specified in this Series 2025-3 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as applicable,</u> with respect to such Class of Series 2025-3 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letter of Credit, as applicable</u>.

**Article VI**

**REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING<br> CONDITIONS**

**Section 6.01 <u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2025-3 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2025-3 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2025-3 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2025-3 Related Documents to which it is a party as of the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2025-3 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02 <u>Covenants</u>**. Each of HVF III and the Administrator severally covenants and agrees that, until the Series 2025-3 Notes have been paid in full, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2025-3 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2025-3 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2025-3 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2025-3 Third-Party Market Value Procedures</u>. Comply with the Series 2025-3 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2026 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2025-3 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date, within one hundred twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2025-3 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2025-3 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2025-3 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03 <u>Closing Conditions</u>**. The effectiveness of this Series 2025-3 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04 <u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2025-3 Collateral on behalf of the Series 2025-3 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2025-3 Permitted Liens) and to carry into effect the purposes of this Series 2025-3 Supplement or the other Series 2025-3 Related Documents or to better assure and confirm unto the Trustee or the Series 2025-3 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2025-3 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2025-3 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2025-3 Supplement, if any amount payable under or in connection with any of the Series-Specific 2025-3 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2025-3 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2025-3 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**

**AMORTIZATION EVENTS**

**Section 7.01 <u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2025-3 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2025-3 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2025-3 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-3 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-3 Permitted Liens) or (ii) other than as a result of a Series 2025-3 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-3 Permitted Liens) or (ii) other than as a result of a Series 2025-3 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-3 Permitted Liens) or (ii) other than as a result of a Series 2025-3 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-3 Permitted Liens) or (ii) other than as a result of a Series 2025-3 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2025-3 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2025-3 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2025-3 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2025-3 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2025-3 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2025-3 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2025-3 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2025-3 Noteholders and continues to materially and adversely affect the interests of the Series 2025-3 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-3 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2025-3 Related Document is false and such false representation materially and adversely affects the interests of the Series 2025-3 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-3 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*) or described in Section 9.1(e) (*Amortization Events*) of the Base Indenture, an "<u>Amortization Event</u>" with respect to the Series 2025-3 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2025-3 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*) or described in Sections 9.1(f), 9.1(g), 9.1(k) or 9.1(l) (*Amortization Events*) of the Base Indenture, so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2025-3 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2025-3 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-3 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2025-3 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-3 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2025-3 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2025-3 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**

**SUBORDINATION OF NOTES**

**Section 8.01 <u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-3 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2025-3 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2025-3 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02 <u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-3 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2025-3 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2025-3 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03 <u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-3 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2025-3 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2025-3 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04 <u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-3 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

Section 8.5 <u>When Distribution Must be Paid Over</u>. In the event that any Series 2025-3 Noteholder (or Series 2025-3 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2025-3 Notes at a time when such Series 2025-3 Noteholder (or Series 2025-3 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2025-3 Noteholder (or Series 2025-3 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**

**GENERAL**

**Section 9.01 <u>Optional Redemption of the Series 2025-3 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2025-3</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (Application of Funds in the Series 2025-3 Principal Collection Account); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2025-3</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2025-3 Notes with respect to such Class of Series 2025-3 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2025-3</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2025-3 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2025-3 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2025-3 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2025-3 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2025-3 Noteholders of the Class of Series 2025-3 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02 <u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth (4<sup>th</sup>) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2025-3 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2025-3 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2025-3 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2025-3 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2025-3 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03 <u>Confidentiality</u>**. The Trustee and each Series 2025-3 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2025-3 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2025-3 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2025-3 Notes in accordance with the requirements of this Series 2025-3 Supplement to which such person sells or offers to sell any such interest in the Series 2025-3 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2025-3 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2025-3 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2025-3 Notes, this Series 2025-3 Supplement or any other document relating to the Series 2025-3 Notes.

**Section 9.04 <u>Ratification of Base Indenture</u>**. As supplemented by this Series 2025-3 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2025-3 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05 <u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2025-3 Noteholders delivered to the Trustee pursuant to this Series 2025-3 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2025-3 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2025-3 Notes. HVF III will provide each Rating Agency rating the Series 2025-3 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06 <u>Third Party Beneficiary</u>**. Nothing in this Series 2025-3 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2025-3 Supplement.

**Section 9.07 <u>Execution in Counterparts; Electronic Execution</u>**. This Series 2025-3 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2025-3 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2025-3 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08 <u>Governing Law</u>**. THIS SERIES 2025-3 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2025-3 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09 <u>Amendments</u>**. This Series 2025-3 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2025-3 Noteholders</u>. Without the consent of any Series 2025-3 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2025-3 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2025-3 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2025-3 Notes in addition to certificated Series 2025-3 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2025-3 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2025-3 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2025-3 Supplement to the terms of the offering document(s) for the Series 2025-3 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2025-3 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2025-3 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to add or change any provisions of this Series 2025-3 Supplement to such extent as shall be necessary to facilitate implementation of any Enhancement, including any additions or changes to <u>Section 5.3</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2025-3 Principal Collection Account*) to provide for the payment of amounts owing to any Enhancement Provider under an Enhancement Agreement solely if such payments are made to the Enhancement Provider only after the payment of all principal amounts required to be paid to the Series 2025-3 Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to effect any other amendment that does not materially adversely affect the interests of the Series 2025-3 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2025-3 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2025-3 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2025-3 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2025-3 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2025-3 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2025-3 Noteholders, (ii) in the case of an amendment or modification, the Series 2025-3 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2025-3 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2025-3 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2025-3 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 2025-3 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-3 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2025-3 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2025-3 Noteholders affected by such amendment, modification or waiver and upon notice to DBRS, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2025-3 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2025-3 Supplement or otherwise reduce the percentage of Series 2025-3 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2025-3 Note (or reduce the principal amount of or rate of interest on any Series 2025-3 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2025-3 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D <u>Reserve Account Withdrawals</u>*<u>), Section 5.6 (*Class E*</u> *Reserve Account Withdrawals*), <u>Section 7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-3 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section 9.19</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2025-3 Supplement or that pursuant to the Series 2025-3 Related Documents expressly requires the consent of 100% of the Series 2025-3 Noteholders or each Series 2025-3 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2025-3 Supplemental Indentures</u>. Each amendment or other modification to this Series 2025-3 Supplement shall be set forth in a Series 2025-3 Supplemental Indenture. The initial effectiveness of each Series 2025-3 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2025-3 Supplemental Indenture is authorized or permitted by this Series 2025-3 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2025-3 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2025-3 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2025-3 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2025-3 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2025-3 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10 <u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2025-3 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2025-3 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2025-3 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2025-3 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2025-3 Supplement and the Related Documents.

**Section 9.11 <u>Successors</u>**. All agreements of HVF III in this Series 2025-3 Supplement and with respect to the Series 2025-3 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2025-3 Supplement or any Series 2025-3 Note. All agreements of the Trustee in this Series 2025-3 Supplement shall bind its successor.

**Section 9.12 <u>Termination of Series Supplement</u>**. This Series 2025-3 Supplement shall cease to be of further effect when (i) all Outstanding Series 2025-3 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2025-3 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13 <u>Electronic Execution</u>**. This Series 2025-3 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14 <u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2025-3 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-3 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2025-3 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2025-3 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2025-3 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2025-3 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2025-3 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15 <u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16 <u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2025-3 Supplement, the Series 2025-3 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2025-3 Supplement, the Series 2025-3 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2025-3 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17 <u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2025-3 SUPPLEMENT, THE SERIES 2025-3 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18 Issuance of Class E Notes</u>. No Class E Notes shall be issued on the Series 2025-3 Closing Date. On any date during the Series 2025-3 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2025-3 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2025-3 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "<u>Proposed Class E Notes</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2025-3 Notes, Series 2025-3 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2025-3 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2025-3 Supplement and any Series 2025-3 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2025-3 Supplement or any Series 2025-3 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2025-3 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2025-3 Supplement that expressly require the consent of each Noteholder or Series 2025-3 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2025-3 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2025-3 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not or, upon satisfaction of the Series 2025-3 Rating Agency Condition, should not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-3 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2025-3 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2025-3 Supplement and/or any other Series 2025-3 Related Document.

<u>Section 9.18</u> **<u>Section 9.19</u>** **<u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2025-3 Noteholder or any other party for violation of such rules now or hereafter in effect.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2025-3 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | President and Treasurer |
| THE HERTZ CORPORATION, as Administrator | THE HERTZ CORPORATION, as Administrator |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | Senior Vice President and Treasurer |

---

*Signature Page to HVF III Series 2025-3 Supplement*

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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*Signature Page to HVF III Series 2025-3 Supplement*

Schedule I<br> TO THE SERIES 2025-3 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>d</u><u>e</u><u>)</u> (*Initial Issuance*) of this Series 2025-3 Supplement.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-3 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2025-3 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2025-3 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2025-3 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2025-3 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2025-3 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2025-3 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2025-3 Distribution Account and paid to the Series 2025-3 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-3 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-3 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-3 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-3 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-3 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)", (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-3 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1", (iii) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-3 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (iv) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-3 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2025-3 Accounts*) of this Series 2025-3 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2025-3 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2025-3 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-3 Noteholders or (ii) if issued after the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2025-3 Supplement, that satisfies the Series 2025-3 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-3 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-3 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means June 30, 2025.</u>

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2025-3 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2025-3 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C/D Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated June 18, 2025, by and among HVF III, Hertz, Deutsche Bank Securities Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co, LLC and RBC Capital Markets, LLC, as initial representatives of the several initial purchasers set forth on Schedule I thereto (collectively, the "<u>Initial Purchasers</u>") of the Class A/B/C/D Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 3.75% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-3 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-3 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-3 Accounts*) of this Series 2025-3 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2025-3 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2025-3 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2025-3 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2025-3 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2025-3 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2025-3 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2025-3 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2025-3 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2025-3 Controlled Amortization Period and any Class of Series 2025-3 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2025-3 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2025-3 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2025-3 Notes during the Series 2025-3 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2025-3 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2025-3 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1</u> or <u>Exhibit A-4-2</u> to this Series 2025-3 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2025-3 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Coverage Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u>

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2025-3 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-3 Supplement.<u>means, as of any date of determination, the Series 2025-3 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2025-3 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> <u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.</u>

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2025-3 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2025-3 Distribution Account and paid to the Series 2025-3 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-3 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-3 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-3 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-3 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2025-3* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2025-3 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2025-3 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2025-3 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-3 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2025-3 Supplement, that satisfies</u> <u>the Series 2025-3 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2025-3 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2025-3 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2025-3 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E Notes</u>" has the meaning specified in the <u>Preamble</u> <u>means any one of</u> <u>the Series 2025-3 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2025-3 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2025-3 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 6.50% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the excess, if any, of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Required Liquid Enhancement Amount over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,</u>

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the excess, if any, of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Asset Amount, in each case as of such date.</u>

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2025-3 Accounts*) of this Series 2025-3 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2025-3 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2025-3 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2025-3 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-3 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2025-3 Notes, the amount set forth in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Principal Amount** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$256875000 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;$37500000 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$50625000 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;$30000000 |
| &nbsp;&nbsp;<u>E</u> | &nbsp;&nbsp;<u>$18099000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2025-3 Interest Period (a) with respect to the initial Series 2025-3 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 30/360, and (b) with respect to each Series 2025-3 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2025-3 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2025-3 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2025-3 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Corresponding DBRS Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DBRS** | &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;AA(H) | &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;AA(L) | &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- |
| &nbsp;&nbsp;A(H) | &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ |
| &nbsp;&nbsp;A | &nbsp;&nbsp;A2 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A(L) | &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- |
| &nbsp;&nbsp;BBB(H) | &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;BBB(L) | &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- |
| &nbsp;&nbsp;BB(H) | &nbsp;&nbsp;Ba1 | &nbsp;&nbsp;BB+ |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;BB(L) | &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- |
| &nbsp;&nbsp;B-High | &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ |
| &nbsp;&nbsp;B | &nbsp;&nbsp;B2 | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B(L) | &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- |
| &nbsp;&nbsp;CCC(H) | &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ |
| &nbsp;&nbsp;CCC | &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;CCC(L) | &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- |
| &nbsp;&nbsp;CC(H) | &nbsp;&nbsp;Ca | &nbsp;&nbsp;CC |
| &nbsp;&nbsp;CC | &nbsp;&nbsp;C |  |

---

"<u>DBRS</u>" means DBRS, Inc. or any successor thereto.

"<u>DBRS Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom the DBRS does not maintain a public Relevant DBRS Rating as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies as
of such date, then the median of the Corresponding DBRS Ratings for such Person as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person has an Equivalent Rating Agency Rating from only two of the Equivalent Rating Agencies
as of such date, then the lower Corresponding DBRS Rating for such Person as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person has an Equivalent Rating Agency Rating from only one of the Equivalent Rating Agencies
as of such date, then the Corresponding DBRS Rating for such Person as of such date.

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Equivalent Rating Agency</u>" means each of DBRS, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2025-3 Notes, the Payment Date in December 2028.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2025-3 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2025-3 Notes, the Payment Date in December 2029.

"<u>Majority Series 2025-3 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2025-3 Noteholders</u>" means Series 2025-3 Noteholders holding more than 50% of the Series 2025-3 Principal Amount (excluding any other Series 2025-3 Notes held by HVF III or any Affiliate of HVF III (other than Series 2025-3 Notes held by an Affiliate Issuer)). The Majority Series 2025-3 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-3 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2025-3 Notes, the date that is six months prior to the commencement of the Series 2025-3 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D<u>Series 2025-3</u> Note on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2025-3</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, with respect to each Class of Series 2025-3 Notes issued on the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 11.47%</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Note Rate** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;6.13% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;8.55% |

---

"<u>Outstanding</u>" means with respect to the Series 2025-3 Notes (or any Class of Series 2025-3 Notes), all Series 2025-3 Notes (or Series 2025-3 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2025-3 Supplement, <u>except</u> (a) Series 2025-3 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2025-3 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2025-3 Distribution Account and are available for payment in full of such Series 2025-3 Notes, and Series 2025-3 Notes that are considered paid pursuant to <u>Section 8.1</u> (*Payment of Notes*) of the Base Indenture, and (c) Series 2025-3 Notes in exchange for or in lieu of other Series 2025-3 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2025-3 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2025-3 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2025-3 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2025-3 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2025-3 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2025-3 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment of which are to be made by or is fully guaranteed by the United
States of America other than financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in, or certificates of deposit issued by, any depositary institution
or trust company incorporated under the laws of the United States of America or any state thereof whose short-term debt is rated "P-1"
by Moody's and "A-1+" by S&P and subject to supervision and examination by Federal or state banking or depositary
institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment and (y) the
time of the contractual commitment to invest therein, the certificates of deposit or short-term deposits, if any, or long-term unsecured
debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution
or trust company) of such depositary institution or trust company shall have a credit rating from S&P of "A-1+" and a
credit rating from Moody's of "P-1" in the case of certificates of deposit or short-term deposits, or a rating from
S&P not lower than "AA" and a rating from Moody's not lower than "Aa2" in the case of long-term unsecured
obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier of (x) the time of the investment and (y) the time of
the contractual commitment to invest therein, a rating from S&P of "A-1+" and a rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated "AAAm" by S&P and "Aaa-mf" by Moody's,
or otherwise approved in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar time deposits having a credit rating from S&P of "A-1+" and a credit rating
from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above and the certificates of deposit described in <u>clause (ii)</u> above which are entered into with a depository
institution or trust company, having a commercial paper or short-term certificate of deposit rating of "A-1+" by S&P and
 "P-1" by Moody's; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other instruments or securities, if each Rating Agency then rating any outstanding Class of Series 2025-3
Notes at the request of HVF III will not have advised in writing that the investment in such instruments or securities will result in
the reduction or withdrawal of its then-current rating of such outstanding Class of Series 2025-3 Notes.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2025-3 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2025-3 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2025-3 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(b)</u> (*Initial Issuance*) of this Series 2025-3 Supplement.

"<u>Rating Agencies</u>" means (i) with respect to the Class A Notes the Class B Notes, the Class C Notes and the Class D Notes, DBRS and Moody's, and (ii) with respect <u>to the Class E Notes, Moody's and (iii) with respect</u> to any Class of Series 2025-3 Notes, any other nationally recognized rating agency rating the Series 2025-3 Notes at the request of HVF III; <u>provided</u> that, if at any time any nationally recognized rating agency ceases to rate any Class of Series 2025-3 Notes, such rating agency shall be deemed to no longer constitute a Rating Agency with respect to such Class of Series 2025-3 Notes for so long as such rating agency continues not to rate such Class of Series 2025-3 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2025-3 Notes*) of this Series 2025-3 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(e)</u> (*Initial Issuance*) of this Series 2025-3 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Fitch Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then such rating of such Person as of such date; provided, that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating with respect to such Person as of such date, (c) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date and (d) with respect to DBRS, the Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2025-3 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2025-3 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2025-3 Supplement.

"<u>Senior Class of Series 2025-3 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2025-3 Payment Date Available Interest Amount with respect to the Series 2025-3 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2025-3 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account,</u> each Class A/B/C/D <u>Demand Note, each Class E</u> Demand Note, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2025-3 Principal Collection Account for deposit into the Series 2025-3 Interest Collection Account on such Payment Date.

"<u>Series 2025-3 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2025-3 Supplement.

"<u>Series 2025-3 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2025-3 Accounts*) of this Series 2025-3 Supplement.

"<u>Series 2025-3 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2025-3 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2025-3 Notes.

"<u>Series 2025-3 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2025-3 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2025-3 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2025-3 Notes.

"<u>Series 2025-3 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2025-3 Principal Amount as of such date over (B) the Series 2025-3 Principal Collection Account Amount as of such date. The Series 2025-3 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2025-3 Notes.

"<u>Series 2025-3 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-3 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2025-3 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2025-3 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2025-3 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2025-3 Blended Advance Rate, in each case as of such date.

"<u>Series 2025-3 Blended Advance Rate</u>" means, as of any date of determination, the least of the Series 2025-3 DBRS Blended Advanced Rate as of such date, the Series 2025-3 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2025-3 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-3 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2025-3 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2025-3 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2025-3 Administrator Fee Amount and the Series 2025-3 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2025-3 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-3 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2025-3 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-3 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2025-3 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2025-3 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2025-3 Related Document,

in each case under and in accordance with such Series 2025-3 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2025-3 Notes.

"<u>Series 2025-3</u> <u>Closing Date</u>" means June 30, 2025.

"<u>Series 2025-3 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2025-3 Account Collateral with respect to each Series 2025-3 Account and each Class A/B/C/D Demand Note.

"<u>Series 2025-3 Controlled Amortization Period</u>" means the period commencing upon the close of business July 25, 2028 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2025-3 Rapid Amortization Period, (ii) the date on which the Series 2025-3 Notes are fully paid and (iii) the termination of this Series 2025-3 Supplement.

"<u>Series 2025-3 Daily Interest Allocation</u>" means, on each Series 2025-3 Deposit Date, the Series 2025-3 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2025-3 Daily Principal Allocation</u>" means, on each Series 2025-3 Deposit Date, an amount equal to the Series 2025-3 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2025-3 DBRS AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-3 DBRS Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-3 DBRS Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-3 DBRS Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-3 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-3 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-3 DBRS Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-3 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-3 DBRS Remainder AAA Amount.

"<u>Series 2025-3 DBRS AAA Select Component</u>" means each Series 2025-3 DBRS AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-3 DBRS Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-3 DBRS AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-3 DBRS Baseline Advance Rate with respect to such Series 2025-3 DBRS AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-3 DBRS Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-3 DBRS AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-3 DBRS MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-3 DBRS AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-3 DBRS Baseline Advance Rate</u>" means, with respect to each Series 2025-3 DBRS AAA Select Component, the percentage set forth opposite such Series 2025-3 DBRS AAA Select Component in the following table:

---

| | |
|:---|:---|
| **Series 2025-3 DBRS AAA Select Component** | **Series 2025-3 DBRS <br> Baseline Advance Rate** |
| Series 2025-3 DBRS Eligible Investment Grade Program Vehicle Amount | 91.00% |
| Series 2025-3 DBRS Eligible Investment Grade Program Receivable Amount | 91.00% |
| Series 2025-3 DBRS Eligible Non-Investment Grade Program Vehicle Amount | 89.00% |
| Series 2025-3 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount | 89.00% |
| Series 2025-3 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount | 0.00% |
| Series 2025-3 DBRS Eligible Investment Grade Non-Program Vehicle Amount | 86.75% |
| Series 2025-3 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount | 82.55% |
| Series 2025-3 Medium-Duty Truck Amount | 65.00% |
| Cash Amount | 100.00% |
| Series 2025-3 DBRS Remainder AAA Amount | 0.00% |

---

"<u>Series 2025-3 DBRS Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-3 DBRS Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-3 DBRS Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-3 DBRS Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-3 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2025-3 DBRS Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-3 DBRS AAA Select Component equal to the product of such Series 2025-3 DBRS AAA Select Component and the Series 2025-3 DBRS Adjusted Advance Rate with respect to such Series 2025-3 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2025-3 DBRS Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-3 DBRS Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-3 DBRS Baseline Advance Rate with respect to such Series 2025-3 DBRS Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-3 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2025-3 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-3 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-3 DBRS Baseline Advance Rate with respect to such Series 2025-3 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-3 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2025-3 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-3 DBRS Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-3 DBRS AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-3 DBRS Concentration Excess Amount, if any, allocated to such Series 2025-3 DBRS AAA Select Component by HVF III and (B) the Series 2025-3 DBRS Baseline Advance Rate with respect to such Series 2025-3 DBRS AAA Select Component, and the denominator of which is (II) such Series 2025-3 DBRS AAA Select Component, in each case as of such date, and (b) the Series 2025-3 DBRS Baseline Advance Rate with respect to such Series 2025-3 DBRS AAA Component; <u>provided</u> that, the portion of the Series 2025-3 DBRS Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-3 DBRS AAA Select Component that was included in determining whether such Series 2025-3 DBRS Concentration Excess Amount exists.

"<u>Series 2025-3 DBRS Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-3 DBRS Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-3 DBRS Eligible Manufacturer Receivables, in each case, included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-3 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-3 DBRS Eligible Manufacturer Receivables included in the Series 2025-3 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2025-3 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-3 DBRS Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-3 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-3 DBRS Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-3 DBRS Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-3 DBRS Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-3 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-3 DBRS Investment Grade Manufacturers.

"<u>Series 2025-3 DBRS Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-3 DBRS Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-3 DBRS Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable due from any Manufacturer that has a Relevant DBRS Rating as of such date of at least "A(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of at least "A(L)") pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable due from any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)" or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)", in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable due from a Series 2025-3 DBRS Non-Investment Grade (High) Manufacturer or a Series 2025-3 DBRS Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-3 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-3 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-3 DBRS Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-3 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-3 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-3 DBRS Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-3 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-3 DBRS Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-3 DBRS Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-3 DBRS Non-Investment Grade (High) Program Vehicle and each Series 2025-3 DBRS Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-3 DBRS Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of at least "BBB(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of "BBB(L)")as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-3 DBRS Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-3 DBRS Investment Grade Manufacturer that is not a Series 2025-3 DBRS Investment Grade Program Vehicle as of such date.

"<u>Series 2025-3 DBRS Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-3 DBRS Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-3 DBRS Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-3 DBRS Eligible Manufacturer Receivables due from such Manufacturer.

"<u>Series 2025-3 DBRS Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-3 DBRS Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-3 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-3 DBRS Eligible Manufacturer Receivables included in the Series 2025-3 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2025-3 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-3 DBRS Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-3 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-3 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-3 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-3 DBRS MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-3 DBRS Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-3 Failure Percentage as of such date and (ii) the Series 2025-3 DBRS Concentration Adjusted Advance Rate with respect to the Series 2025-3 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-3 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-3 Failure Percentage as of such date and (ii) the Series 2025-3 DBRS Concentration Adjusted Advance Rate with respect to the Series 2025-3 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-3 DBRS AAA Component, zero.

"<u>Series 2025-3 DBRS Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "BBB(L)" and (ii) at least "BB(L)", or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-3 DBRS Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-3 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-3 DBRS Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-3 DBRS Eligible Manufacturer Receivables with respect to any Series 2025-3 DBRS Non-Investment Grade (High) Manufacturer included in the Series 2025-3 DBRS Manufacturer Amount for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-3 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-3 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-3 DBRS Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-3 DBRS Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-3 DBRS Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of less than "BB(L)"(or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, a DBRS Equivalent Rating of "BB(L)") as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any DBRS Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-3 DBRS Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-3 DBRS Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another master motor vehicle operating lease, as applicable) as of such date.

"<u>Series 2025-3 DBRS Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-3 DBRS Non-Investment Grade (High) Manufacturer or a Series 2025-3 DBRS Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-3 DBRS Non-Investment Grade (High) Program Vehicle or a Series 2025-3 DBRS Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-3 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-3 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-3 DBRS Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-3 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-3 DBRS Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-3 DBRS Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-3 DBRS Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-3 DBRS Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-3 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-3 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-3 DBRS Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-3 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-3 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2025-3 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2025-3 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(</u><u>iii</u><u>iv</u><u>)</u> (*Series 2025-3 Accounts*) of this Series 2025-3 Supplement.

"<u>Series 2025-3 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-3 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2025-3 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-3 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2025-3 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2025-3 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2025-3 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-3 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2025-3 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2025-3 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2025-3 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2025-3 Market Value Average as of any Determination Date within the preceding three (3) calendar months (or such fewer number of months as have elapsed since the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2025-3 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-3 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2025-3 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-3 Accounts*) of this Series 2025-3 Supplement.

"<u>Series 2025-3 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2025-3 Interest Period <u>for the Class A/B/C/D Notes</u> shall commence on and include the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date and end on and include July 24, 2025 <u>and the initial Series 2025-3 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2025-3 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2025-3 Revolving Period, the Series 2025-3 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2025-3 Controlled Amortization Period and the Series 2025-3 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2025-3 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2025-3 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2025-3 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2025-3 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2025-3 Principal Amount shall have been reduced to zero, the Series 2025-3 Invested Percentage shall equal zero.

"<u>Series 2025-3 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2025-3 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2025-3 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-3 Lease Payment Deficit</u>" means either a Series 2025-3 Lease Interest Payment Deficit or a Series 2025-3 Lease Principal Payment Deficit.

"<u>Series 2025-3 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2025-3 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2025-3 Principal Collection Account on or prior to such Payment Date on account of such Series 2025-3 Lease Principal Payment Deficit.

"<u>Series 2025-3 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2025-3 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2025-3 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2025-3 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2025-3 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-3 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2025-3 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-3 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2025-3 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2025-3 Controlling Class.

Each Series 2025-3 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2025-3 Notes.

"<u>Series 2025-3 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Manufacturer** | &nbsp;&nbsp;**Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

"<u>Series 2025-3 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2025-3 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2025-3 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2025-3 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2025-3 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2025-3 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2025-3 Measurement Month shall be included in any other Series 2025-3 Measurement Month.

"<u>Series 2025-3 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-3 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2025-3 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2025-3 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-3 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-3 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-3 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-3 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-3 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-3 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-3 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-3 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-3 Moody's Remainder AAA Amount.

"<u>Series 2025-3 Moody's AAA Select Component</u>" means each Series 2025-3 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-3 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-3 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-3 Moody's Baseline Advance Rate with respect to such Series 2025-3 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-3 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-3 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-3 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-3 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-3 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2025-3 Moody's AAA Select Component, the percentage set forth opposite such Series 2025-3 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2025-3 Moody's AAA Select Component** | &nbsp;&nbsp;**Series 2025-3 Moody's<br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2025-3 Moody's Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2025-3 Moody's Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2025-3 Moody's Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2025-3 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2025-3 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2025-3 Moody's Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2025-3 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2025-3 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2025-3 Moody's Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2025-3 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-3 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-3 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-3 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-3 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-3 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-3 Moody's AAA Select Component equal to the product of such Series 2025-3 Moody's AAA Select Component and the Series 2025-3 Moody's Adjusted Advance Rate with respect to such Series 2025-3 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-3 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-3 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-3 Moody's Baseline Advance Rate with respect to such Series 2025-3 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-3 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-3 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-3 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-3 Moody's Baseline Advance Rate with respect to such Series 2025-3 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-3 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-3 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-3 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-3 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-3 Moody's Concentration Excess Amount, if any, allocated to such Series 2025-3 Moody's AAA Select Component by HVF III and (B) the Series 2025-3 Moody's Baseline Advance Rate with respect to such Series 2025-3 Moody's AAA Select Component, and the denominator of which is (II) such Series 2025-3 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2025-3 Moody's Baseline Advance Rate with respect to such Series 2025-3 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2025-3 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-3 Moody's AAA Select Component that was included in determining whether such Series 2025-3 Moody's Concentration Excess Amount exists.

"<u>Series 2025-3 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-3 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-3 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-3 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-3 Moody's Eligible Manufacturer Receivables included in the Series 2025-3 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-3 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-3 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-3 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-3 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-3 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-3 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-3 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-3 Moody's Investment Grade Manufacturers.

"<u>Series 2025-3 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-3 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-3 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2025-3 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-3 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-3 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-3 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-3 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-3 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-3 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-3 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-3 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-3 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-3 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-3 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2025-3 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-3 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-3 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-3 Moody's Investment Grade Manufacturer that is not a Series 2025-3 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2025-3 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-3 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-3 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-3 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2025-3 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-3 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-3 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-3 Moody's Eligible Manufacturer Receivables included in the Series 2025-3 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-3 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-3 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-3 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-3 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-3 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-3 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-3 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-3 Failure Percentage as of such date and (ii) the Series 2025-3 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-3 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-3 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-3 Failure Percentage as of such date and (ii) the Series 2025-3 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-3 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-3 Moody's AAA Component, zero.

"<u>Series 2025-3 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2025-3 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-3 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-3 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-3 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-3 Moody's Eligible Manufacturer Receivables with respect to any Series 2025-3 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2025-3 Moody's Manufacturer Amount for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-3 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-3 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-3 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-3 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-3 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-3 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-3 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-3 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-3 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-3 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-3 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-3 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2025-3 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2025-3 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Medium-Duty Truck Amount for purposes of calculating the Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-3 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-3 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-3 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-3 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-3 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-3 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-3 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-3 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-3 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-3 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-3 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-3 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-3 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-3 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-3 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2025-3 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2025-3 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2025-3 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2025-3 Measurement Month, commencing with the third Series 2025-3 Measurement Month following the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2025-3 Measurement Month and the two Series 2025-3 Measurement Months preceding such Series 2025-3 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2025-3 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2025-3 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2025-3 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2025-3 Carrying Charges on such Payment Date (excluding any Series 2025-3 Carrying Charges payable to the Series 2025-3 Noteholders) and (b) the Series 2025-3 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2025-3 Noteholders).

"<u>Series 2025-3 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2025-3 Lease Principal Payment Deficit, an amount equal to the Series 2025-3 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2025-3 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2025-3 Lease Interest Payment Deficit, an amount equal to the Series 2025-3 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2025-3 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2025-3 Payment Date Available Interest Amount</u>" means, with respect to each Series 2025-3 Interest Period, the sum of the Series 2025-3 Daily Interest Allocation for each Series 2025-3 Deposit Date in such Series 2025-3 Interest Period.

"<u>Series 2025-3 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2025-3 Interest Collection Account*).

"<u>Series 2025-3 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-3 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2025-3 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2025-3 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2025-3 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2025-3 Notes.

"<u>Series 2025-3 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2025-3 Principal Amount shall be the "Principal Amount" with respect to the Series 2025-3 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2025-3 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2025-3 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-3 Accounts*) of this Series 2025-3 Supplement.

"<u>Series 2025-3 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2025-3 Principal Collection Account as of such date.

"<u>Series 2025-3 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2025-3 Notes is deemed to have occurred with respect to the Series 2025-3 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2025-3 Notes are paid in full and (ii) the termination of this Series 2025-3 Supplement.

"<u>Series 2025-3 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2025-3 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2025-3 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2025-3 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2025-3 Notes.

"<u>Series 2025-3 Related Documents</u>" means the Related Documents, this Series 2025-3 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2025-3 Revolving Period</u>" means the period from the Series 2025-3<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2025-3 Controlled Amortization Period and (ii) the commencement of the Series 2025-3 Rapid Amortization Period.

"<u>Series 2025-3 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2025-3 Supplement.

"<u>Series 2025-3 Supplemental Indenture</u>" means a supplement to this Series 2025-3 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2025-3 Supplement.

"<u>Series 2025-3 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2025-3 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-3 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2025-3 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-3 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2025-3 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2025-3 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2025-3 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2025-3 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2025-3 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2025-3 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2025-3 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-3 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2025-3 Collateral</u>" means the Series 2025-3 Account Collateral with respect to each Series 2025-3 Account and each Class A/B/C/D Demand Note. The Series-Specific 2025-3 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2025-3 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(i)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-3 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2025-3 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Available L/C Cash Collateral
Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Available Reserve Account
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Letter of Credit Liquidity
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Required Liquid Enhancement
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Reserve Account Deficiency
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E Monthly Interest Amount (if
applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E Principal Amount (if
applicable)

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Adjusted Asset Coverage Threshold
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Concentration Adjusted
Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Concentration Excess
Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Concentration Excess
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Eligible Investment Grade
Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Eligible Investment Grade
Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Eligible Investment Grade
Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Eligible Non-Investment
Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Eligible Non-Investment
Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Eligible Non-Investment
Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Eligible Non-Investment
Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Manufacturer Concentration
Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Medium-Duty Truck Concentration
Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Non-Investment Grade
(High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Non-Liened Vehicle Concentration
Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 DBRS Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Adjusted Advance
Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Blended Advance
Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Concentration
Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Concentration
Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Concentration
Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Eligible Investment
Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Eligible Investment
Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Eligible Investment
Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Eligible Non-Investment
Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Eligible Non-Investment
Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Eligible Non-Investment
Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Eligible Non-Investment
Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Manufacturer
Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Medium-Duty
Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's MTM/DT Advance
Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Non-Investment
Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Non-Liened Vehicle
Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Moody's Remainder AAA
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Non-Program Vehicle Disposition
Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Principal Collection Account
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-3 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2025-3 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.9

**Exhibit 10.9**

***EXECUTION VERSION***

**Amendment No. 1 to Series 2025-4 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the SERIES 2025-4 SUPPLEMENT, dated as of June 30, 2025 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2025-4 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2025-4 Supplement permits the Issuer and the Trustee to amend the Series 2025-4 Supplement in writing without the consent of any Series 2025-4 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-4 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-4 Supplement provides that on any date during the Series 2025-4 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2025-4 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2025-4 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2025-4 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2025-4 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-4 Supplement, to amend the Series 2025-4 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2025-4 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2025-4 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2025-4 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2025-4 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2025-4 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2025-4 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2025-4 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2025-4 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reference to and Effect on the Series 2025-4 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2025-4 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2025-4 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2025-4 Supplement to "<u>Series 2025-4 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2025-4 Supplement, and each reference in any other Series 2025-4 Related Document to "<u>Series 2025-4 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2025-4 Supplement, shall mean and be a reference to the Series 2025-4 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2025-4 Supplement or the Series 2025-4 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2025-4 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

*Signature Page to Amendment No. 1 to Series 2025-4 Supplement*

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

*Signature Page to Amendment No. 1 to Series 2025-4 Supplement*

<u>Annex A</u>

**EXECUTION VERSION** **<u>CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026</u>**

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

____________

**SERIES 2025-4 SUPPLEMENT**

dated as of June 30, 2025

to

BASE INDENTURE<br> dated as of June 29, 2021

____________

$212,350,000 Series 2025-4 5.41% Rental Car Asset Backed Notes, Class A

$31,000,000 Series 2025-4 5.90% Rental Car Asset Backed Notes, Class B<br> $41,850,000 Series 2025-4 6.48% Rental Car Asset Backed Notes, Class C<br> $24,800,000 Series 2025-4 9.34% Rental Car Asset Backed Notes, Class D

<u>$14,962,000 Series 2025-4 12.28% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| <u>Article I DEFINITIONS AND CONSTRUCTION</u> | <u>Article I DEFINITIONS AND CONSTRUCTION</u> | 2 |
| <u>Section 1.1</u> | <u>Defined Terms and References</u> | <u>2</u> |
| <u>Section 1.2</u> | <u>Rules of Construction</u> | <u>2</u> |
| <u>Article II INITIAL ISSUANCE OF SERIES 2025-4 NOTES; FORM OF SERIES 2025-4 NOTES</u> | <u>Article II INITIAL ISSUANCE OF SERIES 2025-4 NOTES; FORM OF SERIES 2025-4 NOTES</u> | <u>3</u> |
| <u>Section 2.1</u> | <u>Initial Issuance</u> | <u>3</u> |
| <u>Section 2.2</u> | <u>Transfer Restrictions for Global Notes</u> | 4<u>5</u> |
| <u>Section 2.3</u> | <u>Definitive Notes</u> | 10<u>15</u> |
| <u>Section 2.4</u> | <u>Legal Final Payment Date</u> | 10<u>15</u> |
| <u>Section 2.5</u> | <u>Required Series Noteholders</u> | 10<u>15</u> |
| <u>Section 2.6</u> | <u>FATCA</u> | 10<u>15</u> |
| <u>Article III INTEREST AND INTEREST RATES</u> | <u>Article III INTEREST AND INTEREST RATES</u> | 11<u>16</u> |
| <u>Section 3.1</u> | <u>Interest</u> | 11<u>16</u> |
| <u>Article IV SERIES-SPECIFIC COLLATERAL</u> | <u>Article IV SERIES-SPECIFIC COLLATERAL</u> | 11<u>16</u> |
| <u>Section 4.1</u> | <u>Granting Clause</u> | 11<u>16</u> |
| <u>Section 4.2</u> | <u>Series 2025-4 Accounts</u> | 11<u>17</u> |
| <u>Section 4.3</u> | <u>Trustee as Securities Intermediary</u> | 13<u>19</u> |
| <u>Section 4.4</u> | <u>Class A/B/C/D Demand Notes</u> | 15<u>20</u> |
| <u>Section 4.5</u> | <u>Class E Demand Notes</u> | <u>21</u> |
| <u>Section</u> <u>4.5</u><u>4.6</u> | <u>Subordination</u> | 15<u>21</u> |
| <u>Section</u> <u>4.6</u><u>4.7</u> | <u>Duty of the Trustee</u> | 15<u>21</u> |
| <u>Section</u> <u>4.7</u><u>4.8</u> | <u>Representations of the Trustee</u> | 15<u>21</u> |
| <u>Article V PRIORITY OF PAYMENTS</u> | <u>Article V PRIORITY OF PAYMENTS</u> | 15<u>22</u> |
| <u>Section 5.1</u> | <u>[Reserved].</u> | 15<u>22</u> |
| <u>Section 5.2</u> | <u>Collections Allocation.</u> | 15<u>22</u> |
| <u>Section 5.3</u> | <u>Application of Funds in the Series 2025-4 Interest Collection Account</u> | 16<u>22</u> |
| <u>Section 5.4</u> | <u>Application of Funds in the Series 2025-4 Principal Collection Account</u> | 17<u>23</u> |
| <u>Section 5.5</u> | <u>Class A/B/C/D Reserve Account Withdrawals</u> | 18<u>25</u> |
| <u>Section 5.6</u> | <u>Class E Reserve Account Withdrawals</u> | <u>25</u> |
| <u>Section</u> <u>5.6</u><u>5.7</u> | <u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u> | 19<u>26</u> |
| <u>Section 5.8</u> | <u>Class E Letters of Credit and Class E Demand Notes.</u> | <u>29</u> |
| <u>Section</u> <u>5.7</u><u>5.9</u> | <u>Past Due Rental Payments</u> | 22<u>31</u> |
| <u>Section</u> <u>5.8</u><u>5.10</u> | <u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u> | 22<u>32</u> |
| <u>Section 5.11</u> | <u>Class E Letters of Credit and Class E L/C Cash Collateral Account.</u> | <u>35</u> |
| <u>Section</u> <u>5.9</u><u>5.12</u> | <u>Certain Instructions to the Trustee</u> | 25<u>38</u> |
| <u>Section</u> <u>5.10</u><u>5.13</u> | <u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u> | 25<u>38</u> |
| <u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u> | <u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u> | 26<u>38</u> |
| <u>Section 6.1</u> | <u>Representations and Warranties</u> | 26<u>38</u> |
| <u>Section 6.2</u> | <u>Covenants</u> | 26<u>39</u> |
| <u>Section 6.3</u> | <u>Closing Conditions</u> | 28<u>40</u> |
| <u>Section 6.4</u> | <u>Further Assurances</u> | 28<u>40</u> |
| <u>Article VII AMORTIZATION EVENTS</u> | <u>Article VII AMORTIZATION EVENTS</u> | 29<u>41</u> |
| <u>Section 7.1</u> | <u>Amortization Events</u> | 29<u>41</u> |

---

i

****TABLE OF CONTENTS**<br> (continued)**

**Page**

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| | | |
|:---|:---|:---|
| <u>Article VIII SUBORDINATION OF NOTES</u> | <u>Article VIII SUBORDINATION OF NOTES</u> | 31<u>44</u> |
| <u>Section 8.1</u> | <u>Subordination of Class B Notes</u> | 31<u>44</u> |
| <u>Section 8.2</u> | <u>Subordination of Class C Notes</u> | 31<u>44</u> |
| <u>Section 8.3</u> | <u>Subordination of Class D Notes</u> | 31<u>44</u> |
| <u>Section 8.4</u> | <u>Subordination of Class E Notes</u> | 32<u>44</u> |
| <u>Section 8.5</u> | <u>When Distribution Must be Paid Over</u> | 32<u>45</u> |
| <u>Article IX GENERAL</u> | <u>Article IX GENERAL</u> | 32<u>45</u> |
| <u>Section 9.1</u> | <u>Optional Redemption of the Series 2025-4 Notes</u> | 32<u>45</u> |
| <u>Section 9.2</u> | <u>Information</u> | 33<u>46</u> |
| <u>Section 9.3</u> | <u>Confidentiality</u> | 33<u>46</u> |
| <u>Section 9.4</u> | <u>Ratification of Base Indenture</u> | 33<u>46</u> |
| <u>Section 9.5</u> | <u>Notice to the Rating Agencies</u> | 34<u>46</u> |
| <u>Section 9.6</u> | <u>Third Party Beneficiary</u> | 34<u>47</u> |
| <u>Section 9.7</u> | <u>Execution in Counterparts; Electronic Execution</u> | 34<u>47</u> |
| <u>Section 9.8</u> | <u>Governing Law</u> | 34<u>47</u> |
| <u>Section 9.9</u> | <u>Amendments</u> | 34<u>47</u> |
| <u>Section 9.10</u> | <u>Administrator to Act on Behalf of HVF III</u> | 36<u>49</u> |
| <u>Section 9.11</u> | <u>Successors</u> | 37<u>50</u> |
| <u>Section 9.12</u> | <u>Termination of Series Supplement</u> | 37<u>50</u> |
| <u>Section 9.13</u> | <u>Electronic Execution</u> | 37<u>50</u> |
| <u>Section 9.14</u> | <u>Additional UCC Representations</u> | 37<u>50</u> |
| <u>Section 9.15</u> | <u>Notices</u> | 38<u>51</u> |
| <u>Section 9.16</u> | <u>Submission to Jurisdiction</u> | 38<u>51</u> |
| <u>Section 9.17</u> | <u>Waiver of Jury Trial</u> | 39<u>52</u> |
| Section 9.18 | <u>Issuance of Class E Notes</u> | 39 |
| <u>Section</u> <u>9.19</u><u>9.18</u> | <u>Trustee Obligations under the Retention Requirements</u> | 41<u>54</u> |
| **<u>Schedule I TO THE SERIES 2025-4 SUPPLEMENT</u>** | **<u>Schedule I TO THE SERIES 2025-4 SUPPLEMENT</u>** | **44<u>57</u>** |
| **<u>Schedule II TO THE SERIES 2025-4 SUPPLEMENT</u>** | **<u>Schedule II TO THE SERIES 2025-4 SUPPLEMENT</u>** | **85<u>102</u>** |

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ii

****TABLE OF CONTENTS**<br> (continued)**

**Page**

EXHIBITS AND SCHEDULES

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| | |
|:---|:---|
| Schedule I<br> Schedule II | List of Defined Terms<br> Monthly Noteholders' Statement Information |
| Exhibit A-1-1<br> Exhibit A-1-2<br> Exhibit A-2-1<br> Exhibit A-2-2<br> Exhibit A-3-1<br> Exhibit A-3-2<br> Exhibit A-4-1<br> Exhibit A-4-2<br> <u>Exhibit A-5</u><br> Exhibit B-1<br> Exhibit B-2<br> <u>Exhibit B-3</u><br> <u>Exhibit B-4</u><br> <u>Exhibit C-1</u><br> Exhibit C<u>-2</u><br> Exhibit D<br> Exhibit E-1<br> Exhibit E-2<br> <u>Exhibit E-3</u><br> Exhibit F<u>-1</u><br> <u>Exhibit F-2</u> | Form of Series 2025-4 144A Global Class A Note<br> Form of Series 2025-4 Regulation S Global Class A Note<br> Form of Series 2025-4 144A Global Class B Note<br> Form of Series 2025-4 Regulation S Global Class B Note<br> Form of Series 2025-4 144A Global Class C Note<br> Form of Series 2025-4 Regulation S Global Class C Note<br> Form of Series 2025-4 144A Global Class D Note<br> Form of Series 2025-4 Regulation S Global Class D Note<br> <u>Form of Series 2025-4 144A Global Class E Note</u><br> Form of Demand Notice<br> Form of Class A/B/C/D Demand Note<br> <u>Form of Class E Demand Notice</u><br> <u>Form of Class E Demand Note</u><br> Form of Reduction Notice Request Class A/B/C/D Letter of Credit<br> <u>Form of Reduction Notice Request Class E Letter of Credit</u><br> Form of Lease Payment Deficit Notice<br> <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u><br> Form of Transfer Certificate from 144A Global Note to Regulation S Global Note<br> Form of Transfer Certificate from Regulation S Global Note to 144A Global Note<br> Form of Class A/B/C/D Letter of Credit<br> <u>Form of Class E Letter of Credit</u>  |

---

iii

SERIES 2025-4 SUPPLEMENT, dated as of June 30, 2025 ("<u>Series 2025-4 Supplement</u>"), among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as may be further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS, Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture provides, among other things, that HVF III and the Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or more Series of Notes;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2025-4 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2025-4 Noteholders;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2025-4 Supplement, and such Series of Notes is hereby designated as Series 2025-4 Rental Car Asset Backed Notes.

On the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date, the following classes of Series 2025-4 Rental Car Asset Backed Notes shall be<u>were</u> issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-4 5.41% Rental
 Car Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-4 5.90% Rental
 Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-4 6.48% Rental
 Car Asset Backed Notes, Class C (as referred to herein, the " <u>Class C Notes</u> ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-4 9.34% Rental
 Car Asset Backed Notes, Class D (as referred to herein, the " <u>Class D Notes</u> ").

Subsequent to the Series 2025-4 Closing Date, HVF III may on any date during the Series 2025-4 Revolving Period offer and sell additional Series 2025-4 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-4 Supplement, which, if issued, shall be designated as the Series 2025-4 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "<u>Class E Notes</u>".

<u>On the Class E Notes Closing Date, the Series 2025-4 12.28% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u>

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2025-4 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**

**DEFINITIONS AND CONSTRUCTION**

**Section 1.01 <u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2025-4 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2025-4 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2025-4 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02 <u>Rules of Construction</u>**. In this Series 2025-4 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document), as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2025-4 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2025-4 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**

**INITIAL ISSUANCE OF SERIES 2025-4 NOTES; FORM OF SERIES 2025-4 NOTES**

**Section 2.01 <u>Initial Issuance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance</u> of Class A/B/C/D Notes. On the terms and conditions set forth in this Series 2025-4 Supplement, HVF III shall issue<u>issued</u>, and shall cause<u>caused</u> the Trustee to authenticate, the initial Class A/B/C/D Notes on the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date. Such Class A/B/C/D Notes shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, with respect to each Class of Series 2025-4 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, with respect to each Class of Series 2025-4 Notes, the interest rate set forth in the definition of Note Rate for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have, with respect to each Class of Series 2025-4 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by DBRS and Moody's and, with respect to the Class D Notes, by DBRS and Moody's, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be duly<u>were</u> authenticated in accordance with the provisions of the Base Indenture and this Series 2025-4 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>on</u> <u>Form of</u> the Class A/B/C/D Notes. The <u>Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2025-4 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Notes Closing Date. Such Class E Notes shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2025-4 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of the Series 2025-4 Notes. The</u> Class A/B/C/D Notes will be<u>were</u> offered and sold by HVF III on the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be<u>were</u> resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2025-4 Related Document to the contrary, the initial Payment Date with respect to the Series 2025-4<u>Class A/B/C/D</u> Notes shall be<u>was</u> July 25, 2025 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>144A Global Notes</u>. Each Class of the Class A/B/C/D<u>Series 2025-4</u> Notes offered and sold in their initial distribution on the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date in <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable, in</u> reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to this Series 2025-4 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-1</u> to this Series 2025-4 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to this Series 2025-4 Supplement and<u>,</u> with respect to the Class D Notes in <u>Exhibit A-4-1 to this Series 2025-4 Supplement, and with respect to the Class E Notes in Exhibit A-5</u> <u>to this Series 2025-4 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "<u>144A Global Notes</u>"). The <u>Solely</u></u> <u>with respect to the Class A/B/C/D Notes</u><u>, the</u> aggregate principal amount of the<u>such</u> 144A Global Notes<u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-4 Notes as shall be specified in the schedule attached thereto, and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-4 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-4 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-4 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C/D Notes offered and sold on the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to this Series 2025-4 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to this Series 2025-4 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to this Series 2025-4 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-2</u> to this Series 2025-4 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-4 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-4 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-4 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-4 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02 <u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.<u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> wishes at any time to exchange its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-1</u><u>-3</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-2</u><u>-4</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes <u>and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or<u>,</u> Class D <u>Global Notes or Class E</u> Global Notes, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer OR ANY OTHER PERSON TREATED as THE ISSUER for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES (UNLESS A STATUTORY OR ADMINISTRATIVE EXEMPTION APPLIES (ALL OF THE APPLICABLE CONDITIONS OF WHICH ARE SATISFIED) OR THE TRANSACTION IS NOT OTHERWISE PROHIBITED), AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, <u>OR</u> (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer or any other person treated as the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2025-4 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO***.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>,</u> Class D <u>Note or Class E</u> Note, as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, <u>or</u> (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03 <u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D<u>Series 2025-4</u> Notes other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04 <u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2025-4 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05 <u>Required Series Noteholders</u>**. In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2025-4 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-4 Notes.

**Section 2.06 <u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2025-4 Noteholder (and any Note Owner of any Series 2025-4 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2025-4 Note or an interest in such Series 2025-4 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2025-4 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2025-4 Noteholder and Note Owner of any Series 2025-4 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2025-4 Noteholder (or Note Owner of such Series 2025-4 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2025-4 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2025-4 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2025-4 Noteholder or Note Owner of a Series 2025-4 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2025-4 Notes.

**Article III**

**INTEREST AND INTEREST RATES**

**Section 3.01 <u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2025-4 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**

**SERIES-SPECIFIC COLLATERAL**

**Section 4.01 <u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2025-4 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2025-4 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2025-4 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2025-4 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2025-4 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2025-4 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2025-4 Account are referred to, collectively, as the "<u>Series 2025-4 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02 <u>Series 2025-4 Accounts</u>**. With respect to the Series 2025-4 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2025-4 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-4 Noteholders three<u>four</u> securities accounts: the Series 2025-4 Principal Collection Account (such account, the "<u>Series 2025-4 Principal Collection Account</u>"), the Series 2025-4 Interest Collection Account (such account, the "<u>Series 2025-4 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2025-4 Reserve Account")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) or <u>Section</u> <u>5.8</u><u>5.10</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2025-4<u>Class A/B/C/D</u> Noteholders<u>,</u> the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>On or prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-4 Noteholders the Series 2025-4 Distribution Account (the "<u>Series 2025-4 Distribution Account</u>", and together with the Series 2025-4 Principal Collection Account, the Series 2025-4 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2025-4 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-4 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2025-4 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2025-4 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2025-4 Account shall be an Eligible Account. If any Series 2025-4 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2025-4 Account is no longer an Eligible Account, establish a new Series 2025-4 Account for such non-qualifying Series 2025-4 Account that is an Eligible Account, and if a new Series 2025-4 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2025-4 Account into such new Series 2025-4 Account. Initially, each of the Series 2025-4 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2025-4 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2025-4 Account (other than the Series 2025-4 Distribution Account) to invest funds on deposit in such Series 2025-4 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary, and Permitted Investments shall be credited to the applicable Series 2025-4 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2025-4 Principal Collection Account, the Series 2025-4 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2025-4 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2025-4 Accounts</u>. With respect to each Series 2025-4 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2025-4 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2025-4 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2025-4 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2025-4 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2025-4 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-4 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon the termination of this Series 2025-4 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-4 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall withdraw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03 <u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2025-4 Account, the Trustee or other Person maintaining such Series 2025-4 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC) and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC) (the Trustee acting in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2025-4 Account. If the Securities Intermediary in respect of any Series 2025-4 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-4 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2025-4 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2025-4 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2025-4 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2025-4 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2025-4 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2025-4 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2025-4 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC), and the Series 2025-4 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2025-4 Supplement, will not enter into, any agreement with any other Person relating to the Series 2025-4 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2025-4 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2025-4 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2025-4 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2025-4 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2025-4 Accounts and in all Proceeds thereof and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) in respect of the Series 2025-4 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-4 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2025-4 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2025-4 Account by crediting such Series 2025-4 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-4 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2025-4 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2025-4 Account is deemed not to constitute a securities account.

**Section 4.04 <u>Class A/B/C/D</u> <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2025-4<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class A/B/C/D Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2025-4 Controlling Class.

<u>Section 4.5</u> **<u>Class E Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2025-4 Controlling Class.</u>

<u>Section 4.6</u> **<u>Section 4.5</u>** **<u>Subordination</u>**. The Series-Specific 2025-4 Collateral has been pledged to the Trustee to secure the Series 2025-4 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2025-4 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2025-4 Notes, and no Noteholder of any Series of Notes other than the Series 2025-4 Notes will have any right, title or interest in, to or under the Series-Specific 2025-4 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2025-4 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2025-4 Notes, then the Series 2025-4 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2025-4 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

<u>Section 4.7</u> **<u>Section 4.6</u>** **<u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2025-4 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2025-4 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2025-4 Collateral now existing or hereafter created.

<u>Section 4.8</u> **<u>Section 4.7</u>** **<u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**

**PRIORITY OF PAYMENTS**

Section 5.1 **Section 5.01 <u>[Reserved].</u>**

**Section 5.02 <u>Collections Allocation.</u>** Subject to the Past Due Rental Payments Priorities, on each Series 2025-4 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2025-4 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2025-4 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2025-4 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2025-4 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2025-4 Principal Collection Account.

**Section 5.03 <u>Application of Funds in the Series 2025-4 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2025-4 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2025-4 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>5.6</u> (*Class <u>E Reserve Account Withdrawals</u>*<u>), and 5.7 (*Class*</u> *A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-4 Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-4 Distribution Account to pay to the Administrator the Series 2025-4 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2025-4 Distribution Account to pay the Trustee the Series 2025-4 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2025-4 Noteholders, the Series 2025-4 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2025-4 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2025-4 Distribution Account to pay the Persons to whom the Series 2025-4 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2025-4 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2025-4 Distribution Account to pay the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2025-4 Distribution Account to pay the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2025-4 Distribution Account to pay the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2025-4 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2025-4 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2025-4 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2025-4 Distribution Account to pay to the Administrator the Series 2025-4 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2025-4 Distribution Account to pay to the Trustee the Series 2025-4 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2025-4 Distribution Account to pay the Persons to whom the Series 2025-4 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2025-4 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2025-4 Rapid Amortization Period, for deposit into the Series 2025-4 Principal Collection Account up to the amount necessary to pay the Series 2025-4 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2025-4 Principal Collection Account any remaining amount.

**Section 5.04 <u>Application of Funds in the Series 2025-4 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2025-4 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6 (*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-4 Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2025-4 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2025-4 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*<u>)) and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2025-4 Interest Collection Account)*);</u>));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2025-4 Notes, then for deposit into the Series 2025-4 Distribution Account to be paid on such date, <u>pro rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2025-4 Controlled Amortization Period, then for deposit into the Series 2025-4 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2025-4 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2025-4 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2025-4 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2025-4 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2025-4 Principal Collection Account.

**Section 5.05 <u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-4 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-4 Interest Collection Account an amount equal to the excess, if any, of the Series 2025-4 Payment Date Interest Amount for such Payment Date over the Series 2025-4 Payment Date Available Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-4 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-4 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-4 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

<u>Section 5.6</u> <u>**Class E Reserve Account Withdrawals. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (*Application of Funds in the Series 2025-4 Interest Collection Account*) and 5.4 (*Application of Funds in the Series 2025-4 Principal Collection Account*)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2025-4 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2025-4 Payment Date Available Interest Amount solely</u> <u>with respect to the Class E Notes</u> <u>for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-4 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-4 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-4 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>Section 5.7</u> **<u>Section 5.6</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-4 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2025-4 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-4 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-4 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-4 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-4 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-4 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-4 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2025-4 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-4 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2025-4 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-4 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-4 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2025-4 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-4 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-4 Principal Collection Account on such date.(e) <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2025-4 Supplement (other than pursuant to <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw on such Class A/B/C/D Letter of Credit.

<u>Section 5.8</u> <u>**Class E Letters of Credit and Class E Demand Notes.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-4 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2025-4 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-4 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-4 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-4 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-4 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-4 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-4 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2025-4 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-4 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2025-4 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-4 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-4 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee</u> <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2025-4 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-4 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-4 Principal Collection Account on such date.</u>(e) <u>Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2025-4 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

<u>Section 5.9</u> **<u>Section 5.7</u>** **<u>Past Due Rental Payments</u>**. On each Series 2025-4 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2025-4 Past Due Rent Payments and deposit such amount into the Series 2025-4 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2025-4 Interest Collection Account and apply the Series 2025-4 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2025-4 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2025-4 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2025-4 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2025-4 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2025-4 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-4 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2025-4 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2025-4 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-4 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2025-4 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2025-4 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-4 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>and second, if the occurrence of such Series 2025-4 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-4 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2025-4 Principal Collection Account.

<u>Section 5.10</u> **<u>Section 5.8</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-4 Asset Amount would be less than the Series 2025-4 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2025-4 Adjusted Asset Coverage Threshold Amount over the Series 2025-4 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2025-4 Adjusted Asset Coverage Threshold Amount over the Series 2025-4 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C-1</u> hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; <u>provided</u>, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>Section 5.11</u> <u>**Class E Letters of Credit and Class E L/C Cash Collateral Account.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

<u>Section 5.12</u> **<u>Section 5.9</u>** **<u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2025-4 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2025-4 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

<u>Section 5.13</u> **<u>Section 5.10</u>** **<u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2025-4 Account required to be given by HVF III, at the time specified herein or in any other Series 2025-4 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2025-4 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2025-4 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2025-4 Notes required to be given by HVF III, at the time specified in this Series 2025-4 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as applicable,</u> with respect to such Class of Series 2025-4 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letter of Credit, as applicable</u>.

**Article VI**

**REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING<br> CONDITIONS**

**Section 6.01 <u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2025-4 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2025-4 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2025-4 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2025-4 Related Documents to which it is a party as of the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2025-4 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02 <u>Covenants</u>**. Each of HVF III and the Administrator severally covenants and agrees that, until the Series 2025-4 Notes have been paid in full, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2025-4 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2025-4 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2025-4 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2025-4 Third-Party Market Value Procedures</u>. Comply with the Series 2025-4 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2026 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2025-4 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date, within one hundred twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2025-4 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2025-4 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2025-4 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03 <u>Closing Conditions</u>**. The effectiveness of this Series 2025-4 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04 <u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2025-4 Collateral on behalf of the Series 2025-4 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2025-4 Permitted Liens) and to carry into effect the purposes of this Series 2025-4 Supplement or the other Series 2025-4 Related Documents or to better assure and confirm unto the Trustee or the Series 2025-4 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2025-4 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2025-4 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2025-4 Supplement, if any amount payable under or in connection with any of the Series-Specific 2025-4 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2025-4 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2025-4 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**

**AMORTIZATION EVENTS**

**Section 7.01 <u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2025-4 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2025-4 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2025-4 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-4 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-4 Permitted Liens) or (ii) other than as a result of a Series 2025-4 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-4 Permitted Liens) or (ii) other than as a result of a Series 2025-4 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-4 Permitted Liens) or (ii) other than as a result of a Series 2025-4 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-4 Permitted Liens) or (ii) other than as a result of a Series 2025-4 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2025-4 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2025-4 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2025-4 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2025-4 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2025-4 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2025-4 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2025-4 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2025-4 Noteholders and continues to materially and adversely affect the interests of the Series 2025-4 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-4 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2025-4 Related Document is false and such false representation materially and adversely affects the interests of the Series 2025-4 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-4 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*) or described in Section 9.1(e) (*Amortization Events*) of the Base Indenture, an "<u>Amortization Event</u>" with respect to the Series 2025-4 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2025-4 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*) or described in Sections 9.1(f), 9.1(g), 9.1(k) or 9.1(l) (*Amortization Events*) of the Base Indenture, so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2025-4 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2025-4 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-4 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2025-4 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-4 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2025-4 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2025-4 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**

**SUBORDINATION OF NOTES**

**Section 8.01 <u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-4 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2025-4 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2025-4 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02 <u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-4 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2025-4 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2025-4 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03 <u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-4 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2025-4 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2025-4 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04 <u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-4 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

**Section 8.05 <u>When Distribution Must be Paid Over</u>**. In the event that any Series 2025-4 Noteholder (or Series 2025-4 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2025-4 Notes at a time when such Series 2025-4 Noteholder (or Series 2025-4 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2025-4 Noteholder (or Series 2025-4 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**

**GENERAL**

**Section 9.01 <u>Optional Redemption of the Series 2025-4 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2025-4</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (*Application of Funds in the Series 2025-4 Principal Collection Account*); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2025-4</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2025-4 Notes with respect to such Class of Series 2025-4 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2025-4</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2025-4 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2025-4 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2025-4 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2025-4 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2025-4 Noteholders of the Class of Series 2025-4 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02 <u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth (4<sup>th</sup>) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2025-4 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2025-4 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2025-4 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2025-4 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2025-4 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03 <u>Confidentiality</u>**. The Trustee and each Series 2025-4 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2025-4 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2025-4 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2025-4 Notes in accordance with the requirements of this Series 2025-4 Supplement to which such person sells or offers to sell any such interest in the Series 2025-4 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2025-4 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2025-4 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2025-4 Notes, this Series 2025-4 Supplement or any other document relating to the Series 2025-4 Notes.

**Section 9.04 <u>Ratification of Base Indenture</u>**. As supplemented by this Series 2025-4 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2025-4 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05 <u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2025-4 Noteholders delivered to the Trustee pursuant to this Series 2025-4 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2025-4 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2025-4 Notes. HVF III will provide each Rating Agency rating the Series 2025-4 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06 <u>Third Party Beneficiary</u>**. Nothing in this Series 2025-4 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2025-4 Supplement.

**Section 9.07 <u>Execution in Counterparts; Electronic Execution</u>**. This Series 2025-4 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2025-4 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2025-4 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08 <u>Governing Law</u>**. THIS SERIES 2025-4 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2025-4 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09 <u>Amendments</u>**. This Series 2025-4 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2025-4 Noteholders</u>. Without the consent of any Series 2025-4 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2025-4 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2025-4 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2025-4 Notes in addition to certificated Series 2025-4 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2025-4 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2025-4 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2025-4 Supplement to the terms of the offering document(s) for the Series 2025-4 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2025-4 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2025-4 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to add or change any provisions of this Series 2025-4 Supplement to such extent as shall be necessary to facilitate implementation of any Enhancement, including any additions or changes to <u>Section 5.3</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2025-4 Principal Collection Account*) to provide for the payment of amounts owing to any Enhancement Provider under an Enhancement Agreement solely if such payments are made to the Enhancement Provider only after the payment of all principal amounts required to be paid to the Series 2025-4 Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to effect any other amendment that does not materially adversely affect the interests of the Series 2025-4 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2025-4 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2025-4 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2025-4 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2025-4 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2025-4 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2025-4 Noteholders, (ii) in the case of an amendment or modification, the Series 2025-4 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2025-4 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2025-4 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2025-4 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 2025-4 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-4 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2025-4 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2025-4 Noteholders affected by such amendment, modification or waiver and upon notice to DBRS, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2025-4 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2025-4 Supplement or otherwise reduce the percentage of Series 2025-4 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2025-4 Note (or reduce the principal amount of or rate of interest on any Series 2025-4 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2025-4 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*), <u>Section 5.6 (*Class E Reserve Account Withdrawals*), Section 7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-4 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section</u> <u>9.19</u><u>9.18</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2025-4 Supplement or that pursuant to the Series 2025-4 Related Documents expressly requires the consent of 100% of the Series 2025-4 Noteholders or each Series 2025-4 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2025-4 Supplemental Indentures</u>. Each amendment or other modification to this Series 2025-4 Supplement shall be set forth in a Series 2025-4 Supplemental Indenture. The initial effectiveness of each Series 2025-4 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2025-4 Supplemental Indenture is authorized or permitted by this Series 2025-4 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2025-4 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2025-4 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2025-4 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2025-4 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2025-4 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10 <u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2025-4 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2025-4 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2025-4 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2025-4 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2025-4 Supplement and the Related Documents.

**Section 9.11 <u>Successors</u>**. All agreements of HVF III in this Series 2025-4 Supplement and with respect to the Series 2025-4 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2025-4 Supplement or any Series 2025-4 Note. All agreements of the Trustee in this Series 2025-4 Supplement shall bind its successor.

**Section 9.12 <u>Termination of Series Supplement</u>**. This Series 2025-4 Supplement shall cease to be of further effect when (i) all Outstanding Series 2025-4 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2025-4 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13 <u>Electronic Execution</u>**. This Series 2025-4 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14 <u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2025-4 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-4 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2025-4 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2025-4 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2025-4 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2025-4 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2025-4 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15 <u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16 <u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2025-4 Supplement, the Series 2025-4 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2025-4 Supplement, the Series 2025-4 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2025-4 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17 <u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2025-4 SUPPLEMENT, THE SERIES 2025-4 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18 Issuance of Class E Notes</u>. No Class E Notes shall be issued on the Series 2025-4 Closing Date. On any date during the Series 2025-4 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2025-4 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2025-4 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "<u>Proposed Class E Notes</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2025-4 Notes, Series 2025-4 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2025-4 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2025-4 Supplement and any Series 2025-4 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2025-4 Supplement or any Series 2025-4 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2025-4 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2025-4 Supplement that expressly require the consent of each Noteholder or Series 2025-4 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2025-4 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2025-4 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not or, upon satisfaction of the Series 2025-4 Rating Agency Condition, should not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-4 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2025-4 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2025-4 Supplement and/or any other Series 2025-4 Related Document.

<u>Section 9.18</u> **<u>Section 9.19</u>** **<u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2025-4 Noteholder or any other party for violation of such rules now or hereafter in effect.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2025-4 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | President and Treasurer |
| THE HERTZ CORPORATION, as Administrator | THE HERTZ CORPORATION, as Administrator |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | Senior Vice President and Treasurer |

---

*Signature Page to HVF III Series 2025-4 Supplement*

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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*Signature Page to HVF III Series 2025-4 Supplement*

Schedule I<br> TO THE SERIES 2025-4 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>d</u><u>e</u><u>)</u> (*Initial Issuance*) of this Series 2025-4 Supplement.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-4 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2025-4 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2025-4 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2025-4 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2025-4 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2025-4 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2025-4 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2025-4 Distribution Account and paid to the Series 2025-4 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-4 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-4 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-4 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-4 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-4 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)", (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-4 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1", (iii) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-4 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (iv) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-4 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2025-4 Accounts*) of this Series 2025-4 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2025-4 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2025-4 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-4 Noteholders or (ii) if issued after the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2025-4 Supplement, that satisfies the Series 2025-4 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-4 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-4 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means June 30, 2025.</u>

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2025-4 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2025-4 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C/D Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated June 18, 2025, by and among HVF III, Hertz, Deutsche Bank Securities Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs and Co, LLC, Morgan Stanley & Co, LLC and RBC Capital Markets, LLC, as initial representatives of the several initial purchasers set forth on Schedule I thereto (collectively, the "<u>Initial Purchasers</u>") of the Class A/B/C/D Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 4.00% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-4 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-4 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-4 Accounts*) of this Series 2025-4 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2025-4 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2025-4 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2025-4 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2025-4 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2025-4 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2025-4 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2025-4 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2025-4 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2025-4 Controlled Amortization Period and any Class of Series 2025-4 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2025-4 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2025-4 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2025-4 Notes during the Series 2025-4 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2025-4 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2025-4 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1</u> or <u>Exhibit A-4-2</u> to this Series 2025-4 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2025-4 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Coverage Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u>

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2025-4 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-4 Supplement.<u>means, as of any date of determination, the Series 2025-4 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2025-4 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> <u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.</u>

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2025-4 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2025-4 Distribution Account and paid to the Series 2025-4 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-4 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-4 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-4 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-4 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2025-4* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2025-4 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2025-4 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2025-4 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-4 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2025-4 Supplement, that satisfies</u> <u>the Series 2025-4 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2025-4 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2025-4 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2025-4 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E Notes</u>" has the meaning specified in the <u>Preamble</u> <u>means any one of</u> <u>the Series 2025-4 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2025-4 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2025-4 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 7.00% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the excess, if any, of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Required Liquid Enhancement Amount over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,</u>

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the excess, if any, of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Asset Amount, in each case as of such date.</u>

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2025-4 Accounts*) of this Series 2025-4 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2025-4 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2025-4 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2025-4 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-4 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2025-4 Notes, the amount set forth in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Principal Amount** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$212350000 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;$31000000 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$41850000 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;$24800000 |
| &nbsp;&nbsp;<u>E</u> | &nbsp;&nbsp;<u>$14962000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2025-4 Interest Period (a) with respect to the initial Series 2025-4 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 30/360, and (b) with respect to each Series 2025-4 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2025-4 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2025-4 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2025-4 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Corresponding DBRS Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DBRS** | &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;AA(H) | &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;AA(L) | &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- |
| &nbsp;&nbsp;A(H) | &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ |
| &nbsp;&nbsp;A | &nbsp;&nbsp;A2 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A(L) | &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- |
| &nbsp;&nbsp;BBB(H) | &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;BBB(L) | &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- |
| &nbsp;&nbsp;BB(H) | &nbsp;&nbsp;Ba1 | &nbsp;&nbsp;BB+ |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;BB(L) | &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- |
| &nbsp;&nbsp;B-High | &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ |
| &nbsp;&nbsp;B | &nbsp;&nbsp;B2 | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B(L) | &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- |
| &nbsp;&nbsp;CCC(H) | &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ |
| &nbsp;&nbsp;CCC | &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;CCC(L) | &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- |
| &nbsp;&nbsp;CC(H) | &nbsp;&nbsp;Ca | &nbsp;&nbsp;CC |
| &nbsp;&nbsp;CC | &nbsp;&nbsp;C |  |

---

"<u>DBRS</u>" means DBRS, Inc. or any successor thereto.

"<u>DBRS Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom the DBRS does not maintain a public Relevant DBRS Rating as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person has an Equivalent Rating
 Agency Rating from three of the Equivalent Rating Agencies as of such date, then the median
 of the Corresponding DBRS Ratings for such Person as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person has an Equivalent Rating
 Agency Rating from only two of the Equivalent Rating Agencies as of such date, then the lower
 Corresponding DBRS Rating for such Person as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person has an Equivalent Rating
 Agency Rating from only one of the Equivalent Rating Agencies as of such date, then the Corresponding
 DBRS Rating for such Person as of such date.

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Equivalent Rating Agency</u>" means each of DBRS, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2025-4 Notes, the Payment Date in December 2030.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2025-4 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2025-4 Notes, the Payment Date in December 2031.

"<u>Majority Series 2025-4 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2025-4 Noteholders</u>" means Series 2025-4 Noteholders holding more than 50% of the Series 2025-4 Principal Amount (excluding any other Series 2025-4 Notes held by HVF III or any Affiliate of HVF III (other than Series 2025-4 Notes held by an Affiliate Issuer)). The Majority Series 2025-4 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-4 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2025-4 Notes, the date that is six months prior to the commencement of the Series 2025-4 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D<u>Series 2025-4</u> Note on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2025-4</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, <u>(a)</u> with respect to each Class of Series 2025-4 Notes issued on the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 12.28%</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Note Rate** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;5.41% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;5.90% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;6.48% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;9.34% |

---

"<u>Outstanding</u>" means with respect to the Series 2025-4 Notes (or any Class of Series 2025-4 Notes), all Series 2025-4 Notes (or Series 2025-4 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2025-4 Supplement, <u>except</u> (a) Series 2025-4 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2025-4 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2025-4 Distribution Account and are available for payment in full of such Series 2025-4 Notes, and Series 2025-4 Notes that are considered paid pursuant to <u>Section 8.1</u> (*Payment of Notes*) of the Base Indenture, and (c) Series 2025-4 Notes in exchange for or in lieu of other Series 2025-4 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2025-4 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2025-4 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2025-4 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2025-4 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2025-4 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2025-4 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment
 of which are to be made by or is fully guaranteed by the United States of America other than
 financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in,
 or certificates of deposit issued by, any depositary institution or trust company incorporated
 under the laws of the United States of America or any state thereof whose short-term debt
 is rated "P-1" by Moody's and "A-1+" by S&P and subject
 to supervision and examination by Federal or state banking or depositary institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment
 and (y) the time of the contractual commitment to invest therein, the certificates of
 deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than
 such obligation whose rating is based on collateral or on the credit of a Person other than
 such institution or trust company) of such depositary institution or trust company shall
 have a credit rating from S&P of "A-1+" and a credit rating from Moody's
 of "P-1" in the case of certificates of deposit or short-term deposits, or a
 rating from S&P not lower than "AA" and a rating from Moody's not lower
 than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier
 of (x) the time of the investment and (y) the time of the contractual commitment
 to invest therein, a rating from S&P of "A-1+" and a rating from Moody's
 of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by
 any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated
 "AAAm" by S&P and "Aaa-mf" by Moody's, or otherwise approved
 in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar time deposits having a credit
 rating from S&P of "A-1+" and a credit rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any
 of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above
 and the certificates of deposit described in <u>clause (ii)</u> above which are entered
 into with a depository institution or trust company, having a commercial paper or short-term
 certificate of deposit rating of "A-1+" by S&P and "P-1" by Moody's;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other instruments or securities,
 if each Rating Agency then rating any outstanding Class of Series 2025-4 Notes
 at the request of HVF III will not have advised in writing that the investment in such instruments
 or securities will result in the reduction or withdrawal of its then-current rating of such
 outstanding Class of Series 2025-4 Notes.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2025-4 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2025-4 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2025-4 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(b)</u> (*Initial Issuance*) of this Series 2025-4 Supplement.

"<u>Rating Agencies</u>" means (i) with respect to the Class A Notes the Class B Notes, <u>and</u> the Class C Notes and the Class D Notes, DBRS and Moody's, and (ii) with respect <u>to the Class D Notes and the Class E Notes, Moody's and (iii) with respect</u> to any Class of Series 2025-4 Notes, any other nationally recognized rating agency rating the Series 2025-4 Notes at the request of HVF III; <u>provided</u> that, if at any time any nationally recognized rating agency ceases to rate any Class of Series 2025-4 Notes, such rating agency shall be deemed to no longer constitute a Rating Agency with respect to such Class of Series 2025-4 Notes for so long as such rating agency continues not to rate such Class of Series 2025-4 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2025-4 Notes*) of this Series 2025-4 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(e)</u> (*Initial Issuance*) of this Series 2025-4 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Fitch Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then such rating of such Person as of such date; provided, that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating with respect to such Person as of such date, (c) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date and (d) with respect to DBRS, the Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2025-4 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2025-4 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2025-4 Supplement.

"<u>Senior Class of Series 2025-4 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2025-4 Payment Date Available Interest Amount with respect to the Series 2025-4 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2025-4 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account,</u> each Class A/B/C/D <u>Demand Note, each Class E</u> Demand Note, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2025-4 Principal Collection Account for deposit into the Series 2025-4 Interest Collection Account on such Payment Date.

"<u>Series 2025-4 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2025-4 Supplement.

"<u>Series 2025-4 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2025-4 Accounts*) of this Series 2025-4 Supplement.

"<u>Series 2025-4 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2025-4 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2025-4 Notes.

"<u>Series 2025-4 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2025-4 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2025-4 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2025-4 Notes.

"<u>Series 2025-4 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2025-4 Principal Amount as of such date over (B) the Series 2025-4 Principal Collection Account Amount as of such date. The Series 2025-4 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2025-4 Notes.

"<u>Series 2025-4 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-4 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2025-4 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2025-4 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2025-4 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2025-4 Blended Advance Rate, in each case as of such date.

"<u>Series 2025-4 Blended Advance Rate</u>" means, as of any date of determination, the least of the Series 2025-4 DBRS Blended Advanced Rate as of such date, the Series 2025-4 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2025-4 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-4 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2025-4 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2025-4 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2025-4 Administrator Fee Amount and the Series 2025-4 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2025-4 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-4 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2025-4 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-4 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2025-4 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2025-4 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2025-4 Related Document,

in each case under and in accordance with such Series 2025-4 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2025-4 Notes.

"<u>Series 2025-4</u> <u>Closing Date</u>" means June 30, 2025.

"<u>Series 2025-4 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2025-4 Account Collateral with respect to each Series 2025-4 Account and each Class A/B/C/D Demand Note.

"<u>Series 2025-4 Controlled Amortization Period</u>" means the period commencing upon the close of business July 25, 2030 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2025-4 Rapid Amortization Period, (ii) the date on which the Series 2025-4 Notes are fully paid and (iii) the termination of this Series 2025-4 Supplement.

"<u>Series 2025-4 Daily Interest Allocation</u>" means, on each Series 2025-4 Deposit Date, the Series 2025-4 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2025-4 Daily Principal Allocation</u>" means, on each Series 2025-4 Deposit Date, an amount equal to the Series 2025-4 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2025-4 DBRS AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-4 DBRS Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-4 DBRS Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-4 DBRS Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-4 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-4 DBRS Remainder AAA Amount.

"<u>Series 2025-4 DBRS AAA Select Component</u>" means each Series 2025-4 DBRS AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-4 DBRS Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-4 DBRS AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-4 DBRS Baseline Advance Rate with respect to such Series 2025-4 DBRS AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-4 DBRS Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-4 DBRS AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-4 DBRS MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-4 DBRS AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-4 DBRS Baseline Advance Rate</u>" means, with respect to each Series 2025-4 DBRS AAA Select Component, the percentage set forth opposite such Series 2025-4 DBRS AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2025-4 DBRS AAA Select Component** | &nbsp;&nbsp;**Series 2025-4 DBRS <br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2025-4 DBRS Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2025-4 DBRS Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2025-4 DBRS Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2025-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2025-4 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2025-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;86.75% |
| &nbsp;&nbsp;Series 2025-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;82.55% |
| &nbsp;&nbsp;Series 2025-4 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2025-4 DBRS Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2025-4 DBRS Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-4 DBRS Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-4 DBRS Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-4 DBRS Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-4 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2025-4 DBRS Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-4 DBRS AAA Select Component equal to the product of such Series 2025-4 DBRS AAA Select Component and the Series 2025-4 DBRS Adjusted Advance Rate with respect to such Series 2025-4 DBRS AAA Select Component, in each case as of such date.

"<u>Series 2025-4 DBRS Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-4 DBRS Baseline Advance Rate with respect to such Series 2025-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-4 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2025-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-4 DBRS Baseline Advance Rate with respect to such Series 2025-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-4 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2025-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-4 DBRS Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-4 DBRS AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-4 DBRS Concentration Excess Amount, if any, allocated to such Series 2025-4 DBRS AAA Select Component by HVF III and (B) the Series 2025-4 DBRS Baseline Advance Rate with respect to such Series 2025-4 DBRS AAA Select Component, and the denominator of which is (II) such Series 2025-4 DBRS AAA Select Component, in each case as of such date, and (b) the Series 2025-4 DBRS Baseline Advance Rate with respect to such Series 2025-4 DBRS AAA Component; <u>provided</u> that, the portion of the Series 2025-4 DBRS Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-4 DBRS AAA Select Component that was included in determining whether such Series 2025-4 DBRS Concentration Excess Amount exists.

"<u>Series 2025-4 DBRS Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-4 DBRS Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-4 DBRS Eligible Manufacturer Receivables, in each case, included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-4 DBRS Eligible Manufacturer Receivables included in the Series 2025-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2025-4 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-4 DBRS Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-4 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-4 DBRS Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-4 DBRS Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-4 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-4 DBRS Investment Grade Manufacturers.

"<u>Series 2025-4 DBRS Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-4 DBRS Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-4 DBRS Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable due from any Manufacturer that has a Relevant DBRS Rating as of such date of at least "A(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of at least "A(L)") pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable due from any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)" or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)", in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable due from a Series 2025-4 DBRS Non-Investment Grade (High) Manufacturer or a Series 2025-4 DBRS Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-4 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-4 DBRS Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-4 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-4 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-4 DBRS Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-4 DBRS Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-4 DBRS Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-4 DBRS Non-Investment Grade (High) Program Vehicle and each Series 2025-4 DBRS Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-4 DBRS Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of at least "BBB(L)" (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of "BBB(L)")as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-4 DBRS Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-4 DBRS Investment Grade Manufacturer that is not a Series 2025-4 DBRS Investment Grade Program Vehicle as of such date.

"<u>Series 2025-4 DBRS Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-4 DBRS Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-4 DBRS Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-4 DBRS Eligible Manufacturer Receivables due from such Manufacturer.

"<u>Series 2025-4 DBRS Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-4 DBRS Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-4 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-4 DBRS Eligible Manufacturer Receivables included in the Series 2025-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2025-4 DBRS Eligible Manufacturer Receivable for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-4 DBRS Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-4 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-4 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-4 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-4 DBRS MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-4 Failure Percentage as of such date and (ii) the Series 2025-4 DBRS Concentration Adjusted Advance Rate with respect to the Series 2025-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-4 Failure Percentage as of such date and (ii) the Series 2025-4 DBRS Concentration Adjusted Advance Rate with respect to the Series 2025-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-4 DBRS AAA Component, zero.

"<u>Series 2025-4 DBRS Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "BBB(L)" and (ii) at least "BB(L)", or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-4 DBRS Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-4 DBRS Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-4 DBRS Eligible Manufacturer Receivables with respect to any Series 2025-4 DBRS Non-Investment Grade (High) Manufacturer included in the Series 2025-4 DBRS Manufacturer Amount for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-4 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-4 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-4 DBRS Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-4 DBRS Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-4 DBRS Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of less than "BB(L)"(or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, a DBRS Equivalent Rating of "BB(L)") as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any DBRS Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-4 DBRS Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-4 DBRS Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another master motor vehicle operating lease, as applicable) as of such date.

"<u>Series 2025-4 DBRS Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-4 DBRS Non-Investment Grade (High) Manufacturer or a Series 2025-4 DBRS Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-4 DBRS Non-Investment Grade (High) Program Vehicle or a Series 2025-4 DBRS Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-4 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-4 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-4 DBRS Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-4 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-4 DBRS Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-4 DBRS Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-4 DBRS Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-4 DBRS Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-4 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-4 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-4 DBRS Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-4 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-4 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2025-4 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2025-4 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(</u><u>iii</u><u>iv</u><u>)</u> (*Series 2025-4 Accounts*) of this Series 2025-4 Supplement.

"<u>Series 2025-4 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-4 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2025-4 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-4 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2025-4 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2025-4 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2025-4 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-4 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2025-4 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2025-4 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2025-4 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2025-4 Market Value Average as of any Determination Date within the preceding three (3) calendar months (or such fewer number of months as have elapsed since the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2025-4 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-4 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2025-4 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-4 Accounts*) of this Series 2025-4 Supplement.

"<u>Series 2025-4 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2025-4 Interest Period <u>for the Class A/B/C/D Notes</u> shall commence on and include the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date and end on and include July 24, 2025 <u>and the initial Series 2025-4 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2025-4 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2025-4 Revolving Period, the Series 2025-4 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2025-4 Controlled Amortization Period and the Series 2025-4 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2025-4 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2025-4 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2025-4 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2025-4 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2025-4 Principal Amount shall have been reduced to zero, the Series 2025-4 Invested Percentage shall equal zero.

"<u>Series 2025-4 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2025-4 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2025-4 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-4 Lease Payment Deficit</u>" means either a Series 2025-4 Lease Interest Payment Deficit or a Series 2025-4 Lease Principal Payment Deficit.

"<u>Series 2025-4 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2025-4 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2025-4 Principal Collection Account on or prior to such Payment Date on account of such Series 2025-4 Lease Principal Payment Deficit.

"<u>Series 2025-4 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2025-4 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2025-4 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2025-4 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2025-4 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-4 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2025-4 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-4 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2025-4 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2025-4 Controlling Class.

Each Series 2025-4 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2025-4 Notes.

"<u>Series 2025-4 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Manufacturer** | &nbsp;&nbsp;**Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

"<u>Series 2025-4 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2025-4 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2025-4 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2025-4 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2025-4 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2025-4 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2025-4 Measurement Month shall be included in any other Series 2025-4 Measurement Month.

"<u>Series 2025-4 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-4 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2025-4 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2025-4 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-4 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-4 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-4 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-4 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-4 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-4 Moody's Remainder AAA Amount.

"<u>Series 2025-4 Moody's AAA Select Component</u>" means each Series 2025-4 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-4 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-4 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-4 Moody's Baseline Advance Rate with respect to such Series 2025-4 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-4 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-4 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-4 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-4 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-4 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2025-4 Moody's AAA Select Component, the percentage set forth opposite such Series 2025-4 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2025-4 Moody's AAA Select Component** | &nbsp;&nbsp;**Series 2025-4 Moody's <br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2025-4 Moody's Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2025-4 Moody's Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2025-4 Moody's Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2025-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2025-4 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2025-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2025-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2025-4 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2025-4 Moody's Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2025-4 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-4 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-4 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-4 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-4 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-4 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-4 Moody's AAA Select Component equal to the product of such Series 2025-4 Moody's AAA Select Component and the Series 2025-4 Moody's Adjusted Advance Rate with respect to such Series 2025-4 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-4 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-4 Moody's Baseline Advance Rate with respect to such Series 2025-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-4 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-4 Moody's Baseline Advance Rate with respect to such Series 2025-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-4 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-4 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-4 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-4 Moody's Concentration Excess Amount, if any, allocated to such Series 2025-4 Moody's AAA Select Component by HVF III and (B) the Series 2025-4 Moody's Baseline Advance Rate with respect to such Series 2025-4 Moody's AAA Select Component, and the denominator of which is (II) such Series 2025-4 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2025-4 Moody's Baseline Advance Rate with respect to such Series 2025-4 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2025-4 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-4 Moody's AAA Select Component that was included in determining whether such Series 2025-4 Moody's Concentration Excess Amount exists.

"<u>Series 2025-4 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-4 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-4 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-4 Moody's Eligible Manufacturer Receivables included in the Series 2025-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-4 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-4 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-4 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-4 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-4 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-4 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-4 Moody's Investment Grade Manufacturers.

"<u>Series 2025-4 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-4 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-4 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2025-4 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-4 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-4 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-4 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-4 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-4 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-4 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-4 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-4 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-4 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2025-4 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-4 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-4 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-4 Moody's Investment Grade Manufacturer that is not a Series 2025-4 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2025-4 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-4 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-4 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-4 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2025-4 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-4 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-4 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-4 Moody's Eligible Manufacturer Receivables included in the Series 2025-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-4 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-4 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-4 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-4 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-4 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-4 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-4 Failure Percentage as of such date and (ii) the Series 2025-4 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-4 Failure Percentage as of such date and (ii) the Series 2025-4 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-4 Moody's AAA Component, zero.

"<u>Series 2025-4 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2025-4 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-4 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-4 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-4 Moody's Eligible Manufacturer Receivables with respect to any Series 2025-4 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2025-4 Moody's Manufacturer Amount for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-4 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-4 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-4 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-4 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-4 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-4 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-4 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-4 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-4 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-4 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-4 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2025-4 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2025-4 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Medium-Duty Truck Amount for purposes of calculating the Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-4 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-4 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-4 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-4 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-4 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-4 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-4 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-4 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-4 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-4 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-4 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-4 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-4 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-4 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-4 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-4 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2025-4 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2025-4 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2025-4 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2025-4 Measurement Month, commencing with the third Series 2025-4 Measurement Month following the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2025-4 Measurement Month and the two Series 2025-4 Measurement Months preceding such Series 2025-4 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2025-4 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2025-4 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2025-4 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2025-4 Carrying Charges on such Payment Date (excluding any Series 2025-4 Carrying Charges payable to the Series 2025-4 Noteholders) and (b) the Series 2025-4 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2025-4 Noteholders).

"<u>Series 2025-4 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2025-4 Lease Principal Payment Deficit, an amount equal to the Series 2025-4 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2025-4 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2025-4 Lease Interest Payment Deficit, an amount equal to the Series 2025-4 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2025-4 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2025-4 Payment Date Available Interest Amount</u>" means, with respect to each Series 2025-4 Interest Period, the sum of the Series 2025-4 Daily Interest Allocation for each Series 2025-4 Deposit Date in such Series 2025-4 Interest Period.

"<u>Series 2025-4 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2025-4 Interest Collection Account*).

"<u>Series 2025-4 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-4 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2025-4 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2025-4 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2025-4 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2025-4 Notes.

"<u>Series 2025-4 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2025-4 Principal Amount shall be the "Principal Amount" with respect to the Series 2025-4 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2025-4 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2025-4 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-4 Accounts*) of this Series 2025-4 Supplement.

"<u>Series 2025-4 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2025-4 Principal Collection Account as of such date.

"<u>Series 2025-4 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2025-4 Notes is deemed to have occurred with respect to the Series 2025-4 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2025-4 Notes are paid in full and (ii) the termination of this Series 2025-4 Supplement.

"<u>Series 2025-4 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2025-4 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2025-4 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2025-4 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2025-4 Notes.

"<u>Series 2025-4 Related Documents</u>" means the Related Documents, this Series 2025-4 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2025-4 Revolving Period</u>" means the period from the Series 2025-4<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2025-4 Controlled Amortization Period and (ii) the commencement of the Series 2025-4 Rapid Amortization Period.

"<u>Series 2025-4 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2025-4 Supplement.

"<u>Series 2025-4 Supplemental Indenture</u>" means a supplement to this Series 2025-4 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2025-4 Supplement.

"<u>Series 2025-4 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2025-4 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-4 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2025-4 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-4 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2025-4 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2025-4 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2025-4 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2025-4 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2025-4 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2025-4 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2025-4 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-4 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2025-4 Collateral</u>" means the Series 2025-4 Account Collateral with respect to each Series 2025-4 Account and each Class A/B/C/D Demand Note. The Series-Specific 2025-4 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2025-4 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(i)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-4 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2025-4 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available L/C Cash Collateral Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Liquidity Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Reserve Account Deficiency Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Monthly Interest Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Principal Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying
 Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due
 and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance
 Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Adjusted Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 DBRS Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Moody's Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Non-Program Vehicle Disposition Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Principal Collection Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-4
 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2025-4 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.10

**Exhibit 10.10**

***EXECUTION VERSION***

**Amendment No. 1 to Series 2025-5 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the SERIES 2025-5 SUPPLEMENT, dated as of December 5, 2025 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2025-5 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2025-5 Supplement permits the Issuer and the Trustee to amend the Series 2025-5 Supplement in writing without the consent of any Series 2025-5 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-5 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-5 Supplement provides that on any date during the Series 2025-5 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2025-5 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2025-5 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2025-5 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2025-5 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-5 Supplement, to amend the Series 2025-5 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2025-5 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2025-5 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2025-5 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2025-5 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2025-5 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2025-5 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2025-5 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2025-5 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reference to and Effect on the Series 2025-5 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2025-5 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2025-5 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2025-5 Supplement to "<u>Series 2025-5 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2025-5 Supplement, and each reference in any other Series 2025-5 Related Document to "<u>Series 2025-5 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2025-5 Supplement, shall mean and be a reference to the Series 2025-5 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2025-5 Supplement or the Series 2025-5 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2025-5 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

*Signature Page to Amendment No. 1 to Series 2025-5 Supplement*

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

*Signature Page to Amendment No. 1 to Series 2025-5 Supplement*

<u>Annex A</u>

**EXECUTION VERSION**

<u>**CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026**</u>

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

____________

**SERIES 2025-5 SUPPLEMENT**

dated as of December 5, 2025

to

BASE INDENTURE<br> dated as of June 29, 2021

____________

$308,250,000 Series 2025-5 4.62% Rental Car Asset Backed Notes, Class A

$45,000,000 Series 2025-5 4.87% Rental Car Asset Backed Notes, Class B<br> $60,750,000 Series 2025-5 5.50% Rental Car Asset Backed Notes, Class C<br> $36,000,000 Series 2025-5 7.74% Rental Car Asset Backed Notes, Class D

<u>$21,719,000 Series 2025-5 11.72% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

**Page**

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| | | |
|:---|:---|:---|
| Article I DEFINITIONS AND CONSTRUCTION | Article I DEFINITIONS AND CONSTRUCTION | 2 |
| Section 1.1 | Defined Terms and References | 2 |
| Section 1.2 | Rules of Construction | 2 |
| Article II INITIAL ISSUANCE OF SERIES 2025-5 NOTES; FORM OF SERIES 2025-5 NOTES | Article II INITIAL ISSUANCE OF SERIES 2025-5 NOTES; FORM OF SERIES 2025-5 NOTES | 3 |
| Section 2.1 | Initial Issuance | 3 |
| Section 2.2 | Transfer Restrictions for Global Notes | 4<u>5</u> |
| Section 2.3 | Definitive Notes | 10<u>14</u> |
| Section 2.4 | Legal Final Payment Date | 10<u>14</u> |
| Section 2.5 | Required Series Noteholders | 10<u>14</u> |
| Section 2.6 | FATCA | 10<u>14</u> |
| Article III INTEREST AND INTEREST RATES | Article III INTEREST AND INTEREST RATES | 11<u>15</u> |
| Section 3.1 | Interest | 11<u>15</u> |
| Article IV SERIES-SPECIFIC COLLATERAL | Article IV SERIES-SPECIFIC COLLATERAL | 11<u>15</u> |
| Section 4.1 | Granting Clause | 11<u>15</u> |
| Section 4.2 | Series 2025-5 Accounts | 11<u>16</u> |
| Section 4.3 | Trustee as Securities Intermediary | 13<u>18</u> |
| Section 4.4 | <u>Class A/B/C/D</u> Demand Notes | 15<u>19</u> |
| <u>Section 4.5</u> | <u>Class E Demand Notes</u> | <u>20</u> |
| Section <u>4.5</u><u>4.6</u> | Subordination | 15<u>20</u> |
| Section <u>4.6</u><u>4.7</u> | Duty of the Trustee | 15<u>20</u> |
| Section <u>4.7</u><u>4.8</u> | Representations of the Trustee | 15<u>20</u> |
| Article V PRIORITY OF PAYMENTS | Article V PRIORITY OF PAYMENTS | 15<u>21</u> |
| Section 5.1 | [Reserved] | 15<u>21</u> |
| Section 5.2 | Collections Allocation | 15<u>21</u> |
| Section 5.3 | Application of Funds in the Series 2025-5 Interest Collection Account | 16<u>21</u> |
| Section 5.4 | Application of Funds in the Series 2025-5 Principal Collection Account | 17<u>22</u> |
| Section 5.5 | Class A/B/C/D Reserve Account Withdrawals | 18<u>24</u> |
| <u>Section 5.6</u> | <u>Class E Reserve Account Withdrawals</u> | <u>24</u> |
| Section <u>5.6</u><u>5.7</u> | Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes | 19<u>25</u> |
| <u>Section 5.8</u> | <u>Class E Letters of Credit and Class E Demand Notes</u> | <u>28</u> |
| Section <u>5.7</u><u>5.9</u> | Past Due Rental Payments | 22<u>30</u> |
| Section <u>5.8</u><u>5.10</u> | Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account | 22<u>31</u> |
| <u>Section 5.11</u> | <u>Class E Letters of Credit and Class E L/C Cash Collateral Account</u> | <u>34</u> |
| Section <u>5.9</u><u>5.12</u> | Certain Instructions to the Trustee | 25<u>37</u> |
| Section <u>5.10</u><u>5.13</u> | HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment | 25<u>37</u> |
| Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS | Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS | 26<u>37</u> |
| Section 6.1 | Representations and Warranties | 26<u>37</u> |
| Section 6.2 | Covenants | 26<u>38</u> |
| Section 6.3 | Closing Conditions | 28<u>39</u> |
| Section 6.4 | Further Assurances | 28<u>39</u> |
| Article VII AMORTIZATION EVENTS | Article VII AMORTIZATION EVENTS | 29<u>40</u> |
| Section 7.1 | Amortization Events | 29<u>40</u> |
| Article VIII SUBORDINATION OF NOTES | Article VIII SUBORDINATION OF NOTES | 31<u>43</u> |
| Section 8.1 | Subordination of Class B Notes | 31<u>43</u> |

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(i) ****TABLE OF CONTENTS**<br> (continued)**

**Page**

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| | | |
|:---|:---|:---|
| Section 8.2 | Subordination of Class C Notes | 31<u>43</u> |
| Section 8.3 | Subordination of Class D Notes | 31<u>43</u> |
| Section 8.4 | Subordination of Class E Notes | 32<u>44</u> |
| Section 8.5 | When Distribution Must be Paid Over | 32<u>44</u> |
| Article IX GENERAL | Article IX GENERAL | 32<u>44</u> |
| Section 9.1 | Optional Redemption of the Series 2025-5 Notes | 32<u>44</u> |
| Section 9.2 | Information | 33<u>45</u> |
| Section 9.3 | Confidentiality | 33<u>45</u> |
| Section 9.4 | Ratification of Base Indenture | 33<u>45</u> |
| Section 9.5 | Notice to the Rating Agencies | 34<u>46</u> |
| Section 9.6 | Third Party Beneficiary | 34<u>46</u> |
| Section 9.7 | Execution in Counterparts; Electronic Execution | 34<u>46</u> |
| Section 9.8 | Governing Law | 34<u>46</u> |
| Section 9.9 | Amendments | 34<u>46</u> |
| Section 9.10 | Administrator to Act on Behalf of HVF III | 36<u>48</u> |
| Section 9.11 | Successors | 37<u>49</u> |
| Section 9.12 | Termination of Series Supplement | 37<u>49</u> |
| Section 9.13 | Electronic Execution | 37<u>49</u> |
| Section 9.14 | Additional UCC Representations | 37<u>49</u> |
| Section 9.15 | Notices | 38<u>50</u> |
| Section 9.16 | Submission to Jurisdiction | 38<u>50</u> |
| Section 9.17 | Waiver of Jury Trial | 39<u>51</u> |
| <u>Section 9.18</u> | <u>Issuance of Class E Notes</u> | 39 |
| Section <u>9.19</u><u>9.18</u> | Trustee Obligations under the Retention Requirements | 41<u>53</u> |
| **<u>Schedule I</u>**  **<u>TO THE SERIES 2025-5 SUPPLEMENT</u>** | **<u>Schedule I</u>**  **<u>TO THE SERIES 2025-5 SUPPLEMENT</u>** | **44** **<u>56</u>** |
| **<u>Schedule II</u>**  **<u>TO THE SERIES 2025-5 SUPPLEMENT</u>** | **<u>Schedule II</u>**  **<u>TO THE SERIES 2025-5 SUPPLEMENT</u>** | **85** **<u>102</u>** |

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(ii) **TABLE OF CONTENTS**

**(continued)**

**Page**

EXHIBITS AND SCHEDULES

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| | |
|:---|:---|
| Schedule I<br> Schedule II | List of Defined Terms<br> Monthly Noteholders' Statement Information |
| Exhibit A-1-1<br> Exhibit A-1-2<br> Exhibit A-2-1<br> Exhibit A-2-2<br> Exhibit A-3-1<br> Exhibit A-3-2<br> Exhibit A-4-1<br> Exhibit A-4-2<br> <u>Exhibit A-5</u><br> Exhibit B-1<br> Exhibit B-2<br> <u>Exhibit B-3</u><br> <u>Exhibit B-4</u><br> <u>Exhibit C-1</u><br> Exhibit C<u>-2</u><br> Exhibit D<br> Exhibit E-1<br> Exhibit E-2<br> <u>Exhibit E-3</u><br> Exhibit F<u>-1</u><br> <u>Exhibit F-2</u><br>| Form of Series 2025-5 144A Global Class A Note<br> Form of Series 2025-5 Regulation S Global Class A Note<br> Form of Series 2025-5 144A Global Class B Note<br> Form of Series 2025-5 Regulation S Global Class B Note<br> Form of Series 2025-5 144A Global Class C Note<br> Form of Series 2025-5 Regulation S Global Class C Note<br> Form of Series 2025-5 144A Global Class D Note<br> Form of Series 2025-5 Regulation S Global Class D Note<br> <u>Form of Series 2025-5 144A Global Class E Note</u><br> Form of Demand Notice<br> Form of Class A/B/C/D Demand Note<br> <u>Form of Class E Demand Notice</u><br> <u>Form of Class E Demand Note</u><br> Form of Reduction Notice Request Class A/B/C/D Letter of Credit<br> <u>Form of Reduction Notice Request Class E Letter of Credit</u><br> Form of Lease Payment Deficit Notice<br> <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u><br> Form of Transfer Certificate from 144A Global Note to Regulation S Global Note<br> Form of Transfer Certificate from Regulation S Global Note to 144A Global Note<br> Form of Class A/B/C/D Letter of Credit<br> <u>Form of Class E Letter of Credit</u>  |

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(iii) SERIES 2025-5 SUPPLEMENT, dated as of December 5, 2025 ("<u>Series 2025-5 Supplement</u>"), among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as may be further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS, Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture provides, among other things, that HVF III and the Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or more Series of Notes;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2025-5 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2025-5 Noteholders;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2025-5 Supplement, and such Series of Notes is hereby designated as Series 2025-5 Rental Car Asset Backed Notes.

On the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date, the following classes of Series 2025-5 Rental Car Asset Backed Notes shall be<u>were</u> issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-5
 4.62% Rental Car Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-5
 4.87% Rental Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Series 2025-5 5.50% Rental Car Asset Backed Notes, Class C (as referred to herein,
 the " <u>Class C Notes</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-5
 7.74% Rental Car Asset Backed Notes, Class D (as referred to herein, the " <u>Class D Notes</u> ").

Subsequent to the Series 2025-5 Closing Date, HVF III may on any date during the Series 2025-5 Revolving Period offer and sell additional Series 2025-5 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-5 Supplement, which, if issued, shall be designated as the Series 2025-5 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "<u>Class E Notes</u>".

<u>On the Class E Notes Closing Date, the Series 2025-5 11.72% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u>

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2025-5 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**

**DEFINITIONS AND CONSTRUCTION**

**Section 1.01 <u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2025-5 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2025-5 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2025-5 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02 <u>Rules of Construction</u>**. In this Series 2025-5 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document), as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2025-5 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2025-5 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**

**INITIAL ISSUANCE OF SERIES 2025-5 NOTES; FORM OF SERIES 2025-5 NOTES**

**Section 2.01 <u>Initial Issuance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance <u>of Class A/B/C/D Notes</u>.</u> On the terms and conditions set forth in this Series 2025-5 Supplement, HVF III <u>shall issue</u><u>issued</u><u>,</u> and <u>shall cause</u><u>caused</u> the Trustee to authenticate, the initial Class A/B/C/D Notes on the <u>Series 2025-5</u><u>Class A/B/C/D Notes</u> Closing Date. Such Class A/B/C/D Notes <u>shall</u><u>:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, with respect to each Class of Series 2025-5 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, with respect to each Class of Series 2025-5 Notes, the interest rate set forth in the definition of Note Rate for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have, with respect to each Class of Series 2025-5 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by Moody's and Fitch and, with respect to the Class D Notes, by Moody's, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be duly<u>were</u> authenticated in accordance with the provisions of the Base Indenture and this Series 2025-5 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>on</u> <u>Form of</u> the Class A/B/C/D Notes. The <u>Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2025-5 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Notes Closing Date. Such Class E Notes shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2025-5 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of the Series 2025-5 Notes. The</u> Class A/B/C/D Notes will be<u>were</u> offered and sold by HVF III on the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be<u>were</u> resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2025-5 Related Document to the contrary, the initial Payment Date with respect to the Series 2025-5<u>Class A/B/C/D</u> Notes shall be<u>was</u> December 26, 2025 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>144A Global Notes</u>. Each Class of the Class A/B/C/D<u>Series 2025-5</u> Notes offered and sold in their initial distribution on the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date in <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable, in</u> reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to this Series 2025-5 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-1</u> to this Series 2025-5 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to this Series 2025-5 Supplement and<u>,</u> with respect to the Class D Notes in <u>Exhibit A-4-1</u> <u>to this Series 2025-5 Supplement, and with respect to the Class E Notes in Exhibit A-5</u> to this Series 2025-5 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "144A Global Notes"). The <u>Solely</u> <u>with respect to the Class A/B/C/D Notes</u><u>, the</u> aggregate principal amount of the<u>such</u> 144A Global Notes<u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-5 Notes as shall be specified in the schedule attached thereto, and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-5 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-5 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-5 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by Section 2.2 (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C/D Notes offered and sold on the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to this Series 2025-5 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to this Series 2025-5 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to this Series 2025-5 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-2</u> to this Series 2025-5 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-5 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-5 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-5 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-5 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02 <u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> wishes at any time to exchange its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-1</u><u>-3</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-2</u><u>-4</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes <u>and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or<u>,</u> Class D Global Notes <u>or the Class E Notes</u>, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer OR ANY OTHER PERSON TREATED as THE ISSUER for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES (UNLESS A STATUTORY OR ADMINISTRATIVE EXEMPTION APPLIES (ALL OF THE APPLICABLE CONDITIONS OF WHICH ARE SATISFIED) OR THE TRANSACTION IS NOT OTHERWISE PROHIBITED), AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, <u>OR</u> (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer or any other person treated as the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2025-5 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO*.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>Note,</u> Class D <u>Note or Class E</u> Note, as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, <u>or</u> (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03 <u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes<u>Series 2025-5</u> other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04 <u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2025-5 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05 <u>Required Series Noteholders</u>**(a) . In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2025-5 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-5 Notes.

**Section 2.06 <u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2025-5 Noteholder (and any Note Owner of any Series 2025-5 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2025-5 Note or an interest in such Series 2025-5 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2025-5 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2025-5 Noteholder and Note Owner of any Series 2025-5 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2025-5 Noteholder (or Note Owner of such Series 2025-5 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2025-5 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2025-5 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2025-5 Noteholder or Note Owner of a Series 2025-5 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2025-5 Notes.

**Article III**

**INTEREST AND INTEREST RATES**

**Section 3.01 <u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2025-5 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**

**SERIES-SPECIFIC COLLATERAL**

**Section 4.01 <u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2025-5 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2025-5 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2025-5 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2025-5 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2025-5 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2025-5 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2025-5 Account are referred to, collectively, as the "<u>Series 2025-5 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02 <u>Series 2025-5 Accounts</u>**. With respect to the Series 2025-5 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2025-5 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-5 Noteholders three<u>four</u> securities accounts: the Series 2025-5 Principal Collection Account (such account, the "<u>Series 2025-5 Principal Collection Account</u>"), the Series 2025-5 Interest Collection Account (such account, the "<u>Series 2025-5 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2025-5 Reserve Account"))</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) or <u>Section</u> <u>5.8</u><u>5.10</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2025-5<u>Class A/B/C/D</u> Noteholders<u>,</u> the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>On or prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-5 Noteholders the Series 2025-5 Distribution Account (the "<u>Series 2025-5 Distribution Account</u>", and together with the Series 2025-5 Principal Collection Account, the Series 2025-5 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2025-5 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-5 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2025-5 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2025-5 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2025-5 Account shall be an Eligible Account. If any Series 2025-5 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2025-5 Account is no longer an Eligible Account, establish a new Series 2025-5 Account for such non-qualifying Series 2025-5 Account that is an Eligible Account, and if a new Series 2025-5 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2025-5 Account into such new Series 2025-5 Account. Initially, each of the Series 2025-5 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2025-5 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2025-5 Account (other than the Series 2025-5 Distribution Account) to invest funds on deposit in such Series 2025-5 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary, and Permitted Investments shall be credited to the applicable Series 2025-5 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2025-5 Principal Collection Account, the Series 2025-5 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2025-5 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2025-5 Accounts</u>. With respect to each Series 2025-5 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2025-5 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2025-5 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2025-5 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2025-5 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2025-5 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-5 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon the termination of this Series 2025-5 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-5 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall withdraw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03 <u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2025-5 Account, the Trustee or other Person maintaining such Series 2025-5 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC) and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC) (the Trustee acting in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2025-5 Account. If the Securities Intermediary in respect of any Series 2025-5 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-5 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2025-5 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2025-5 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2025-5 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2025-5 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2025-5 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2025-5 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2025-5 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC), and the Series 2025-5 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2025-5 Supplement, will not enter into, any agreement with any other Person relating to the Series 2025-5 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2025-5 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2025-5 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2025-5 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2025-5 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2025-5 Accounts and in all Proceeds thereof and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) in respect of the Series 2025-5 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-5 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2025-5 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2025-5 Account by crediting such Series 2025-5 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-5 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2025-5 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2025-5 Account is deemed not to constitute a securities account.

**Section 4.04 <u>Class A/B/C/D</u>** **<u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2025-5<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of <u>Class A/B/C/D</u> Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2025-5 Controlling Class.

<u>Section 4.5</u> <u>**Class E Demand Notes**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2025-5 Controlling Class.</u>

<u>Section 4.6</u> **<u>Section 4.5</u>** **<u>Subordination</u>**. The Series-Specific 2025-5 Collateral has been pledged to the Trustee to secure the Series 2025-5 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2025-5 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2025-5 Notes, and no Noteholder of any Series of Notes other than the Series 2025-5 Notes will have any right, title or interest in, to or under the Series-Specific 2025-5 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2025-5 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2025-5 Notes, then the Series 2025-5 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2025-5 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

<u>Section 4.7</u> **<u>Section 4.6</u>** **<u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2025-5 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2025-5 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2025-5 Collateral now existing or hereafter created.

<u>Section 4.8</u> **<u>Section 4.7</u>** **<u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**

**PRIORITY OF PAYMENTS**

Section 5.1 **Section 5.01 <u>[Reserved].</u>**

**Section 5.02 <u>Collections Allocation.</u>** Subject to the Past Due Rental Payments Priorities, on each Series 2025-5 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2025-5 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2025-5 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2025-5 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2025-5 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2025-5 Principal Collection Account.

**Section 5.03 <u>Application of Funds in the Series 2025-5 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2025-5 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2025-5 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), and 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-5 Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-5 Distribution Account to pay to the Administrator the Series 2025-5 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2025-5 Distribution Account to pay the Trustee the Series 2025-5 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2025-5 Noteholders, the Series 2025-5 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2025-5 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2025-5 Distribution Account to pay the Persons to whom the Series 2025-5 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2025-5 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2025-5 Distribution Account to pay the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2025-5 Distribution Account to pay the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2025-5 Distribution Account to pay the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2025-5 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2025-5 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2025-5 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2025-5 Distribution Account to pay to the Administrator the Series 2025-5 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2025-5 Distribution Account to pay to the Trustee the Series 2025-5 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2025-5 Distribution Account to pay the Persons to whom the Series 2025-5 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2025-5 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2025-5 Rapid Amortization Period, for deposit into the Series 2025-5 Principal Collection Account up to the amount necessary to pay the Series 2025-5 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2025-5 Principal Collection Account any remaining amount.

**Section 5.04 <u>Application of Funds in the Series 2025-5 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2025-5 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-5 Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2025-5 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2025-5 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*<u>)) and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2025-5 Interest Collection Account*));</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2025-5 Notes, then for deposit into the Series 2025-5 Distribution Account to be paid on such date, <u>pro rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2025-5 Controlled Amortization Period, then for deposit into the Series 2025-5 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2025-5 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2025-5 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2025-5 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2025-5 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2025-5 Principal Collection Account.

**Section 5.05 <u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-5 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-5 Interest Collection Account an amount equal to the excess, if any, of the Series 2025-5 Payment Date Interest Amount for such Payment Date over the Series 2025-5 Payment Date Available Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-5 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-5 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-5 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

<u>Section 5.6</u> <u>**Class E Reserve Account Withdrawals. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (*Application of Funds in the Series 2025-5 Interest Collection Account*) and 5.4 (*Application of Funds in the Series 2025-5 Principal Collection Account*)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2025-5 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2025-5 Payment Date Available Interest Amount solely</u> <u>with respect to the Class E Notes</u> <u>for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-5 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-5 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-5 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>Section 5.7</u> **<u>Section 5.6</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-5 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2025-5 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-5 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-5 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-5 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-5 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-5 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-5 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2025-5 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-5 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2025-5 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-5 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-5 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2025-5 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-5 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-5 Principal Collection Account on such date.(e) <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2025-5 Supplement (other than pursuant to <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw on such Class A/B/C/D Letter of Credit.

<u>Section 5.8</u> <u>**Class E Letters of Credit and Class E Demand Notes.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-5 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2025-5 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-5 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-5 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-5 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-5 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-5 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-5 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2025-5 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-5 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2025-5 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-5 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-5 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee</u> <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2025-5 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-5 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-5 Principal Collection Account on such date.</u>(e) <u>Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2025-5 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

<u>Section 5.9</u> **<u>Section 5.7</u>** **<u>Past Due Rental Payments</u>**. On each Series 2025-5 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2025-5 Past Due Rent Payments and deposit such amount into the Series 2025-5 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2025-5 Interest Collection Account and apply the Series 2025-5 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2025-5 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2025-5 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2025-5 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2025-5 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2025-5 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-5 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2025-5 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2025-5 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-5 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2025-5 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2025-5 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-5 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>and second, if the occurrence of such Series 2025-5 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-5 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2025-5 Principal Collection Account.

<u>Section 5.10</u> **<u>Section 5.8</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-5 Asset Amount would be less than the Series 2025-5 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2025-5 Adjusted Asset Coverage Threshold Amount over the Series 2025-5 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2025-5 Adjusted Asset Coverage Threshold Amount over the Series 2025-5 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C<u>-1</u></u> hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; <u>provided</u>, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>Section 5.11</u> <u>**Class E Letters of Credit and Class E L/C Cash Collateral Account**.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

<u>Section 5.12</u> **<u>Section 5.9</u>** **<u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2025-5 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2025-5 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

<u>Section 5.13</u> **<u>Section 5.10</u>** **<u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2025-5 Account required to be given by HVF III, at the time specified herein or in any other Series 2025-5 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2025-5 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2025-5 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2025-5 Notes required to be given by HVF III, at the time specified in this Series 2025-5 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as applicable,</u> with respect to such Class of Series 2025-5 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letter of Credit, as applicable</u>.

**Article VI**

**REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING<br> CONDITIONS**

**Section 6.01 <u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2025-5 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2025-5 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2025-5 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2025-5 Related Documents to which it is a party as of the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2025-5 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02 <u>Covenants</u>**. Each of HVF III and the Administrator severally covenants and agrees that, until the Series 2025-5 Notes have been paid in full, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2025-5 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2025-5 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2025-5 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2025-5 Third-Party Market Value Procedures</u>. Comply with the Series 2025-5 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2026 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2025-5 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date, within one hundred twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2025-5 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2025-5 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2025-5 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03 <u>Closing Conditions</u>**. The effectiveness of this Series 2025-5 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04 <u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2025-5 Collateral on behalf of the Series 2025-5 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2025-5 Permitted Liens) and to carry into effect the purposes of this Series 2025-5 Supplement or the other Series 2025-5 Related Documents or to better assure and confirm unto the Trustee or the Series 2025-5 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2025-5 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2025-5 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2025-5 Supplement, if any amount payable under or in connection with any of the Series-Specific 2025-5 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2025-5 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2025-5 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**

**AMORTIZATION EVENTS**

**Section 7.01 <u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2025-5 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2025-5 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2025-5 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-5 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-5 Permitted Liens) or (ii) other than as a result of a Series 2025-5 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-5 Permitted Liens) or (ii) other than as a result of a Series 2025-5 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-5 Permitted Liens) or (ii) other than as a result of a Series 2025-5 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-5 Permitted Liens) or (ii) other than as a result of a Series 2025-5 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2025-5 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2025-5 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2025-5 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2025-5 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2025-5 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2025-5 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2025-5 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2025-5 Noteholders and continues to materially and adversely affect the interests of the Series 2025-5 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-5 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2025-5 Related Document is false and such false representation materially and adversely affects the interests of the Series 2025-5 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-5 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*) or described in Section 9.1(e) (*Amortization Events*) of the Base Indenture, an "<u>Amortization Event</u>" with respect to the Series 2025-5 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2025-5 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*) or described in Sections 9.1(f), 9.1(g), 9.1(k) or 9.1(l) (*Amortization Events*) of the Base Indenture, so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2025-5 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2025-5 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-5 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2025-5 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-5 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2025-5 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2025-5 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**

**SUBORDINATION OF NOTES**

**Section 8.01 <u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-5 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2025-5 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2025-5 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02 <u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-5 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2025-5 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2025-5 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03 <u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-5 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2025-5 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2025-5 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04 <u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-5 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

**Section 8.05 <u>When Distribution Must be Paid Over</u>**. In the event that any Series 2025-5 Noteholder (or Series 2025-5 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2025-5 Notes at a time when such Series 2025-5 Noteholder (or Series 2025-5 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2025-5 Noteholder (or Series 2025-5 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**

**GENERAL**

**Section 9.01 <u>Optional Redemption of the Series 2025-5 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2025-5</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (*Application of Funds in the Series 2025-5 Principal Collection Account*); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2025-5</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2025-5 Notes with respect to such Class of Series 2025-5 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2025-5</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2025-5 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2025-5 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2025-5 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2025-5 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2025-5 Noteholders of the Class of Series 2025-5 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02 <u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth (4<sup>th</sup>) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2025-5 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2025-5 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2025-5 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2025-5 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2025-5 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03 <u>Confidentiality</u>**. The Trustee and each Series 2025-5 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2025-5 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2025-5 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2025-5 Notes in accordance with the requirements of this Series 2025-5 Supplement to which such person sells or offers to sell any such interest in the Series 2025-5 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2025-5 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2025-5 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2025-5 Notes, this Series 2025-5 Supplement or any other document relating to the Series 2025-5 Notes.

**Section 9.04 <u>Ratification of Base Indenture</u>**. As supplemented by this Series 2025-5 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2025-5 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05 <u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2025-5 Noteholders delivered to the Trustee pursuant to this Series 2025-5 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2025-5 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2025-5 Notes. HVF III will provide each Rating Agency rating the Series 2025-5 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06 <u>Third Party Beneficiary</u>**. Nothing in this Series 2025-5 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2025-5 Supplement.

**Section 9.07 <u>Execution in Counterparts; Electronic Execution</u>**. This Series 2025-5 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2025-5 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2025-5 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08 <u>Governing Law</u>**. THIS SERIES 2025-5 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2025-5 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09 <u>Amendments</u>**. This Series 2025-5 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2025-5 Noteholders</u>. Without the consent of any Series 2025-5 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2025-5 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2025-5 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2025-5 Notes in addition to certificated Series 2025-5 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2025-5 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2025-5 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2025-5 Supplement to the terms of the offering document(s) for the Series 2025-5 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2025-5 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2025-5 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to add or change any provisions of this Series 2025-5 Supplement to such extent as shall be necessary to facilitate implementation of any Enhancement, including any additions or changes to <u>Section 5.3</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2025-5 Principal Collection Account*) to provide for the payment of amounts owing to any Enhancement Provider under an Enhancement Agreement solely if such payments are made to the Enhancement Provider only after the payment of all principal amounts required to be paid to the Series 2025-5 Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to effect any other amendment that does not materially adversely affect the interests of the Series 2025-5 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2025-5 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2025-5 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2025-5 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2025-5 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2025-5 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2025-5 Noteholders, (ii) in the case of an amendment or modification, the Series 2025-5 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2025-5 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2025-5 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2025-5 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 2025-5 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-5 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2025-5 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2025-5 Noteholders affected by such amendment, modification or waiver, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2025-5 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2025-5 Supplement or otherwise reduce the percentage of Series 2025-5 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2025-5 Note (or reduce the principal amount of or rate of interest on any Series 2025-5 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2025-5 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*), <u>Section</u> <u>5.6 (*Class E Reserve Account Withdrawals*), Section</u> <u>7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-5 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section</u> <u>9.19</u><u>9.18</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2025-5 Supplement or that pursuant to the Series 2025-5 Related Documents expressly requires the consent of 100% of the Series 2025-5 Noteholders or each Series 2025-5 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2025-5 Supplemental Indentures</u>. Each amendment or other modification to this Series 2025-5 Supplement shall be set forth in a Series 2025-5 Supplemental Indenture. The initial effectiveness of each Series 2025-5 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2025-5 Supplemental Indenture is authorized or permitted by this Series 2025-5 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2025-5 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2025-5 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2025-5 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2025-5 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2025-5 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10 <u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2025-5 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2025-5 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2025-5 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2025-5 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2025-5 Supplement and the Related Documents.

**Section 9.11 <u>Successors</u>**. All agreements of HVF III in this Series 2025-5 Supplement and with respect to the Series 2025-5 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2025-5 Supplement or any Series 2025-5 Note. All agreements of the Trustee in this Series 2025-5 Supplement shall bind its successor.

**Section 9.12 <u>Termination of Series Supplement</u>**. This Series 2025-5 Supplement shall cease to be of further effect when (i) all Outstanding Series 2025-5 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2025-5 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13 <u>Electronic Execution</u>**. This Series 2025-5 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14 <u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2025-5 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-5 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2025-5 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2025-5 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2025-5 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2025-5 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2025-5 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15 <u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16 <u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2025-5 Supplement, the Series 2025-5 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2025-5 Supplement, the Series 2025-5 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2025-5 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17 <u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2025-5 SUPPLEMENT, THE SERIES 2025-5 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18 Issuance of Class E Notes</u>. No Class E Notes shall be issued on the Series 2025-5 Closing Date. On any date during the Series 2025-5 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2025-5 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2025-5 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "<u>Proposed Class E Notes</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2025-5 Notes, Series 2025-5 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2025-5 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2025-5 Supplement and any Series 2025-5 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2025-5 Supplement or any Series 2025-5 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2025-5 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2025-5 Supplement that expressly require the consent of each Noteholder or Series 2025-5 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2025-5 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2025-5 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not or, upon satisfaction of the Series 2025-5 Rating Agency Condition, should not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-5 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2025-5 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2025-5 Supplement and/or any other Series 2025-5 Related Document.

<u>Section 9.18</u> **<u>Section 9.19</u>** **<u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2025-5 Noteholder or any other party for violation of such rules now or hereafter in effect.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2025-5 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | President and Treasurer |
| THE HERTZ CORPORATION, as Administrator | THE HERTZ CORPORATION, as Administrator |
| By: |  |
| Name: | Mark E. Johnson |
| Title: | Senior Vice President and Treasurer |

---

*Signature Page to HVF III Series 2025-5 Supplement*

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to HVF III Series 2025-5 Supplement*

Schedule I<br> TO THE SERIES 2025-5 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>d</u><u>e</u><u>)</u> (*Initial Issuance*) of this Series 2025-5 Supplement.

"<u>Alternative Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom the alternative Rating Agency does not maintain a public Relevant Alternative Rating as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person
 has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies as of
 such date, then the median of the Corresponding Alternative Ratings for such Person as of
 such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person
 has an Equivalent Rating Agency Rating from only two of the Equivalent Rating Agencies as
 of such date, then the lower Corresponding Alternative Rating for such Person as of such
 date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person
 has an Equivalent Rating Agency Rating from only one of the Equivalent Rating Agencies as
 of such date, then the Corresponding Alternative Rating for such Person as of such date.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-5 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2025-5 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2025-5 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2025-5 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2025-5 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2025-5 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2025-5 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2025-5 Distribution Account and paid to the Series 2025-5 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-5 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-5 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-5 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-5 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-5 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-5 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class of Series 2025-5 Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class of Series 2025-5 Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-5 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-5 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2025-5 Accounts*) of this Series 2025-5 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2025-5 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2025-5 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-5 Noteholders or (ii) if issued after the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2025-5 Supplement, that satisfies the Series 2025-5 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-5 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-5 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means December 5, 2025.</u>

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2025-5 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2025-5 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C/D Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated November 25, 2025, by and among HVF III, Hertz, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., BMO Capital Markets Corp., Citizens JMP Securities, LLC and Truist Securities, Inc., as initial representatives of the several initial purchasers set forth on Schedule I thereto (collectively, the "<u>Initial Purchasers</u>") of the Class A/B/C/D Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 3.50% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-5 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-5 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-5 Accounts*) of this Series 2025-5 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2025-5 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2025-5 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2025-5 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2025-5 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2025-5 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2025-5 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2025-5 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2025-5 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2025-5 Controlled Amortization Period and any Class of Series 2025-5 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2025-5 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2025-5 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2025-5 Notes during the Series 2025-5 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2025-5 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2025-5 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1</u> or <u>Exhibit A-4-2</u> to this Series 2025-5 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2025-5 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Coverage Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u>

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2025-5 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-5 Supplement.<u>means, as of any date of determination, the Series 2025-5 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2025-5 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2025-5 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2025-5 Distribution Account and paid to the Series 2025-5 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-5 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-5 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-5 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-5 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2025-5* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2025-5 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2025-5 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2025-5 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-5 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2025-5 Supplement, that satisfies</u> <u>the Series 2025-5 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2025-5 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2025-5 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2025-5 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E Notes</u>" has the meaning specified in the <u>Preamble</u> <u>means any one of</u> <u>the Series 2025-5 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2025-5 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2025-5 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 6.75% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u>the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u>the Class E Required Liquid Enhancement Amount over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u>the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u>the Class E Asset Amount, in each case as of such date.

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2025-5 Accounts*) of this Series 2025-5 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2025-5 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2025-5 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2025-5 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-5 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2025-5 Notes, the amount set forth in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Principal Amount** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$308250000 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;$45000000 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$60750000 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;$36000000 |
| &nbsp;&nbsp;<u>E</u> | &nbsp;&nbsp;<u>$21719000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2025-5 Interest Period (a) with respect to the initial Series 2025-5 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 20/360, and (b) with respect to each Series 2025-5 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2025-5 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2025-5 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2025-5 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Corresponding Alternative Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the Alternative Rating Agency rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Rating** | &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;AA(H) | &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;AA(L) | &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- |
| &nbsp;&nbsp;A(H) | &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ |
| &nbsp;&nbsp;A | &nbsp;&nbsp;A2 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A(L) | &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- |
| &nbsp;&nbsp;BBB(H) | &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;BBB(L) | &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- |
| &nbsp;&nbsp;BB(H) | &nbsp;&nbsp;Ba1 | &nbsp;&nbsp;BB+ |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;BB(L) | &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- |
| &nbsp;&nbsp;B-High | &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ |
| &nbsp;&nbsp;B | &nbsp;&nbsp;B2 | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B(L) | &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- |
| &nbsp;&nbsp;CCC(H) | &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ |
| &nbsp;&nbsp;CCC | &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;CCC(L) | &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- |
| &nbsp;&nbsp;CC(H) | &nbsp;&nbsp;Ca | &nbsp;&nbsp;CC |
| &nbsp;&nbsp;CC | &nbsp;&nbsp;C |  |

---

"<u>DBRS</u>" means DBRS, Inc. or any successor thereto.

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Equivalent Rating Agency</u>" means each of DBRS, Fitch, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2025-5 Notes, the Payment Date in May 2029.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2025-5 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2025-5 Notes, the Payment Date in May 2030.

"<u>Majority Series 2025-5 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2025-5 Noteholders</u>" means Series 2025-5 Noteholders holding more than 50% of the Series 2025-5 Principal Amount (excluding any other Series 2025-5 Notes held by HVF III or any Affiliate of HVF III (other than Series 2025-5 Notes held by an Affiliate Issuer)). The Majority Series 2025-5 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-5 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2025-5 Notes, the date that is six months prior to the commencement of the Series 2025-5 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D<u>Series 2025-5</u> Note on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2025-5</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, <u>(a)</u> with respect to each Class of Series 2025-5 Notes issued on the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 11.72%</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Note Rate** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;4.62% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;4.87% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;5.50% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;7.74% |

---

"<u>Outstanding</u>" means with respect to the Series 2025-5 Notes (or any Class of Series 2025-5 Notes), all Series 2025-5 Notes (or Series 2025-5 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2025-5 Supplement, <u>except</u> (a) Series 2025-5 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2025-5 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2025-5 Distribution Account and are available for payment in full of such Series 2025-5 Notes, and Series 2025-5 Notes that are considered paid pursuant to <u>Section 8.1</u> (*Payment of Notes*) of the Base Indenture, and (c) Series 2025-5 Notes in exchange for or in lieu of other Series 2025-5 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2025-5 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2025-5 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2025-5 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2025-5 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2025-5 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2025-5 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations
 the full and timely payment of which are to be made by or is fully guaranteed by the United
 States of America other than financial contracts whose value depends on the values or indices
 of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand
 deposits of, time deposits in, or certificates of deposit issued by, any depositary institution
 or trust company incorporated under the laws of the United States of America or any state
 thereof whose short-term debt is rated "P-1" by Moody's and "A-1+"
 by S&P and subject to supervision and examination by Federal or state banking or depositary
 institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the
 time of the investment and (y) the time of the contractual commitment to invest therein,
 the certificates of deposit or short-term deposits, if any, or long-term unsecured debt obligations
 (other than such obligation whose rating is based on collateral or on the credit of a Person
 other than such institution or trust company) of such depositary institution or trust company
 shall have a credit rating from S&P of "A-1+" and a credit rating from Moody's
 of "P-1" in the case of certificates of deposit or short-term deposits, or a
 rating from S&P not lower than "AA" and a rating from Moody's not lower
 than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial
 paper having, at the earlier of (x) the time of the investment and (y) the time
 of the contractual commitment to invest therein, a rating from S&P of "A-1+"
 and a rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers'
 acceptances issued by any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments
 in money market funds rated "AAAm" by S&P and "Aaa-mf" by Moody's,
 or otherwise approved in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar
 time deposits having a credit rating from S&P of "A-1+" and a credit rating
 from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase
 agreements involving any of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above and the certificates of deposit described in <u>clause (ii)</u> above
 which are entered into with a depository institution or trust company, having a commercial
 paper or short-term certificate of deposit rating of "A-1+" by S&P and "P-1"
 by Moody's; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other
 instruments or securities, if each Rating Agency then rating any outstanding Class of
 Series 2025-5 Notes at the request of HVF III will not have advised in writing that
 the investment in such instruments or securities will result in the reduction or withdrawal
 of its then-current rating of such outstanding Class of Series 2025-5 Notes;

*provided*, that for so long as Fitch is rating any Class of Series 2025-5 Notes, (x) anyinvestment in a money market fund rated by Fitch will only be a Permitted Investment if such money market fund has a rating of "AAAmmf" from Fitch, (y) any investment in commercial paper will only be a Permitted Investment if such commercial paper has (at the earlier of the time of the investment and the time of the contractual commitment to invest therein) a rating of "F1" from Fitch, and (z) any other Permitted Investment (other than those described in clause (i) above) will only be a Permitted Investment if the institution issuing such Permitted Investment has a long-term issuer default rating of at least "A" by Fitch and a short-term issuer default rating of "F1" by Fitch.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2025-5 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2025-5 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2025-5 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(b)</u> (*Initial Issuance*) of this Series 2025-5 Supplement.

"<u>Rating Agencies</u>" means (i) with respect to the Class A Notes the Class B Notes and the Class C Notes, Fitch and Moody's, (ii) with respect to the Class D Notes <u>and Class E Notes</u>, Moody's, and (iii) with respect to any Class of Series 2025-5 Notes, any other nationally recognized rating agency rating the Series 2025-5 Notes at the request of HVF III; <u>provided</u> that, if at any time any nationally recognized rating agency ceases to rate any Class of Series 2025-5 Notes, such rating agency shall be deemed to no longer constitute a Rating Agency with respect to such Class of Series 2025-5 Notes for so long as such rating agency continues not to rate such Class of Series 2025-5 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2025-5 Notes*) of this Series 2025-5 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(e)</u> (*Initial Issuance*) of this Series 2025-5 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant Alternative Rating</u>" means, with respect to any Person as of the date of determination: (a) if such Person has both a senior unsecured rating by the alternative Rating Agency and a long-term issuer default rating by the alternative Rating Agency as of such date, then the higher of such two ratings as of such date and (b) if such Person only has one of a senior unsecured rating by the alternative Rating Agency and a long-term issuer default rating by the alternative Rating Agency as of such date, then such rating of such person as of such date; provided, that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Alternative Rating with respect to such Person as of such date.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Fitch Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then such rating of such Person as of such date; provided, that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating with respect to such Person as of such date, (c) with respect to DBRS, the Relevant DBRS Rating with respect to such Person as of such date, (d) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date and (e) with respect to any alternative Rating Agency, the Relevant Alternative Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2025-5 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2025-5 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2025-5 Supplement.

"<u>Senior Class of Series 2025-5 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2025-5 Payment Date Available Interest Amount with respect to the Series 2025-5 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2025-5 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account,</u> each Class A/B/C/D <u>Demand Note, each Class E</u> Demand Note, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2025-5 Principal Collection Account for deposit into the Series 2025-5 Interest Collection Account on such Payment Date.

"<u>Series 2025-5 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2025-5 Supplement.

"<u>Series 2025-5 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2025-5 Accounts*) of this Series 2025-5 Supplement.

"<u>Series 2025-5 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2025-5 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2025-5 Notes.

"<u>Series 2025-5 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2025-5 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2025-5 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2025-5 Notes.

"<u>Series 2025-5 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2025-5 Principal Amount as of such date over (B) the Series 2025-5 Principal Collection Account Amount as of such date. The Series 2025-5 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2025-5 Notes.

"<u>Series 2025-5 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-5 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2025-5 Alternative AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-5 Alternative Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-5 Alternative Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-5 Alternative Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-5 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-5 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-5 Alternative Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-5 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-5 Alternative Remainder AAA Amount.

"<u>Series 2025-5 Alternative AAA Select Component</u>" means each Series 2025-5 Alternative AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-5 Alternative Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-5 Alternative AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-5 Alternative Baseline Advance Rate with respect to such Series 2025-5 Alternative AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-5 Alternative Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-5 Alternative AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-5 Alternative MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-5 Alternative AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-5 Alternative Baseline Advance Rate</u>" means, with respect to each Series 2025-5 Alternative AAA Select Component, the percentage set forth opposite such Series 2025-5 Alternative AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2025-5 Alternative AAA Select Component** | &nbsp;&nbsp;**Series 2025-5 Alternative<br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2025-5 Alternative Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2025-5 Alternative Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2025-5 Alternative Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2025-5 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2025-5 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2025-5 Alternative Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;86.75% |
| &nbsp;&nbsp;Series 2025-5 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;82.55% |
| &nbsp;&nbsp;Series 2025-5 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2025-5 Alternative Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2025-5 Alternative Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-5 Alternative Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-5 Alternative Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-5 Alternative Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-5 Alternative AAA Select Component, in each case as of such date.

"<u>Series 2025-5 Alternative Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-5 Alternative AAA Select Component equal to the product of such Series 2025-5 Alternative AAA Select Component and the Series 2025-5 Alternative Adjusted Advance Rate with respect to such Series 2025-5 Alternative AAA Select Component, in each case as of such date.

"<u>Series 2025-5 Alternative Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-5 Alternative Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-5 Alternative Baseline Advance Rate with respect to such Series 2025-5 Alternative Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-5 Alternative Concentration Excess Advance Rate Adjustment with respect to such Series 2025-5 Alternative Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-5 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-5 Alternative Baseline Advance Rate with respect to such Series 2025-5 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-5 Alternative Concentration Excess Advance Rate Adjustment with respect to such Series 2025-5 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-5 Alternative Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-5 Alternative AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-5 Alternative Concentration Excess Amount, if any, allocated to such Series 2025-5 Alternative AAA Select Component by HVF III and (B) the Series 2025-5 Alternative Baseline Advance Rate with respect to such Series 2025-5 Alternative AAA Select Component, and the denominator of which is (II) such Series 2025-5 Alternative AAA Select Component, in each case as of such date, and (b) the Series 2025-5 Alternative Baseline Advance Rate with respect to such Series 2025-5 Alternative AAA Component; <u>provided</u> that, the portion of the Series 2025-5 Alternative Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-5 Alternative AAA Select Component that was included in determining whether such Series 2025-5 Alternative Concentration Excess Amount exists.

"<u>Series 2025-5 Alternative Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-5 Alternative Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-5 Alternative Eligible Manufacturer Receivables, in each case, included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-5 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount, as of such date or the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount, as of such date or the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-5 Alternative Eligible Manufacturer Receivables included in the Series 2025-5 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer with respect to such Series 2025-5 Alternative Eligible Manufacturer Receivable for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-5 Alternative Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-5 Alternative Manufacturer Concentration Excess Amounts and (D) Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-5 Alternative Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-5 Alternative Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-5 Alternative Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-5 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-5 Alternative Investment Grade Manufacturers.

"<u>Series 2025-5 Alternative Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-5 Alternative Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-5 Alternative Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable due from any Manufacturer that has a Relevant Alternative Rating as of such date of at least "A(L)" (or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, then the Alternative Equivalent Rating of at least "A(L)") pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable due from any Manufacturer that (a) has a Relevant Alternative Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)" or (b) if such Manufacturer does not have a Relevant Alternative Rating as of such date, then has the Alternative Equivalent Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)", in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable due from a Series 2025-5 Alternative Non-Investment Grade (High) Manufacturer or a Series 2025-5 Alternative Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-5 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-5 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-5 Alternative Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-5 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-5 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-5 Alternative Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-5 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-5 Alternative Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-5 Alternative Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-5 Alternative Non-Investment Grade (High) Program Vehicle and each Series 2025-5 Alternative Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-5 Alternative Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Alternative Rating as of such date of at least "BBB(L)" (or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, then the Alternative Equivalent Rating of "BBB(L)")as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, the Alternative Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-5 Alternative Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-5 Alternative Investment Grade Manufacturer that is not a Series 2025-5 Alternative Investment Grade Program Vehicle as of such date.

"<u>Series 2025-5 Alternative Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-5 Alternative Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-5 Alternative Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-5 Alternative Eligible Manufacturer Receivables due from such Manufacturer.

"<u>Series 2025-5 Alternative Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-5 Alternative Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-5 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-5 Alternative Eligible Manufacturer Receivables included in the Series 2025-5 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer with respect to such Series 2025-5 Alternative Eligible Manufacturer Receivable for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-5 Alternative Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-5 Alternative Manufacturer Concentration Excess Amounts and (D) Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-5 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-5 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-5 Alternative MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-5 Alternative Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-5 Failure Percentage as of such date and (ii) the Series 2025-5 Alternative Concentration Adjusted Advance Rate with respect to the Series 2025-5 Alternative Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-5 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-5 Failure Percentage as of such date and (ii) the Series 2025-5 Alternative Concentration Adjusted Advance Rate with respect to the Series 2025-5 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-5 Alternative AAA Component, zero.

"<u>Series 2025-5 Alternative Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant Alternative Rating as of such date of (i) less than "BBB(L)" and (ii) at least "BB(L)", or (b) if such Manufacturer does not have a Relevant Alternative Rating as of such date, then has the Alternative Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-5 Alternative Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-5 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-5 Alternative Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-5 Alternative Eligible Manufacturer Receivables with respect to any Series 2025-5 Alternative Non-Investment Grade (High) Manufacturer included in the Series 2025-5 Alternative Manufacturer Amount for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-5 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-5 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-5 Alternative Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-5 Alternative Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-5 Alternative Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Alternative Rating as of such date of less than "BB(L)"(or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, the Alternative Equivalent Rating of "BB(L)") as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, the Alternative Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-5 Alternative Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-5 Alternative Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another master motor vehicle operating lease, as applicable) as of such date.

"<u>Series 2025-5 Alternative Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-5 Alternative Non-Investment Grade (High) Manufacturer or a Series 2025-5 Alternative Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-5 Alternative Non-Investment Grade (High) Program Vehicle or a Series 2025-5 Alternative Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-5 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-5 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-5 Alternative Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-5 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-5 Alternative Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-5 Alternative Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-5 Alternative Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-5 Alternative Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-5 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-5 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-5 Alternative Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-5 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-5 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2025-5 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2025-5 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2025-5 Blended Advance Rate, in each case as of such date.

"<u>Series 2025-5 Blended Advance Rate</u>" means, as of any date of determination, the least of the Series 2025-5 Alternative Blended Advanced Rate as of such date, the Series 2025-5 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2025-5 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-5 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2025-5 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2025-5 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2025-5 Administrator Fee Amount and the Series 2025-5 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2025-5 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-5 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2025-5 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-5 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2025-5 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2025-5 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2025-5 Related Document,

in each case under and in accordance with such Series 2025-5 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2025-5 Notes.

"<u>Series 2025-5</u> <u><u>Closing Date" means December 5, 2025.</u></u>

"<u>Series 2025-5 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2025-5 Account Collateral with respect to each Series 2025-5 Account and each Class A/B/C/D Demand Note.

"<u>Series 2025-5 Controlled Amortization Period</u>" means the period commencing upon the close of business December 25, 2028 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2025-5 Rapid Amortization Period, (ii) the date on which the Series 2025-5 Notes are fully paid and (iii) the termination of this Series 2025-5 Supplement.

"<u>Series 2025-5 Daily Interest Allocation</u>" means, on each Series 2025-5 Deposit Date, the Series 2025-5 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2025-5 Daily Principal Allocation</u>" means, on each Series 2025-5 Deposit Date, an amount equal to the Series 2025-5 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2025-5 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2025-5 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2025-5 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(</u><u>iii</u><u>iv</u><u>)</u> (*Series 2025-5 Accounts*) of this Series 2025-5 Supplement.

"<u>Series 2025-5 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-5 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2025-5 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-5 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2025-5 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2025-5 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2025-5 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-5 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2025-5 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2025-5 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2025-5 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2025-5 Market Value Average as of any Determination Date within the preceding three (3) calendar months (or such fewer number of months as have elapsed since the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2025-5 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-5 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2025-5 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-5 Accounts*) of this Series 2025-5 Supplement.

"<u>Series 2025-5 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2025-5 Interest Period <u>for the Class A/B/C/D Notes</u> shall commence on and include the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date and end on and include December 25, 2025 <u>and the initial Series 2025-5 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2025-5 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2025-5 Revolving Period, the Series 2025-5 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2025-5 Controlled Amortization Period and the Series 2025-5 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2025-5 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2025-5 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2025-5 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2025-5 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2025-5 Principal Amount shall have been reduced to zero, the Series 2025-5 Invested Percentage shall equal zero.

"<u>Series 2025-5 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2025-5 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2025-5 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-5 Lease Payment Deficit</u>" means either a Series 2025-5 Lease Interest Payment Deficit or a Series 2025-5 Lease Principal Payment Deficit.

"<u>Series 2025-5 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2025-5 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2025-5 Principal Collection Account on or prior to such Payment Date on account of such Series 2025-5 Lease Principal Payment Deficit.

"<u>Series 2025-5 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2025-5 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2025-5 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2025-5 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2025-5 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-5 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2025-5 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-5 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2025-5 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2025-5 Controlling Class.

Each Series 2025-5 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2025-5 Notes.

"<u>Series 2025-5 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table.

---

| | |
|:---|:---|
| **Manufacturer** | **Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

"<u>Series 2025-5 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2025-5 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2025-5 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2025-5 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2025-5 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2025-5 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2025-5 Measurement Month shall be included in any other Series 2025-5 Measurement Month.

"<u>Series 2025-5 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-5 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2025-5 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2025-5 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-5 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-5 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-5 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-5 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-5 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-5 Moody's Remainder AAA Amount.

"<u>Series 2025-5 Moody's AAA Select Component</u>" means each Series 2025-5 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-5 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-5 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-5 Moody's Baseline Advance Rate with respect to such Series 2025-5 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-5 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-5 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-5 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-5 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-5 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2025-5 Moody's AAA Select Component, the percentage set forth opposite such Series 2025-5 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| **Series 2025-5 Moody's AAA Select Component** | **Series 2025-5 Moody's <br> Baseline Advance Rate** |
| Series 2025-5 Moody's Eligible Investment Grade Program Vehicle Amount | 95.00% |
| Series 2025-5 Moody's Eligible Investment Grade Program Receivable Amount | 95.00% |
| Series 2025-5 Moody's Eligible Non-Investment Grade Program Vehicle Amount | 92.00% |
| Series 2025-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | 92.00% |
| Series 2025-5 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | 0.00% |
| Series 2025-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount | 85.00% |
| Series 2025-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | 85.00% |
| Series 2025-5 Medium-Duty Truck Amount | 65.00% |
| Cash Amount | 100.00% |
| Series 2025-5 Moody's Remainder AAA Amount | 0.00% |

---

"<u>Series 2025-5 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-5 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-5 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-5 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-5 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-5 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-5 Moody's AAA Select Component equal to the product of such Series 2025-5 Moody's AAA Select Component and the Series 2025-5 Moody's Adjusted Advance Rate with respect to such Series 2025-5 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-5 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-5 Moody's Baseline Advance Rate with respect to such Series 2025-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-5 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-5 Moody's Baseline Advance Rate with respect to such Series 2025-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-5 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-5 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-5 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-5 Moody's Concentration Excess Amount, if any, allocated to such Series 2025-5 Moody's AAA Select Component by HVF III and (B) the Series 2025-5 Moody's Baseline Advance Rate with respect to such Series 2025-5 Moody's AAA Select Component, and the denominator of which is (II) such Series 2025-5 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2025-5 Moody's Baseline Advance Rate with respect to such Series 2025-5 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2025-5 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-5 Moody's AAA Select Component that was included in determining whether such Series 2025-5 Moody's Concentration Excess Amount exists.

"<u>Series 2025-5 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-5 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-5 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-5 Moody's Eligible Manufacturer Receivables included in the Series 2025-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-5 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-5 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-5 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-5 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-5 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-5 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-5 Moody's Investment Grade Manufacturers.

"<u>Series 2025-5 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-5 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-5 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2025-5 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-5 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-5 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-5 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-5 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-5 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-5 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-5 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-5 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-5 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2025-5 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-5 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-5 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-5 Moody's Investment Grade Manufacturer that is not a Series 2025-5 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2025-5 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-5 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-5 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-5 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2025-5 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-5 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-5 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-5 Moody's Eligible Manufacturer Receivables included in the Series 2025-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-5 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-5 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-5 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-5 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-5 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-5 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-5 Failure Percentage as of such date and (ii) the Series 2025-5 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-5 Failure Percentage as of such date and (ii) the Series 2025-5 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-5 Moody's AAA Component, zero.

"<u>Series 2025-5 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2025-5 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-5 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-5 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-5 Moody's Eligible Manufacturer Receivables with respect to any Series 2025-5 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2025-5 Moody's Manufacturer Amount for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-5 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-5 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-5 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-5 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-5 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-5 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-5 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-5 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-5 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-5 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-5 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2025-5 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2025-5 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Medium-Duty Truck Amount for purposes of calculating the Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-5 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-5 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-5 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-5 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-5 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-5 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-5 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-5 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-5 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-5 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-5 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-5 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-5 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-5 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-5 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-5 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2025-5 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2025-5 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2025-5 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2025-5 Measurement Month, commencing with the third Series 2025-5 Measurement Month following the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2025-5 Measurement Month and the two Series 2025-5 Measurement Months preceding such Series 2025-5 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2025-5 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2025-5 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2025-5 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2025-5 Carrying Charges on such Payment Date (excluding any Series 2025-5 Carrying Charges payable to the Series 2025-5 Noteholders) and (b) the Series 2025-5 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2025-5 Noteholders).

"<u>Series 2025-5 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2025-5 Lease Principal Payment Deficit, an amount equal to the Series 2025-5 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2025-5 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2025-5 Lease Interest Payment Deficit, an amount equal to the Series 2025-5 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2025-5 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2025-5 Payment Date Available Interest Amount</u>" means, with respect to each Series 2025-5 Interest Period, the sum of the Series 2025-5 Daily Interest Allocation for each Series 2025-5 Deposit Date in such Series 2025-5 Interest Period.

"<u>Series 2025-5 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2025-5 Interest Collection Account*).

"<u>Series 2025-5 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-5 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2025-5 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2025-5 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2025-5 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2025-5 Notes.

"<u>Series 2025-5 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2025-5 Principal Amount shall be the "Principal Amount" with respect to the Series 2025-5 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2025-5 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2025-5 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-5 Accounts*) of this Series 2025-5 Supplement.

"<u>Series 2025-5 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2025-5 Principal Collection Account as of such date.

"<u>Series 2025-5 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2025-5 Notes is deemed to have occurred with respect to the Series 2025-5 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2025-5 Notes are paid in full and (ii) the termination of this Series 2025-5 Supplement.

"<u>Series 2025-5 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2025-5 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2025-5 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2025-5 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2025-5 Notes.

"<u>Series 2025-5 Related Documents</u>" means the Related Documents, this Series 2025-5 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2025-5 Revolving Period</u>" means the period from the Series 2025-5<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2025-5 Controlled Amortization Period and (ii) the commencement of the Series 2025-5 Rapid Amortization Period.

"<u>Series 2025-5 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2025-5 Supplement.

"<u>Series 2025-5 Supplemental Indenture</u>" means a supplement to this Series 2025-5 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2025-5 Supplement.

"<u>Series 2025-5 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2025-5 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-5 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2025-5 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-5 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2025-5 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2025-5 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2025-5 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2025-5 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2025-5 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2025-5 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2025-5 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-5 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2025-5 Collateral</u>" means the Series 2025-5 Account Collateral with respect to each Series 2025-5 Account and each Class A/B/C/D Demand Note. The Series-Specific 2025-5 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2025-5 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(i)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-5 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2025-5 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available L/C Cash Collateral Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Available Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Letter of Credit Liquidity Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D
 Reserve Account Deficiency Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Monthly Interest Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E
 Principal Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying
 Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due
 and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance
 Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Adjusted Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Alternative Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Concentration Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Concentration Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Eligible Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Eligible Investment Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Eligible Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Eligible Non-Investment Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Manufacturer Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Medium-Duty Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's MTM/DT Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Non-Liened Vehicle Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Moody's Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Non-Program Vehicle Disposition Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Principal Collection Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-5
 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2025-5 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.11

**Exhibit 10.11**

***EXECUTION VERSION***

**Amendment No. 1 to Series 2025-6 SUPPLEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), dated as of April 24, 2026, to the SERIES 2025-6 SUPPLEMENT, dated as of December 5, 2025 (as amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2025-6 Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, <u>Section 9.9(b)</u> (*Amendments*) of the Series 2025-6 Supplement permits the Issuer and the Trustee to amend the Series 2025-6 Supplement in writing without the consent of any Series 2025-6 Noteholder to provide for the issuance of Class E Notes in accordance with Section 9.18 (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-6 Rating Agency Condition;

WHEREAS, <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-6 Supplement provides that on any date during the Series 2025-6 Revolving Period, HVF III may issue Class E Notes, subject to the satisfaction of certain conditions, including (i) the entry by HVF III and the Trustee into an amendment to the Series 2025-6 Supplement setting forth the terms of the Class E Notes, (ii) receipt by the Trustee of a Company Request and Company Order with respect to the proposed issuance, (iii) receipt by the Trustee of an Officer's Certificate (iv) receipt by the Trustee of customary Opinions of Counsel, and (v) satisfaction of the Series 2025-6 Rating Agency Condition;

WHEREAS, the Issuer has delivered to the Trustee an Officer's Certificate that (i) no Amortization Event, Series 2025-6 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is continuing or will occur as a result of this Amendment, (ii) all conditions precedent with respect to this Amendment have been complied with or waived, and (iii) this Amendment will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

WHEREAS, the Issuer has delivered to the Trustee Opinions of Counsel to the effect that (i) the issuance of the Class E Notes will not adversely affect the U.S. federal income tax characterization of any outstanding Series or Class of Notes and HVF III will not be classified as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (ii) all conditions precedent under <u>Section 9.18</u> (*Issuance of Class E Notes*) have been complied with or waived, and (iii) the Class E Notes will constitute valid and binding obligations of HVF III, enforceable in accordance with their terms, subject to customary bankruptcy and enforceability exceptions;

WHEREAS, the Series 2025-6 Rating Agency Condition is satisfied with respect to the amendments described herein; and

WHEREAS, the parties hereto desire, in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of the Series 2025-6 Supplement, to amend the Series 2025-6 Supplement as provided herein;

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2025-6 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Series 2025-6 Supplement</u>. Pursuant to <u>Section 9.9(b)</u> (*Amendments*) and <u>Section 9.18</u> (*Issuance of the Class E Notes*) of the Series 2025-6 Supplement, the Issuer and the Trustee hereby agree to amend the Series 2025-6 Supplement (the "<u>Amendment</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2025-6 Supplement attached as <u>Annex A</u> hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The <u>Exhibits</u> to the Series 2025-6 Supplement are hereby deleted in their entirety and replaced with the <u>Exhibits</u> as set forth in <u>Annex B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2025-6 Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2025-6 Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reference to and Effect on the Series 2025-6 Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2025-6 Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2025-6 Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2025-6 Supplement to "<u>Series 2025-6 Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2025-6 Supplement, and each reference in any other Series 2025-6 Related Document to "<u>Series 2025-6 Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2025-6 Supplement, shall mean and be a reference to the Series 2025-6 Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness; Operative Date</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2025-6 Supplement or the Series 2025-6 Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2025-6 Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

*Signature Page to Amendment No. 1 to Series 2025-6 Supplement*

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

---

*Signature Page to Amendment No. 1 to Series 2025-6 Supplement*

<u>Annex A</u>

**EXECUTION VERSION**

<u>**CONFORMED THROUGH AMENDMENT NO. 1, DATED APRIL 24, 2026**</u>

HERTZ VEHICLE FINANCING III LLC,

as Issuer,

THE HERTZ CORPORATION,

as Administrator,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

**SERIES 2025-6 SUPPLEMENT**

dated as of December 5, 2025

to

BASE INDENTURE<br> dated as of June 29, 2021

$376,750,000 Series 2025-6 4.89% Rental Car Asset Backed Notes, Class A

$55,000,000 Series 2025-6 5.14% Rental Car Asset Backed Notes, Class B<br> $74,250,000 Series 2025-6 5.82% Rental Car Asset Backed Notes, Class C<br> $44,000,000 Series 2025-6 8.30% Rental Car Asset Backed Notes, Class D

<u>$26,546,000 Series 2025-6 12.54% Rental Car Asset Backed Notes, Class E</u>

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| <u>Article I DEFINITIONS AND CONSTRUCTION</u> | <u>Article I DEFINITIONS AND CONSTRUCTION</u> | 2 |
| <u>Section 1.1</u> | <u>Defined Terms and References</u> | 2 |
| <u>Section 1.2</u> | <u>Rules of Construction</u> | 2 |
| <u>Article II INITIAL ISSUANCE OF SERIES 2025-4 NOTES; FORM OF SERIES 2025-6 NOTES</u> | <u>Article II INITIAL ISSUANCE OF SERIES 2025-4 NOTES; FORM OF SERIES 2025-6 NOTES</u> | 3 |
| <u>Section 2.1</u> | <u>Initial Issuance</u> | 3 |
| <u>Section 2.2</u> | <u>Transfer Restrictions for Global Notes</u> | 4<u>5</u> |
| <u>Section 2.3</u> | <u>Definitive Notes</u> | 10<u>13</u> |
| <u>Section 2.4</u> | <u>Legal Final Payment Date</u> | 10<u>13</u> |
| <u>Section 2.5</u> | <u>Required Series Noteholders</u> | 10<u>13</u> |
| <u>Section 2.6</u> | <u>FATCA</u> | 10<u>13</u> |
| <u>Article III INTEREST AND INTEREST RATES</u> | <u>Article III INTEREST AND INTEREST RATES</u> | 11<u>14</u> |
| <u>Section 3.1</u> | <u>Interest</u> | 11<u>14</u> |
| <u>Article IV SERIES-SPECIFIC COLLATERAL</u> | <u>Article IV SERIES-SPECIFIC COLLATERAL</u> | 11<u>14</u> |
| <u>Section 4.1</u> | <u>Granting Clause</u> | 11<u>14</u> |
| <u>Section 4.2</u> | <u>Series 2025-4 Accounts</u> | 11<u>15</u> |
| <u>Section 4.3</u> | <u>Trustee as Securities Intermediary</u> | 13<u>17</u> |
| <u>Section 4.4</u> | <u>Class A/B/C/D Demand Notes</u> | 15<u>18</u> |
| <u>Section 4.5</u> | <u>Class E Demand Notes</u> | <u>19</u> |
| <u>Section 4.54.6</u> | <u>Subordination</u> | 15<u>19</u> |
| <u>Section 4.64.7</u> | <u>Duty of the Trustee</u> | 15<u>19</u> |
| <u>Section 4.74.8</u> | <u>Representations of the Trustee</u> | 15<u>19</u> |
| <u>Article V PRIORITY OF PAYMENTS</u> | <u>Article V PRIORITY OF PAYMENTS</u> | 15<u>19</u> |
| <u>Section 5.1</u> | <u>[Reserved].</u> | 15<u>19</u> |
| <u>Section 5.2</u> | <u>Collections Allocation.</u> | 15<u>19</u> |
| <u>Section 5.3</u> | <u>Application of Funds in the Series 2025-6 Interest Collection Account</u> | 16<u>20</u> |
| <u>Section 5.4</u> | <u>Application of Funds in the Series 2025-6 Principal Collection Account</u> | 17<u>21</u> |
| <u>Section 5.5</u> | <u>Class A/B/C/D Reserve Account Withdrawals</u> | 18<u>23</u> |
| <u>Section 5.6</u> | <u>Class E Reserve Account Withdrawals</u> | <u>23</u> |
| <u>Section 5.65.7</u> | <u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u> | 19<u>24</u> |
| <u>Section 5.8</u> | <u>Class E Letters of Credit and Class E Demand Notes.</u> | <u>27</u> |
| <u>Section 5.75.9</u> | <u>Past Due Rental Payments</u> | 22<u>29</u> |
| <u>Section 5.85.10</u> | <u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u> | 22<u>30</u> |
| <u>Section 5.11</u> | <u>Class E Letters of Credit and Class E L/C Cash Collateral Account.</u> | <u>33</u> |
| <u>Section 5.95.12</u> | <u>Certain Instructions to the Trustee</u> | 25<u>35</u> |
| <u>Section 5.105.13</u> | <u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u> | 25<u>36</u> |
| <u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u> | <u>Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS</u> | 26<u>36</u> |
| <u>Section 6.1</u> | <u>Representations and Warranties</u> | 26<u>36</u> |
| <u>Section 6.2</u> | <u>Covenants</u> | 26<u>37</u> |
| <u>Section 6.3</u> | <u>Closing Conditions</u> | 28<u>38</u> |
| <u>Section 6.4</u> | <u>Further Assurances</u> | 28<u>38</u> |
| <u>Article VII AMORTIZATION EVENTS</u> | <u>Article VII AMORTIZATION EVENTS</u> | 29<u>39</u> |
| <u>Section 7.1</u> | <u>Amortization Events</u> | 29<u>39</u> |

---

i

****TABLE OF CONTENTS**<br> (continued)**

**Page**

---

| | | |
|:---|:---|:---|
| <u>Article VIII SUBORDINATION OF NOTES</u> | <u>Article VIII SUBORDINATION OF NOTES</u> | 31<u>42</u> |
| <u>Section 8.1</u> | <u>Subordination of Class B Notes</u> | 31<u>42</u> |
| <u>Section 8.2</u> | <u>Subordination of Class C Notes</u> | 31<u>42</u> |
| <u>Section 8.3</u> | <u>Subordination of Class D Notes</u> | 31<u>42</u> |
| <u>Section 8.4</u> | <u>Subordination of Class E Notes</u> | 32<u>42</u> |
| <u>Section 8.5</u> | <u>When Distribution Must be Paid Over</u> | 32<u>43</u> |
| <u>Article IX GENERAL</u> | <u>Article IX GENERAL</u> | 32<u>43</u> |
| <u>Section 9.1</u> | <u>Optional Redemption of the Series 2025-4 Notes</u> | 32<u>43</u> |
| <u>Section 9.2</u> | <u>Information</u> | 33<u>43</u> |
| <u>Section 9.3</u> | <u>Confidentiality</u> | 33<u>44</u> |
| <u>Section 9.4</u> | <u>Ratification of Base Indenture</u> | 33<u>44</u> |
| <u>Section 9.5</u> | <u>Notice to the Rating Agencies</u> | 34<u>44</u> |
| <u>Section 9.6</u> | <u>Third Party Beneficiary</u> | 34<u>44</u> |
| <u>Section 9.7</u> | <u>Execution in Counterparts; Electronic Execution</u> | 34<u>45</u> |
| <u>Section 9.8</u> | <u>Governing Law</u> | 34<u>45</u> |
| <u>Section 9.9</u> | <u>Amendments</u> | 34<u>45</u> |
| <u>Section 9.10</u> | <u>Administrator to Act on Behalf of HVF III</u> | 36<u>47</u> |
| <u>Section 9.11</u> | <u>Successors</u> | 37<u>49</u> |
| <u>Section 9.12</u> | <u>Termination of Series Supplement</u> | 37<u>49</u> |
| <u>Section 9.13</u> | <u>Electronic Execution</u> | 37<u>49</u> |
| <u>Section 9.14</u> | <u>Additional UCC Representations</u> | 37<u>49</u> |
| <u>Section 9.15</u> | <u>Notices</u> | 38<u>50</u> |
| <u>Section 9.16</u> | <u>Submission to Jurisdiction</u> | 38<u>50</u> |
| <u>Section 9.17</u> | <u>Waiver of Jury Trial</u> | 39<u>51</u> |
| Section 9.18 | <u>Issuance of Class E Notes</u> | 39 |
| <u>Section</u> <u>9.19</u><u>9.18</u> | <u>Trustee Obligations under the Retention Requirements</u> | 41<u>53</u> |
| **<u>Schedule I TO THE SERIES 2025-4 SUPPLEMENT</u>** | **<u>Schedule I TO THE SERIES 2025-4 SUPPLEMENT</u>** | **44<u>56</u>** |
| **<u>Schedule II TO THE SERIES 2025-4 SUPPLEMENT</u>** | **<u>Schedule II TO THE SERIES 2025-4 SUPPLEMENT</u>** | **85<u>102</u>** |

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ii

****TABLE OF CONTENTS**<br> (continued)**

**Page**

EXHIBITS AND SCHEDULES

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| | |
|:---|:---|
| Schedule I<br> Schedule II | List of Defined Terms<br> Monthly Noteholders' Statement Information |
| Exhibit A-1-1<br> Exhibit A-1-2<br> Exhibit A-2-1<br> Exhibit A-2-2<br> Exhibit A-3-1<br> Exhibit A-3-2<br> Exhibit A-4-1<br> Exhibit A-4-2<br> <u>Exhibit A-5</u><br> Exhibit B-1<br> Exhibit B-2<br> <u>Exhibit B-3</u><br> <u>Exhibit B-4</u><br> <u>Exhibit C-1</u><br> Exhibit C<u>-2</u> <br> Exhibit D<br> Exhibit E-1<br> Exhibit E-2<br> <u>Exhibit E-3</u><br> Exhibit F<u>-1</u><br> <u>Exhibit F-2</u><br>| Form of Series 2025-6 144A Global Class A Note<br> Form of Series 2025-6 Regulation S Global Class A Note<br> Form of Series 2025-6 144A Global Class B Note<br> Form of Series 2025-6 Regulation S Global Class B Note<br> Form of Series 2025-6 144A Global Class C Note<br> Form of Series 2025-6 Regulation S Global Class C Note<br> Form of Series 2025-6 144A Global Class D Note<br> Form of Series 2025-6 Regulation S Global Class D Note<br> <u>Form of Series 2025-6 144A Global Class E Note</u><br> Form of Demand Notice<br> Form of Class A/B/C/D Demand Note<br> <u>Form of Class E Demand Notice</u><br> <u>Form of Class E Demand Note</u><br> Form of Reduction Notice Request Class A/B/C/D Letter of Credit<br> <u>Form of Reduction Notice Request Class E Letter of Credit</u><br> Form of Lease Payment Deficit Notice<br> <u>Form of Transfer Certificate: Certificate for Transfer of Class E Notes</u><br> Form of Transfer Certificate from 144A Global Note to Regulation S Global Note<br> Form of Transfer Certificate from Regulation S Global Note to 144A Global Note<br> Form of Class A/B/C/D Letter of Credit<br> <u>Form of Class E Letter of Credit</u>  |

---

iii

SERIES 2025-6 SUPPLEMENT, dated as of December 5, 2025 ("<u>Series 2025-6 Supplement</u>"), among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Notes, the "<u>Administrator</u>") and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 thereto, dated as of June 27, 2022, and as may be further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS, Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture provides, among other things, that HVF III and the Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or more Series of Notes;

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2025-6 Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of the Series 2025-6 Noteholders;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2025-6 Supplement, and such Series of Notes is hereby designated as Series 2025-6 Rental Car Asset Backed Notes.

On the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date, the following classes of Series 2025-6 Rental Car Asset Backed Notes shall be<u>were</u> issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-6 4.89% Rental
 Car Asset Backed Notes, Class A (as referred to herein, the " <u>Class A Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-6 5.14% Rental
 Car Asset Backed Notes, Class B (as referred to herein, the " <u>Class B Notes</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-6 5.82% Rental
 Car Asset Backed Notes, Class C (as referred to herein, the " <u>Class C Notes</u> ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-6 8.30% Rental
 Car Asset Backed Notes, Class D (as referred to herein, the " <u>Class D Notes</u> ").

Subsequent to the Series 2025-6 Closing Date, HVF III may on any date during the Series 2025-6 Revolving Period offer and sell additional Series 2025-6 Notes in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction of the conditions set forth in <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-6 Supplement, which, if issued, shall be designated as the Series 2025-6 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to herein as the "<u>Class E Notes</u>".

<u>On the Class E Notes Closing Date, the Series 2025-6 12.54% Rental Car Asset Backed Notes, Class E (as referred to herein, the "Class E Notes") shall be issued.</u>

The Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein collectively as the "<u>Series 2025-6 Notes</u>". The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein collectively as the "<u>Class A/B/C/D Notes</u>".

The Class A/B/C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. <u>The</u> <u>Class E Notes shall be issued</u> <u>in minimum denominations of $3,250,000 and integral multiples of $1,000 in excess thereof.</u>

**Article I**

**DEFINITIONS AND CONSTRUCTION**

**Section 1.01 <u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2025-6 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2025-6 Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the "Series 2025-6 Supplement" shall mean the Base Indenture, as supplemented hereby.

**Section 1.02 <u>Rules of Construction</u>**. In this Series 2025-6 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document), as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2025-6 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Base Indenture and the other applicable Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the language used in this Series 2025-6 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Article II**

**INITIAL ISSUANCE OF SERIES 2025-6 NOTES; FORM OF SERIES 2025-6 NOTES**

**Section 2.01 <u>Initial Issuance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance</u> <u>of Class A/B/C/D Notes</u>. On the terms and conditions set forth in this Series 2025-6 Supplement, HVF III shall issue<u>issued</u>, and shall cause<u>caused</u> the Trustee to authenticate, the initial Class A/B/C/D Notes on the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date. Such Class A/B/C/D Notes shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, with respect to each Class of Series 2025-6 Notes, the initial principal amount equal to the Class Initial Principal Amount for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, with respect to each Class of Series 2025-6 Notes, the interest rate set forth in the definition of Note Rate for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be<u>are</u> dated the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have, with respect to each Class of Series 2025-6 Notes, the maturity date set forth in the definition of Legal Final Payment Date for such Class,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be<u>are</u> rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by Moody's and Fitch and, with respect to the Class D Notes, by Moody's, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) be duly<u>were</u> authenticated in accordance with the provisions of the Base Indenture and this Series 2025-6 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>on</u> <u>Form of</u> the Class A/B/C/D Notes. The <u>Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial</u> <u>Issuance of Class E Notes</u><u>. On the terms and conditions set forth in this Series 2025-6 Supplement, HVF III shall issue, and shall cause the Trustee to authenticate, the initial Class E Notes on the Class E Notes Closing Date. Such Class E Notes shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>have the initial principal amount equal to the Class Initial Principal Amount for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>have the interest rate set forth in the definition of Note Rate for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>be dated</u> <u>the Class E Notes Closing Date</u><u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>have the maturity date set forth in the definition of Legal Final Payment Date for the Class E Notes,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>be rated by Moody's, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>be authenticated in accordance with the provisions of the Base Indenture and this Series 2025-6 Supplement on the Class E Notes Closing Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of the Series 2025-6 Notes. The</u> Class A/B/C/D Notes will be<u>were</u> offered and sold by HVF III on the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be<u>were</u> resold initially only to (A) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein. The Class A/B/C/D Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class A/B/C/D Notes. <u>The Class E Notes will be offered and sold by HVF III on the Class E Notes Closing Date pursuant to the Class E Note Purchase Agreement. The Class E Notes following the initial purchase may be transferred to QIBs in reliance on Rule 144A and to "accredited investors" within the meaning of Rule 501(a) under the Securities Act ("Accredited Investors"). The Class E Notes will be Book-Entry Notes, and DTC will act as the Depository for the Class E Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) <u>Initial Payment Date</u>. Notwithstanding anything herein or in any Series 2025-6 Related Document to the contrary, the initial Payment Date with respect to the Series 2025-6<u>Class A/B/C/D</u> Notes shall be<u>was</u> December 26, 2025 <u>and the initial Payment Date with respect to the Class E Notes shall be May 25, 2026</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) <u>144A Global Notes</u>. Each Class of the Class A/B/C/D<u>Series 2025-6</u> Notes offered and sold in their initial distribution on the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date in <u>or</u> <u>the Class E Notes Closing Date,</u> <u>as applicable, in</u> reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1-1</u> to this Series 2025-6 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-1</u> to this Series 2025-6 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-1</u> to this Series 2025-6 Supplement and<u>,</u> with respect to the Class D Notes in <u>Exhibit A-4-1</u> <u>to this Series 2025-6 Supplement, and with respect to the Class E Notes in Exhibit A-5</u> to this Series 2025-6 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC (collectively, the "144A Global Notes"). <u>The</u> <u>Solely</u> <u>with respect to the Class A/B/C/D Notes</u><u>, the</u> aggregate principal amount of the<u>such</u> 144A Global Notes<u>Note</u> may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-6 Notes as shall be specified in the schedule attached thereto, and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-6 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-6 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-6 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by Section 2.2 (*Transfer Restrictions for Global Notes*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) <u>Regulation S Global Notes</u>. Each Class of the Class A/B/C/D Notes offered and sold on the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth with respect to the Class A Notes in <u>Exhibit A-1-2</u> to this Series 2025-6 Supplement, with respect to the Class B Notes in <u>Exhibit A-2-2</u> to this Series 2025-6 Supplement, with respect to the Class C Notes in <u>Exhibit A-3-2</u> to this Series 2025-6 Supplement and with respect to the Class D Notes in <u>Exhibit A-4-2</u> to this Series 2025-6 Supplement, in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear and Clearstream (collectively, the "<u>Regulation S Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes, as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of Series 2025-6 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate principal amount of such Class of Series 2025-6 Notes from time to time endorsed thereon and that the aggregate principal amount of such Class of outstanding Series 2025-6 Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2025-6 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*) hereof. <u>For the avoidance of doubt, no interest in a Class E Note shall be represented by or in the form of a Regulation S Global Note.</u>

**Section 2.02 <u>Transfer Restrictions for Global Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>, that this <u>Section 2.2(a)</u> (*Transfer Restrictions for Global Notes*) shall not prohibit any transfer of a Class A Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance with Section 2.8 (*Transfer and Exchange*) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this <u>Section 2.2</u> (*Transfer Restrictions for Global Notes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> to a Person who wishes to take delivery thereof in the form of a beneficial interest in such 144A Global Note shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding HVF III as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Any transfer (including the initial transfer to the initial purchasers) of a Class E Note (or any beneficial interest therein) to any Person (a "**Transferee**") who wishes to take delivery of such Class E Note (or any beneficial interest therein) shall be made upon receipt by the Administrator, and the Registrar, each at its respective office, of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Transferee. Any transfer that occurs without the relevant Transferee's execution or delivery of the certificate referred to in the immediately preceding sentence will be void *ab initio*.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) If a Note Owner holding a beneficial interest in a 144A Global Note <u>(other than a Class E Global Note)</u> wishes at any time to exchange its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>c</u><u>d</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-1</u><u>-3</u> hereto given by the applicable Note Owner holding such beneficial interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable 144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such 144A Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) If a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 2.2(</u><u>d</u><u>e</u><u>)</u> (*Transfer Restrictions for Global Notes*). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in such 144A Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate in substantially the form set forth in <u>Exhibit E</u><u>-2</u><u>-4</u> hereto given by such Note Owner, as applicable, holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) The provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and the "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and the "Customer Handbook" of Clearstream (collectively, the "<u>Applicable Procedures</u>") shall be applicable to transfers of beneficial interests in the Class A Notes, the Class B Notes, the Class C Notes and<u>,</u> the Class D Notes <u>and the Class E Notes</u> which are in the form of Class A Global Notes, Class B Global Notes, Class C Global Notes or<u>,</u> Class D Global Notes, <u>or Class E Global Notes,</u> respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (f) The Class A/B/C/D Notes represented by 144A Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>"), (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "<u>QUALIFIED INSTITUTIONAL BUYER</u>" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (g) The Class A/B/C/D Notes represented by Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC ("<u>HVF III</u>") THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (h) All Class A/B/C/D Notes represented by Global Notes shall bear the following legend:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer OR ANY OTHER PERSON TREATED as THE ISSUER for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) All Class A/B/C Notes represented by Global Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>") OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

IF A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A "FIDUCIARY" (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES (UNLESS A STATUTORY OR ADMINISTRATIVE EXEMPTION APPLIES (ALL OF THE APPLICABLE CONDITIONS OF WHICH ARE SATISFIED) OR THE TRANSACTION IS NOT OTHERWISE PROHIBITED), AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (j) The Class D Notes shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, <u>OR</u> (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS D NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>The Class E Notes shall bear the following legend:</u>

<u>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING III LLC ("HVF III") (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS EITHER (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "QIB") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.</u>

<u>A PROSPECTIVE TRANSFEREE OF THE CLASS E NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "BENEFIT PLANS"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH CLASS E NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.</u>

<u>THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</u>

<u>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF III OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.</u>

<u>THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES (other than any Note at any time held by the Issuer or any other person treated as the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.</u>

<u>THE HOLDER (INCLUDING THE INITIAL PURCHASER) OF THIS NOTE OR ANY BENEFICIAL INTEREST THEREIN AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON'S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT AT ALL TIMES (A) SUCH HOLDER IS, AND EACH OTHER PERSON ON BEHALF OF WHICH SUCH HOLDER ACQUIRED THIS NOTE OR ANY INTEREST THEREIN IS, A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE; (B)(1) EITHER (I) SUCH HOLDER IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A "**FLOW-THROUGH ENTITY**") OR (II) IF SUCH HOLDER IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) AT ALL TIMES, LESS THAN 50% OF THE VALUE OF ANY BENEFICIAL OWNER'S DIRECT OR INDIRECT INTEREST IN SUCH HOLDER IS AND WILL BE ATTRIBUTABLE, IN THE AGGREGATE, TO SUCH HOLDER'S DIRECT OR INDIRECT INTEREST IN SUCH NOTE OR IN THE ISSUER, AND (Y) SUCH HOLDER IS NOT AND WILL NOT BE PART OF ANY ARRANGEMENT THE PRINCIPAL PURPOSE OF WHICH IS TO PERMIT SUCH HOLDER TO SATISFY THE 100-PARTNER LIMITATION OF U.S. TREASURY REGULATION SECTION 1.7704-1(h)(1)(ii), OR (2) SUCH HOLDER HAS DELIVERED A WRITTEN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT THE TRANSFER OF SUCH NOTE TO SUCH HOLDER WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL (AND APPLICABLE STATE AND/OR LOCAL) INCOME TAX PURPOSES; (C) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IN A PRINCIPAL AMOUNT THAT IS LESS THAN THE CLASS E MINIMUM DENOMINATION, AS DEFINED IN THE SERIES 2025-6 SUPPLEMENT; (D) SUCH HOLDER WILL NOT ACQUIRE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS, OR PAYMENTS ON WHICH ARE, DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE OR THE ISSUER (INCLUDING THE AMOUNT OF DISTRIBUTIONS OR PAYMENTS BY THE ISSUER, THE VALUE OF THE ASSETS OF THE ISSUER, OR THE RESULTS OF THE OPERATIONS OF THE ISSUER); (E) SUCH HOLDER IS NOT ACQUIRING AND WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) OR ANY EQUITY INTEREST IN THE ISSUER ON OR THROUGH AN "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE INTERNAL REVENUE CODE AND U.S. TREASURY REGULATION SECTION 1.7704-1(b), INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS; (F) SUCH HOLDER WILL NOT MARKET, SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF, SUFFER THE CREATION OF A LIEN ON OR CAUSE TO BE MARKETED THIS NOTE (OR ANY INTEREST THEREIN) IF SUCH ACTION COULD REASONABLY BE EXPECTED TO (1) CAUSE THE COMBINED NUMBER OF HOLDERS OF (I) CLASS E NOTES OF THE ISSUER, (II) ANY OTHER DEBT OF THE ISSUER (X) FOR WHICH THE ISSUER HAS NOT RECEIVED AN OPINION THAT SUCH DEBT "WILL" BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND (Y) THAT WAS ISSUED WITH TRANSFER RESTRICTIONS AND CERTIFICATION REQUIREMENTS SUBSTANTIALLY SIMILAR TO THOSE APPLICABLE TO THIS NOTES WHICH RESTRICTIONS AND REQUIREMENTS HAVE NOT SINCE BEEN REMOVED AND (III) ANY OTHER INTERESTS THAT ARE TREATED AS EQUITY INTERESTS IN THE ISSUER FOR U.S. FEDERAL INCOME TAX PURPOSES TO EXCEED NINETY (90) OR (2) OTHERWISE CREATE A MATERIAL RISK THAT THE ISSUER MAY BE TREATED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES (AS REASONABLY DETERMINED BY THE ISSUER); AND (G) SUCH HOLDER WILL NOT SELL, TRANSFER, EXCHANGE, ASSIGN, CONVEY, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR ANY INTEREST THEREIN) TO ANY SUBSEQUENT TRANSFEREE UNLESS, PRIOR TO SUCH ACTION, SUCH SUBSEQUENT TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE REGISTRAR AND THE ADMINISTRATOR, AND ANY OF THEIR RESPECTIVE SUCCESSORS, AGENTS OR ASSIGNS, A TRANSFER CERTIFICATE IN SUBSTANTIALLY THE FORM OF THE TRANSFER CERTIFICATE SET FORTH IN THE APPLICABLE SERIES SUPPLEMENT. **ANY TRANSFER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID *AB INITIO*.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (k) The required legends set forth above shall not be removed from the applicable Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D <u>Notes or Class E</u> Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to HVF III and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by HVF III, that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Class A Note, Class B Note, Class C Notes or<u>Note,</u> Class D <u>Note or Class E</u> Note, as applicable, will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, HVF III shall deliver to the Trustee an Opinion of Counsel stating that all conditions precedent to such legend removal have been complied with, and the Trustee at the direction of HVF III shall authenticate and deliver in exchange for such Restricted Note a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note or Class A Notes, Class B Notes, Class C Notes or<u>,</u> Class D Notes <u>or Class E Notes</u>, as applicable, having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a Class A Note, Class B Note, Class C Note or<u>,</u> Class D <u>Note or Class E</u> Note as provided above, no other Note issued in exchange for all or any part of such Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, shall bear such legend, unless HVF III has reasonable cause to believe that such other Class A Note, Class B Note, Class C Note or<u>,</u> Class D Note <u>or Class E Note</u>, as applicable, is a "restricted security" within the meaning of Rule 144A under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (l) The transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of, (A) any "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) any "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (C) any entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") or any entity whose underlying assets include assets of any such plan, or (ii) such transferee's purchase, continued holding and disposition of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (m) The transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, <u>or</u> (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class D Notes or any interest therein will not constitute a violation of any applicable Similar Laws<u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>The transfer by a Note Owner holding a beneficial interest in a Class E Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan"(as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, or (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class E Notes or any interest therein will not constitute a violation of any applicable Similar Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (n) Each transferee of any beneficial interest in any Class A/B/C/D Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (A) a QIB and is acquiring such Class A/B/C/D Note for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class A/B/C/D Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C/D Note, or (B) not a "U.S. person" (as defined in Regulation S) (and is not purchasing for the account or benefit of a "U.S. person" as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C/D Note pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Each transferee of any beneficial interest in any Class E Note that is represented by a Global Note will be deemed to have represented and agreed that such transferee is either (i) a QIB and is acquiring such Class E Note for its own account or as a fiduciary or agent for others (which others are also QIBs) or (ii) an Accredited Investor, and, in each case, is acquiring such Class E Note for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in such Class E Note and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing such Class E Note.</u>

**Section 2.03 <u>Definitive Notes</u>**. No Note Owner will receive a Definitive Note representing such Note Owner's interest in the Class A/B/C/D<u>Series 2025-6</u> Notes other than in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture. Definitive Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.13 (*Definitive Notes*) of the Base Indenture.

**Section 2.04 <u>Legal Final Payment Date</u>**. The Principal Amount of the Series 2025-6 Notes shall be due and payable on the Legal Final Payment Date.

**Section 2.05 <u>Required Series Noteholders</u>**(a) . In accordance with Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture, the Majority Series 2025-6 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-6 Notes.

**Section 2.06 <u>FATCA</u>**. In the event that a Note Owner receives a Definitive Note representing such Note Owner's interest in the Class A/B/C/D Notes <u>or in the Class E Notes</u> in accordance with Section 2.13 (*Definitive Notes*) of the Base Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series 2025-6 Noteholder (and any Note Owner of any Series 2025-6 Note) will be required to (i) provide HVF III, the Trustee and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2025-6 Note or an interest in such Series 2025-6 Note will be deemed to agree, that HVF III may provide such information and any other information regarding its investment in such Series 2025-6 Notes to the U.S. Internal Revenue Service or other relevant governmental authority in accordance with applicable law. Each Series 2025-6 Noteholder and Note Owner of any Series 2025-6 Notes also acknowledges that the failure to provide information requested in connection with FATCA may cause HVF III <u>(or its agent)</u> to withhold on payments to such Series 2025-6 Noteholder (or Note Owner of such Series 2025-6 Notes) in accordance with applicable law. Any amounts withheld in order to comply with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2025-6 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2025-6 Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings), and to timely remit such amounts to the appropriate taxing authority. If any Series 2025-6 Noteholder or Note Owner of a Series 2025-6 Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their part or in respect of the Series 2025-6 Notes.

**Article III**

**INTEREST AND INTEREST RATES**

**Section 3.01 <u>Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class of Series 2025-6 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the "<u>Class Deficiency Amount</u>"), and interest shall accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

**Article IV**

**SERIES-SPECIFIC COLLATERAL**

**Section 4.01 <u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2025-6 Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2025-6 Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2025-6 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial Assets or other assets on deposit in each Series 2025-6 Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and instruments, if any, representing or evidencing any or all of each Series 2025-6 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Proceeds of any and all of the foregoing <u>clauses (a)</u> and <u>(b)</u>, including cash (with respect to each Series 2025-6 Account, the items in the foregoing <u>clauses (a)</u> and <u>(b)</u> and this <u>clause (c)</u> with respect to such Series 2025-6 Account are referred to, collectively, as the "<u>Series 2025-6 Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D Demand Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>each Class E Demand Note, including all certificates and instruments, if any, representing or evidencing each Class E Demand Note; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (e) all Proceeds of any of the foregoing.

**Section 4.02 <u>Series 2025-6 Accounts</u>**. With respect to the Series 2025-6 Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2025-6 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-6 Noteholders three<u>four</u> securities accounts: the Series 2025-6 Principal Collection Account (such account, the "<u>Series 2025-6 Principal Collection Account</u>"), the Series 2025-6 Interest Collection Account (such account, the "<u>Series 2025-6 Interest Collection Account</u>") and<u>,</u> the Class A/B/C/D Reserve Account (such account, the "<u>Class A/B/C/D Reserve Account</u>") <u>and the Class E Reserve Account (such account, the "Class E Reserve Account" and together with the</u> <u>Class A/B/C/D Reserve Account</u><u>, the "Series 2025-6 Reserve Account")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to <u>Section</u> <u>5.6</u><u>5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) or <u>Section</u> <u>5.8</u><u>5.10</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2025-6<u>Class A/B/C/D</u> Noteholders<u>,</u> the Class A/B/C/D L/C Cash Collateral Account (the "<u>Class A/B/C/D L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>On or prior to the date of any drawing under a Class E Letter of Credit pursuant to Section 5.8 (*Class E Letters of Credit and Class E Demand Notes*) or Section 5.11 (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee</u> <u>for the benefit of the Class E Noteholders,</u> <u>the Class E L/C Cash Collateral Account (the "Class E L/C Cash Collateral Account").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (iii) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2025-6 Noteholders the Series 2025-6 Distribution Account (the "<u>Series 2025-6 Distribution Account</u>", and together with the Series 2025-6 Principal Collection Account, the Series 2025-6 Interest Collection Account, the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account, the "<u>Series 2025-6 Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-6 Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2025-6 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2025-6 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2025-6 Account shall be an Eligible Account. If any Series 2025-6 Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2025-6 Account is no longer an Eligible Account, establish a new Series 2025-6 Account for such non-qualifying Series 2025-6 Account that is an Eligible Account, and if a new Series 2025-6 Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2025-6 Account into such new Series 2025-6 Account. Initially, each of the Series 2025-6 Accounts will be established with The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2025-6 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2025-6 Account (other than the Series 2025-6 Distribution Account) to invest funds on deposit in such Series 2025-6 Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary, and Permitted Investments shall be credited to the applicable Series 2025-6 Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D Reserve Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2025-6 Principal Collection Account, the Series 2025-6 Interest Collection Account or the Class A/B/C/D L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2025-6 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2025-6 Accounts</u>. With respect to each Series 2025-6 Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2025-6 Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2025-6 Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2025-6 Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2025-6 Account (other than the Class A/B/C/D L/C Cash Collateral Account <u>and the Class E L/C Cash Collateral Account</u>) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2025-6 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-6 Noteholders and payable from the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>first</u>, <u>pro rata</u> to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>second</u>, to HVF III any remaining amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon the termination of this Series 2025-6 Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2025-6 Noteholders and payable from the Class E L/C Cash Collateral Account as provided herein, shall withdraw from the Class E L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>first, pro rata to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>second, to HVF III any remaining amounts.</u>

**Section 4.03 <u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2025-6 Account, the Trustee or other Person maintaining such Series 2025-6 Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC) and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC) (the Trustee acting in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2025-6 Account. If the Securities Intermediary in respect of any Series 2025-6 Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-6 Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2025-6 Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2025-6 Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2025-6 Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2025-6 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2025-6 Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2025-6 Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2025-6 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC), and the Series 2025-6 Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2025-6 Supplement, will not enter into, any agreement with any other Person relating to the Series 2025-6 Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2025-6 Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2025-6 Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2025-6 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2025-6 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2025-6 Accounts and in all Proceeds thereof and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) in respect of the Series 2025-6 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-6 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2025-6 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2025-6 Account by crediting such Series 2025-6 Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2025-6 Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2025-6 Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2025-6 Account is deemed not to constitute a securities account.

**Section 4.04 <u>Class A/B/C/D</u> <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2025-6<u>Class A/B/C/D</u> Noteholders, shall be the only Person authorized to make a demand for payment on any Class A/B/C/D Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class A/B/C/D Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.4(b</u>) (*Modification of <u>Class A/B/C/D</u> Demand Notes*) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2025-6 Controlling Class.

<u>Section 4.5</u> <u>**Class E Demand Notes.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands. The Trustee, for the benefit of the Class E Noteholders, shall be the only Person authorized to make a demand for payment on any Class E Demand Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Class E Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*), HVF III shall not reduce the amount of any Class E Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class E Demand Notes after such forgiveness or reduction is less than the greater of (i) the Class E Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class E Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.5(b) (*Modification of Class E Demand Notes*) or an increase in the stated amount of any Class E Demand Note, HVF III shall not agree to any amendment of any Class E Demand Note without first obtaining the prior written consent of the Majority Series 2025-6 Controlling Class.</u>

<u>Section 4.6</u> **<u>Section 4.5</u>** **<u>Subordination</u>**. The Series-Specific 2025-6 Collateral has been pledged to the Trustee to secure the Series 2025-6 Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2025-6 Collateral and<u>,</u> each Class A/B/C/D <u>Letter of Credit and each Class E</u> Letter of Credit will be held by the Trustee solely for the benefit of the Noteholders of the Series 2025-6 Notes, and no Noteholder of any Series of Notes other than the Series 2025-6 Notes will have any right, title or interest in, to or under the Series-Specific 2025-6 Collateral or<u>,</u> any Class A/B/C/D Letter of <u>Credit or any Class E Letter of</u> Credit. For the avoidance of doubt, if it is determined that the Series 2025-6 Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2025-6 Notes, then the Series 2025-6 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2025-6 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

<u>Section 4.7</u> **<u>Section 4.6</u>** **<u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2025-6 Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2025-6 Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2025-6 Collateral now existing or hereafter created.

<u>Section 4.8</u> **<u>Section 4.7</u>** **<u>Representations of the Trustee</u>**. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

**Article V**

**PRIORITY OF PAYMENTS**

Section 5.1 **Section 5.01 <u>[Reserved].</u>**

**<u> </u>**

**Section 5.02 <u>Collections Allocation.</u>** Subject to the Past Due Rental Payments Priorities, on each Series 2025-6 Deposit Date, HVF III shall direct the Trustee in writing to apply, and, on such Series 2025-6 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2025-6 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in the Series 2025-6 Interest Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2025-6 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2025-6 Principal Collection Account.

**Section 5.03 <u>Application of Funds in the Series 2025-6 Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit in the Series 2025-6 Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Application of Funds in the Series 2025-6 Principal Collection Account*)*,* <u>5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), and 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-6 Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-6 Distribution Account to pay to the Administrator the Series 2025-6 Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2025-6 Distribution Account to pay the Trustee the Series 2025-6 Capped Trustee Fee Amount with respect to such Payment Date; <u>provided</u>, that following the occurrence and during the continuation of an Amortization Event, at the direction of the Majority Series 2025-6 Noteholders, the Series 2025-6 Trustee Fee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Majority Series 2025-6 Noteholders and the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2025-6 Distribution Account to pay the Persons to whom the Series 2025-6 Capped Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2025-6 Capped Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2025-6 Distribution Account to pay the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2025-6 Distribution Account to pay the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, to the Series 2025-6 Distribution Account to pay the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2025-6 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, if the Class E Notes have been issued as of such date, then to the Series 2025-6 Distribution Account to pay the Class E Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, during the Series 2025-6 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>or Section 5.6(a) (*Class E Reserve Account Withdrawals*), as applicable, first</u>, for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any)<u>Reserve Account</u> in an amount equal to the Class E Notes reserve account deficiency amount<u>Reserve Account Deficiency Amount</u>, if any, in each case for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) <u>and Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*), as applicable</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, to the Series 2025-6 Distribution Account to pay to the Administrator the Series 2025-6 Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2025-6 Distribution Account to pay to the Trustee the Series 2025-6 Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2025-6 Distribution Account to pay the Persons to whom the Series 2025-6 Excess Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2025-6 Excess Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, during the Series 2025-6 Rapid Amortization Period, for deposit into the Series 2025-6 Principal Collection Account up to the amount necessary to pay the Series 2025-6 Notes in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>fourteenth</u>, for deposit into the Series 2025-6 Principal Collection Account any remaining amount.

**Section 5.04 <u>Application of Funds in the Series 2025-6 Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on any Business Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2025-6 Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and<u>,</u> <u>5.6</u> <u>(*Class E Reserve Account Withdrawals*), 5.7</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D <u>Demand Notes</u>*<u>) and 5.8 (*Class E Letters of Credit and Class E*</u> *Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2025-6 Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2025-6 Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, during the Series 2025-6 Revolving Period, <u>first,</u> for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) and deposits to the Class A/B/C/D Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*<u>)) and second, for deposit into the Class E Reserve Account an amount equal to the Class E Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class E Reserve Account pursuant to Section 5.6 (*Class E Reserve Account Withdrawals*) and deposits to the Class E Reserve Account on such date pursuant to Section 5.3 (*Application of Funds in the Series 2025-6 Interest Collection Account*));</u>));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if such date is a Redemption Date with respect to any Class of Series 2025-6 Notes, then for deposit into the Series 2025-6 Distribution Account to be paid on such date, <u>pro rata</u>, to all Noteholders of such Class to the extent necessary to pay the Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole Premium with respect to such Class, in each case as of such Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date during the Series 2025-6 Controlled Amortization Period, then for deposit into the Series 2025-6 Distribution Account to be paid on such date (i) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class B Notes on such Payment Date, (iii) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class D Notes on such Payment Date and (v) <u>fifth</u>, if the Class E Notes have been issued, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, during the Series 2025-6 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination Date immediately succeeding such Payment Date, then for deposit into the Series 2025-6 Distribution Account to be paid on the Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the Series 2025-6 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) <u>first</u>, <u>pro rata</u>, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such date, (b) <u>second</u>, <u>pro rata</u>, to all Class B Noteholders to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) <u>third</u>, <u>pro rata</u>, to all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) <u>fourth</u>, <u>pro rata</u>, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) <u>fifth</u>, if the Class E Notes have been issued as of such date, then, <u>pro rata</u>, to all Class E Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent that no Potential Amortization Event with respect to the Series 2025-6 Notes exists as of such date or would occur as a result of such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit in the Series 2025-6 Principal Collection Account.

**Section 5.05 <u>Class A/B/C/D Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-6 Principal Collection Account*)) in the Class A/B/C/D Reserve Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2025-6 Interest Collection Account an amount equal to the excess, if any, of the Series 2025-6 Payment Date Interest Amount for such Payment Date over the Series 2025-6 Payment Date Available Interest Amount <u>solely with respect to the Class A/B/C/D Notes</u> for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date, the "<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-6 Principal Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-6 Distribution Account (prior to giving effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-6 Principal Collection Account, an amount equal to such insufficiency;

<u>provided</u> that, if no amounts are required to be applied pursuant to this <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

<u>Section 5.6</u> <u>**Class E Reserve Account Withdrawals. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections 5.3 (*Application of Funds in the Series 2025-6 Interest Collection Account*) and 5.4 (*Application of Funds in the Series 2025-6 Principal Collection Account*)) in the Class E Reserve Account as follows (and in each case only to the extent of funds available in the Class E Reserve Account):**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>first, to the Series 2025-6 Interest Collection Account an amount equal to the excess, if any, of the Class E Payment Date Interest Amount for such Payment Date over the Series 2025-6 Payment Date Available Interest Amount solely</u> <u>with respect to the Class E Notes</u> <u>for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Class E Available Reserve Account Amount on such Payment Date, the "Class E Reserve Account Interest Withdrawal Shortfall");</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>second, if the Class E Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2025-6 Principal Collection Account an amount equal to such Class E Principal Deficit Amount; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>third, if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2025-6 Distribution Account (prior to giving effect to any withdrawals from the Class E Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Class E Principal Amount in full on such Legal Final Payment Date, then to the Series 2025-6 Principal Collection Account, an amount equal to such insufficiency;</u>

<u>provided that, if no amounts are required to be applied pursuant to this Section 5.6 (*Class E Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.</u>

<u>Section 5.7</u> **<u>Section 5.6</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-6 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit; <u>provided</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2025-6 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-6 Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit</u>. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-6 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class A/B/C/D Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-6 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-6 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-6 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-6 Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class A/B/C/D Reserve Account on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into the Series 2025-6 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-6 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B</u><u>-2</u><u>-1</u> hereto (each a "<u>Class A/B/C/D Demand Notice</u>") on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D Principal Deficit Amount over the amount to be deposited into the Series 2025-6 Principal Collection Account in accordance with <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D Principal Amount over (ii) the amount to be deposited into the Series 2025-6 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-6 Supplement (other than this <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D Demand Note to be deposited into the Series 2025-6 Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit</u>. If (i) the Trustee shall have delivered a Class A/B/C/D Demand Notice as provided in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-6 Distribution Account the amount specified in such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class A/B/C/D Certificate of Preference Payment Demand; <u>provided however</u>, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section</u> <u>5.6</u><u>5.7</u><u>(a)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) and <u>Section</u> <u>5.6</u><u>5.7</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2025-6 Principal Collection Account on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Draws on the Class A/B/C/D Letters of Credit</u>. If there is more than one Class A/B/C/D Letter of Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2025-6 Supplement (other than pursuant to <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw on such Class A/B/C/D Letter of Credit.

<u>Section 5.8</u> <u>**Class E Letters of Credit and Class E Demand Notes.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events — Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that on such Payment Date there will exist a Class E Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, and, upon receipt of such notice by the Trustee, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount, as set forth in such notice, equal to the least of (i) such Class E Reserve Account Interest Withdrawal Shortfall, (ii) the Class E Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2025-6 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand on the Class E Letters of Credit; provided, that if the Class E L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Class E L/C Cash Collateral Account and deposit into the Series 2025-6 Interest Collection Account an amount as set forth in such notice equal to the lesser of (1) the Class E L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class E Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-6 Interest Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class E Letters of Credit. If HVF III determines on the Business Day immediately preceding any Payment Date that there will exist a Series 2025-6 Lease Principal Payment Deficit with respect to such Payment Date that exceeds the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing on or prior to 3:00 p.m. (New York City time) on such Business Day to draw on the Class E Letters of Credit, if any, in an amount as set forth in such notice equal to the least of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>such excess;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>(x) on any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class E Principal Deficit Amount over the amount, if any, withdrawn from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-6 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-6 Supplement (other than this Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes.</u>

<u>Upon receipt of such notice by the Trustee from HVF III in respect of a Series 2025-6 Lease Principal Payment Deficit on the Business Day immediately preceding any Payment Date, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class E Letters of Credit by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Credit Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class E Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-6 Principal Collection Account on such Payment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class E Principal Deficit Amount — Draws on Class E Demand Note. If (A) on any Determination Date, HVF III determines that the Class E Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from the Class E Reserve Account on such Payment Date pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*) and any draws on the Class E Letters of Credit on such Payment Date pursuant to Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date, HVF III determines that the Class E Principal Amount exceeds the amount to be deposited into the Series 2025-6 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2025-6 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-3 hereto (each a "Class E Demand Notice") on Hertz for payment under the Class E Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class E Principal Deficit Amount over the amount to be deposited into the Series 2025-6 Principal Collection Account in accordance with Section 5.6(b) (*Class E Reserve Account Withdrawals*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class E Principal Amount over (ii) the amount to be deposited into the Series 2025-6 Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2025-6 Supplement (other than this Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*))) on the Legal Final Payment Date for payment of principal of the Class E Notes, and (ii) the principal amount of the Class E Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Payment Date, deliver such Class E Demand Notice to Hertz; provided however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee</u> <u>shall not be required to</u> <u>deliver such Class E Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class E Demand Note to be deposited into the Series 2025-6 Principal Collection Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E Principal Deficit Amount — Draws on Class E Letters of Credit. If (i) the Trustee shall have delivered a Class E Demand Notice as provided in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2025-6 Distribution Account the amount specified in such Class E Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Class E Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Class E Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Class E Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an amount equal to the lesser of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the amount that Hertz failed to pay under the Class E Demand Note, or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Amount on such Business Day, in each case by presenting to each Class E Letter of Credit Provider a draft accompanied by a Class E Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Class E Certificate of Preference Payment Demand; provided however, that if the Class E L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the Class E L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class E Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.8(a) (*Class E Letters of Credit and Class E Demand Notes*) and Section 5.8(b) (*Class E Letters of Credit and Class E Demand Notes*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class E Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class E Letters of Credit and the proceeds of any such withdrawal from the Class E L/C Cash Collateral Account into the Series 2025-6 Principal Collection Account on such date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Draws on the Class E Letters of Credit. If there is more than one Class E Letter of Credit on the date of any draw on the Class E Letters of Credit pursuant to the terms of this Series 2025-6 Supplement (other than pursuant to Section 5.11(b) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*)), then HVF III shall instruct the Trustee, in writing, to draw on each Class E Letter of Credit an amount equal to the Pro Rata Share for such Class E Letter of Credit of such draw on such Class E Letter of Credit.</u>

<u>Section 5.9</u> **<u>Section 5.7</u>** **<u>Past Due Rental Payments</u>**. On each Series 2025-6 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2025-6 Past Due Rent Payments and deposit such amount into the Series 2025-6 Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2025-6 Interest Collection Account and apply the Series 2025-6 Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first,</u> if the occurrence of the related Series 2025-6 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D Letter of Credit Provider's <u>pro rata</u> portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D Letter of Credit Provider's Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2025-6 Past Due Rent Payment; <u>and second, if the occurrence of the related Series 2025-6 Lease Payment Deficit resulted in one or more Class E L/C Credit Disbursements being made under any Class E Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class E Letter of Credit Provider who made such a Class E L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Class E Letter of Credit Provider's Class E L/C Credit Disbursement and (y) such Class E Letter of Credit Provider's pro rata portion, calculated on the basis of the unreimbursed amount of each such Class E Letter of Credit Provider's Class E L/C Credit Disbursement, of the amount of the Series 2025-6 Past Due Rent Payment;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>first,</u> if the occurrence of such Series 2025-6 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-6 Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2025-6 Lease Payment Deficit; <u>and second, if the occurrence of such Series 2025-6 Lease Payment Deficit resulted in a withdrawal being made from the Class E L/C Cash Collateral Account, then deposit in the Class E L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2025-6 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the amount withdrawn from the Class E L/C Cash Collateral Account on account of such Series 2025-6 Lease Payment Deficit;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>first,</u> if the occurrence of such Series 2025-6 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve Account pursuant to <u>Section 5.5(b)</u> (*Class A/B/C/D Reserve Account Withdrawals*), then deposit in the Class A/B/C/D Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-6 Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount, if any, as of such day; and <u>and second, if the occurrence of such Series 2025-6 Lease Payment Deficit resulted in a withdrawal being made from the Class E Reserve Account pursuant to Section 5.6(b) (*Class E Reserve Account Withdrawals*), then deposit in the Class E Reserve Account an amount equal to the lesser of (x) the amount of the Series 2025-6 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the Class E Reserve Account Deficiency Amount, if any, as of such day; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any remainder to be deposited into the Series 2025-6 Principal Collection Account.

<u>Section 5.10</u> **<u>Section 5.8</u>** **<u>Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A/B/C/D Letter of Credit Expiration Date — Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-6 Asset Amount would be less than the Series 2025-6 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the excess, if any, of the Series 2025-6 Adjusted Asset Coverage Threshold Amount over the Series 2025-6 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such date);

<u>provided</u>, that the calculations in each of <u>clauses (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class A/B/C/D Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade (with respect to any Class A/B/C/D Letter of Credit Provider, a "<u>Class A/B/C/D Downgrade Event</u>"). On the thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>") on such date of (i) the greatest of (A) the excess, if any, of the Series 2025-6 Adjusted Asset Coverage Threshold Amount over the Series 2025-6 Asset Amount, (B) the excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Class A/B/C/D Downgrade Withdrawal Amount</u>"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class A/B/C/D Letters of Credit</u>. If the Trustee receives a written notice from HVF III, substantially in the form of <u>Exhibit C</u>-1 hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A/B/C/D L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any, and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class A/B/C/D L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*). The amount of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this <u>Section</u> <u>5.8</u><u>5.10</u><u>(d)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account*) shall be paid:

<u>first</u>, to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

<u>second</u>, to HVF III, any remaining amounts.

<u>Section 5.11</u> <u>**Class E Letters of Credit and Class E L/C Cash Collateral Account.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class E Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled Class E Letter of Credit Expiration Date with respect to any Class E Letter of Credit, excluding such Class E Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account any substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Asset Amount would be less than the Class E Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Adjusted Liquid Enhancement Amount would be less than the Class E Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the Class E Letter of Credit Liquidity Amount would be less than the Class E Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>then HVF III shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class E Letter of Credit Expiration Date of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> <u>the greatest of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E Reserve Account and the Class E L/C Cash Collateral Account on such date); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class E L/C Cash Collateral Account on such date);</u>

<u>provided, that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each amount contained therein such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> <u>the amount available to be drawn on such expiring Class E Letter of Credit on such date.</u>

<u>Upon receipt of such notice by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the Class E L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class E Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on the next following Business Day, shall draw the full amount of such Class E Letter of Credit by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursements to be deposited into the applicable Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class E Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that any credit rating of any Class E Letter of Credit Provider has been downgraded such that such Class E Letter of Credit Provider would fail to qualify as a Class E Eligible Letter of Credit Provider were such Class E Letter of Credit Provider to issue a Class E Letter of Credit immediately following such downgrade (with respect to any Class E Letter of Credit Provider, a "Class E Downgrade Event"). On the thirtieth (30th) day after the occurrence of any Class E Downgrade Event with respect to any Class E Letter of Credit Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the "Class E Downgrade Withdrawal Amount Notice") on such date of (i) the greatest of (A) the excess, if any, of the Class E Adjusted Asset Coverage Threshold Amount over the Class E Asset Amount, (B) the excess, if any, of the Class E Required Liquid Enhancement Amount over the Class E Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Class E Demand Note Payment Amount over the Class E Letter of Credit Liquidity Amount, in the case of each of clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in such clauses such Class E Letter of Credit but taking into account each substitute Class E Letter of Credit that has been obtained from a Class E Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Class E Letter of Credit on such date (the lesser of such (i) and (ii), the "Class E Downgrade Withdrawal Amount"). Upon receipt by the Trustee on or prior to 3:00 p.m. (New York City time) on any Business Day, the Trustee shall, no later than 5:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 3:00 p.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), shall draw on the Class E Letters of Credit issued by such Class E Letter of Credit Provider in an amount (in the aggregate) equal to the Class E Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied by a Class E Certificate of Termination Demand and shall cause the Class E L/C Termination Disbursement to be deposited into a Class E L/C Cash Collateral Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Class E Letters of Credit. If the Trustee receives a written notice from HVF III, substantially in the form of Exhibit C-2 hereto, requesting a reduction in the stated amount of any Class E Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class E Letter of Credit Provider who issued such Class E Letter of Credit a Class E Notice of Reduction requesting a reduction in the stated amount of such Class E Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided, that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class E Letter of Credit, (i) the Class E Adjusted Liquid Enhancement Amount will equal or exceed the Class E Required Liquid Enhancement Amount, (ii) the Class E Letter of Credit Liquidity Amount will equal or exceed the Class E Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class E L/C Cash Collateral Account Surpluses and Class E Reserve Account Surpluses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, withdraw from the Class E Reserve Account an amount equal to the Class E Reserve Account Surplus, if any, and pay such Class E Reserve Account Surplus to HVF III.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>On each Payment Date on which there is a Class E L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*), withdraw the amount specified by HVF III from the Class E L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*). The amount of any such withdrawal from the Class E L/C Cash Collateral Account shall be limited to the least of (a) the Class E Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Class E L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Class E Letter of Credit Liquidity Amount on such Payment Date over the Class E Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Class E L/C Cash Collateral Account pursuant to this Section 5.11(d) (*Class E Letters of Credit and Class E L/C Cash Collateral Account*) shall be paid:</u>

<u>first, to the Class E Letter of Credit Providers, to the extent that there are unreimbursed Class E Disbursements due and owing to such Class E Letter of Credit Providers in respect of the Class E Letters of Credit, for application in accordance with the provisions of the respective Class E Letters of Credit, and</u>

<u>second, to HVF III, any remaining amounts.</u>

<u>Section 5.12</u> **<u>Section 5.9</u>** **<u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Class A/B/C/D <u>Principal Deficit Amount or the Class E</u> Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2025-6 Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2025-6 Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "<u>Lease Payment Deficit Notice</u>").

<u>Section 5.13</u> **<u>Section 5.10</u>** **<u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2025-6 Account required to be given by HVF III, at the time specified herein or in any other Series 2025-6 Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2025-6 Account without such notice or instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2025-6 Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D Letters of Credit <u>or Class E Letters of Credit</u> with respect to a Class of Series 2025-6 Notes required to be given by HVF III, at the time specified in this Series 2025-6 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit <u>or such Class E Letters of Credit, as applicable,</u> with respect to such Class of Series 2025-6 Notes without such instruction from HVF III; <u>provided</u>, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit <u>or such Class E Letter of Credit, as applicable</u>.

**Article VI**

**REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING<br> CONDITIONS**

**Section 6.01 <u>Representations and Warranties</u>**. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth below in this <u>Section 6.1</u> (*Representations and Warranties*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants that each of its representations and warranties in the Series 2025-6 Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and the Series 2025-6 Noteholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2025-6 Notes, is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date, HVF III has furnished to the Trustee copies of all Series 2025-6 Related Documents to which it is a party as of the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date, all of which are in full force and effect as of the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants that each representation and warranty made by it in each Series 2025-6 Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

**Section 6.02 <u>Covenants</u>**. Each of HVF III and the Administrator severally covenants and agrees that, until the Series 2025-6 Notes have been paid in full, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2025-6 Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of the sale of the Series 2025-6 Notes to be (x) used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to the Series 2025-6 Notes to be secured, directly or indirectly, by any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2025-6 Third-Party Market Value Procedures</u>. Comply with the Series 2025-6 Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in July 2026 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year. The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall be those determined by the Administrator in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Statements and Other Reporting</u>. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2025-6 Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing on the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date, within one hundred twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP.

The financial data that shall be delivered to the Series 2025-6 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available on a timely basis as a result of such Hertz's accountants not being "independent" (as defined pursuant to the Exchange Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information, documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information, <u>provided</u> that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise required pursuant to the preceding provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*).

Notwithstanding the foregoing provisions of this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*), HVF III's obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) shall be deemed satisfied with respect to such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz's website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same (or hyperlinks to same) having been posted on Hertz's behalf on an internet or intranet website to which the Series 2025-6 Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored by or on behalf of the Series 2025-6 Noteholders). With respect to any documents, reports, notices or other information electronically furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

**Section 6.03 <u>Closing Conditions</u>**. The effectiveness of this Series 2025-6 Supplement is subject to the conditions precedent set forth in Section 2.3 (*Series Supplement for each Series of Notes*) of the Base Indenture.

**Section 6.04 <u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2025-6 Collateral on behalf of the Series 2025-6 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2025-6 Permitted Liens) and to carry into effect the purposes of this Series 2025-6 Supplement or the other Series 2025-6 Related Documents or to better assure and confirm unto the Trustee or the Series 2025-6 Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.4(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Majority Series 2025-6 Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2025-6 Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2025-6 Supplement, if any amount payable under or in connection with any of the Series-Specific 2025-6 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2025-6 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2025-6 Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**

**AMORTIZATION EVENTS**

**Section 7.01 <u>Amortization Events</u>**. If any one of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal of and interest on the Series 2025-6 Notes is<u>are</u> not paid in full on or prior to the Expected Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HVF III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect of, the Series 2025-6 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>either</u> a Class A/B/C/D <u>Liquid Enhancement Deficiency or a Class E</u> Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2025-6 Account (other than the Class A/B/C/D Reserve Account and<u>, the Class E Reserve Account,</u> the Class A/B/C/D <u>L/C Cash Collateral Account and the Class E</u> L/C Cash Collateral Account) shall be subject to any injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-6 Permitted Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>either (A)</u> (i) the Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-6 Permitted Liens) or (ii) other than as a result of a Series 2025-6 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) (i) the Class E Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-6 Permitted Liens) or (ii) other than as a result of a Series 2025-6 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E Reserve Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount (excluding the Class E Available Reserve Account Amount) would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>either (A)</u> after the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-6 Permitted Liens) or (ii) other than as a result of a Series 2025-6 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D Required Liquid Enhancement Amount; <u>or (B) after the funding of the Class E L/C Cash Collateral Account, (i) the Class E L/C Cash Collateral Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2025-6 Permitted Liens) or (ii) other than as a result of a Series 2025-6 Permitted Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class E L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class E Adjusted Liquid Enhancement Amount, excluding therefrom the Class E Available L/C Cash Collateral Account Amount, would be less than the Class E Required Liquid Enhancement Amount;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as a result of a Series 2025-6 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2025-6 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class <u>E Reserve Account Collateral, the Class</u> A/B/C/D L/C Cash Collateral Account Collateral or<u>, the Class E Cash Collateral Account Collateral,</u> any Class A/B/C/D <u>Letter of Credit or any Class E</u> Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2025-6 Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such notice having been effectively withdrawn or such Lien been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any of the Series 2025-6 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2025-6 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2025-6 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) HVF III fails to comply with any of its other agreements or covenants in any Series 2025-6 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2025-6 Noteholders and continues to materially and adversely affect the interests of the Series 2025-6 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-6 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation made by HVF III in any Series 2025-6 Related Document is false and such false representation materially and adversely affects the interests of the Series 2025-6 Noteholders and the event or condition that caused such representation to be false is not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2025-6 Controlling Class.

Then, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*) or described in Section 9.1(e) (*Amortization Events*) of the Base Indenture, an "<u>Amortization Event</u>" with respect to the Series 2025-6 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2025-6 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(m)</u> (*Amortization Events*) or described in Sections 9.1(f), 9.1(g), 9.1(k) or 9.1(l) (*Amortization Events*) of the Base Indenture, so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Majority Series 2025-6 Controlling Class may, by written notice to HVF III and the Trustee, declare that an "<u>Amortization Event</u>" with respect to the Series 2025-6 Notes has occurred as of the date of the notice.

An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-6 Notes described in <u>Sections 7.1(c)</u> through <u>(m)</u> (*Amortization Events*) above may be waived with the written consent of the Majority Series 2025-6 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2025-6 Notes described in <u>Sections 7.1(a)</u> and <u>(b)</u> (*Amortization Events*) above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or Potential Amortization Event.

For the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2025-6 Notes, if the event or condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under the Series 2025-6 Related Documents.

The Amortization Events set forth above are in addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

**Article VIII**

**SUBORDINATION OF NOTES**

**Section 8.01 <u>Subordination of Class B Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-6 Principal Collection Account*), no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2025-6 Controlled Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes has been paid in full and during the Series 2025-6 Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full.

**Section 8.02 <u>Subordination of Class C Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-6 Principal Collection Account*), no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B Deficiency Amounts) have been paid in full, and during the Series 2025-6 Controlled Amortization Period, no payments of principal with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes and Class B Notes have been paid in full and during the Series 2025-6 Rapid Amortization Period, no payments of principal of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B Notes has been paid in full.

**Section 8.03 <u>Subordination of Class D Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-6 Principal Collection Account*), no payments on account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been paid in full, and during the Series 2025-6 Controlled Amortization Period no payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2025-6 Rapid Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

**Section 8.04 <u>Subordination of Class E Notes</u>**. Subject to <u>Sections 5.3</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*) and <u>5.4</u> (*Application of Funds in the Series 2025-6 Principal Collection Account*), no payments on account of interest with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; <u>provided</u>, that if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts available thereunder or therein<u>amounts available under any Class E Letter of Credit or in the Class E Reserve Account</u> may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

**Section 8.05 <u>When Distribution Must be Paid Over</u>**. In the event that any Series 2025-6 Noteholder (or Series 2025-6 Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2025-6 Notes at a time when such Series 2025-6 Noteholder (or Series 2025-6 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*), such payment shall be held by such Series 2025-6 Noteholder (or Series 2025-6 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this <u>Article VIII</u> *(Subordination of Notes*).

**Article IX**

**GENERAL**

**Section 9.01 <u>Optional Redemption of the Series 2025-6 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D<u>Series 2025-6</u> Notes (such date, with respect to such Class of Notes, the "<u>Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> any Make-Whole Premium (including accrued and unpaid Class Interest Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.4</u> (*Application of Funds in the Series 2025-6 Principal Collection Account*); <u>provided</u> that no Class of Class A/B/C/D<u>Series 2025-6</u> Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2025-6 Notes with respect to such Class of Series 2025-6 Notes would remain outstanding immediately after giving effect to such redemption; <u>provided</u>, <u>however</u>, the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange or refinancing of a Class of Class A/B/C/D<u>Series 2025-6</u> Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If HVF III elects to redeem any Class of Series 2025-6 Notes pursuant to <u>Sections 9.1(a)</u> (*Optional Redemption of the Series 2025-6 Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2025-6 Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2025-6 Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Series 2025-6 Noteholders of the Class of Series 2025-6 Notes to be redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

**Section 9.02 <u>Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before 12:00 p.m. eastern standard time of the fourth (4<sup>th</sup>) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2025-6 Notes setting forth the information set forth on <u>Schedule II</u> (*Monthly Noteholders' Statement Information*) hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any amendment to any of the Series 2025-6 Related Documents, HVF III shall, not more than five (5) Business Days thereafter, provide the amended version of such Series 2025-6 Related Document to the Trustee, and the Trustee shall furnish a copy of such amended Series 2025-6 Related Document no later than the second (2<sup>nd</sup>) succeeding Business Day following such receipt by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee's posting, or causing to be posted, such amended Series 2025-6 Related Document to the website specified in <u>clause (a)</u> above (or any successor or replacement website, in accordance with such <u>clause (a)</u>).

**Section 9.03 <u>Confidentiality</u>**. The Trustee and each Series 2025-6 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2025-6 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (b) such person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (c) any other Series 2025-6 Note Owner; (d) any person of the type that would be, to such person's knowledge, permitted to acquire an interest in the Series 2025-6 Notes in accordance with the requirements of this Series 2025-6 Supplement to which such person sells or offers to sell any such interest in the Series 2025-6 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Series 2025-6 Supplement; (e) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2025-6 Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2025-6 Notes, this Series 2025-6 Supplement or any other document relating to the Series 2025-6 Notes.

**Section 9.04 <u>Ratification of Base Indenture</u>**. As supplemented by this Series 2025-6 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2025-6 Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 9.05 <u>Notice to the Rating Agencies</u>**. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2025-6 Noteholders delivered to the Trustee pursuant to this Series 2025-6 Supplement or any other Related Document. The Trustee shall provide notice to each Rating Agency of any consent by the Series 2025-6 Noteholders to the waiver of the occurrence of any Amortization Event with respect to the Series 2025-6 Notes. HVF III will provide each Rating Agency rating the Series 2025-6 Notes with a copy of any operative Manufacturer Program upon written request by such Rating Agency.

**Section 9.06 <u>Third Party Beneficiary</u>**. Nothing in this Series 2025-6 Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2025-6 Supplement.

**Section 9.07 <u>Execution in Counterparts; Electronic Execution</u>**. This Series 2025-6 Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2025-6 Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2025-6 Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 9.08 <u>Governing Law</u>**. THIS SERIES 2025-6 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2025-6 SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

**Section 9.09 <u>Amendments</u>**. This Series 2025-6 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs of this <u>Section 9.9</u> (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Without the Consent of the Series 2025-6 Noteholders</u>. Without the consent of any Series 2025-6 Noteholder, HVF III and the Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of HVF III for the benefit of any Series 2025-6 Noteholder or to surrender any right or power herein conferred upon HVF III (<u>provided</u>, <u>however</u>, that HVF III shall not pursuant to this <u>Section 9.9(a)(i)</u> (*Without Consent of the Noteholders*) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2025-6 Noteholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement or in any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to provide for uncertificated Series 2025-6 Notes in addition to certificated Series 2025-6 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to add to or change any of the provisions of this Series 2025-6 Supplement to such extent as shall be necessary to permit or facilitate the issuance of Series 2025-6 Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to conform this Series 2025-6 Supplement to the terms of the offering document(s) for the Series 2025-6 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to correct or supplement any provision in this Series 2025-6 Supplement which may be inconsistent with any other provision herein or in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2025-6 Supplement or in the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to add or change any provisions of this Series 2025-6 Supplement to such extent as shall be necessary to facilitate implementation of any Enhancement, including any additions or changes to <u>Section 5.3</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2025-6 Principal Collection Account*) to provide for the payment of amounts owing to any Enhancement Provider under an Enhancement Agreement solely if such payments are made to the Enhancement Provider only after the payment of all principal amounts required to be paid to the Series 2025-6 Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to effect any other amendment that does not materially adversely affect the interests of the Series 2025-6 Noteholders;

<u>provided</u>, <u>however</u>, that (i) as evidenced by an Officer's Certificate of HVF III, such action shall not materially adversely affect the interests of the Series 2025-6 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2025-6 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2025-6 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>With the Consent of the Majority Series 2025-6 Noteholders</u>. Except as provided in <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(c)</u> (*Amendments*), this Series 2025-6 Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and the Majority Series 2025-6 Noteholders, (ii) in the case of an amendment or modification, the Series 2025-6 Rating Agency Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2025-6 Noteholders) with respect to such amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after its execution; <u>provided</u> that, with respect to any such amendment, modification or waiver that does not adversely affect in any material respect one or more Classes, Subclasses and/or Tranches of the Series 2025-6 Notes, as evidenced by an Officer's Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required pursuant to clause (i) of this <u>Section 9.9(b)</u> (*Amendments*) (and the calculation of the Majority Series 2025-6 Noteholders (including the Aggregate Principal Amount) will be modified accordingly); <u>provided</u>, <u>further</u>, that the consent of any Series 2025-6 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*), subject to the satisfaction of the Series 2025-6 Rating Agency Condition with respect to such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>With the Consent of 100% of the Series 2025-6 Noteholders</u>. Notwithstanding the foregoing <u>Sections 9.9(a)</u> and <u>(b)</u> (*Amendments*), without the consent of 100% of the Series 2025-6 Noteholders affected by such amendment, modification or waiver, no amendment, modification or waiver (other than any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*)<u>)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or modify the definition of "Majority Series 2025-6 Noteholders" or <u>Section 2.5</u> (*Required Series Noteholders*) in this Series 2025-6 Supplement or otherwise reduce the percentage of Series 2025-6 Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2025-6 Note (or reduce the principal amount of or rate of interest on any Series 2025-6 Note or otherwise change the manner in which interest is calculated); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend or modify <u>Section 2.1(a)</u> (*Initial Issuance*), <u>Section 4.1</u> (*Granting Clause*), <u>Section 5.3</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*), <u>Section 5.4</u> (*Application of Funds in the Series 2025-6 Principal Collection Account),* <u>Section 5.5</u> (*Class A/B/C/D Reserve Account Withdrawals*), <u>Section 5.6 (*Class E Reserve Account Withdrawals*), Section 7.1</u> (*Amortization Events*) (other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-6 Supplement), <u>Section 9.9(a)</u>, <u>(b)</u> or <u>(c)</u> (*Amendments*) or <u>Section</u> <u>9.19</u><u>9.18</u> (*Trustee Obligations under the Retention Requirements*), or otherwise amend or modify any provision relating to the amendment or modification of this Series 2025-6 Supplement or that pursuant to the Series 2025-6 Related Documents expressly requires the consent of 100% of the Series 2025-6 Noteholders or each Series 2025-6 Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2025-6 Supplemental Indentures</u>. Each amendment or other modification to this Series 2025-6 Supplement shall be set forth in a Series 2025-6 Supplemental Indenture. The initial effectiveness of each Series 2025-6 Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2025-6 Supplemental Indenture is authorized or permitted by this Series 2025-6 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Series 2025-6 Supplemental Indenture authorized or permitted pursuant to this <u>Section 9.9</u> (*Amendments*) if such Series 2025-6 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee, and if such Series 2025-6 Supplemental Indenture does adversely affect the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2025-6 Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (*Limited Liability Company and Governmental Authorization*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2025-6 Supplemental Indenture is authorized or permitted by this <u>Section 9.9</u> (*Amendments*) and that all conditions precedent specified in this <u>Section 9.9</u> (*Amendments*) have been satisfied, and that it will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Consent to Substance</u>. It shall not be necessary for the consent of any Person pursuant to <u>Section 9.9(a)</u> (*Amendments*) or <u>Section 9.9(b)</u> (*Amendments*) for such Person to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such Person consents to the substance thereof.

**Section 9.10 <u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2025-6 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided</u>, that for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder; <u>provided</u>, <u>further</u>, that if an Amortization Event with respect to the Series 2025-6 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2025-6 Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2025-6 Noteholders or any appointed agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent with this Series 2025-6 Supplement and the Related Documents.

**Section 9.11 <u>Successors</u>**. All agreements of HVF III in this Series 2025-6 Supplement and with respect to the Series 2025-6 Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 9.9</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2025-6 Supplement or any Series 2025-6 Note. All agreements of the Trustee in this Series 2025-6 Supplement shall bind its successor.

**Section 9.12 <u>Termination of Series Supplement</u>**. This Series 2025-6 Supplement shall cease to be of further effect when (i) all Outstanding Series 2025-6 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2025-6 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero <u>and (iv) the Class E Demand Note Payment Amount is equal to zero or the Class E Letter of Credit Liquidity Amount is equal to zero</u>.

**Section 9.13 <u>Electronic Execution</u>**. This Series 2025-6 Supplement may be transmitted and/or signed in accordance with <u>Section 9.7</u> (*Execution in Counterparts, Electronic Execution*) hereto.

**Section 9.14 <u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth below in this <u>Section 9.14</u> (*Additional UCC Representations*) for the benefit of the Trustee and the Series 2025-6 Noteholders, in each case, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-6 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D <u>Demand Note and all of its proceeds and the Class E</u> Demand Note and all of its proceeds (the "<u>Series Collateral</u>") in favor of the Trustee for the benefit of the Series 2025-6 Noteholders and in the case of each of <u>clause (a)</u> and <u>(b)</u> is prior to all other Liens on such Indenture Collateral and Series Collateral, as applicable, except for Series 2025-6 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Series 2025-6 Permitted Liens, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Characterization</u>. The Class A/B/C/D Demand Note constitutes<u>and the Class E Demand Note each constitute</u> an "instrument" within the meaning of the applicable UCC and (b) all Manufacturer Receivables constitute "accounts" or "general intangibles" within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Perfection by Filing</u>. HVF III has caused or will have caused, within ten (10) days after the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Perfection by Possession</u>. All original copies of the Class A/B/C/D Demand Note <u>and the Class E Demand Note</u> that constitute or evidence the Class A/B/C/D Demand Note <u>or the Class E Demand Note, as applicable,</u> have been delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the security interest granted to the Trustee pursuant to the Series 2025-6 Supplement, HVF III has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral, other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2025-6 Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The<u>Each of the</u> Class A/B/C/D Demand Note does<u>and the Class E Demand Note do</u> not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trustee.

**Section 9.15 <u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (*Notices*) of the Base Indenture, and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile or overnight air courier guaranteeing next day delivery, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 9.16 <u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2025-6 Supplement, the Series 2025-6 Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2025-6 Supplement, the Series 2025-6 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 9.15</u> (*Notices*) (provided that, nothing in this Series 2025-6 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 9.17 <u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2025-6 SUPPLEMENT, THE SERIES 2025-6 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 9.18 Issuance of Class E Notes. No</u> Class E Notes shall be issued on the Series 2025-6 Closing Date. On any date during the Series 2025-6 Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III and the Trustee shall have entered into an amendment to this Series 2025-6 Supplement providing (a) that the Class E Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the Class E Notes will be the Series 2025-6 Controlled Amortization Period and (e) payment mechanics with respect to the Class E Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions with respect to the Class E Notes as may be required for such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class E Notes (such closing date, the "<u>Class E Notes Closing Date</u>") requesting that the Trustee authenticate and deliver the Class E Notes specified in such Company Request (such specified Class E Notes, the "Proposed Class E Notes"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class E Notes, by the Trustee and specifying the designation of each such Proposed Class E Notes, the Class E Initial Principal Amount (or the method for calculating the Class E Initial Principal Amount) of such Proposed Class E Notes to be authenticated and the Note Rate with respect to such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have received an Officer's Certificate of HVF III dated as of the Class E Notes Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event with respect to the Series 2025-6 Notes, Series 2025-6 Liquidation Event, Aggregate Asset Amount Deficiency, or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided in this Series 2025-6 Supplement with respect to the authentication and delivery of such Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of such Proposed Class E Notes and any related amendments to this Series 2025-6 Supplement and any Series 2025-6 Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendments to this Series 2025-6 Supplement or any Series 2025-6 Related Documents in connection with the issuance of the Proposed Class E Notes may provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date has been paid, <u>provided</u>, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the Class A/B/C/D Notes in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Series 2025-6 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of the Class E Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other than (x) with respect to amendments to the Base Indenture or this Series 2025-6 Supplement that expressly require the consent of each Noteholder or Series 2025-6 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect to amendments to this Series 2025-6 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an Officer's Certificate of HVF III); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the addition of any Amortization Event with respect to the Series 2025-6 Notes other than those related to payment defaults on the Class E Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer's Certificate of HVF III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income tax purposes at the time of their issuance and HVF III will not or, upon satisfaction of the Series 2025-6 Rating Agency Condition, should not be classified as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all conditions precedent provided for in this <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-6 Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series 2025-6 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and the execution of any related amendments to this Series 2025-6 Supplement and/or any other Series 2025-6 Related Document.

<u>Section 9.18</u> **<u>Section 9.19</u>** **<u>Trustee Obligations under the Retention Requirements</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2025-6 Noteholder or any other party for violation of such rules now or hereafter in effect.

IN WITNESS WHEREOF, HVF III, the Trustee and the Administrator have caused this Series 2025-6 Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| |
|:---|
| HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: |
| Name: Mark E. Johnson |
| Title: President and Treasurer |
| THE HERTZ CORPORATION, as Administrator |
| By: |
| Name: Mark E. Johnson |
| Title: Senior Vice President and Treasurer |

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*Signature Page to HVF III Series 2025-6 Supplement*

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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*Signature Page to HVF III Series 2025-6 Supplement*

Schedule I<br> TO THE SERIES 2025-6 SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>144A Global Notes</u>" has the meaning specified in <u>Section 2.1(</u><u>d</u><u>e</u><u>)</u> (*Initial Issuance*) of this Series 2025-6 Supplement.

"<u>Alternative Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom the alternative Rating Agency does not maintain a public Relevant Alternative Rating as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies as
of such date, then the median of the Corresponding Alternative Ratings for such Person as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person has an Equivalent Rating Agency Rating from only two of the Equivalent Rating Agencies
as of such date, then the lower Corresponding Alternative Rating for such Person as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person has an Equivalent Rating Agency Rating from only one of the Equivalent Rating Agencies
as of such date, then the Corresponding Alternative Rating for such Person as of such date.

"<u>Applicable Procedures</u>" has the meaning specified in <u>Section 2.2(</u><u>e</u><u>f</u><u>)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-6 Supplement.

"<u>Base Indenture</u>" has the meaning specified in the <u>Preamble</u>.

"<u>Base Rent</u>" has the meaning specified in the Lease.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any "plan" (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the "assets" of any such employee benefit plan or plan (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

"<u>Blackbook Guide</u>" has the meaning specified in the Lease.

"<u>BNY</u>" means The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

"<u>Class</u>" means a class of the Series 2025-6 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes or, if issued, the Class E Notes.

"<u>Class A Deficiency Amount</u>" means the Class Deficiency Amount for the Class A Notes.

"<u>Class A Global Note</u>" means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Series 2025-6 Interest Period, an amount equal to the Class Interest Amount for the Class A Notes.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2025-6 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1-1</u> or <u>Exhibit A-1-2</u> to this Series 2025-6 Supplement.

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

"<u>Class A/B/C Notes</u>" means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

"<u>Class A/B/C/D Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit, as of such date.

"<u>Class A/B/C/D Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal Amount as of such date over (B) the Series 2025-6 Principal Collection Account Amount as of such date.

"<u>Class A/B/C/D Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

"<u>Class A/B/C/D Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class A/B/C/D Reserve Account as of such date.

"<u>Class A/B/C/D Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Defaulted Letter of Credit</u>" means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

(A<u>a</u>) such Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class A/B/C/D Letter of Credit),

(B<u>b</u>) an Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit and is continuing,

(C<u>c</u>) such Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

(D<u>d</u>) a Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-2</u> to this Series 2025-6 Supplement.

"<u>Class A/B/C/D Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2025-6 Distribution Account and paid to the Series 2025-6 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Class A/B/C/D Demand Notice</u>" has the meaning specified in <u>Section</u> <u>5.6</u><u>5.7</u><u>(c)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-6 Supplement.

"<u>Class A/B/C/D Disbursement</u>" shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement, any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D Letters of Credit or any combination thereof, as the context may require.

"<u>Class A/B/C/D Downgrade Event</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-6 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-6 Supplement.

"<u>Class A/B/C/D Downgrade Withdrawal Amount Notice</u>" has the meaning specified in <u>Section</u> <u>5.8</u><u>5.10</u><u>(b)</u> (*Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes*) of this Series 2025-6 Supplement.

"<u>Class A/B/C/D Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Class A/B/C/D Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-6 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class of Series 2025-6 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class of Series 2025-6 Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class of Series 2025-6 Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-6 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class of Series 2025-6 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".

"<u>Class A/B/C/D L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)(ii)</u> (*Series 2025-6 Accounts*) of this Series 2025-6 Supplement.

"<u>Class A/B/C/D L/C Cash Collateral Account Collateral</u>" means the Series 2025-6 Account Collateral with respect to the Class A/B/C/D L/C Cash Collateral Account.

"<u>Class A/B/C/D L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

"<u>Class A/B/C/D L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D Letter of Credit Liquidity Amount as of such date.

"<u>Class A/B/C/D L/C Credit Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Credit Demand.

"<u>Class A/B/C/D L/C Preference Payment Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Preference Payment Demand.

"<u>Class A/B/C/D L/C Termination Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Termination Demand.

"<u>Class A/B/C/D L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D Certificate of Unpaid Demand Note Demand.

"<u>Class A/B/C/D Letter of Credit</u>" means an irrevocable letter of credit (i) substantially in the form of <u>Exhibit F</u> to this Series 2025-6 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-6 Noteholders or (ii) if issued after the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date and not substantially in the form of <u>Exhibit F</u> to this Series 2025-6 Supplement, that satisfies the Series 2025-6 Rating Agency Condition.

"<u>Class A/B/C/D Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-6 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class A/B/C/D Demand Note as of such date.

"<u>Class A/B/C/D Letter of Credit Expiration Date</u>" means, with respect to any Class A/B/C/D Letter of Credit, the expiration date set forth in such Class A/B/C/D Letter of Credit, as such date may be extended in accordance with the terms of such Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Series 2025-6 Accounts*), the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

"<u>Class A/B/C/D Letter of Credit Provider</u>" means each issuer of a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

"<u>Class A/B/C/D Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

<u>"Class A/B/C/D Noteholders" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders, collectively.</u>

"<u>Class A/B/C/D Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

<u>"Class A/B/C/D Notes</u> <u>Closing Date" means December 5, 2025.</u>

"<u>Class A/B/C/D Notice of Reduction</u>" means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

"<u>Class A/B/C/D Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

"<u>Class A/B/C/D Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted Principal Amount on such date over (b) the Series 2025-6 Asset Amount on such date; <u>provided</u>, <u>however</u>, the Class A/B/C/D Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2025-6 Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the Class A/B/C/D Required Liquid Enhancement Amount on such date.

"<u>Class A/B/C/D Purchase Agreement</u>" means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated November 25, 2025, by and among HVF III, Hertz, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., BMO Capital Markets Corp., Citizens JMP Securities, LLC and Truist Securities, Inc., as initial representatives of the several initial purchasers set forth on Schedule I thereto (collectively, the "<u>Initial Purchasers</u>") of the Class A/B/C/D Notes.

"<u>Class A/B/C/D Required Liquid Enhancement Amount</u>" means, as of any date of determination, an amount equal to the product of (a) 3.75% and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

"<u>Class A/B/C/D Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A/B/C/D Required Liquid Enhancement Amount <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

excluding from the calculation of such excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-6 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount) <u>over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-6 Asset Amount, in each case as of such date.

"<u>Class A/B/C/D Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-6 Accounts*) of this Series 2025-6 Supplement.

"<u>Class A/B/C/D Reserve Account Collateral</u>" means the Series 2025-6 Account Collateral with respect to the Class A/B/C/D Reserve Account.

"<u>Class A/B/C/D Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

"<u>Class A/B/C/D Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.5(a)</u> (*Class A/B/C/D Reserve Account Withdrawals*) of this Series 2025-6 Supplement.

"<u>Class A/B/C/D Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D Required Reserve Account Amount, in each case, as of such date.

"<u>Class B Deficiency Amount</u>" means the Class Deficiency Amount for the Class B Notes.

"<u>Class B Global Note</u>" means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Series 2025-6 Interest Period, an amount equal to the Class Interest Amount for the Class B Notes.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2025-6 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2-1</u> or <u>Exhibit A-2-2</u> to this Series 2025-6 Supplement.

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

"<u>Class C Deficiency Amount</u>" means the Class Deficiency Amount for the Class C Notes.

"<u>Class C Global Note</u>" means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Series 2025-6 Interest Period, an amount equal to the Class Interest Amount for the Class C Notes.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2025-6 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3-1</u> or <u>Exhibit A-3-2</u> to this Series 2025-6 Supplement.

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

"<u>Class Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2025-6 Controlled Amortization Period and any Class of Series 2025-6 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant to <u>Section 5.4(c)</u> (*Application of Funds in the Series 2025-6 Principal Collection Account*) on the previous Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2025-6 Controlled Amortization Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

"<u>Class Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class of Series 2025-6 Notes during the Series 2025-6 Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

"<u>Class D Deficiency Amount</u>" means the Class Deficiency Amount for the Class D Notes.

"<u>Class D Global Note</u>" means a Class D Note that is a Regulation S Global Note or a 144A Global Note.

"<u>Class D Monthly Interest Amount</u>" means, with respect to any Series 2025-6 Interest Period, an amount equal to the Class Interest Amount for the Class D Notes.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2025-6 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4-1</u> or <u>Exhibit A-4-2</u> to this Series 2025-6 Supplement.

"<u>Class D Principal Amount</u>" means the Class Principal Amount of the Class D Notes.

"<u>Class Deficiency Amount</u>" has the meaning specified in <u>Section 3.1</u> (*Interest*) of this Series 2025-6 Supplement.

<u>"Class E Adjusted Asset Coverage Threshold Amount" means, as of any date of determination, the excess, if any, of the Class E Asset Coverage Threshold Amount over the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class E Letter of Credit Amount and (C) the Class A/B/C/D Available Reserve Account Amount and (D) the Class E Available Reserve Account Amount.</u>

<u>"Class E Adjusted Liquid Enhancement Amount" means, as of any date of determination, the Class E Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Class E Defaulted Letter of Credit, as of such date.</u>

<u>"Class E Asset Amount" means, as of any date of determination, the product of (i) the Class E Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.</u>

"<u>Class E</u> <u>Adjusted</u> <u>Asset Coverage Threshold Amount</u>" will have the meaning set forth in an amendment to this Series 2025-6 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-6 Supplement.<u>means, as of any date of determination, the Series 2025-6 Adjusted Principal Amount divided by the Class E Blended Advance Rate, in each case as of such date.</u>

<u>"Class E Available L/C Cash Collateral Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E L/C Cash Collateral Account as of such date.</u>

<u>"Class E Available Reserve Account Amount" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Class E Reserve Account as of such date.</u>

<u>"Class E Blended Advance Rate" means, as of any date of determination, the means the lesser of (i) the sum of the Series 2025-6 Blended Advance Rate and 4.2% and (ii) 91.00%.</u>

<u>"Class E Certificate of Credit Demand" means a certificate substantially in the form of Annex A to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Preference Payment Demand" means a certificate substantially in the form of Annex C to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Termination Demand" means a certificate substantially in the form of Annex D to a Class E Letter of Credit.</u>

<u>"Class E Certificate of Unpaid Demand Note Demand" means a certificate substantially in the form of Annex B to Class E Letter of Credit.</u>

<u>"Class E Defaulted Letter of Credit" means, as of any date of determination, each Class E Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>such Class E Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Class E Letter of Credit),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>an Event of Bankruptcy has occurred with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit and is continuing,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>such Class E Letter of Credit Provider has repudiated such Class E Letter of Credit or such Class E Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> <u>a Class E Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class E Letter of Credit Provider of such Class E Letter of Credit.</u>

<u>"Class E Demand Note" means each demand note made by Hertz, substantially in the form of Exhibit B-4 to this Series 2025-6 Supplement.</u>

<u>"Class E Demand Note Payment Amount" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Class E Demand Note that were deposited into the Series 2025-6 Distribution Account and paid to the Series 2025-6 Noteholders during the one (1) year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Class E L/C Preference Payment Disbursement (or any withdrawal from any Class E L/C Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Class E Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class E Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.</u>

"<u>Class E</u> <u>Initial Principal Amount</u>" will have<u>Demand Notice" has</u> the meaning set forth in an amendment to<u>specified in Section 5.8(c) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-6 Supplement entered into <u>.</u>

<u>"Class E Disbursement" shall mean any Class E L/C Credit Disbursement, any Class E L/C Preference Payment Disbursement, any Class E L/C Termination Disbursement or any Class E L/C Unpaid Demand Note Disbursement under the Class E Letters of Credit or any combination thereof, as the context may require.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Event" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-6 Supplement.

"<u>Class E</u> <u>Monthly Interest</u><u>Downgrade Withdrawal</u> <u>Amount</u>" will have<u>has</u> the meaning set forth in an amendment to<u>specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand Notes*) of</u> this Series 2025-6 Supplement entered into <u>.</u>

in accordance with <u>Section 9.18</u> (*Issuance of Class E*<u>"Class E Downgrade Withdrawal Amount Notice" has the meaning specified in Section 5.11(b) (*Class E Letters of Credit and Class E Demand*</u> *Notes*) of this Series 2025-6 Supplement.

<u>"Class E Eligible Letter of Credit Provider" means a Person having, at the time of the issuance of the related Class E Letter of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody's of at least "A1" and (ii) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's and Moody's is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody's of at least "P-1", (iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a long-term issuer default rating from Fitch of at least "A" and (iv) if such Person has a short-term issuer default rating from Fitch and Fitch is rating any Class E Notes at such time, then a short-term issuer default rating from Fitch of at least "F1"; (v) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS of at least "A (high)" and (vi) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS and DBRS is rating any Class E Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from DBRS of at least "R-1".</u>

<u>"Class E Floating Allocation Percentage" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Class E Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.</u>

<u>"Class E Global Note" means a Class E Note that is a 144A Global Note.</u>

"<u>Class E</u> <u>Note Rate</u>" will have<u>L/C Cash Collateral Account" has</u> the meaning set forth in an amendment to this <u>specified in Section 4.2(a)(iii) (</u>*Series 2025-6* Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes <u>Accounts</u>*) of this Series 2025-6 Supplement.

<u>"Class E L/C Cash Collateral Account Collateral" means the Series 2025-6 Account Collateral with respect to the Class E L/C Cash Collateral Account.</u>

<u>"Class E L/C Cash Collateral Account Surplus" means, with respect to any Payment Date, the lesser of (a) the Class E Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class E Adjusted Liquid Enhancement Amount over the Class E Required Liquid Enhancement Amount on such Payment Date.</u>

<u>"Class E L/C Cash Collateral Percentage" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class E Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class E Letter of Credit Liquidity Amount as of such date.</u>

<u>"Class E L/C Credit Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Credit Demand.</u>

<u>"Class E L/C Preference Payment Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Preference Payment Demand.</u>

<u>"Class E L/C Termination Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Termination Demand.</u>

<u>"Class E L/C Unpaid Demand Note Disbursement" means an amount drawn under a Class E Letter of Credit pursuant to a Class E Certificate of Unpaid Demand Note Demand.</u>

<u>"Class E Letter of Credit" means an irrevocable letter of credit (i) substantially in the form of Exhibit F</u> <u>to this Series 2025-6 Supplement and</u> <u>issued by a Class E Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2025-6 Noteholders or (ii) if issued after the Class E Notes Closing Date and not substantially in the form of Exhibit F to this Series 2025-6 Supplement, that satisfies</u> <u>the Series 2025-6 Rating Agency Condition</u><u>.</u>

<u>"Class E Letter of Credit Amount" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Class E Letters of Credit, as specified therein, and (ii) if the Class E L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(iii) (*Series 2025-6 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Class E Demand Note as of such date.</u>

<u>"Class E Letter of Credit Expiration Date" means, with respect to any Class E Letter of Credit, the expiration date set forth in such Class E Letter of Credit, as such date may be extended in accordance with the terms of such Class E Letter of Credit.</u>

<u>"Class E Letter of Credit Liquidity Amount" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Class E Letter of Credit, as specified therein, and (b) if a Class E L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(iii) (*Series 2025-6 Accounts*), the Class E Available L/C Cash Collateral Account Amount as of such date.</u>

<u>"Class E Letter of Credit Provider" means each issuer of a Class E Letter of Credit.</u>

<u>"Class E Liquid Enhancement Amount" means, as of any date of determination, the sum of (a) the Class E Letter of Credit Liquidity Amount and (b) the Class E Available Reserve Account Amount as of such date.</u>

<u>"Class E Liquid Enhancement Deficiency" means, as of any date of determination, the Class E Adjusted Liquid Enhancement Amount is less than the Class E Required Liquid Enhancement Amount as of such date.</u>

<u>"Class E Minimum Denomination" shall mean $3,250,000.</u>

<u>"Class E Monthly Interest Amount" means, with respect to any Series 2025-6 Interest Period, an amount equal to the Class Interest Amount for the Class E Notes.</u>

"<u>Class E Noteholder</u>" means the Person in whose name a Class E Note is registered in the Note Register.

"<u>Class E</u> Notes" has the meaning specified in the <u>Preamble</u> <u>means any one of</u> <u>the Series 2025-6 Fixed Rate Rental Car Asset Backed Notes, Class E,</u> <u>executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A-5</u> to this Series 2025-6 Supplement.

<u>"Class E Notes Closing Date"</u> <u>means April 24, 2026.</u>

<u>"Class E Notice of Reduction" means a notice in the form of Annex E to a Class E Letter of Credit.</u>

<u>"Class E Payment Date Interest Amount" means, with respect to each Payment Date, the amount payable pursuant to Section 5.3(h) (*Application of Funds in the Series 2025-6 Interest Collection Account*).</u>

<u>"Class E Principal Amount" means the Class Principal Amount of the Class E Notes.</u>

<u>"Class E Principal Deficit Amount" means, on any date of determination, the excess, if any, of (a) the Class E Principal Amount on such date over (b) the Class E Asset Amount on such date; provided, however, the Class E Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the excess, if any, of (x) the Class E Principal Amount on such date over (y) the sum of (1) the Class E Asset Amount on such date and (2) the lesser of (a) the Class E Liquid Enhancement Amount on such date and (b) the Class E Required Liquid Enhancement Amount on such date.</u>

<u>"Class E Purchase Agreement" means the Purchase Agreement in respect of the Class E Notes, dated April 24, 2026, by and among HVF III, Hertz, Centerbridge Credit CS, L.P., Lake Central Fund, LP, Massachusetts Mutual Life Insurance Company, Pacific Guardian Life Insurance Company, Ltd. and Merit Life Insurance Co., as initial purchasers of the Class E Notes.</u>

<u>"Class E Required Liquid Enhancement Amount" means, as of any date of determination, an amount equal to the product of (a) 7.00% and (b) the Class E Principal Amount as of such date.</u>

<u>"Class E Required Reserve Account Amount" means, with respect to any date of determination, an amount equal to the greater of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the excess, if any, of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Required Liquid Enhancement Amount over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Letter of Credit Liquidity Amount, in each case, as of such date,</u>

<u>excluding from the calculation of such excess the amount available to be drawn under any Class E Defaulted Letter of Credit as of such date, and:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the excess, if any, of:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Class E Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class E Available Reserve Account Amount) over</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the Class E Asset Amount, in each case as of such date.</u>

<u>"Class E Reserve Account"</u> <u>has the meaning specified in</u> <u>Section 4.2(a)(i) (*Series 2025-6 Accounts*) of this Series 2025-6 Supplement.</u>

<u>"Class E Reserve Account Collateral" means the Series 2025-6 Account Collateral with respect to the Class E Reserve Account.</u>

<u>"Class E Reserve Account Deficiency Amount" means, as of any date of determination, the excess, if any, of the Class E Required Reserve Account Amount for such date over the Class E Available Reserve Account Amount for such date.</u>

"<u>Class E</u> <u>Notes Closing Date</u><u>Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section</u> <u>9.18</u><u>5.6</u><u>(</u><u>b</u><u>a</u><u>)</u> (*Issuance of Class E Notes<u>Reserve Account Withdrawals</u>*) of this Series 2025-6 Supplement.

"<u>Class E</u> <u>Principal Amount</u>" will have the meaning set forth in an amendment to this Series 2025-6 Supplement entered into in accordance with <u>Section 9.18</u> (*Issuance of Class E Notes*) of this Series 2025-6 Supplement.<u>Reserve Account Surplus" means, as of any date of determination, the excess, if any, of the Class E Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class E Required Reserve Account Amount, in each case, as of such date.</u>

"<u>Class Initial Principal Amount</u>" means, for each Class of the Series 2025-6 Notes, the amount set forth in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Initial Principal Amount** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$376750000 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;$55000000 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$74250000 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;$44000000 |
| &nbsp;&nbsp;<u>E</u> | &nbsp;&nbsp;<u>$26546000</u> |

---

"<u>Class Interest Amount</u>" means, for each Class of Notes for any Series 2025-6 Interest Period (a) with respect to the initial Series 2025-6 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the Class Initial Principal Amount for such Class, and (iii) 20/360, and (b) with respect to each Series 2025-6 Interest Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class, and (B) the Class Principal Amount for such Class as of the first day of such Series 2025-6 Interest Period, after giving effect to any principal payments made on such date, <u>plus</u> (ii) the aggregate amount of any unpaid Class Deficiency Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on such Class Deficiency Amounts at the applicable Note Rate for such Class).

"<u>Class Principal Amount</u>" means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal Amount with respect to such Class <u>minus</u> (b) the sum of the amount of principal payments made to the Noteholders of such Class on or prior to such date <u>minus</u> (c) the principal amount of any Series 2025-6 Notes of such Class that have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2025-6 Note was issued on or prior to such date.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information, (ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by Hertz or any Affiliate thereof; <u>provided</u> that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; <u>provided</u> that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"<u>Controlling Person</u>" means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an "affiliate" of such a Person (as defined in the Plan Assets Regulation)).

"<u>Corresponding Alternative Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the Alternative Rating Agency rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Rating** | &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;AA(H) | &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;AA(L) | &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- |
| &nbsp;&nbsp;A(H) | &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ |
| &nbsp;&nbsp;A | &nbsp;&nbsp;A2 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A(L) | &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- |
| &nbsp;&nbsp;BBB(H) | &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;BBB(L) | &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- |
| &nbsp;&nbsp;BB(H) | &nbsp;&nbsp;Ba1 | &nbsp;&nbsp;BB+ |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;BB(L) | &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- |
| &nbsp;&nbsp;B-High | &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ |
| &nbsp;&nbsp;B | &nbsp;&nbsp;B2 | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B(L) | &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- |
| &nbsp;&nbsp;CCC(H) | &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ |
| &nbsp;&nbsp;CCC | &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;CCC(L) | &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- |
| &nbsp;&nbsp;CC(H) | &nbsp;&nbsp;Ca | &nbsp;&nbsp;CC |
| &nbsp;&nbsp;CC | &nbsp;&nbsp;C |  |

---

"<u>DBRS</u>" means DBRS, Inc. or any successor thereto.

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

"<u>Equivalent Rating Agency</u>" means each of DBRS, Fitch, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Expected Final Payment Date</u>" means, with respect to the Series 2025-6 Notes, the Payment Date in May 2031.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law.

"<u>Final Base Rent</u>" has the meaning specified in the Lease.

"<u>Global Notes</u>" means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D Global Notes that are Regulation S Global Notes or 144A Global Notes.

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section</u> <u>5.9</u><u>5.12</u><u>(b)</u> (*Certain Instructions to the Trustee*) of this Series 2025-6 Supplement.

"<u>Legal Final Payment Date</u>" means, with respect to the Series 2025-6 Notes, the Payment Date in May 2032.

"<u>Majority Series 2025-6 Controlling Class</u>" means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of the principal amount of the Class E Notes.

"<u>Majority Series 2025-6 Noteholders</u>" means Series 2025-6 Noteholders holding more than 50% of the Series 2025-6 Principal Amount (excluding any other Series 2025-6 Notes held by HVF III or any Affiliate of HVF III (other than Series 2025-6 Notes held by an Affiliate Issuer)). The Majority Series 2025-6 Noteholders shall be the "Required Series Noteholders" with respect to the Series 2025-6 Notes.

"<u>Make-Whole End Date</u>" means, with respect to the Series 2025-6 Notes, the date that is six months prior to the commencement of the Series 2025-6 Controlled Amortization Period.

"<u>Make-Whole Premium</u>" means, with respect to any Class A/B/C/D Note<u>Series 2025-6</u> on its related Redemption Date, (a) for any Redemption Date occurring prior to the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D<u>Series 2025-6</u> Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date), computed using a discount rate equal to the Treasury Rate <u>plus</u> 0.25%, as calculated by HVF III (or by the HVF III's designee) and (b) for any Redemption Date after the Make-Whole End Date, zero.

"<u>Monthly Blackbook Mark</u>" has the meaning specified in the Lease.

"<u>Monthly NADA Mark</u>" has the meaning specified in the Lease.

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Net Book Value</u>" has the meaning specified in the Lease.

"<u>Note Owner</u>" means with respect to any Global Note, any Person who is a beneficial owner of an interest in such Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Note Rate</u>" means, <u>(a)</u> with respect to each Class of Series 2025-6 Notes issued on the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date, the rate set forth in the following table <u>and (b) with respect to the Class E Notes issued on the Class E Notes Closing Date, 12.54%</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Note Rate** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;5.14% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;5.82% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;8.30% |

---

"<u>Outstanding</u>" means with respect to the Series 2025-6 Notes (or any Class of Series 2025-6 Notes), all Series 2025-6 Notes (or Series 2025-6 Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2025-6 Supplement, <u>except</u> (a) Series 2025-6 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2025-6 Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2025-6 Distribution Account and are available for payment in full of such Series 2025-6 Notes, and Series 2025-6 Notes that are considered paid pursuant to <u>Section 8.1</u> (*Payment of Notes*) of the Base Indenture, and (c) Series 2025-6 Notes in exchange for or in lieu of other Series 2025-6 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2025-6 Notes are held by a purchaser for value.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2025-6 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or other amounts payable by such Lessee under the Lease with respect to which such Series 2025-6 Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2025-6 Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2025-6 Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section</u> <u>5.7</u><u>5.9</u> (*Past Due Rental Payments*) of this Series 2025-6 Supplement.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment of which are to be made by or is fully guaranteed by the United
States of America other than financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in, or certificates of deposit issued by, any depositary institution
or trust company incorporated under the laws of the United States of America or any state thereof whose short-term debt is rated "P-1"
by Moody's and "A-1+" by S&P and subject to supervision and examination by Federal or state banking or depositary
institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment and (y) the
time of the contractual commitment to invest therein, the certificates of deposit or short-term deposits, if any, or long-term unsecured
debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution
or trust company) of such depositary institution or trust company shall have a credit rating from S&P of "A-1+" and a
credit rating from Moody's of "P-1" in the case of certificates of deposit or short-term deposits, or a rating from
S&P not lower than "AA" and a rating from Moody's not lower than "Aa2" in the case of long-term unsecured
obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier of (x) the time of the investment and (y) the time of
the contractual commitment to invest therein, a rating from S&P of "A-1+" and a rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated "AAAm" by S&P and "Aaa-mf" by Moody's,
or otherwise approved in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eurodollar time deposits having a credit rating from S&P of "A-1+" and a credit rating
from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any of the Permitted Investments described in <u>clauses (i)</u> and <u>(vi)</u> above and the certificates of deposit described in <u>clause (ii)</u> above which are entered into with a depository
institution or trust company, having a commercial paper or short-term certificate of deposit rating of "A-1+" by S&P and
 "P-1" by Moody's; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other instruments or securities, if each Rating Agency then rating any outstanding Class of Series 2025-6
Notes at the request of HVF III will not have advised in writing that the investment in such instruments or securities will result in
the reduction or withdrawal of its then-current rating of such outstanding Class of Series 2025-6 Notes;

*provided*, that for so long as Fitch is rating any Class of Series 2025-6 Notes, (x) any investment in a money market fund rated by Fitch will only be a Permitted Investment if such money market fund has a rating of "AAAmmf" from Fitch, (y) any investment in commercial paper will only be a Permitted Investment if such commercial paper has (at the earlier of the time of the investment and the time of the contractual commitment to invest therein) a rating of "F1" from Fitch, and (z) any other Permitted Investment (other than those described in clause (i) above) will only be a Permitted Investment if the institution issuing such Permitted Investment has a long-term issuer default rating of at least "A" by Fitch and a short-term issuer default rating of "F1" by Fitch.

"<u>Plan Assets Regulation</u>" means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note <u>(with respect to</u> <u>the Class A/B/C/D Notes</u><u>) and the Class E Demand Note (with respect to the Class E Notes)</u> and distributed to the <u>applicable</u> Series 2025-6 Noteholders in respect of amounts owing under the <u>applicable</u> Series 2025-6 Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Pro Rata Share</u>" means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount <u>(provided</u> that the foregoing calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Class A/B/C/D Letters of Credit).

"<u>Proposed Class E Notes</u>" has the meaning specified in <u>Section 9.18(b)</u> (*Issuance of Class E Notes*) of this Series 2025-6 Supplement.

"<u>QIB</u>" has the meaning specified in <u>Section 2.1(b)</u> (*Initial Issuance*) of this Series 2025-6 Supplement.

"<u>Rating Agencies</u>" means (i) with respect to the Class A Notes the Class B Notes and the Class C Notes, Fitch and Moody's, (ii) with respect to the Class D Notes <u>and the Class E Notes</u>, Moody's, and (iii) with respect to any Class of Series 2025-6 Notes, any other nationally recognized rating agency rating the Series 2025-6 Notes at the request of HVF III; <u>provided</u> that, if at any time any nationally recognized rating agency ceases to rate any Class of Series 2025-6 Notes, such rating agency shall be deemed to no longer constitute a Rating Agency with respect to such Class of Series 2025-6 Notes for so long as such rating agency continues not to rate such Class of Series 2025-6 Notes.

"<u>Record Date</u>" means, with respect to any Payment Date, the last day of the Related Month; <u>provided</u> that the Record Date with respect to the initial Payment Date shall be the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date.

"<u>Redemption Date</u>" has the meaning specified in <u>Section 9.1(a)</u> (*Optional Redemption of the Series 2025-6 Notes*) of this Series 2025-6 Supplement.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning specified in <u>Section 2.1(e)</u> (*Initial Issuance*) of this Series 2025-6 Supplement.

"<u>Related Month</u>" means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect to any other date, the calendar month in which such date occurs.

"<u>Relevant Alternative Rating</u>" means, with respect to any Person as of the date of determination: (a) if such Person has both a senior unsecured rating by the alternative Rating Agency and a long-term issuer default rating by the alternative Rating Agency as of such date, then the higher of such two ratings as of such date and (b) if such Person only has one of a senior unsecured rating by the alternative Rating Agency and a long-term issuer default rating by the alternative Rating Agency as of such date, then such rating of such person as of such date; provided, that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Alternative Rating with respect to such Person as of such date.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Fitch Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a senior unsecured rating by Fitch and a long-term issuer default rating by Fitch as of such date, then such rating of such Person as of such date; provided, that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then the higher of such two ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody's and a long term corporate family rating by Moody's as of such date, then such rating of such Person as of such date; <u>provided</u> that if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating with respect to such Person as of such date, (c) with respect to DBRS, the Relevant DBRS Rating with respect to such Person as of such date, (d) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date and (e) with respect to any alternative Rating Agency, the Relevant Alternative Rating with respect to such Person as of such date.

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided</u> that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Restricted Notes</u>" means the Global Notes and all other Series 2025-6 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Article II</u> of this Series 2025-6 Supplement.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in <u>Section 4.3(a)</u> (*Trustee as Securities Intermediary*) of this Series 2025-6 Supplement.

"<u>Senior Class of Series 2025-6 Notes</u>" means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(h)</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*) on such Payment Date over (b) the sum of (i) the Series 2025-6 Payment Date Available Interest Amount with respect to the Series 2025-6 Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2025-6 Interest Collection Account with proceeds of the Class A/B/C/D Reserve Account, <u>proceeds of the Class E Reserve Account,</u> each Class A/B/C/D <u>Demand Note, each Class E</u> Demand Note, each Class A/B/C/D Letter of Credit and<u>, each Class E Letter of Credit,</u> each Class A/B/C/D <u>L/C Cash Collateral Account and each Class E</u> L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided</u> that the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2025-6 Principal Collection Account for deposit into the Series 2025-6 Interest Collection Account on such Payment Date.

"<u>Series 2025-6 Account Collateral</u>" has the meaning specified in <u>Section 4.1</u> (*Granting Clause*) of this Series 2025-6 Supplement.

"<u>Series 2025-6 Accounts</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Series 2025-6 Accounts*) of this Series 2025-6 Supplement.

"<u>Series 2025-6 Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(l)</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2025-6 Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2025-6 Notes.

"<u>Series 2025-6 Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (x) the greater of (a) the excess, if any, of (i) the Series 2025-6 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of such date. The Series 2025-6 Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2025-6 Notes.

"<u>Series 2025-6 Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2025-6 Principal Amount as of such date over (B) the Series 2025-6 Principal Collection Account Amount as of such date. The Series 2025-6 Adjusted Principal Amount shall be the "Series Adjusted Principal Amount" with respect to the Series 2025-6 Notes.

"<u>Series 2025-6 Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-6 Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2025-6 Alternative AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-6 Alternative Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-6 Alternative Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-6 Alternative Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-6 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-6 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-6 Alternative Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-6 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-6 Alternative Remainder AAA Amount.

"<u>Series 2025-6 Alternative AAA Select Component</u>" means each Series 2025-6 Alternative AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-6 Alternative Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-6 Alternative AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-6 Alternative Baseline Advance Rate with respect to such Series 2025-6 Alternative AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-6 Alternative Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-6 Alternative AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-6 Alternative MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-6 Alternative AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-6 Alternative Baseline Advance Rate</u>" means, with respect to each Series 2025-6 Alternative AAA Select Component, the percentage set forth opposite such Series 2025-6 Alternative AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2025-6 Alternative AAA Select Component** | &nbsp;&nbsp;**Series 2025-6 Alternative <br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2025-6 Alternative Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2025-6 Alternative Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;Series 2025-6 Alternative Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2025-6 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;89.00% |
| &nbsp;&nbsp;Series 2025-6 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2025-6 Alternative Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;86.75% |
| &nbsp;&nbsp;Series 2025-6 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;82.55% |
| &nbsp;&nbsp;Series 2025-6 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2025-6 Alternative Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2025-6 Alternative Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-6 Alternative Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-6 Alternative Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-6 Alternative Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-6 Alternative AAA Select Component, in each case as of such date.

"<u>Series 2025-6 Alternative Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-6 Alternative AAA Select Component equal to the product of such Series 2025-6 Alternative AAA Select Component and the Series 2025-6 Alternative Adjusted Advance Rate with respect to such Series 2025-6 Alternative AAA Select Component, in each case as of such date.

"<u>Series 2025-6 Alternative Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-6 Alternative Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-6 Alternative Baseline Advance Rate with respect to such Series 2025-6 Alternative Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-6 Alternative Concentration Excess Advance Rate Adjustment with respect to such Series 2025-6 Alternative Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-6 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-6 Alternative Baseline Advance Rate with respect to such Series 2025-6 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-6 Alternative Concentration Excess Advance Rate Adjustment with respect to such Series 2025-6 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-6 Alternative Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-6 Alternative AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-6 Alternative Concentration Excess Amount, if any, allocated to such Series 2025-6 Alternative AAA Select Component by HVF III and (B) the Series 2025-6 Alternative Baseline Advance Rate with respect to such Series 2025-6 Alternative AAA Select Component, and the denominator of which is (II) such Series 2025-6 Alternative AAA Select Component, in each case as of such date, and (b) the Series 2025-6 Alternative Baseline Advance Rate with respect to such Series 2025-6 Alternative AAA Component; <u>provided</u> that, the portion of the Series 2025-6 Alternative Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-6 Alternative AAA Select Component that was included in determining whether such Series 2025-6 Alternative Concentration Excess Amount exists.

"<u>Series 2025-6 Alternative Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-6 Alternative Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-6 Alternative Eligible Manufacturer Receivables, in each case, included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-6 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount, as of such date or the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount, as of such date or the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-6 Alternative Eligible Manufacturer Receivables included in the Series 2025-6 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer with respect to such Series 2025-6 Alternative Eligible Manufacturer Receivable for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-6 Alternative Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-6 Alternative Manufacturer Concentration Excess Amounts and (D) Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-6 Alternative Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-6 Alternative Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-6 Alternative Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-6 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-6 Alternative Investment Grade Manufacturers.

"<u>Series 2025-6 Alternative Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-6 Alternative Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-6 Alternative Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable due from any Manufacturer that has a Relevant Alternative Rating as of such date of at least "A(L)" (or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, then the Alternative Equivalent Rating of at least "A(L)") pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable due from any Manufacturer that (a) has a Relevant Alternative Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)" or (b) if such Manufacturer does not have a Relevant Alternative Rating as of such date, then has the Alternative Equivalent Rating as of such date of (i) less than "A(L)" and (ii) at least "BBB(L)", in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable due from a Series 2025-6 Alternative Non-Investment Grade (High) Manufacturer or a Series 2025-6 Alternative Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-6 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-6 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-6 Alternative Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-6 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-6 Alternative Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-6 Alternative Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-6 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-6 Alternative Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-6 Alternative Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-6 Alternative Non-Investment Grade (High) Program Vehicle and each Series 2025-6 Alternative Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-6 Alternative Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Alternative Rating as of such date of at least "BBB(L)" (or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, then the Alternative Equivalent Rating of "BBB(L)")as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, the Alternative Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-6 Alternative Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-6 Alternative Investment Grade Manufacturer that is not a Series 2025-6 Alternative Investment Grade Program Vehicle as of such date.

"<u>Series 2025-6 Alternative Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-6 Alternative Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-6 Alternative Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-6 Alternative Eligible Manufacturer Receivables due from such Manufacturer.

"<u>Series 2025-6 Alternative Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-6 Alternative Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-6 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-6 Alternative Eligible Manufacturer Receivables included in the Series 2025-6 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer with respect to such Series 2025-6 Alternative Eligible Manufacturer Receivable for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-6 Alternative Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-6 Alternative Manufacturer Concentration Excess Amounts and (D) Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-6 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-6 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-6 Alternative MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-6 Alternative Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-6 Failure Percentage as of such date and (ii) the Series 2025-6 Alternative Concentration Adjusted Advance Rate with respect to the Series 2025-6 Alternative Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-6 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-6 Failure Percentage as of such date and (ii) the Series 2025-6 Alternative Concentration Adjusted Advance Rate with respect to the Series 2025-6 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-6 Alternative AAA Component, zero.

"<u>Series 2025-6 Alternative Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant Alternative Rating as of such date of (i) less than "BBB(L)" and (ii) at least "BB(L)", or (b) if such Manufacturer does not have a Relevant Alternative Rating as of such date, then has the Alternative Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-6 Alternative Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-6 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-6 Alternative Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-6 Alternative Eligible Manufacturer Receivables with respect to any Series 2025-6 Alternative Non-Investment Grade (High) Manufacturer included in the Series 2025-6 Alternative Manufacturer Amount for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-6 Alternative Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-6 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-6 Alternative Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-6 Alternative Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-6 Alternative Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Alternative Rating as of such date of less than "BB(L)"(or, if such Manufacturer does not have a Relevant Alternative Rating as of such date, the Alternative Equivalent Rating of "BB(L)") as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, the Alternative Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) the alternative Rating Agency (or, if such Manufacturer is not rated by the alternative Rating Agency, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-6 Alternative Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-6 Alternative Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another master motor vehicle operating lease, as applicable) as of such date.

"<u>Series 2025-6 Alternative Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-6 Alternative Non-Investment Grade (High) Manufacturer or a Series 2025-6 Alternative Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-6 Alternative Non-Investment Grade (High) Program Vehicle or a Series 2025-6 Alternative Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-6 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Alternative Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Alternative Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Alternative Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-6 Alternative Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-6 Alternative Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-6 Alternative Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-6 Alternative Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-6 Alternative Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-6 Alternative Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-6 Alternative Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-6 Alternative Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-6 Alternative Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-6 Alternative Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-6 Alternative Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-6 Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2025-6 Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2025-6 Asset Coverage Threshold Amount</u>" means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount <u>divided by</u> the Series 2025-6 Blended Advance Rate, in each case as of such date.

"<u>Series 2025-6 Blended Advance Rate</u>" means, as of any date of determination, the least of the Series 2025-6 Alternative Blended Advanced Rate as of such date, the Series 2025-6 Moody's Blended Advance Rate as of such date and 88.95%.

"<u>Series 2025-6 Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-6 Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

"<u>Series 2025-6 Capped Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2025-6 Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the Series 2025-6 Administrator Fee Amount and the Series 2025-6 Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2025-6 Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2025-6 Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2025-6 Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-6 Carrying Charges</u>" means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2025-6 Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2025-6 Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other party to a Series 2025-6 Related Document,

in each case under and in accordance with such Series 2025-6 Related Document, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2025-6 Notes.

"<u>Series 2025-6</u> <u>Closing Date</u>" means December 5, 2025.

"<u>Series 2025-6 Collateral</u>" means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2025-6 Account Collateral with respect to each Series 2025-6 Account and each Class A/B/C/D Demand Note.

"<u>Series 2025-6 Controlled Amortization Period</u>" means the period commencing upon the close of business December 25, 2030 (or, if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2025-6 Rapid Amortization Period, (ii) the date on which the Series 2025-6 Notes are fully paid and (iii) the termination of this Series 2025-6 Supplement.

"<u>Series 2025-6 Daily Interest Allocation</u>" means, on each Series 2025-6 Deposit Date, the Series 2025-6 Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

"<u>Series 2025-6 Daily Principal Allocation</u>" means, on each Series 2025-6 Deposit Date, an amount equal to the Series 2025-6 Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2025-6 Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2025-6 Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2025-6 Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(</u><u>iii</u><u>iv</u><u>)</u> (*Series 2025-6 Accounts*) of this Series 2025-6 Supplement.

"<u>Series 2025-6 Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-6 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2025-6 Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2025-6 Excess Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2025-6 Operating Expense Amount with respect to such Payment Date over (ii) the Series 2025-6 Capped Operating Expense Amount with respect to such Payment Date.

"<u>Series 2025-6 Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2025-6 Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2025-6 Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2025-6 Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% <u>minus</u> the lower of (x) the lowest Series 2025-6 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date) and (y) the lowest Series 2025-6 Market Value Average as of any Determination Date within the preceding three (3) calendar months (or such fewer number of months as have elapsed since the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date).

"<u>Series 2025-6 Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-6 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2025-6 Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-6 Accounts*) of this Series 2025-6 Supplement.

"<u>Series 2025-6 Interest Period</u>" means a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; <u>provided</u>, <u>however</u>, that the initial Series 2025-6 Interest Period <u>for the Class A/B/C/D Notes</u> shall commence on and include the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date and end on and include December 25, 2025 <u>and the initial Series 2025-6 Interest Period for the Class E Notes shall commence on and include the Class E Notes Closing Date and end on and include May 24, 2026</u>.

"<u>Series 2025-6 Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2025-6 Revolving Period, the Series 2025-6 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date, on the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2025-6 Controlled Amortization Period and the Series 2025-6 Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2025-6 Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2025-6 Revolving Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2025-6 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in <u>clause (i)</u>; <u>provided</u> that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in <u>clause (i)(z)</u>, then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2025-6 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

Notwithstanding the foregoing and for the avoidance of doubt, on any date of determination after the date on which the Series 2025-6 Principal Amount shall have been reduced to zero, the Series 2025-6 Invested Percentage shall equal zero.

"<u>Series 2025-6 Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) would have been deposited into the Series 2025-6 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.2(a)</u> (*Collections Account*) have been received for deposit into the Series 2025-6 Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-6 Lease Payment Deficit</u>" means either a Series 2025-6 Lease Interest Payment Deficit or a Series 2025-6 Lease Principal Payment Deficit.

"<u>Series 2025-6 Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2025-6 Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2025-6 Principal Collection Account on or prior to such Payment Date on account of such Series 2025-6 Lease Principal Payment Deficit.

"<u>Series 2025-6 Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2025-6 Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2025-6 Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2025-6 Liquidation Event</u>" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Series 2025-6 Notes described in <u>clauses (a)</u> through <u>(d)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-6 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Series 2025-6 Notes described in <u>clauses (e)</u> through <u>(g)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2025-6 Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof by the Majority Series 2025-6 Controlling Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the Majority Series 2025-6 Controlling Class.

Each Series 2025-6 Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2025-6 Notes.

"<u>Series 2025-6 Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table.

---

| | |
|:---|:---|
| **Manufacturer** | **Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi Combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

"<u>Series 2025-6 Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2025-6 Non-Program Fleet Market Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

"<u>Series 2025-6 Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2025-6 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2025-6 Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2025-6 Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (<u>provided</u> that, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2025-6 Measurement Month shall be included in any other Series 2025-6 Measurement Month.

"<u>Series 2025-6 Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-6 Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) would have been deposited into the Series 2025-6 Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.2(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2025-6 Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2025-6 Moody's AAA Components</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-6 Moody's Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-6 Moody's Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-6 Moody's Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-6 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-6 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-6 Moody's Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-6 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-6 Moody's Remainder AAA Amount.

"<u>Series 2025-6 Moody's AAA Select Component</u>" means each Series 2025-6 Moody's AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2025-6 Moody's Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2025-6 Moody's AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-6 Moody's Baseline Advance Rate with respect to such Series 2025-6 Moody's AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-6 Moody's Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-6 Moody's AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-6 Moody's MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2025-6 Moody's AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Series 2025-6 Moody's Baseline Advance Rate</u>" means, with respect to each Series 2025-6 Moody's AAA Select Component, the percentage set forth opposite such Series 2025-6 Moody's AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2025-6 Moody's AAA Select Component** | &nbsp;&nbsp;**Series 2025-6 Moody's<br> Baseline Advance Rate** |
| &nbsp;&nbsp;Series 2025-6 Moody's Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2025-6 Moody's Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2025-6 Moody's Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2025-6 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2025-6 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2025-6 Moody's Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2025-6 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2025-6 Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2025-6 Moody's Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Series 2025-6 Moody's Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2025-6 Moody's Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2025-6 Moody's Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Series 2025-6 Moody's Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2025-6 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-6 Moody's Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2025-6 Moody's AAA Select Component equal to the product of such Series 2025-6 Moody's AAA Select Component and the Series 2025-6 Moody's Adjusted Advance Rate with respect to such Series 2025-6 Moody's AAA Select Component, in each case as of such date.

"<u>Series 2025-6 Moody's Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-6 Moody's Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-6 Moody's Baseline Advance Rate with respect to such Series 2025-6 Moody's Eligible Investment Grade Non-Program Vehicle Amount over the Series 2025-6 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-6 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-6 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2025-6 Moody's Baseline Advance Rate with respect to such Series 2025-6 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount over the Series 2025-6 Moody's Concentration Excess Advance Rate Adjustment with respect to such Series 2025-6 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Series 2025-6 Moody's Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2025-6 Moody's AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2025-6 Moody's Concentration Excess Amount, if any, allocated to such Series 2025-6 Moody's AAA Select Component by HVF III and (B) the Series 2025-6 Moody's Baseline Advance Rate with respect to such Series 2025-6 Moody's AAA Select Component, and the denominator of which is (II) such Series 2025-6 Moody's AAA Select Component, in each case as of such date, and (b) the Series 2025-6 Moody's Baseline Advance Rate with respect to such Series 2025-6 Moody's AAA Component; <u>provided</u> that, the portion of the Series 2025-6 Moody's Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2025-6 Moody's AAA Select Component that was included in determining whether such Series 2025-6 Moody's Concentration Excess Amount exists.

"<u>Series 2025-6 Moody's Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2025-6 Moody's Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided</u> that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2025-6 Moody's Eligible Manufacturer Receivables, in each case, included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2025-6 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount, as of such date or the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2025-6 Moody's Eligible Manufacturer Receivables included in the Series 2025-6 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-6 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-6 Moody's Eligible Manufacturer Receivables are designated as constituting (A) Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-6 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-6 Moody's Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-6 Moody's Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-6 Moody's Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-6 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-6 Moody's Investment Grade Manufacturers.

"<u>Series 2025-6 Moody's Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2025-6 Moody's Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-6 Moody's Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable by any Manufacturer that has a Relevant Moody's Rating as of such date of at least "A3" pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody's Rating as of such date of (i) less than "A3" and (ii) at least "Baa3", pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable by a Series 2025-6 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-6 Moody's Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2025-6 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-6 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-6 Moody's Non-Investment Grade (High) Manufacturers.

"<u>Series 2025-6 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2025-6 Moody's Eligible Manufacturer Receivables, in each case, as of such date by all Series 2025-6 Moody's Non-Investment Grade (Low) Manufacturers.

"<u>Series 2025-6 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2025-6 Moody's Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-6 Moody's Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of Net Book Values as of such date of each Series 2025-6 Moody's Non-Investment Grade (High) Program Vehicle and each Series 2025-6 Moody's Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2025-6 Moody's Investment Grade Manufacturer</u>" means, as of any date of determination, (a) any Manufacturer that has a Relevant Moody's Rating as of such date of at least "Baa3", and (b) any Manufacturer that (i) does not have a Relevant Moody's Rating of at least "Baa3" as of such date, (ii) does not have a long-term corporate family rating from Moody's as of such date, and (iii) has a long-term senior unsecured debt rating from Moody's of at least "Ba1" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-6 Moody's Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2025-6 Moody's Investment Grade Manufacturer that is not a Series 2025-6 Moody's Investment Grade Program Vehicle as of such date.

"<u>Series 2025-6 Moody's Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-6 Moody's Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-6 Moody's Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Series 2025-6 Moody's Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2025-6 Moody's Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2025-6 Moody's Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2025-6 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in either of (x) the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount, as of such date, (iv) the amount of any Series 2025-6 Moody's Eligible Manufacturer Receivables included in the Series 2025-6 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer with respect to such Series 2025-6 Moody's Eligible Manufacturer Receivable for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2025-6 Moody's Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amounts, (C) Series 2025-6 Moody's Manufacturer Concentration Excess Amounts and (D) Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2025-6 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount and (C) Series 2025-6 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-6 Moody's MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2025-6 Moody's Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-6 Failure Percentage as of such date and (ii) the Series 2025-6 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-6 Moody's Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2025-6 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2025-6 Failure Percentage as of such date and (ii) the Series 2025-6 Moody's Concentration Adjusted Advance Rate with respect to the Series 2025-6 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any other Series 2025-6 Moody's AAA Component, zero.

"<u>Series 2025-6 Moody's Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) is not a Series 2025-6 Moody's Investment Grade Manufacturer as of such date and (b) has a Relevant Moody's Rating of at least "Ba3" as of such date; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by Moody's for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2025-6 Moody's Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2025-6 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2025-6 Moody's Non-Investment Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the amount of any Series 2025-6 Moody's Eligible Manufacturer Receivables with respect to any Series 2025-6 Moody's Non-Investment Grade (High) Manufacturer included in the Series 2025-6 Moody's Manufacturer Amount for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2025-6 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2025-6 Moody's Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2025-6 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-6 Moody's Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-6 Moody's Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-6 Moody's Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant Moody's Rating as of such date of less than "Ba3"; <u>provided</u> that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody's, such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) Moody's for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2025-6 Moody's Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2025-6 Moody's Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2025-6 Moody's Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2025-6 Moody's Non-Investment Grade (High) Manufacturer or a Series 2025-6 Moody's Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2025-6 Moody's Non-Investment Grade (High) Program Vehicle or a Series 2025-6 Moody's Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount</u>" as of any date of determination, the excess, if any, of the Series 2025-6 Non-Liened Vehicle Amount as of such date over either (x) 10.00% of the Aggregate Asset Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being "a publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a publicly traded partnership treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; <u>provided</u> that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Medium-Duty Truck Amount for purposes of calculating the Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2025-6 Moody's Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2025-6 Moody's Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2025-6 Moody's Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2025-6 Non-Liened Vehicle Amount for purposes of calculating the Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2025-6 Moody's Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2025-6 Moody's Medium-Duty Truck Concentration Excess Amount and (C) Series 2025-6 Moody's Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2025-6 Moody's Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2025-6 Moody's Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2025-6 Moody's Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2025-6 Moody's Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2025-6 Moody's Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2025-6 Moody's Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2025-6 Moody's Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2025-6 Moody's Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cash Amount as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2025-6 Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2025-6 Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2025-6 Third-Party Market Values of each such Non-Program Vehicle as of such date.

"<u>Series 2025-6 Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2025-6 Measurement Month, commencing with the third Series 2025-6 Measurement Month following the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2025-6 Measurement Month and the two Series 2025-6 Measurement Months preceding such Series 2025-6 Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2025-6 Noteholders</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

"<u>Series 2025-6 Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E Notes have been issued, the Class E Notes, collectively.

"<u>Series 2025-6 Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2025-6 Carrying Charges on such Payment Date (excluding any Series 2025-6 Carrying Charges payable to the Series 2025-6 Noteholders) and (b) the Series 2025-6 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Carrying Charges payable to the Series 2025-6 Noteholders).

"<u>Series 2025-6 Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2025-6 Lease Principal Payment Deficit, an amount equal to the Series 2025-6 Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2025-6 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2025-6 Lease Interest Payment Deficit, an amount equal to the Series 2025-6 Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2025-6 Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2025-6 Payment Date Available Interest Amount</u>" means, with respect to each Series 2025-6 Interest Period, the sum of the Series 2025-6 Daily Interest Allocation for each Series 2025-6 Deposit Date in such Series 2025-6 Interest Period.

"<u>Series 2025-6 Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(g)</u> (*Application of Funds in the Series 2025-6 Interest Collection Account*).

"<u>Series 2025-6 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-6 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2025-6 Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the Trustee pursuant to any Series 2025-6 Related Document, Related Document or any other Series Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course. Series 2025-6 Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2025-6 Notes.

"<u>Series 2025-6 Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such date, the Class E Principal Amount, in each case, as of such date. The Series 2025-6 Principal Amount shall be the "Principal Amount" with respect to the Series 2025-6 Notes. For the avoidance of doubt, when "Principal Amount" is used in connection with any Class of Series 2025-6 Notes it means the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

"<u>Series 2025-6 Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Series 2025-6 Accounts*) of this Series 2025-6 Supplement.

"<u>Series 2025-6 Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2025-6 Principal Collection Account as of such date.

"<u>Series 2025-6 Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event with respect to the Series 2025-6 Notes is deemed to have occurred with respect to the Series 2025-6 Notes, and ending upon the earlier to occur of (i) the date on which the Series 2025-6 Notes are paid in full and (ii) the termination of this Series 2025-6 Supplement.

"<u>Series 2025-6 Rating Agency Condition</u>" means (a) the notification in writing by each Rating Agency then rating any Class of Series 2025-6 Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2025-6 Notes at the request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if ten (10) day's advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2025-6 Rating Agency Condition shall be the "Rating Agency Condition" with respect to the Series 2025-6 Notes.

"<u>Series 2025-6 Related Documents</u>" means the Related Documents, this Series 2025-6 Supplement and each Class A/B/C/D Demand Note.

"<u>Series 2025-6 Revolving Period</u>" means the period from the Series 2025-6<u>Class A/B/C/D Notes</u> Closing Date to the earlier of (i) the commencement of the Series 2025-6 Controlled Amortization Period and (ii) the commencement of the Series 2025-6 Rapid Amortization Period.

"<u>Series 2025-6 Supplement</u>" has the meaning specified in the <u>Preamble</u> of this Series 2025-6 Supplement.

"<u>Series 2025-6 Supplemental Indenture</u>" means a supplement to this Series 2025-6 Supplement complying (to the extent applicable) with the terms of <u>Section 9.9</u> (*Amendments*) of this Series 2025-6 Supplement.

"<u>Series 2025-6 Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Series 2025-6 Third-Party Market Value Procedures have been completed for such month, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-6 Third-Party Market Value Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Series 2025-6 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2025-6 Third-Party Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, pursuant to the Series 2025-6 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2025-6 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Series 2025-6 Third-Party Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2025-6 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2025-6 Third-Party Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

"<u>Series 2025-6 Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2025-6 Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2025-6 Percentage of fees payable to the Trustee with respect to the Notes on such Payment Date.

"<u>Series-Specific 2025-6 Collateral</u>" means the Series 2025-6 Account Collateral with respect to each Series 2025-6 Account and each Class A/B/C/D Demand Note. The Series-Specific 2025-6 Collateral shall be the "Series-Specific Collateral" with respect to the Series 2025-6 Notes.

"<u>Similar Law</u>" has the meaning specified in <u>Section 2.2(i)</u> (*Transfer Restrictions for Global Notes*) of this Series 2025-6 Supplement.

"<u>Treasury Rate</u>" means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date; <u>provided</u> that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will be used.

Schedule II<br> TO THE SERIES 2025-6 SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Adjusted Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Available L/C Cash Collateral
Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Available Reserve Account
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Letter of Credit Liquidity
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Required Liquid Enhancement
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Required Reserve Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class A/B/C/D Reserve Account Deficiency
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class B Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class C Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D Monthly Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Class D Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Adjusted Asset Coverage Threshold Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Asset Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available L/C Cash Collateral Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Available Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Blended Advance Rate</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Floating Allocation Percentage</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Letter of Credit Liquidity Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Class E Monthly Interest Amount (if
applicable)

&nbsp;&nbsp;&nbsp;&nbsp;· Class E Principal Amount (if
applicable)

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Liquid Enhancement Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Required Reserve Account Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;<u>·</u> <u>Class E Reserve Account Deficiency Amount</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Determination Date

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Carrying Charges

&nbsp;&nbsp;&nbsp;&nbsp;· Cash Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Due and Unpaid Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Interest Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Principal Collections

&nbsp;&nbsp;&nbsp;&nbsp;· Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Payment Date

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Adjusted Asset Coverage Threshold
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Adjusted Advance
Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Blended Advance
Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Concentration
Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Concentration
Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Concentration
Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Eligible Investment
Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Eligible Investment
Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Eligible Investment
Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Eligible Non-Investment
Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Eligible Non-Investment
Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Eligible Non-Investment
Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Eligible Non-Investment
Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Manufacturer Concentration
Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Medium-Duty Truck
Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative MTM/DT Advance
Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Non-Investment
Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Non-Liened Vehicle
Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Alternative Remainder AAA
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Asset Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Capped Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Capped Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Capped Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Excess Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Excess Operating Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Excess Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Floating Allocation Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Administrator Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Invested Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Medium-Duty Truck Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Adjusted Advance
Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Blended Advance
Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Concentration
Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Concentration
Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Concentration
Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Eligible Investment
Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Eligible Investment
Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Eligible Investment
Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Eligible Non-Investment
Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Eligible Non-Investment
Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Eligible Non-Investment
Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Eligible Non-Investment
Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Manufacturer
Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Medium-Duty
Truck Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's MTM/DT Advance
Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Non-Investment
Grade (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Non-Liened Vehicle
Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Moody's Remainder AAA
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Non-Liened Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Non-Program Fleet Market Value

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Non-Program Vehicle Disposition
Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Percentage

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Principal Collection Account
Amount

&nbsp;&nbsp;&nbsp;&nbsp;· Series 2025-6 Rapid Amortization Period

On or before the second Business Day following the Trustee's receipt of a Monthly Noteholders' Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly Noteholders' Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available to the Series 2025-6 Noteholders, as designated from time to time by the Trustee).

## Exhibit 10.12

**Exhibit 10.12**

***Execution Version***

**Amendment No. 2 to THIRD Amended and restated Series 2021-A SUPPLEMENT**

This AMENDMENT NO. 2 (this "<u>Amendment</u>"), dated as of April 28, 2026, to the THIRD AMENDED AND RESTATED SERIES 2021-A SUPPLEMENT, dated as of August 29, 2025 (as amended by Amendment No. 1 to the Third Amended and Restated Series 2021-A Supplement, dated as of October 31, 2025, and as may be further amended, restated, supplemented, or otherwise modified from time to time, the "<u>Series 2021-A Supplement</u>"), by and among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), THE HERTZ CORPORATION, a corporation established under the laws of Delaware ("<u>THC</u>"), as Administrator (in such capacity, the "<u>Administrator</u>"), Deutsche Bank AG, New York Branch, as program agent (in such capacity, the "<u>Program Agent</u>"), the certain committed note purchasers party thereto (in such capacity, the "<u>Committed Note Purchasers</u>"), the certain conduit investors party thereto (in such capacity, the "<u>Conduit Investors</u>"), the certain funding agents for the investor groups party thereto and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>") to the Base Indenture, dated as of June 29, 2021, by and between the Issuer and the Trustee (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as may be amended, restated, supplemented, or otherwise modified from time to time, exclusive of series supplements, the "<u>Base Indenture</u>").

**WITNESSETH**:

WHEREAS, pursuant to <u>Section 6.2(b)(iii)</u> (*Covenants*) of the Series 2021-A Supplement, the Issuer and the Administrator covenant not to amend certain definitions without the written consent of each Committed Note Purchaser and each Conduit Investor of the Class affected by such amendment;

WHEREAS, <u>Section 11.10(a)</u> (*Amendments*) of the Series 2021-A Supplement permits the Issuer and the Trustee to amend the Series 2021-A Supplement in writing, with the consent of the Series 2021-A Required Noteholders, subject to certain conditions set forth in the Series 2021-A Supplement;

WHEREAS, the parties hereto desire, in accordance with <u>Section 6.2(b)(iii)</u> (*Covenants*) and <u>Section 11.10(a)</u> (*Amendments*) of the Series 2021-A Supplement, to, among other things, amend certain provisions of the Series 2021-A Supplement as set forth herein;

WHEREAS, the Issuer previously requested an extension of the Series 2021-A Commitment Termination Date with respect to the Class A Notes, and each of the Non-Extending Class A Noteholders (as defined in Annex A hereto) exercised its right to refuse such request, at which time such Non-Extending Class A Noteholder became a Non-Extending Purchaser and a Class A Potential Terminated Purchaser;

WHEREAS, such amendments (i) would affect each Class A Committed Note Purchaser and each Class A Conduit Investor and (ii) the Issuer has delivered an Officer's Certificate pursuant to <u>Section 11.10(a)</u> (*Amendments*) of the Series 2021-A Supplement that such amendments do not adversely affect the Class B Noteholders or the interests, rights or obligations of any Class B Conduit Investor or Class B Committed Note Purchaser individually in comparison to any other Class B Conduit Investor or Class B Committed Note Purchaser; and

WHEREAS, the Class A Noteholders signatory hereto collectively constitute the Series 2021-A Required Noteholders, and the Class RR Committed Note Purchaser, the Series 2021-A Required Noteholders, and each Class A Committed Note Purchaser and each Class A Conduit Investor consent to the amendments herein.

NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

**AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in (or by reference in) <u>Schedule I</u> to the Base Indenture or in (or by reference in) <u>Schedule I</u> to the Series 2021-A Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendment to the Series 2021-A Supplement</u>. Pursuant to <u>Section 6.2(b)</u> (*Covenants*) and <u>Section 11.10(a)</u> (*Amendments*) of the Series 2021-A Supplement, the Issuer and the Trustee hereby agree to amend the Series 2021-A Supplement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth on the pages of the Series 2021-A Supplement attached as <u>Annex A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As set forth in <u>Schedule 2</u> and <u>Annex B</u> hereto, Schedule II of the Series 2021-A Supplement is hereby amended and restated in its entirety to reflect an increase of $380,000,000 in the Class A Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Class A Noteholder, by execution of its signature page to this Amendment hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) represents, warrants and certifies, for itself but not for any other Class A Noteholder, that: (i) it holds the portion of the Class A Notes set forth opposite its name on <u>Schedule 1</u> of this Amendment, (ii) its consent to the Amendment have been duly authorized by it; and (iii) this Amendment has been duly executed and delivered by it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) affirms its consent to the Amendment by execution of its signature page to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Class A Committed Note Purchaser and each Class A Conduit Investor affirms its consent to the Amendment by execution of its signature page to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of the Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Issuer set forth in the Base Indenture and the Series 2021-A Supplement is true and correct as of the date of this Amendment in all material respects (except for representations and warranties which are limited as to materiality by their terms, which representations and warranties shall be true and correct as of the date of this Amendment) as though such representation or warranty were being made on and as of the date hereof and is hereby deemed repeated as though fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Issuer of this Amendment (i) have been duly and validly authorized by all necessary corporate and statutory trust proceedings of the Issuer, (ii) requires no action by or in respect of, or filing with, or any consent or approval of, any governmental body, agency or official, which has not been obtained and (iii) do not conflict with or violate or result in a breach of (x) any of the provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or default could reasonably be expected to have a Material Adverse Effect or (y) any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been executed and delivered by a duly authorized officer of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of this Amendment and the Series 2021-A Supplement as amended hereby is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by confidential general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon giving effect to this Amendment, there is no Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default that is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reference to and Effect on the Series 2021-A Supplement; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended above, the Series 2021-A Supplement, as amended by this Amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Series 2021-A Supplement, or constitute a waiver of any provision of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effectiveness hereof, each reference in the Series 2021-A Supplement to "<u>Series 2021-A Supplement</u>", "<u>hereto</u>", "<u>hereunder</u>", "<u>hereof</u>" or words of like import referring to the Series 2021-A Supplement, and each reference in any other Series 2021-A Related Document to "<u>Series 2021-A Supplement</u>", "<u>thereto</u>", "<u>thereof</u>", "<u>thereunder</u>" or words of like import referring to the Series 2021-A Supplement, shall mean and be a reference to the Series 2021-A Supplement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in the Series 2021-A Supplement, including such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby, (ii) its Note Obligations and its grant of Liens on the Series 2021-A Collateral to secure the Note Obligations pursuant to the Series 2021-A Supplement and (iii) that the grant referenced in the foregoing clause (ii) continues in full force and effect in respect of, and to secure, such Note Obligations under the Series 2021-A Supplement after giving effect to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Counterparts; Electronic Signature</u>. This Amendment may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Governing Law</u>. THIS AMENDMENT AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Headings</u>. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Severability</u>. The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Effectiveness</u>. This Amendment shall be effective upon (i) delivery of executed signature pages by all parties hereto and (ii) the payment from the Issuer to the Class A Committed Note Purchasers, the Upfront Fee due on the date hereof in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Interpretation</u>. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Trustee Not Responsible</u>. The Trustee shall not be responsible for the validity or sufficiency of this Amendment nor for the recitals herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Conflicts</u>. To the extent of any inconsistency between the terms of the Base Indenture, the Series 2021-A Supplement or the Series 2021-A Notes and this Amendment, the terms of this Amendment will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Entire Agreement</u>*.* This Amendment constitutes the entire agreement of the parties hereto with respect to the amendments to the Series 2021-A Supplement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Successors</u>*.* All covenants and agreements in this Amendment by the parties hereto shall bind their respective successors.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer | HERTZ VEHICLE FINANCING III LLC, as Issuer |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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|:---|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Mitchell L. Brumwell | /s/ Mitchell L. Brumwell |
|  | Name: | Mitchell L. Brumwell |
|  | Title: | Vice President |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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|:---|:---|:---|
| **CONSENTED TO BY:** | **CONSENTED TO BY:** | **CONSENTED TO BY:** |
| THE HERTZ CORPORATION, as<br> Class RR Committed Note Purchaser, | THE HERTZ CORPORATION, as<br> Class RR Committed Note Purchaser, | THE HERTZ CORPORATION, as<br> Class RR Committed Note Purchaser, |
| By: | /s/ Mark E. Johnson | /s/ Mark E. Johnson |
|  | Name: | Mark E. Johnson |
|  | Title: | Senior Vice President and Treasurer |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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|:---|:---|:---|
| DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as the Program Agent | DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as the Program Agent | DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as the Program Agent |
| By: | /s/ Pitt Kauffmann | /s/ Pitt Kauffmann |
|  | Name: | Pitt Kauffmann |
|  | Title: | Director |

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|:---|:---|:---|
| By: | /s/ Kevin Fagan | /s/ Kevin Fagan |
|  | Name: | Kevin Fagan |
|  | Title: | Director |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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|:---|:---|:---|
| DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Pitt Kauffmann | /s/ Pitt Kauffmann |
|  | Name: | Pitt Kauffmann |
|  | Title: | Director |

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|:---|:---|:---|
| By: | /s/ Kevin Fagan | /s/ Kevin Fagan |
|  | Name: | Kevin Fagan |
|  | Title: | Director |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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|:---|:---|:---|
| DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as a Class A Funding Agent | DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as a Class A Funding Agent | DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as a Class A Funding Agent |
| By: | /s/ Pitt Kauffmann | /s/ Pitt Kauffmann |
|  | Name: | Pitt Kauffmann |
|  | Title: | Director |

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|:---|:---|:---|
| By: | /s/ Kevin Fagan | /s/ Kevin Fagan |
|  | Name: | Kevin Fagan |
|  | Title: | Director |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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|:---|:---|:---|
| BARCLAYS BANK PLC,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | BARCLAYS BANK PLC,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | BARCLAYS BANK PLC,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Samir Patel | /s/ Samir Patel |
|  | Name: | Samir Patel |
|  | Title: | Authorised Signatory |

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| | | |
|:---|:---|:---|
| Salisbury Receivables Company LLC,<br> as a Class A Conduit Investor | Salisbury Receivables Company LLC,<br> as a Class A Conduit Investor | Salisbury Receivables Company LLC,<br> as a Class A Conduit Investor |
| By: | /s/ Samir Patel | /s/ Samir Patel |
|  | Name: | Samir Patel |
|  | Title: | Authorised Signatory |

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| | | |
|:---|:---|:---|
| BARCLAYS BANK PLC,<br> as a Class A Funding Agent | BARCLAYS BANK PLC,<br> as a Class A Funding Agent | BARCLAYS BANK PLC,<br> as a Class A Funding Agent |
| By: | /s/ Samir Patel | /s/ Samir Patel |
|  | Name: | Samir Patel |
|  | Title: | Authorised Signatory |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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|:---|:---|:---|
| BANK OF MONTREAL,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | BANK OF MONTREAL,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | BANK OF MONTREAL,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Benjamin Keskic | /s/ Benjamin Keskic |
|  | Name: | Benjamin Keskic |
|  | Title: | Director |

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| | | |
|:---|:---|:---|
| FAIRWAY FINANCE COMPANY, LLC,<br> as a Class A Conduit Investor | FAIRWAY FINANCE COMPANY, LLC,<br> as a Class A Conduit Investor | FAIRWAY FINANCE COMPANY, LLC,<br> as a Class A Conduit Investor |
| By: | /s/ Irina Khaimova | /s/ Irina Khaimova |
|  | Name: | Irina Khaimova |
|  | Title: | Vice President |

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|:---|:---|:---|
| BMO CAPITAL MARKETS CORP.,<br> as a Class A Funding Agent | BMO CAPITAL MARKETS CORP.,<br> as a Class A Funding Agent | BMO CAPITAL MARKETS CORP.,<br> as a Class A Funding Agent |
| By: | /s/ Lindsay Banuelos | /s/ Lindsay Banuelos |
|  | Name: | Lindsay Banuelos |
|  | Title: | Director |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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|:---|:---|:---|
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ David R Nunez | /s/ David R Nunez |
|  | Name: | David R Nunez |
|  | Title: | Managing Director |

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| | | |
|:---|:---|:---|
| By: | /s/ Roger Klepper | /s/ Roger Klepper |
|  | Name: | Roger Klepper |
|  | Title: | Managing Director |

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| | | |
|:---|:---|:---|
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ David R Nunez | /s/ David R Nunez |
|  | Name: | David R Nunez |
|  | Title: | Managing Director |

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| | | |
|:---|:---|:---|
| By: | /s/ Roger Klepper | /s/ Roger Klepper |
|  | Name: | Roger Klepper |
|  | Title: | Managing Director |

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| | | |
|:---|:---|:---|
| ATLANTIC ASSET SECURITIZATION LLC,<br> as a Class A Conduit Investor | ATLANTIC ASSET SECURITIZATION LLC,<br> as a Class A Conduit Investor | ATLANTIC ASSET SECURITIZATION LLC,<br> as a Class A Conduit Investor |
| By: Credit Agricole Corporate and Investment Bank, as Attorney-in-fact | By: Credit Agricole Corporate and Investment Bank, as Attorney-in-fact | By: Credit Agricole Corporate and Investment Bank, as Attorney-in-fact |
| By: | /s/ David R Nunez | /s/ David R Nunez |
|  | Name: | David R Nunez |
|  | Title: | Managing Director |

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| | | |
|:---|:---|:---|
| By: | /s/ Roger Klepper | /s/ Roger Klepper |
|  | Name: | Roger Klepper |
|  | Title: | Managing Director |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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| | | |
|:---|:---|:---|
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Funding Agent | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Funding Agent | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Funding Agent |
| By: | /s/ David R Nunez | /s/ David R Nunez |
|  | Name: | David R Nunez |
|  | Title: | Managing Director |

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| | | |
|:---|:---|:---|
| By: | /s/ Roger Klepper | /s/ Roger Klepper |
|  | Name: | Roger Klepper |
|  | Title: | Managing Director |

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| | | |
|:---|:---|:---|
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Funding Agent | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Funding Agent | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Funding Agent |
| By: | /s/ David R Nunez | /s/ David R Nunez |
|  | Name: | David R Nunez |
|  | Title: | Managing Director |

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| | | |
|:---|:---|:---|
| By: | /s/ Roger Klepper | /s/ Roger Klepper |
|  | Name: | Roger Klepper |
|  | Title: | Managing Director |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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| | | |
|:---|:---|:---|
| ROYAL BANK OF CANADA,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | ROYAL BANK OF CANADA,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | ROYAL BANK OF CANADA,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Lisa Wang | /s/ Lisa Wang |
|  | Name: | Lisa Wang |
|  | Title: | Authorized Signatory |

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| | | |
|:---|:---|:---|
| OLD LINE FUNDING, LLC,<br> as a Class A Conduit Investor | OLD LINE FUNDING, LLC,<br> as a Class A Conduit Investor | OLD LINE FUNDING, LLC,<br> as a Class A Conduit Investor |
| By: | /s/ Lisa Wang | /s/ Lisa Wang |
|  | Name: | Lisa Wang |
|  | Title: | Authorized Signatory |

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| | | |
|:---|:---|:---|
| ROYAL BANK OF CANADA,<br> as a Class A Funding Agent | ROYAL BANK OF CANADA,<br> as a Class A Funding Agent | ROYAL BANK OF CANADA,<br> as a Class A Funding Agent |
| By: | /s/ Lisa Wang | /s/ Lisa Wang |
|  | Name: | Lisa Wang |
|  | Title: | Authorized Signatory |

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| | | |
|:---|:---|:---|
| By: | /s/ Irina Snyder | /s/ Irina Snyder |
|  | Name: | Irina Snyder |
|  | Title: | Authorized Signatory |

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*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

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| | | |
|:---|:---|:---|
| ROYAL BANK OF CANADA,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | ROYAL BANK OF CANADA,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | ROYAL BANK OF CANADA,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Lisa Wang | /s/ Lisa Wang |
|  | Name: | Lisa Wang |
|  | Title: | Authorized Signatory |

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| | | |
|:---|:---|:---|
| By: | /s/ Irina Snyder | /s/ Irina Snyder |
|  | Name: | Irina Snyder |
|  | Title: | Authorized Signatory |

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| | | |
|:---|:---|:---|
| ROYAL BANK OF CANADA,<br> as a Class A Funding Agent | ROYAL BANK OF CANADA,<br> as a Class A Funding Agent | ROYAL BANK OF CANADA,<br> as a Class A Funding Agent |
| By: | /s/ Lisa Wang | /s/ Lisa Wang |
|  | Name: | Lisa Wang |
|  | Title: | Authorized Signatory |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Irina Snyder | /s/ Irina Snyder |
|  | Name: | Irina Snyder |
|  | Title: | Authorized Signatory |

---

*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

---

| | | |
|:---|:---|:---|
| BNP PARIBAS,<br> as a Class A Committed Note Purchaser and Non-Extending Class A Noteholder and Series 2021-A Noteholder | BNP PARIBAS,<br> as a Class A Committed Note Purchaser and Non-Extending Class A Noteholder and Series 2021-A Noteholder | BNP PARIBAS,<br> as a Class A Committed Note Purchaser and Non-Extending Class A Noteholder and Series 2021-A Noteholder |
| By: | /s/ Carl Spalding | /s/ Carl Spalding |
|  | Name: | Carl Spalding |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Chris Fukuoka | /s/ Chris Fukuoka |
|  | Name: | Chris Fukuoka |
|  | Title: | Director |

---

---

| | | |
|:---|:---|:---|
| STARBIRD FUNDING CORPORATION,<br> as a Class A Conduit Investor | STARBIRD FUNDING CORPORATION,<br> as a Class A Conduit Investor | STARBIRD FUNDING CORPORATION,<br> as a Class A Conduit Investor |
| By: | /s/ David V. DeAngelis | /s/ David V. DeAngelis |
|  | Name: | David V. DeAngelis |
|  | Title: | Vice President |

---

---

| | | |
|:---|:---|:---|
| BNP PARIBAS,<br> as a Class A Funding Agent | BNP PARIBAS,<br> as a Class A Funding Agent | BNP PARIBAS,<br> as a Class A Funding Agent |
| By: | /s/ Carl Spalding | /s/ Carl Spalding |
|  | Name: | Carl Spalding |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Chris Fukuoka | /s/ Chris Fukuoka |
|  | Name: | Chris Fukuoka |
|  | Title: | Director |

---

*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

---

| | | |
|:---|:---|:---|
| JPMORGAN CHASE BANK, N.A.,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | JPMORGAN CHASE BANK, N.A.,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | JPMORGAN CHASE BANK, N.A.,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Marquis Gilmore | /s/ Marquis Gilmore |
|  | Name: | Marquis Gilmore |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| FALCON ASSET FUNDING LLC,<br> as a Class A Conduit Investor | FALCON ASSET FUNDING LLC,<br> as a Class A Conduit Investor | FALCON ASSET FUNDING LLC,<br> as a Class A Conduit Investor |
| By: | /s/ Marquis Gilmore | /s/ Marquis Gilmore |
|  | Name: | Marquis Gilmore |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| JPMORGAN CHASE BANK, N.A.,<br> as a Class A Funding Agent | JPMORGAN CHASE BANK, N.A.,<br> as a Class A Funding Agent | JPMORGAN CHASE BANK, N.A.,<br> as a Class A Funding Agent |
| By: | /s/ Marquis Gilmore | /s/ Marquis Gilmore |
|  | Name: | Marquis Gilmore |
|  | Title: | Managing Director |

---

*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

---

| | | |
|:---|:---|:---|
| CITIZENS BANK, N.A.,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | CITIZENS BANK, N.A.,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder | CITIZENS BANK, N.A.,<br> as a Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Gordon Wong | /s/ Gordon Wong |
|  | Name: | Gordon Wong |
|  | Title: | Director |

---

---

| | | |
|:---|:---|:---|
| CITIZENS BANK, N.A.,<br> as a Class A Funding Agent | CITIZENS BANK, N.A.,<br> as a Class A Funding Agent | CITIZENS BANK, N.A.,<br> as a Class A Funding Agent |
| By: | /s/ Gordon Wong | /s/ Gordon Wong |
|  | Name: | Gordon Wong |
|  | Title: | Director |

---

*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

---

| | | |
|:---|:---|:---|
| CANADIAN IMPERIAL BANK OF COMMERCE, as a Class A Funding Agent, a Class A Committed Note Purchaser and Series 2021-A Noteholder | CANADIAN IMPERIAL BANK OF COMMERCE, as a Class A Funding Agent, a Class A Committed Note Purchaser and Series 2021-A Noteholder | CANADIAN IMPERIAL BANK OF COMMERCE, as a Class A Funding Agent, a Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Nil Mistry | /s/ Nil Mistry |
|  | Name: | Nil Mistry |
|  | Title: | Authorized Signatory |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Mike Jefferson | /s/ Mike Jefferson |
|  | Name: | Mike Jefferson |
|  | Title: | Authorized Signatory |

---

---

| | | |
|:---|:---|:---|
| BAY SQUARE FUNDING LLC, as a Class A Conduit Investor | BAY SQUARE FUNDING LLC, as a Class A Conduit Investor | BAY SQUARE FUNDING LLC, as a Class A Conduit Investor |
| By: | /s/ Kevin J. Corrigan | /s/ Kevin J. Corrigan |
|  | Name: | Kevin J. Corrigan |
|  | Title: | Vice President |

---

*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

---

| | | |
|:---|:---|:---|
| GOLDMAN SACHS BANK USA, as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder | GOLDMAN SACHS BANK USA, as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder | GOLDMAN SACHS BANK USA, as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Charles D. Johnston | /s/ Charles D. Johnston |
|  | Name: | Charles D. Johnston |
|  | Title: | Authorized Signatory |

---

*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

---

| | | |
|:---|:---|:---|
| TRUIST BANK, as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder | TRUIST BANK, as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder | TRUIST BANK, as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Emily Shields | /s/ Emily Shields |
|  | Name: | Emily Shields |
|  | Title: | Managing Director |

---

*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

---

| | | |
|:---|:---|:---|
| LLOYDS BANK PLC, as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder | LLOYDS BANK PLC, as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder | LLOYDS BANK PLC, as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Edward Leng | /s/ Edward Leng |
|  | Name: | Edward Leng |
|  | Title: | Director |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Olivier Riffaud | /s/ Olivier Riffaud |
|  | Name: | Olivier Riffaud |
|  | Title: | Director |

---

*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

---

| | | |
|:---|:---|:---|
| MORGAN STANLEY BANK, N.A., as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder | MORGAN STANLEY BANK, N.A., as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder | MORGAN STANLEY BANK, N.A., as Class A Funding Agent, Class A Committed Note Purchaser and Series 2021-A Noteholder |
| By: | /s/ Brad Cramer | /s/ Brad Cramer |
|  | Name: | Brad Cramer |
|  | Title: | Authorized Signatory |

---

*Signature Page to Amendment No. 2 to Third Amended and Restated Series 2021-A Supplement*

**SCHEDULE 1**

---

| | | |
|:---|:---|:---|
| **Series 2021-A Noteholder (Class A)** | **Amount of Class A<br> Maximum Investor <br> Group Principal <br> Amount ($)** | **Percentage of <br> Class A <br> Maximum <br> Investor Group <br> Principal <br> Amount <br> (%)** |
| Deutsche Bank AG, New York Branch | $260000000 | 6.906% |
| Barclays Bank PLC | $260000000 | 6.906% |
| Bank of Montreal | $260000000 | 6.906% |
| Credit Agricole Corporate and Investment Bank | $260000000 | 6.906% |
| Old Line Funding LLC | $0 | 0.000% |
| Royal Bank of Canada | $260000000 | 6.906% |
| BNP Paribas | $260000000 | 6.906% |
| JPMorgan Chase Bank, N.A. | $260000000 | 6.906% |
| Citizens Bank, N.A. | $260000000 | 6.906% |
| Canadian Imperial Bank of Commerce | $110000000 | 2.922% |
| Goldman Sachs Bank USA | $200000000 | 6.906% |
| Truist Bank | $260000000 | 6.906% |
| Lloyds Bank plc | $110000000 | 2.922% |
| Morgan Stanley Bank, N.A. | $100000000 | 2.656% |
| **TOTAL** | $**2860000000** | **100%** |

---

SCHEDULE 1

**SCHEDULE 2**

---

| | | |
|:---|:---|:---|
| **Series 2021-A Noteholder (Class A)** | **Amount of Class A<br> Maximum Investor <br> Group Principal <br> Amount ($)** | **Percentage of <br> Class A <br> Maximum<br> Investor Group <br> Principal <br> Amount <br> (%)** |
| Deutsche Bank AG, New York Branch | $300000000 | 9.259% |
| Barclays Bank PLC | $300000000 | 9.259% |
| Bank of Montreal | $300000000 | 9.259% |
| Credit Agricole Corporate and Investment Bank | $300000000 | 9.259% |
| Old Line Funding LLC | $0 | 0.000% |
| BNP Paribas | $260000000 | 8.025% |
| JPMorgan Chase Bank, N.A. | $300000000 | 9.259% |
| Citizens Bank, N.A. | $300000000 | 9.259% |
| Canadian Imperial Bank of Commerce | $125000000 | 3.858% |
| Goldman Sachs Bank USA | $230000000 | 7.099% |
| Truist Bank | $300000000 | 9.259% |
| Lloyds Bank plc | $125000000 | 3.858% |
| Morgan Stanley Bank, N.A. | $100000000 | 3.086% |
| Royal Bank of Canada | $300000000 | 9.259% |
| **TOTAL** | $**3240000000** | **100%** |

---

SCHEDULE 2

**ANNEX A**

CONFORMED SERIES 2021-A SUPPLEMENT

ANNEX A

***Execution Version*** ***<u>Conformed through Amendment No. 2, dated April 28, 2026</u>***

HERTZ VEHICLE FINANCING III LLC,<br> as Issuer,

THE HERTZ CORPORATION,<br> as Administrator,

DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as Program Agent,

CERTAIN COMMITTED NOTE PURCHASERS,

CERTAIN CONDUIT INVESTORS,

CERTAIN FUNDING AGENTS FOR THE INVESTOR GROUPS,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee and Securities Intermediary

**THIRD AMENDED AND RESTATED<br> SERIES 2021-A SUPPLEMENT**

dated as of August 29, 2025

to

BASE INDENTURE

dated as of June 29, 2021

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| Article I DEFINITIONS AND CONSTRUCTION | Article I DEFINITIONS AND CONSTRUCTION | 3 |
| Section 1.1. | Defined Terms and References | 3 |
| Section 1.2. | Rules of Construction | 3 |
| Section 1.3. | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 4 |
| Section 1.4. | Required Series Noteholder | 4 |
| Article II ISSUANCE; INCREASES AND DECREASES OF PRINCIPAL AMOUNT OF SERIES 2021-A NOTES | Article II ISSUANCE; INCREASES AND DECREASES OF PRINCIPAL AMOUNT OF SERIES 2021-A NOTES | 4 |
| Section 2.1. | Issuance; Additional Series 2021-A Notes | 4 |
| Section 2.2. | Advances | 13 |
| Section 2.3. | Procedure for Decreasing the Principal Amount | 25 |
| Section 2.4. | Funding Agent Register | 33<u>32</u> |
| Section 2.5. | Reduction of Maximum Principal Amount | 34<u>33</u> |
| Section 2.6. | Commitment Terms and Extensions of Commitments | 37<u>34</u> |
| Section 2.7. | Timing and Method of Payment | 38<u>36</u> |
| Section 2.8. | Legal Final Payment Date | 40<u>37</u> |
| Section 2.9. | Delayed Funding Purchaser Groups | 40<u>37</u> |
| Article III INTEREST, FEES AND COSTS | Article III INTEREST, FEES AND COSTS | 41<u>38</u> |
| Section 3.1. | Interest and Interest Rates | 41<u>38</u> |
| Section 3.2. | Fees | 44<u>41</u> |
| Section 3.3. | SOFR Lending Unlawful | 44<u>41</u> |
| Section 3.4. | Deposits Unavailable | 44<u>42</u> |
| Section 3.5. | Increased or Reduced Costs, etc. | 45<u>42</u> |
| Section 3.6. | Funding Losses | 45<u>43</u> |
| Section 3.7. | Increased Capital Costs | 46<u>44</u> |
| Section 3.8. | Taxes | 47<u>44</u> |
| Section 3.9. | Series 2021-A Carrying Charges; Survival | 48<u>45</u> |
| Section 3.10. | Minimizing Costs and Expenses and Equivalent Treatment | 48<u>45</u> |
| Section 3.11. | Timing Threshold for Specified Cost Sections | 48<u>45</u> |
| Section 3.12. | JPMorgan as Lender | 49<u>46</u> |
| Article IV SERIES-SPECIFIC COLLATERAL | Article IV SERIES-SPECIFIC COLLATERAL | 49<u>46</u> |
| Section 4.1. | Granting Clause | 49<u>46</u> |
| Section 4.2. | Series 2021-A Accounts | 50<u>47</u> |
| Section 4.3. | Trustee as Securities Intermediary | 52<u>49</u> |
| Section 4.4. | Series 2021-A Interest Rate Caps | 53<u>50</u> |
| Section 4.5. | Demand Notes | 55<u>52</u> |
| Section 4.6. | Subordination | 56<u>52</u> |
| Section 4.7. | Duty of the Trustee | 56<u>53</u> |
| Article V PRIORITY OF PAYMENTS | Article V PRIORITY OF PAYMENTS | 56<u>53</u> |
| Section 5.1. | Collections Allocation | 56<u>53</u> |
| Section 5.2. | Application of Funds in the Series 2021-A Principal Collection Account | 56<u>53</u> |
| Section 5.3. | Application of Funds in the Series 2021-A Interest Collection Account | 59<u>56</u> |
| Section 5.4. | Series 2021-A Reserve Account Withdrawals | 61<u>58</u> |
| Section 5.5. | Series 2021-A Letters of Credit and Series 2021-A Demand Notes | 62<u>59</u> |
| Section 5.6. | Past Due Rental Payments | 65<u>61</u> |
| Section 5.7. | Series 2021-A Letters of Credit and Series 2021-A L/C Cash Collateral Account | 65<u>62</u> |
| Section 5.8. | Payment by Wire Transfer | 68<u>65</u> |
| Section 5.9. | Certain Instructions to the Trustee | 68<u>65</u> |
| Section 5.10. | HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment | 68<u>65</u> |

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i

****TABLE OF CONTENTS**<br> (continued)**

**Page**

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| | | |
|:---|:---|:---|
| Section 5.11. | Subordination of Class B Notes and Class C Notes | 69<u>66</u> |
| Section 5.12. | When Distribution Must be Paid Over | 69<u>66</u> |
| Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS | Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS | 69<u>66</u> |
| Section 6.1. | Representations and Warranties | 69<u>66</u> |
| Section 6.2. | Covenants | 73<u>70</u> |
| Section 6.3. | Closing Conditions | 82<u>78</u> |
| Section 6.4. | European Union Securitisation Risk Retention and United Kingdom Securitisation Risk Retention Representations and Undertaking | 83<u>79</u> |
| Section 6.5. | Further Assurances | 84<u>81</u> |
| Article VII AMORTIZATION EVENTS | Article VII AMORTIZATION EVENTS | 85<u>82</u> |
| Section 7.1. | Amortization Events | 85<u>82</u> |
| Section 7.2. | Effects of Amortization Events | 88<u>84</u> |
| Article VIII FORM OF SERIES 2021-A NOTES | Article VIII FORM OF SERIES 2021-A NOTES | 89<u>85</u> |
| Section 8.1. | Form of Series 2021-A Notes | 89<u>85</u> |
| Section 8.2. | Uncertificated Notes | 91<u>87</u> |
| Article IX TRANSFERS, REPLACEMENTS AND ASSIGNMENTS | Article IX TRANSFERS, REPLACEMENTS AND ASSIGNMENTS | 92<u>88</u> |
| Section 9.1. | Transfer of Series 2021-A Notes | 92<u>88</u> |
| Section 9.2. | Replacement of Investor Group | 95<u>91</u> |
| Section 9.3. | Assignments | 101<u>97</u> |
| Article X THE PROGRAM AGENT | Article X THE PROGRAM AGENT | 106<u>102</u> |
| Section 10.1. | Authorization and Action of the Program Agent | 106<u>102</u> |
| Section 10.2. | Delegation of Duties | 107<u>102</u> |
| Section 10.3. | Exculpatory Provisions | 107<u>102</u> |
| Section 10.4. | Reliance | 108<u>103</u> |
| Section 10.5. | Non-Reliance on the Program Agent and Other Purchasers | 108<u>103</u> |
| Section 10.6. | The Program Agent in its Individual Capacity | 108<u>103</u> |
| Section 10.7. | Successor Program Agent | 108<u>103</u> |
| Section 10.8. | Authorization and Action of Funding Agents | 108<u>104</u> |
| Section 10.9. | Delegation of Duties | 109<u>104</u> |
| Section 10.10. | Exculpatory Provisions | 109<u>104</u> |
| Section 10.11. | Reliance | 109<u>104</u> |
| Section 10.12. | Non-Reliance on the Funding Agent and Other Purchasers | 110<u>105</u> |
| Section 10.13. | The Funding Agent in its Individual Capacity | 110<u>105</u> |
| Section 10.14. | Successor Funding Agent | 110<u>105</u> |
| Article XI GENERAL | Article XI GENERAL | 110<u>105</u> |
| Section 11.1. | Optional Repurchase or Redemption of the Series 2021-A Notes | 110<u>105</u> |
| Section 11.2. | Information | 112<u>107</u> |
| Section 11.3. | Confidentiality | 112<u>108</u> |
| Section 11.4. | Payment of Costs and Expenses; Indemnification | 113<u>108</u> |
| Section 11.5. | Ratification of Base Indenture | 115<u>110</u> |
| Section 11.6. | [Reserved] | 115<u>110</u> |
| Section 11.7. | Third Party Beneficiary | 116<u>111</u> |
| Section 11.8. | Counterparts | 116<u>111</u> |
| Section 11.9. | Governing Law | 116<u>111</u> |
| Section 11.10. | Amendments | 116<u>111</u> |

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ii

****TABLE OF CONTENTS**<br> (continued)**

**Page**

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| | | |
|:---|:---|:---|
| Section 11.11. | Administrator to Act on Behalf of HVF III | 119<u>114</u> |
| Section 11.12. | Successors | 120<u>115</u> |
| Section 11.13. | Termination of Series Supplement | 120<u>115</u> |
| Section 11.14. | Non-Petition | 120<u>115</u> |
| Section 11.15. | Electronic Execution | 120<u>115</u> |
| Section 11.16. | Additional UCC Representations | 121<u>116</u> |
| Section 11.17. | Notices | 121<u>116</u> |
| Section 11.18. | Credit Risk Retention | 121<u>116</u> |
| Section 11.19. | Submission to Jurisdiction | 121<u>117</u> |
| Section 11.20. | Waiver of Jury Trial | 122<u>117</u> |
| Section 11.21. | USA Patriot Act Notice | 122<u>117</u> |
| Section 11.22. | Benchmark Replacement Setting | 122<u>117</u> |
| Section 11.23. | Recognition of U.S. Special Resolution Regimes | 123<u>118</u> |
| Section 11.24. | Indemnity by Hertz | 124<u>119</u> |
| Section 11.25. | Amendment and Restatement; No Novation | 126<u>121</u> |

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iii

****TABLE OF CONTENTS**<br> (continued)**

**Page**

EXHIBITS, SCHEDULES AND ANNEXES

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| | |
|:---|:---|
| Schedule I | List of Defined Terms |
| Schedule II | Class A Conduit Investors and Class A Committed Note Purchasers |
| Schedule III | Series 2021-A Interest Rate Cap Amortization Schedule |
| Schedule IV | Class B Conduit Investors and Class B Committed Note Purchasers |
| Schedule V | Class C Conduit Investors and Class B Committed Note Purchasers |
| Schedule VI | Class RR Committed Note Purchaser |
| Schedule VII | Monthly Noteholders' Statement Information |
| Schedule VIII | Financial Covenants Description |
| Exhibit A-1 | Form of Series 2021-A Variable Funding Rental Car Asset Backed Note, Class A |
| Exhibit A-2 | Form of Series 2021-A Variable Funding Rental Car Asset Backed Note, Class B |
| Exhibit A-3 | Form of Series 2021-A Variable Funding Rental Car Asset Backed Note, Class C |
| Exhibit A-4 | Form of Series 2021-A Variable Funding Rental Car Asset Backed Note, Class RR |
| Exhibit B-1 | Form of Demand Note |
| Exhibit B-2 | Form of Demand Notice |
| Exhibit C | Form of Series 2021-A Letter of Credit Reduction Notice |
| Exhibit D | Form of Lease Payment Deficit Notice |
| Exhibit E-1 | Form of Class A Purchaser's Letter |
| Exhibit E-2 | Form of Class B Purchaser's Letter |
| Exhibit E-3 | Form of Class C Purchaser's Letter |
| Exhibit E-4 | Form of Class RR Purchaser's Letter |
| Exhibit F | [Reserved] |
| Exhibit G-1 | Form of Class A Assignment and Assumption Agreement |
| Exhibit G-2 | Form of Class B Assignment and Assumption Agreement |
| Exhibit G-3 | Form of Class C Assignment and Assumption Agreement |
| Exhibit G-4 | Form of Class RR Assignment and Assumption Agreement |
| Exhibit H | Form of Class A Investor Group Supplement |
| Exhibit I | Form of Series 2021-A Letter of Credit |
| Exhibit J-1 | Form of Class A Advance Request |
| Exhibit J-2 | Form of Class B Advance Request |
| Exhibit J-3 | Form of Class C Advance Request |
| Exhibit K-1 | Form of Class A Addendum |
| Exhibit K-2 | Form of Class B Addendum |
| Exhibit K-3 | Form of Class C Addendum |
| Exhibit L | Additional UCC Representations |
| Exhibit M-1 | Form of Class A Investor Group Maximum Principal Increase Addendum |
| Exhibit M-2 | Form of Class B Investor Group Maximum Principal Increase Addendum |
| Exhibit M-3 | Form of Class C Investor Group Maximum Principal Increase Addendum |
| Exhibit M-4 | Form of Class RR Principal Increase Addendum |
| Exhibit N | Form of Required Invoice |
| Exhibit O | Address Information |
| Exhibit P | Form of Confirmation of Registration |
| Exhibit Q-1 | Form of Transfer Certificate (Certificate for Transfer of Class B Note) |

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iv

****TABLE OF CONTENTS**<br> (continued)**

**Page**

Exhibit Q-2 Form of Transfer Certificate (Certificate for Transfer of Class C Note)

v

THIRD AMENDED AND RESTATED SERIES 2021-A SUPPLEMENT, dated as of August 29, 2025 ("<u>Series 2021-A Supplement</u>"), among HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws of Delaware ("<u>HVF III</u>"), THE HERTZ CORPORATION, a Delaware corporation ("<u>Hertz</u>" or, in its capacity as administrator with respect to the Series 2021-A Notes, the "<u>Administrator</u>"), the several financial institutions that serve as committed note purchasers set forth on <u>Schedule II</u> hereto (each, a "<u>Class A Committed Note Purchaser</u>"), the several commercial paper conduits listed on <u>Schedule II</u> hereto (each, a "<u>Class A Conduit Investor</u>" or a "<u>Conduit Investor</u>"), the financial institution set forth opposite the name of each Class A Conduit Investor, or if there is no Class A Conduit Investor with respect to any Class A Investor Group, the Class A Committed Note Purchaser with respect to such Class A Investor Group, on <u>Schedule II</u> hereto (with respect to such Class A Conduit Investor or Class A Committed Note Purchaser, the "<u>Class A Funding Agent</u>"), the several financial institutions that serve as committed note purchasers set forth on <u>Schedule IV</u> hereto (each, a "<u>Class B Committed Note Purchaser</u>"), the several commercial paper conduits that may become party hereto after the Series 2021-A Restatement Date (each, a "<u>Class B Conduit Investor</u>"), the financial institution set forth opposite the name of each Class B Conduit Investor, or if there is no Class B Conduit Investor with respect to any Class B Investor Group, the Class B Committed Note Purchaser with respect to such Class B Investor Group, on <u>Schedule IV</u> hereto (with respect to such Class B Conduit Investor or Class B Committed Note Purchaser, the "<u>Class B Funding Agent</u>"), the several financial institutions that may serve as committed note purchasers on or after the Class C Notes Closing Date (each, a "<u>Class C Committed Note Purchaser</u>"), the several commercial paper conduits that may become party hereto on or after the Class C Notes Closing Date (each, a "<u>Class C Conduit Investor</u>" and together with the Class A Conduit Investor and the Class B Conduit Investor, the "<u>Conduit Investors</u>"), the financial institution set forth opposite the name of each Class C Conduit Investor, or if there is no Class C Conduit Investor with respect to any Class C Investor Group, the Class C Committed Note Purchaser with respect to such Class C Investor Group, on <u>Schedule V</u> hereto (with respect to such Class C Conduit Investor or Class C Committed Note Purchaser, the "<u>Class C Funding Agent</u>" and, together with the Class A Funding Agent and the Class B Funding Agent, the "<u>Funding Agents</u>"), Hertz, as the Class RR committed note purchaser (the "<u>Class RR Committed Note Purchaser</u>" and together with the Class A Committed Note Purchasers, the Class B Committed Note Purchasers and the Class C Committed Note Purchasers, the "<u>Committed Note Purchasers</u>"), Deutsche Bank AG, New York Branch, in its capacity as Program Agent for the Class A Conduit Investors, the Committed Note Purchasers, and the Funding Agents (the "<u>Program Agent</u>"), and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"), to the Base Indenture, dated as of June 29, 2021 (as amended by Amendment No. 1 to the Base Indenture, dated as of June 27, 2022, and as further amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), each between HVF III and the Trustee.

<u>PRELIMINARY STATEMENT</u>

WHEREAS, HVF III, Hertz, certain of the Class A Committed Note Purchasers, certain of the Class B Committed Note Purchasers, the Class RR Committed Note Purchaser, certain of the Conduit Investors, certain of the Funding Agents, the Program Agent, the Trustee and the Securities Intermediary entered into the Series 2021-A Supplement, dated as of June 29, 2021, as amended by that certain Amendment No. 1 thereto, dated as of November 9, 2021 and as amended and restated by (A) that certain Amended and Restated Series 2021-A Supplement, dated as of June 24, 2022 and (B) that certain Second Amended and Restated Series 2021-A Supplement, dated as of June 28, 2023, as amended by Amendment No. 1 to the Second Amended and Restated Series 2021-A Supplement, dated as of April 16, 2024, Amendment No. 2 to the Second Amended and Restated Series 2021-A Supplement, dated as of May 8, 2024, Amendment No. 3 to the Second Amended and Restated Series 2021-A Supplement, dated as of May 8, 2025 and Amendment No.4 to the Second Amended and Restated Series 2021-A Supplement, dated as of June 27, 2025 (such Series Supplement, as so amended, the "<u>Original Series 2021-A Supplement</u>"), pursuant to which HVF III issued the Series 2021-A Notes;

WHERAS, HVF III desires to amend and restate the Original Series 2021-A Supplement to, among other things, modify certain provisions and mechanics as applied to the Class B Notes and the Class C Notes pursuant to <u>Section 11.10(a)</u> (*Amendments*) herein.

WHEREAS, subject to the terms and conditions of this Series 2021-A Supplement, each Class A Conduit Investor may make Class A Advances from time to time and each Class A Committed Note Purchaser is willing to commit to make Class A Advances from time to time, to fund purchases of Class A Principal Amounts in an aggregate outstanding amount up to the Class A Maximum Investor Group Principal Amount for the related Class A Investor Group during the Series 2021-A Revolving Period;

WHEREAS, subject to the terms and conditions of this Series 2021-A Supplement, each Class B Committed Note Purchaser is willing to commit to make Class B Advances from time to time, to fund purchases of Class B Principal Amounts in an aggregate outstanding amount up to the Class B Maximum Investor Group Principal Amount for the related Class B Investor Group during the Series 2021-A Revolving Period;

WHEREAS, in accordance with the terms and conditions of this Series 2021-A Supplement, the Class RR Committed Note Purchaser has previously funded, and maintains, an advance in an aggregate outstanding equal to the Class RR Principal Amount (the "<u>Class RR Advance</u>"); and

WHEREAS, Hertz, in its capacity as Administrator, has joined in this Series 2021-A Supplement to confirm certain representations, warranties and covenants made by it in such capacity for the benefit of each Conduit Investor and each Committed Note Purchaser.

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

<u>DESIGNATION</u>

There was created a Series of Notes issued pursuant to the Base Indenture and this Series Supplement and such Series of Notes was designated as the Series 2021-A Variable Funding Rental Car Asset Backed Notes. On and after the Series 2021-A Restatement Date, five classes of Series 2021-A Variable Funding Rental Car Asset Backed Notes were authorized, one of which is referred to herein as the "Class A Notes", one of which is referred to herein as the "Class B Notes", one of which is referred to herein as the "Class C Notes" and one of which is referred to herein as the "Class RR Notes". The Class A Notes and the initial Class RR Notes were issued on the Series 2021-A Initial Closing Date. The initial Class B Notes, additional Class B Notes and additional Class RR Notes were issued after the Series 2021-A Initial Closing Date. The Class C Notes have not been issued as of the Series 2021-A Restatement Date.

Subsequent to the Series 2021-A Restatement Date, in accordance with Article II (*Initial Issuance; Increases and Decreases of Principal Amount of Series 2021-A Notes*), HVF III may on any date during the Series 2021-A Revolving Period issue initial Class C Notes, subject to satisfaction of the conditions set forth in Section 11.10(c) (*Amendments*). For the avoidance of doubt, all provisions and definitions in this Series 2021-A Supplement relating to or affecting the Class C Notes shall remain inoperative until the issuance of the initial Class C Notes on the Class C Notes Closing Date with such modified terms as agreed upon between HVF III and the Class C Committed Note Purchasers pursuant to Section 11.10(c) (*Amendments*).

The Class A Notes, the Class B Notes, the Class C Notes and the Class RR Notes are referred to herein as the "<u>Series 2021-A Notes</u>".

**Article I**

**DEFINITIONS AND CONSTRUCTION**

**Section 1.01 <u>Defined Terms and References</u>**. Capitalized terms used herein shall have the meanings assigned to such terms in <u>Schedule I</u> hereto, and if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references herein (including, for the avoidance of doubt, in <u>Schedule I</u> hereto) shall refer to Articles, Sections or Subsections of this Series 2021-A Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2021-A Notes and not to any other Series of Notes issued by HVF III .

**Section 1.02 <u>Rules of Construction</u>**. In this Series 2021-A Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document) as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Series 2021-A Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to sections of the Code also refer to any successor sections; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the language used in this Series 2021-A Supplement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

**Section 1.03 <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>**. Notwithstanding anything to the contrary in any Series 2021-A Related Document, each party hereto acknowledges that any liability of any Funding Agent, Conduit Investor or Committed Note Purchaser that is an Affected Financial Institution arising under any Series 2021-A Related Document, to the extent such liability is unsecured (all such liabilities, other than any Excluded Liability, the "<u>Covered Liabilities</u>"), may be subject to the Write-Down and Conversion Powers and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers to any such Covered Liability arising hereunder which may be payable to it by any Funding Agent, Conduit Investor or Committed Note Purchaser that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action on any such Covered Liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such Covered Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such Covered Liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such Covered Liability under this Agreement or any other Series 2021-A Related Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such Covered Liability in connection with the exercise of the Write-Down and Conversion Powers.

Notwithstanding anything to the contrary herein, nothing contained in this <u>Section 1.3</u> (*Acknowledgement and Consent to Bail-In of Affected Financial Institutions)* shall modify or otherwise alter the rights or obligations with respect to any liability that is not a Covered Liability.

Upon the application of any Write-Down and Conversion Powers to any Covered Liability, HVF III shall provide a written notice to the Series 2021-A Noteholders as soon as practicable regarding such Write-Down and Conversion Powers to any Covered Liability. HVF III shall also deliver a copy of such notice to the Trustee for information purposes.

The parties hereto waive, to the extent permitted by law, any and all claims against the Trustee for, and agree not to initiate a suit against the Trustee in respect of, and agree that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case at the direction of HVF III or any other party as permitted by the Indenture in connection with the application of any Write-Down and Conversion Powers to any Covered Liability.

**Section 1.04 <u>Required Series Noteholder</u>**. For purposes of <u>Section 2.2</u> (*Series Supplement for each Series of Notes*) of the Base Indenture, the "Series Closing Date" shall be June 29, 2021 and the "Required Series Noteholders" shall be the "Required Controlling Class Series 2021-A Noteholders."

**Article II**

**ISSUANCE; INCREASES AND DECREASES OF PRINCIPAL AMOUNT OF SERIES 2021-A NOTES**

**Section 2.01 <u>Issuance; Additional Series 2021-A Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Issuance.</u> On the terms and conditions set forth in the Original Series 2021-A Supplement, HVF III issued, and caused the Trustee to authenticate, the initial Class A Notes, the initial Class B Notes, the additional Class B Notes, the initial Class RR Notes and the additional Class RR Notes. On the terms and conditions set forth in and this Series 2021-A Supplement, HVF III will issue, and will cause the Trustee to authenticate, the initial Class C Notes on the Class C Notes Closing Date and may from time to time in the future issue, and cause the Trustee to authenticate, additional Class A Notes, additional Class B Notes, additional Class C Notes and additional Class RR Notes on the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Additional Investor Groups</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Additional Class A Investor Groups</u>. Subject only to compliance with this <u>Section 2.1(b)(i)</u> (*Additional Class A Investor Groups*), <u>Section 2.1(d)(i)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*) and <u>Section 2.1(e)(i)</u> (*Class A Additional Series 2021-A Notes Face and Principal Amount*), on any Business Day during the Series 2021-A Revolving Period, HVF III from time to time may increase the Class A Maximum Principal Amount by entering into a Class A Addendum with each member of a Class A Additional Investor Group and the Class A Funding Agent with respect to such Class A Additional Investor Group, and upon execution of any such Class A Addendum, such related Class A Funding Agent, the Class A Conduit Investors, if any, and the Class A Committed Note Purchasers in such Class A Additional Investor Group shall become parties to this Series 2021-A Supplement from and after the date of such execution; <u>provided that</u>, contemporaneously with any such increase, HVF III shall effect a <u>pro rata</u> increase in the Class RR Principal Amount pursuant to <u>Section 2.1(c)(iv)</u> (*Class RR Principal Increase*). HVF III shall provide at least one (1) Business Day's prior written notice to each Class A Funding Agent party hereto as of the date of such notice, the Program Agent of any such addition, setting forth (i) the names of the Class A Conduit Investors, if any, and the Class A Committed Note Purchasers that are members of such Class A Additional Investor Group and the Class A Funding Agent with respect to such Class A Additional Investor Group, (ii) the Class A Maximum Investor Group Principal Amount and the Class A Additional Investor Group Initial Principal Amount, in each case with respect to such Class A Additional Investor Group, (iii) the Class A Maximum Principal Amount and each Class A Committed Note Purchaser's Class A Committed Note Purchaser Percentage in each case after giving effect to such addition and (iv) the desired effective date of such addition. On the effective date of each such addition, the Program Agent shall revise <u>Schedule II</u> hereto in accordance with the information provided in the notice described above relating to such addition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Additional Class B Investor Groups</u>. Subject only to compliance with this <u>Section 2.1(b)(ii)</u> (*Additional Class B Investor Groups*), <u>Section 2.1(d)(ii)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*) and <u>Section 2.1(e)(ii)</u> (*Class B Additional Series 2021-A Notes Face and Principal Amount*), on any Business Day during the Series 2021-A Revolving Period, HVF III from time to time may increase the Class B Maximum Principal Amount by entering into a Class B Addendum with each member of a Class B Additional Investor Group and the Class B Funding Agent with respect to such Class B Additional Investor Group, and upon execution of any such Class B Addendum, such related Class B Funding Agent, the Class B Conduit Investors, if any, and the Class B Committed Note Purchasers in such Class B Additional Investor Group shall become parties to this Series 2021-A Supplement from and after the date of such execution; <u>provided that</u>, contemporaneously with any such increase, HVF III shall effect a <u>pro rata</u> increase in the Class RR Principal Amount pursuant to <u>Section 2.1(c)(iv)</u> (*Class RR Principal Increase*). HVF III shall provide at least one (1) Business Day's prior written notice to each Class B Funding Agent party hereto as of the date of such notice, the Program Agent of any such addition, setting forth (i) the names of the Class B Conduit Investors, if any, and the Class B Committed Note Purchasers that are members of such Class B Additional Investor Group and the Class B Funding Agent with respect to such Class B Additional Investor Group, (ii) the Class B Maximum Investor Group Principal Amount and the Class B Additional Investor Group Initial Principal Amount, in each case with respect to such Class B Additional Investor Group, (iii) the Class B Maximum Principal Amount and each Class B Committed Note Purchaser's Class B Committed Note Purchaser Percentage in each case after giving effect to such addition and (iv) the desired effective date of such addition. On the effective date of each such addition, the Program Agent shall revise <u>Schedule IV</u> hereto in accordance with the information provided in the notice described above relating to such addition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Additional Class C Investor Groups</u>. Subject only to compliance with this <u>Section 2.1(b)(iii)</u> (*Additional Class C Investor Groups*), <u>Section 2.1(d)(iii)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*) and <u>Section 2.1(e)(iii)</u> (*Class C Additional Series 2021-A Notes Face and Principal Amount*), on any Business Day during the Series 2021-A Revolving Period, HVF III from time to time may increase the Class C Maximum Principal Amount by entering into a Class C Addendum with each member of a Class C Additional Investor Group and the Class C Funding Agent with respect to such Class C Additional Investor Group, and upon execution of any such Class C Addendum, such related Class C Funding Agent, the Class C Conduit Investors, if any, and the Class C Committed Note Purchasers in such Class C Additional Investor Group shall become parties to this Series 2021-A Supplement from and after the date of such execution; <u>provided that</u>, contemporaneously with any such increase, HVF III shall effect a <u>pro rata</u> increase in the Class RR Principal Amount pursuant to <u>Section 2.1(c)(iv)</u> (*Class RR Principal Increase*). HVF III shall provide at least one (1) Business Day's prior written notice to each Class C Funding Agent party hereto as of the date of such notice, the Program Agent of any such addition, setting forth (i) the names of the Class C Conduit Investors, if any, and the Class C Committed Note Purchasers that are members of such Class C Additional Investor Group and the Class C Funding Agent with respect to such Class C Additional Investor Group, (ii) the Class C Maximum Investor Group Principal Amount and the Class C Additional Investor Group Initial Principal Amount, in each case with respect to such Class C Additional Investor Group, (iii) the Class C Maximum Principal Amount and each Class C Committed Note Purchaser's Class C Committed Note Purchaser Percentage in each case after giving effect to such addition and (iv) the desired effective date of such addition. On the effective date of each such addition, the Program Agent shall revise <u>Schedule V</u> hereto in accordance with the information provided in the notice described above relating to such addition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Investor Group Maximum Principal Increase</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Class A Investor Group Maximum Principal Increase</u>. Subject only to compliance with this <u>Section 2.1(c)(i)</u> (*Class A Investor Group Maximum Principal Increase*), <u>Section 2.1(d)(i)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*) and <u>Section 2.1(e)(i)</u> (*Class A Additional Series 2021-A Notes Face and Principal Amount*), on any Business Day during the Series 2021-A Revolving Period, HVF III and any Class A Investor Group and its related Class A Funding Agent, Class A Conduit Investors, if any, and Class A Committed Note Purchasers may increase such Class A Investor Group's Class A Maximum Investor Group Principal Amount and effect a corresponding increase to the Class A Maximum Principal Amount (any such increase, a "<u>Class A Investor Group Maximum Principal Increase</u>") by entering into a Class A Investor Group Maximum Principal Increase Addendum; <u>provided that</u>, contemporaneously with any such increase HVF III effects on a <u>pro rata</u> basis an increase in the Class RR Principal Amount pursuant to <u>Section 2.1(c)(iv)</u> (*Class RR Principal Increase*). HVF III shall provide at least one (1) Business Day's prior written notice to the Program Agent and each Class A Funding Agent party hereto as of the date of such notice of any such increase, setting forth (i) the names of the Class A Funding Agent, the Class A Conduit Investors, if any, and the Class A Committed Note Purchasers that are members of such Class A Investor Group, (ii) the Class A Maximum Investor Group Principal Amount with respect to such Class A Investor Group, the Class A Maximum Principal Amount, and each Class A Committed Note Purchaser's Class A Committed Note Purchaser Percentage, in each case after giving effect to such Class A Investor Group Maximum Principal Increase, (iii) the Class A Investor Group Maximum Principal Increase Amount in connection with such Class A Investor Group Maximum Principal Increase, if any, and (iv) the desired effective date of such Class A Investor Group Maximum Principal Increase. On the effective date of each Class A Investor Group Maximum Principal Increase, the Program Agent shall revise <u>Schedule II</u> hereto in accordance with the information provided in the notice described above relating to such Class A Investor Group Maximum Principal Increase, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Class B Investor Group Maximum Principal Increase</u>. Subject only to compliance with this <u>Section 2.1(c)(ii)</u> (*Class B Investor Group Maximum Principal Increase*), <u>Section 2.1(d)(ii)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*) and <u>Section 2.1(e)(ii)</u> (*Class B Additional Series 2021-A Notes Face and Principal Amount*), on any Business Day during the Series 2021-A Revolving Period, HVF III and any Class B Investor Group and its related Class B Funding Agent, Class B Conduit Investors, if any, and Class B Committed Note Purchasers may increase such Class B Investor Group's Class B Maximum Investor Group Principal Amount and effect a corresponding increase to the Class B Maximum Principal Amount (any such increase, a "<u>Class B Investor Group Maximum Principal Increase</u>") by entering into a Class B Investor Group Maximum Principal Increase Addendum; <u>provided that</u>, contemporaneously with any such increase HVF III effects on a <u>pro rata</u> basis an increase in the Class RR Principal Amount pursuant to <u>Section 2.1(c)(iv)</u> (*Class RR Principal Increase*). HVF III shall provide at least one (1) Business Day's prior written notice to the Program Agent and each Class B Funding Agent party hereto as of the date of such notice of any such increase setting forth (i) the names of the Class B Conduit Investors, if any, and the Class B Committed Note Purchasers that are members of such Class B Investor Group and the Class B Funding Agent with respect to such Class B Investor Group, (ii) the Class B Maximum Investor Group Principal Amount with respect to such Class B Investor Group, the Class B Maximum Principal Amount, and each Class B Committed Note Purchaser's Class B Committed Note Purchaser Percentage, in each case, after giving effect to such Class B Investor Group Maximum Principal Increase, the Class B Investor Group Principal Amount to be funded by such Class B Investor Group and (iii) the desired effective date of such Class B Investor Group Maximum Principal Increase. On the effective date of each such addition, the Program Agent shall revise <u>Schedule IV</u> hereto in accordance with the information provided in the notice described above relating to such Class B Investor Group Maximum Principal Increase, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Class C Investor Group Maximum Principal Increase</u>. Subject only to compliance with this <u>Section 2.1(c)(iii)</u> (*Class C Investor Group Maximum Principal Increase*), <u>Section 2.1(d)(iii)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*) and <u>Section 2.1(e)(iii)</u> (*Class C Additional Series 2021-A Notes Face and Principal Amount*), on any Business Day during the Series 2021-A Revolving Period, HVF III and any Class C Investor Group and its related Class C Funding Agent, Class C Conduit Investors, if any, Class C Committed Note Purchasers may increase such Class C Investor Group's Class C Maximum Investor Group Principal Amount and effect a corresponding increase to the Class C Maximum Principal Amount (any such increase, a "<u>Class C Investor Group Maximum Principal Increase</u>") by entering into a Class C Investor Group Maximum Principal Increase Addendum; <u>provided that</u>, contemporaneously with any such increase HVF III effects on a <u>pro rata</u> basis an increase in the Class RR Principal Amount pursuant to <u>Section 2.1(c)(iv)</u> (*Class RR Principal Increase*). HVF III shall provide at least one (1) Business Day's prior written notice to the Program Agent and each Class C Funding Agent party hereto as of the date of such notice of any such increase setting forth (i) the names of the Class C Conduit Investors, if any, Class C Committed Note Purchasers that are members of such Class C Investor Group and the Class C Funding Agent with respect to such Class C Investor Group, (ii) the Class C Maximum Investor Group Principal Amount with respect to such Class C Investor Group, the Class C Maximum Principal Amount, and each Class C Committed Note Purchaser's Class C Committed Note Purchaser Percentage, in each case, after giving effect to such Class C Investor Group Maximum Principal Increase, the Class C Investor Group Principal Amount to be funded by such Class C Investor Group and (iii) the desired effective date of such Class C Investor Group Maximum Principal Increase. On the effective date of each such addition, the Program Agent shall revise <u>Schedule V</u> hereto in accordance with the information provided in the notice described above relating to such Class C Investor Group Maximum Principal Increase, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Class RR Principal Increase</u>. Subject only to compliance with this <u>Section 2.1(c)(iv)</u> (*Class RR Principal Increase*), <u>Section 2.1(d)(iv)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*) and <u>Section 2.1(e)(iv)</u> (*Class RR Additional Series 2021-A Notes Face and Principal Amount*), on any Business Day during the Series 2021-A Revolving Period, HVF III and the Class RR Committed Note Purchaser may increase the Class RR Principal Amount (any such increase, a "<u>Class RR Principal Increase</u>") by entering into a Class RR Principal Increase Addendum. HVF III shall provide at least one (1) Business Day's prior written notice to the Class RR Committed Note Purchaser and the Program Agent of any such increase, setting forth (i) the Class RR Principal Amount after giving effect to such Class RR Principal Increase, (ii) the Class RR Principal Increase Amount in connection with such Class RR Principal Increase and (iii) the desired effective date of such Class RR Principal Increase. On the effective date of each Class RR Principal Increase, the Program Agent shall revise <u>Schedule VI</u> hereto in accordance with the information provided in the notice described above relating to such Class RR Principal Increase, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Conditions to Issuance of Additional Series 2021-A Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In connection with the addition of a Class A Additional Investor Group or a Class A Investor Group Maximum Principal Increase, additional Class A Notes ("<u>Class A Additional Series 2021-A Notes</u>") may be issued subsequent to the Series 2021-A Restatement Date subject to the satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the amount of such issuance of Class A Additional Series 2021-A Notes, if applicable, shall be equal to or greater than $2,500,000 and integral multiples of $100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes has occurred and is continuing and such issuance and the application of any proceeds thereof, will not cause an Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all representations and warranties set forth in Article VII (*Representations and Warranties*) of the Base Indenture and <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) of this Series 2021-A Supplement shall be true and correct with the same effect as if made on and as of such date (except to the extent such representations expressly relate to an earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with the addition of a Class B Additional Investor Group or a Class B Investor Group Maximum Principal Increase, additional Class B Notes ("<u>Class B Additional Series 2021-A Notes</u>") may be issued subsequent to the Series 2021-A Restatement Date subject to the satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the amount of such issuance of Class B Additional Series 2021-A Notes, if applicable, shall be equal to or greater than $2,500,000 and integral multiples of $100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes has occurred and is continuing and such issuance and the application of any proceeds thereof, will not cause an Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all representations and warranties set forth in Article VII (*Representations and Warranties*) of the Base Indenture and <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) of this Series 2021-A Supplement shall be true and correct with the same effect as if made on and as of such date (except to the extent such representations expressly relate to an earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In connection with a Class C Additional Investor Group or a Class C Investor Group Maximum Principal Increase, additional Class C Notes ("<u>Class C Additional Series 2021-A Notes</u>") may be issued subsequent to the Class C Notes Closing Date subject to the satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the amount of such issuance of Class C Additional Series 2021-A Notes, if applicable, shall be equal to or greater than $2,500,000 and integral multiples of $100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes has occurred and is continuing and such issuance and the application of any proceeds thereof, will not cause an Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all representations and warranties set forth in Article VII (*Representations and Warranties*) of the Base Indenture and <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) of this Series 2021-A Supplement shall be true and correct with the same effect as if made on and as of such date (except to the extent such representations expressly relate to an earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In connection with a Class RR Principal Increase, additional Class RR Notes ("<u>Class RR Additional Series 2021-A Notes</u>") may be issued subsequent to the Series 2021-A Restatement Date subject to the satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the amount of such issuance of Class RR Additional Series 2021-A Notes, if applicable, shall be equal to or greater than $100,000 and integral multiples of $100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes has occurred and is continuing and such issuance and the application of any proceeds thereof, will not cause an Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all representations and warranties set forth in Article VII (*Representations and Warranties*) of the Base Indenture and <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) of this Series 2021-A Supplement shall be true and correct with the same effect as if made on and as of such date (except to the extent such representations expressly relate to an earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Additional Series 2021-A Notes Face and Principal Amount</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Class A Additional Series 2021-A Notes Face and Principal Amount</u>. Class A Additional Series 2021-A Notes shall bear a face amount equal to up to the Class A Maximum Investor Group Principal Amount with respect to the Class A Additional Investor Group or, in the case of a Class A Investor Group Maximum Principal Increase, the Class A Maximum Investor Group Principal Amount with respect to the related Class A Investor Group (after giving effect to such Class A Investor Group Maximum Principal Increase with respect to such Class A Investor Group), as applicable, and initially shall be issued in a principal amount equal to the Class A Additional Investor Group Initial Principal Amount, if any, with respect to such Class A Additional Investor Group and, in the case of a Class A Investor Group Maximum Principal Increase, the sum of the amount of the related Class A Investor Group Maximum Principal Increase Amount and the Class A Investor Group Principal Amount of such Class A Investor Group's Class A Notes surrendered for cancellation in connection with such Class A Investor Group Maximum Principal Increase. Upon the issuance of any such Class A Additional Series 2021-A Notes, the Class A Maximum Principal Amount shall be increased by the Class A Maximum Investor Group Principal Amount for any such Class A Additional Investor Group or the amount of any such Class A Investor Group Maximum Principal Increase, as applicable. No later than one (1) Business Day following any such Class A Investor Group Maximum Principal Increase, the Program Agent shall revise <u>Schedule II</u> to reflect such Class A Investor Group Maximum Principal Increase, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Class B Additional Series 2021-A Notes Face and Principal Amount</u>. Class B Additional Series 2021-A Notes shall bear a face amount equal to up to the Class B Maximum Investor Group Principal Amount with respect to the Class B Additional Investor Group or, in the case of a Class B Investor Group Maximum Principal Increase, the Class B Maximum Investor Group Principal Amount with respect to the related Class B Investor Group (after giving effect to such Class B Investor Group Maximum Principal Increase with respect to such Class B Investor Group), as applicable, and initially shall be issued in a principal amount equal to the Class B Additional Investor Group Initial Principal Amount, if any, with respect to such Class B Additional Investor Group and, in the case of a Class B Investor Group Maximum Principal Increase, the sum of the amount of the related Class B Investor Group Maximum Principal Increase Amount and the Class B Investor Group Principal Amount of such Class B Investor Group's Class B Notes surrendered for cancellation in connection with such Class B Investor Group Maximum Principal Increase. Upon the issuance of any such Class B Additional Series 2021-A Notes, the Class B Maximum Principal Amount shall be increased by the Class B Maximum Investor Group Principal Amount for any such Class B Additional Investor Group or the amount of any such Class B Investor Group Maximum Principal Increase, as applicable. No later than one (1) Business Day following any such Class B Investor Group Maximum Principal Increase, the Program Agent shall revise <u>Schedule IV</u> to reflect such Class B Investor Group Maximum Principal Increase, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Class C Additional Series 2021-A Notes Face and Principal Amount</u>. Class C Additional Series 2021-A Notes shall bear a face amount equal to up to the Class C Maximum Investor Group Principal Amount with respect to the Class C Additional Investor Group or, in the case of a Class C Investor Group Maximum Principal Increase, the Class C Maximum Investor Group Principal Amount with respect to the related Class C Investor Group (after giving effect to such Class C Investor Group Maximum Principal Increase with respect to such Class C Investor Group), as applicable, and initially shall be issued in a principal amount equal to the Class C Additional Investor Group Initial Principal Amount, if any, with respect to such Class C Additional Investor Group and, in the case of a Class C Investor Group Maximum Principal Increase, the sum of the amount of the related Class C Investor Group Maximum Principal Increase Amount and the Class C Investor Group Principal Amount of such Class C Investor Group's Class C Notes surrendered for cancellation in connection with such Class C Investor Group Maximum Principal Increase. Upon the issuance of any such Class C Additional Series 2021-A Notes, the Class C Maximum Principal Amount shall be increased by the Class C Maximum Investor Group Principal Amount for any such Class C Additional Investor Group or the amount of any such Class C Investor Group Maximum Principal Increase, as applicable. No later than one (1) Business Day following any such Class C Investor Group Maximum Principal Increase, the Program Agent shall revise <u>Schedule V</u> to reflect such Class C Investor Group Maximum Principal Increase, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Class RR Additional Series 2021-A Notes Face and Principal Amount</u>. Class RR Additional Series 2021-A Notes shall initially bear a face amount equal to the Class RR Principal Amount (after giving effect to any Class RR Principal Increase), and in connection with any Class RR Principal Increase, shall be issued in a principal amount equal to the sum of the amount of the related Class RR Principal Increase Amount and the Class RR Principal Amount of the Class RR Note surrendered for cancellation in connection with such Class RR Principal Increase. Upon the issuance of any such Class RR Additional Series 2021-A Notes, the Class RR Principal Amount shall be increased by the amount of such Class RR Principal Increase, as applicable. No later than one (1) Business Day following any such Class RR Principal Increase, the Program Agent shall revise <u>Schedule VI</u> to reflect such Class RR Principal Increase, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Consents Required</u>. Notwithstanding anything herein or in any other Series 2021-A Related Document to the contrary, no consent of any existing Class A Investor Group or its related Class A Funding Agent, Class A Conduit Investors, if any, Class A Committed Note Purchasers, any existing Class B Investor Group or its related Class B Funding Agent, Class B Conduit Investors, if any, Class B Committed Note Purchasers, any existing Class C Investor Group or its related Class C Funding Agent, Class C Conduit Investors, if any, Class C Committed Note Purchasers, the Class RR Committed Note Purchaser or the Program Agent is required for HVF III to (i) enter into a Class A Addendum, Class B Addendum or a Class C Addendum, (ii) cause each member of a Class A Additional Investor Group and its related Class A Funding Agent to become parties to this Series 2021-A Supplement, cause each member of a Class B Additional Investor Group and its related Class B Funding Agent to become parties to this Series 2021-A Supplement or cause each member of a Class C Additional Investor Group and its related Class C Funding Agent to become parties to this Series 2021-A Supplement, (iii) increase the Class A Maximum Investor Group Principal Amount with respect to any Class A Investor Group, increase the Class B Maximum Investor Group Principal Amount with respect to any Class B Investor Group or increase the Class C Maximum Investor Group Principal Amount with respect to any Class C Investor Group, (iv) increase the Class A Maximum Principal Amount, increase the Class B Maximum Principal Amount, increase the Class C Maximum Principal Amount or increase the Class RR Principal Amount or (v) modify <u>Schedule II</u>, <u>Schedule IV</u>, <u>Schedule V</u> or <u>Schedule VI</u>, in each case as set forth in this <u>Section 2.1</u> (*Initial Purchase; Additional Series 2021-A Notes*); <u>provided that</u> HVF III shall notify the Program Agent at least thirty (30) days (or such shorter period as may be agreed to by the Program Agent) prior to any action taken pursuant to clauses (i)-(v) with respect to any Class B Notes or Class C Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Series 2021-A Notes Issued on the Series 2021-A Restatement Date and the Class C Notes Closing Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Class A Notes</u>. For each Class A Investor Group that requests its Class A Note be issued as an Uncertificated Note, the Uncertificated Note for such Class A Investor Group shall be recorded in the Note Register by the Registrar. On the Series 2021-A Restatement Date, for each Class A Investor Group that does not request an Uncertificated Note, HVF III shall issue, and shall cause the Trustee to authenticate, a Class A Note with respect to each Class A Investor Group. Any such definitive Class A Note for each such Class A Investor Group shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) bear a face amount as of the Series 2021-A Restatement Date of up to the Class A Maximum Investor Group Principal Amount with respect to such Class A Investor Group,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) have an initial principal amount equal to the Class A Initial Investor Group Principal Amount with respect to such Class A Investor Group,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) be dated the Series 2021-A Restatement Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) be registered in the name of the respective Class A Funding Agent or its nominee, as agent for the related Class A Conduit Investor, if any, and the related Class A Committed Note Purchaser, or in such other name as the respective Class A Funding Agent may request in writing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) be duly authenticated in accordance with the provisions of the Base Indenture and this Series 2021-A Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) be delivered to or at the written direction of the respective Class A Funding Agent contemporaneously with the funding of the Class A Initial Advance Amount for such Class A Investor Group, by such Class A Investor Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Class B Notes</u>. For each Class B Investor Group that does not request a definitive Class B Note, the Uncertificated Note for such Class B Investor Group shall be recorded in the Note Register by the Registrar. On the Series 2021-A Restatement Date, for each Class B Investor Group requesting a definitive Class B Note, HVF III shall issue, and shall cause the Trustee to authenticate, a Class B Note for each Class B Investor. Any such definitive Class B Note for each such Class B Investor Group shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) bear a face amount as of the Series 2021-A Restatement Date of up to the Class B Maximum Investor Group Principal Amount with respect to such Class B Investor Group,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) have an initial principal amount equal to the Class B Investor Group Principal Amount with respect to such Class B Investor Group,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) be dated the Series 2021-A Restatement Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) be registered in the name of the respective Class B Funding Agent or its nominee, as agent for the related Class B Conduit Investor, if any, and the related Class B Committed Note Purchaser, or in such other name as the respective Class B Funding Agent may request in writing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) be duly authenticated in accordance with the provisions of the Base Indenture and this Series 2021-A Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) be delivered to or at the written direction of the respective Class B Funding Agent contemporaneously with the funding of the initial Class B Advance Amount for such Class B Investor Group, by such Class B Investor Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Class C Notes</u>. For each Class C Investor Group that does not request a definitive Class C Note, the Uncertificated Note for such Class C Investor Group shall be recorded in the Note Register by the Registrar. On the Class C Notes Closing Date, for each Class C Investor Group requesting a definitive Class C Note, HVF III shall issue, and shall cause the Trustee to authenticate, a Class C Note for each Class C Investor. Any such definitive Class C Note for each such Class C Investor Group shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) bear a face amount as of the Class C Notes Closing Date of up to the Class C Maximum Investor Group Principal Amount with respect to such Class C Investor Group,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) have an initial principal amount equal to the Class C Investor Group Principal Amount with respect to such Class C Investor Group,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) be dated the Class C Notes Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) be registered in the name of the respective Class C Funding Agent or its nominee, as agent for the related Class C Conduit Investor, if any, and the related Class C Committed Note Purchaser, or in such other name as the respective Class C Funding Agent may request in writing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) be duly authenticated in accordance with the provisions of the Base Indenture and this Series 2021-A Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) be delivered to or at the written direction of the respective Class C Funding Agent contemporaneously with the funding of the initial Class C Advance Amount for such Class C Investor Group, by such Class C Investor Group.

**Section 2.02 <u>Advances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Class A Advance Requests</u>. Subject to the terms of this Series 2021-A Supplement, including satisfaction of the Class A Funding Conditions, the aggregate outstanding principal amount of the Class A Notes may be increased from time to time; <u>provided</u> that any such increase in the aggregate principal amount of the Class A Notes shall occur four (4) or more U.S. Government Securities Business Days prior to any Payment Date. On any U.S. Government Securities Business Day during the Series 2021-A Revolving Period, HVF III, subject to this <u>Section 2.2(a)</u> (*Class A Advances*), may, upon two (2) U.S. Government Securities Business Days' prior written notice to the Trustee and the Class A Noteholders, increase the Class A Principal Amount (such increase, including any increase resulting from a Class A Investor Group Maximum Principal Increase Amount or a Class A Additional Investor Group Initial Principal Amount, is referred to as a "<u>Class A Advance</u>"), which increase shall be allocated among the Class A Investor Groups in accordance with <u>Section 2.2(a)(iv)</u> (*Class A Advance Allocations*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Whenever HVF III wishes that a Class A Conduit Investor, or if there is no Class A Conduit Investor with respect to any Class A Investor Group, the Class A Committed Note Purchaser with respect to such Class A Investor Group, to make a Class A Advance, HVF III shall notify the Program Agent, the related Class A Funding Agent and the Trustee by providing written notice delivered to the Program Agent, the Trustee and such Class A Funding Agent (with a copy of such notice delivered to the Class A Committed Note Purchasers) no later than 11:30 a.m. (New York City time) on the second (2<sup>nd</sup>) U.S. Government Securities Business Day prior to the proposed Class A Advance (which notice may be combined with the notice delivered pursuant to <u>Section 2.1(b)(i)</u> (*Additional Class A Investor Groups*), in the case of a Class A Advance in connection with a Class A Additional Investor Group Initial Principal Amount, or pursuant to <u>Section 2.1(c)(i)</u> (*Class A Investor Group Maximum Principal Increase*), in the case of a Class A Advance in connection with a Class A Investor Group Maximum Principal Increase Amount). Each such notice shall be irrevocable and shall in each case refer to this Series 2021-A Supplement and specify the aggregate amount of the requested Class A Advance to be made on such date; <u>provided</u>, <u>however</u>, if HVF III receives a Class A Delayed Funding Notice in accordance with <u>Section 2.2(a)(v)</u> (*Class A Delayed Funding Procedures*) by 6:00 p.m. (New York City time) on the second (2<sup>nd</sup>) U.S. Government Securities Business Day prior to the date of any proposed Class A Advance, HVF III shall have the right to revoke the Class A Advance Request with respect to the requested Class A Advance by providing the Program Agent and each Class A Funding Agent (with a copy to the Trustee and each Class A Committed Note Purchaser) written notice, by telecopy or electronic mail, of such revocation no later than 10:00 a.m. (New York City time) on the U.S. Government Securities Business Day prior to the proposed date of such Class A Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Class A Funding Agent shall promptly advise its related Class A Conduit Investor, or if there is no Class A Conduit Investor with respect to any Class A Investor Group, its related Class A Committed Note Purchaser, of any notice given pursuant to <u>Section 2.2(a)(i)</u> (*Class A Advance Requests*) and, if there is a Class A Conduit Investor with respect to any Class A Investor Group, shall promptly thereafter (but in no event later than 11:00 a.m. (New York City time) on the proposed date of the Class A Advance), notify HVF III and the related Class A Committed Note Purchaser(s), whether such Class A Conduit Investor has determined to make such Class A Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Party Obligated to Fund Class A Advances</u>. Upon HVF III's request in accordance with <u>Section 2.2(a)(i)</u> (*Class A Advance Requests*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each Class A Conduit Investor, if any, may fund Class A Advances (whether as a Class A Non-Delayed Amount or a Class A Delayed Amount) from time to time during the Series 2021-A Revolving Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if any Class A Conduit Investor determines that it will not make a Class A Advance (whether as a Class A Non-Delayed Amount or a Class A Delayed Amount) or any portion of a Class A Advance (whether as a Class A Non-Delayed Amount or a Class A Delayed Amount), then such Class A Conduit Investor shall notify the Program Agent and the Class A Funding Agent with respect to such Class A Conduit Investor, and each Class A Committed Note Purchaser with respect to such Class A Conduit Investor, subject to <u>Section 2.2(a)(v)</u> (*Class A Delayed Funding Procedures*), shall fund its <u>pro rata</u> portion (by Class A Committed Note Purchaser Percentage) of the Class A Commitment Percentage with respect to such Class A Investor Group of such Class A Advance (whether as a Class A Non-Delayed Amount or a Class A Delayed Amount) not funded by such Class A Conduit Investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if there is no Class A Conduit Investor with respect to any Class A Investor Group, then the Class A Committed Note Purchaser(s) with respect to such Class A Investor Group, subject to <u>Section 2.2(a)(v)</u> (*Class A Delayed Funding Procedures*), shall fund Class A Advances (whether as a Class A Non-Delayed Amount or a Class A Delayed Amount) from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Class A Conduit Investor Funding</u>. Each Class A Conduit Investor hereby agrees with respect to itself that it will use commercially reasonable efforts to fund Class A Advances made by its Class A Investor Group through the issuance of Class A Commercial Paper; <u>provided that</u>, (i) no Class A Conduit Investor will have any obligation to use commercially reasonable efforts to fund Class A Advances made by its Class A Investor Group through the issuance of Class A Commercial Paper at any time that the funding of such Class A Advance through the issuance of Class A Commercial Paper would be prohibited by the program documents governing such Class A Conduit Investor's commercial paper program, (ii) nothing herein is (or shall be construed) as a commitment by any Class A Conduit Investor to fund any Class A Advance through the issuance of Class A Commercial Paper; <u>provided further that</u>, the Class A Conduit Investors shall not, and shall not be obligated to, fund or pay any amount pursuant to this Series 2021-A Supplement unless (i) the respective Class A Conduit Investor has received funds that may be used to make such funding or other payment and which funds are not required to repay any of the commercial paper notes ("<u>Class A CP Notes</u>") issued by such Class A Conduit Investor when due and (ii) after giving effect to such funding or payment, either (x) such Class A Conduit Investor could issue Class A CP Notes to refinance all of its outstanding Class A CP Notes (assuming such outstanding Class A CP Notes matured at such time) in accordance with the program documents governing its commercial paper program or (y) all of the Class A CP Notes are paid in full. Any amount that a Class A Conduit Investor does not pay pursuant to the operation of the second proviso of the preceding sentence shall not constitute a claim (as defined in Section 101 of the Bankruptcy Code) against or obligation of such Class A Conduit Investor for any such insufficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Class A Advance Allocations</u>. HVF III shall allocate the proposed Class A Advance among the Class A Investor Groups ratably by their respective Class A Commitment Percentages; <u>provided that</u>, in the event that one or more Class A Additional Investor Groups become party to this Series 2021-A Supplement in accordance with <u>Section 2.1(b)(i)</u> (*Additional Class A Investor Groups*) or one or more Class A Investor Group Maximum Principal Increases are effected in accordance with <u>Section 2.1(c)(i)</u> (*Class A Investor Group Maximum Principal Increase*), any Class A Additional Investor Group Initial Principal Amount in connection with the addition of each such Class A Additional Investor Group, any Class A Investor Group Maximum Principal Increase Amount in connection with each such Class A Investor Group Maximum Principal Increase, and each Class A Advance subsequent to any of the foregoing shall be allocated solely to such Class A Additional Investor Groups and/or such Class A Investor Groups, as applicable, until (and only until) the Class A Principal Amount is allocated ratably among all Class A Investor Groups (based upon each such Class A Investor Group's Class A Commitment Percentage after giving effect to each such Class A Investor Group or Class A Additional Investor Group becoming party hereto and/or each such Class A Investor Group Maximum Principal Increase, as applicable); <u>provided further</u> that on or prior to the Payment Date (or, if such Class A Investor Group or Class A Additional Investor Group becomes party hereto or such Class A Investor Group Maximum Principal Increase occurs, in either case, after the Determination Date with respect to such Payment Date, the second Payment Date) immediately following the date on which any such Class A Investor Group or Class A Additional Investor Group becomes party hereto or a Class A Investor Group Maximum Principal Increase occurs, HVF III shall use commercially reasonable efforts to request Class A Advances and/or effect Class A Voluntary Decreases to the extent necessary to cause (after giving effect to such Class A Advances and Class A Voluntary Decreases) the Class A Principal Amount to be allocated ratably among all Class A Investor Groups (based upon each such Class A Investor Group's Class A Commitment Percentage after giving effect to such Class A Investor Group or Class A Additional Investor Group becoming party hereto or such Class A Investor Group Maximum Principal Increase, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Class A Delayed Funding Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) A Class A Delayed Funding Purchaser, upon receipt of any notice of a Class A Advance pursuant to <u>Section 2.2(a)(i)</u> (*Class A Advance Requests*), promptly (but in no event later than 6:00 p.m. (New York City time) on the second (2<sup>nd</sup>) U.S. Government Securities Business Day prior to the proposed date of such Class A Advance) may notify HVF III in writing (a "<u>Class A Delayed Funding Notice</u>") of its election to designate such Class A Advance as a delayed Class A Advance (such Class A Advance, a "<u>Class A Designated Delayed Advance</u>"). If such Class A Delayed Funding Purchaser's ratable portion of such Class A Advance exceeds its Class A Required Non-Delayed Amount (such excess amount, the "<u>Class A Permitted Delayed Amount</u>"), then the Class A Delayed Funding Purchaser also shall include in the Class A Delayed Funding Notice the portion of such Class A Advance (such amount as specified in the Class A Delayed Funding Notice, not to exceed such Class A Delayed Funding Purchaser's Class A Permitted Delayed Amount, the "<u>Class A Delayed Amount</u>") that the Class A Delayed Funding Purchaser has elected to fund on a U.S. Government Securities Business Day that is on or prior to the thirty-fifth (35th) day following the proposed date of such Class A Advance (such date as specified in the Class A Delayed Funding Notice, the "<u>Class A Delayed Funding Date</u>") rather than on the date for such Class A Advance specified in the related Class A Advance Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If (A) one or more Class A Delayed Funding Purchasers provide a Class A Delayed Funding Notice to HVF III specifying a Class A Delayed Amount in respect of any Class A Advance and (B) HVF III shall not have revoked the notice of the Class A Advance by 10:00 a.m. (New York City time) on the U.S. Government Securities Business Day preceding the proposed date of such Class A Advance, then HVF III, by no later than 11:30 a.m. (New York City time) on the U.S. Government Securities Business Day preceding the date of such proposed Class A Advance, may (but shall have no obligation to) direct each Class A Available Delayed Amount Committed Note Purchaser to fund an additional portion of such Class A Advance on the proposed date of such Class A Advance equal to such Class A Available Delayed Amount Committed Note Purchaser's proportionate share (based upon the relative Class A Committed Note Purchaser Percentage of such Class A Available Delayed Amount Committed Note Purchasers) of the aggregate Class A Delayed Amount with respect to the proposed Class A Advance; <u>provided that</u>, (i) no Class A Available Delayed Amount Committed Note Purchaser shall be required to fund any portion of its proportionate share of such aggregate Class A Delayed Amount that would cause its Class A Investor Group Principal Amount to exceed its Class A Maximum Investor Group Principal Amount and (ii) any Class A Conduit Investor, if any, in the Class A Available Delayed Amount Committed Note Purchaser's Class A Investor Group may, in its sole discretion, agree to fund such proportionate share of such aggregate Class A Delayed Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Upon receipt of any notice of a Class A Delayed Amount in respect of a Class A Advance pursuant to <u>Section 2.2(a)(v)(B)</u> (*Class A Delayed Funding Procedures*), a Class A Available Delayed Amount Committed Note Purchaser, promptly (but in no event later than 6:00 p.m. (New York City time) on the U.S. Government Securities Business Day prior to the proposed date of such Class A Advance) may notify HVF III in writing (a "<u>Class A Second Delayed Funding Notice</u>") of its election to decline to fund a portion of its proportionate share of such Class A Delayed Amount (such portion, the "<u>Class A Second Delayed Funding Notice Amount</u>"); <u>provided that</u>, the Class A Second Delayed Funding Notice Amount shall not exceed the excess, if any, of (A) such Class A Available Delayed Amount Committed Note Purchaser's proportionate share of such Class A Delayed Amount over (B) such Class A Available Delayed Amount Committed Note Purchaser's Class A Required Non-Delayed Amount (after giving effect to the funding of any amount in respect of such Class A Advance to be made by such Class A Available Delayed Amount Committed Note Purchaser or the Class A Conduit Investor in such Class A Available Delayed Amount Committed Note Purchaser's Class A Investor Group) (such excess amount, the "<u>Class A Second Permitted Delayed Amount</u>"), and upon any such election, such Class A Available Delayed Amount Committed Note Purchaser shall include in the Class A Second Delayed Funding Notice the Class A Second Delayed Funding Notice Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Funding Class A Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Subject to the other conditions set forth in this <u>Section 2.2(a)</u> (*Class A Advances*), on the date of each Class A Advance, each Class A Conduit Investor and Class A Committed Note Purchaser(s) funding such Class A Advance shall make available to HVF III its portion of the amount of such Class A Advance (other than any Class A Delayed Amount) by wire transfer in U.S. dollars in same day funds to the Series 2021-A Principal Collection Account no later than 2:00 p.m. (New York City time) on the date of such Class A Advance. Proceeds from any Class A Advance shall be deposited into the Series 2021-A Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A Class A Delayed Funding Purchaser that delivered a Class A Delayed Funding Notice in respect of a Class A Delayed Amount shall be obligated to fund such Class A Delayed Amount on the related Class A Delayed Funding Date in the manner set forth in the next succeeding sentence, irrespective of whether the Series 2021-A Commitment Termination Date with respect to the Class A Notes shall have occurred on or prior to such Class A Delayed Funding Date or HVF III would be able to satisfy the Class A Funding Conditions on such Class A Delayed Funding Date. Such Class A Delayed Funding Purchaser shall (i) pay the sum of the Class A Second Delayed Funding Notice Amount related to such Class A Delayed Amount, if any, to HVF III no later than 2:00 p.m. (New York City time) on the related Class A Delayed Funding Date by wire transfer in U.S. dollars in same day funds to the Series 2021-A Principal Collection Account, and (ii) pay the Class A Delayed Funding Reimbursement Amount related to such Class A Delayed Amount, if any, on such related Class A Delayed Funding Date to each applicable Class A Funding Agent in immediately available funds for the ratable benefit of the related Class A Available Delayed Amount Purchasers that funded the Class A Delayed Amount on the date of the Class A Advance related to such Class A Delayed Amount in accordance with <u>Section 2.2(a)(v)(B)</u> (*Class A Delayed Funding Procedures*), based on the relative amount of such Class A Delayed Amount funded by such Class A Available Delayed Amount Purchaser on the date of such Class A Advance pursuant to <u>Section 2.2(a)(v)(B)</u> (*Class A Delayed Funding Procedures*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Class A Funding Defaults</u>. If, by 2:00 p.m. (New York City time) on the date of any Class A Advance, one or more Class A Committed Note Purchasers in a Class A Investor Group (each, a "<u>Class A Defaulting Committed Note Purchaser</u>," and each Class A Committed Note Purchaser in the related Class A Investor Group that is not a Class A Defaulting Committed Note Purchaser, a "<u>Class A Non-Defaulting Committed Note Purchaser</u>") fails to make its portion of such Class A Advance, available to HVF III pursuant to <u>Section 2.2(a)(vi)</u> (*Funding Class A Advances*) (the aggregate amount unavailable to HVF III as a result of any such failure being herein called a "<u>Class A Advance Deficit</u>"), then the Class A Funding Agent for such Class A Investor Group, by no later than 2:30 p.m. (New York City time) on the applicable date of such Class A Advance, shall instruct each Class A Non-Defaulting Committed Note Purchaser in the same Class A Investor Group as the Class A Defaulting Committed Note Purchaser to pay, by no later than 3:00 p.m. (New York City time), in immediately available funds, to the Series 2021-A Principal Collection Account, an amount equal to the lesser of (i) such Class A Non-Defaulting Committed Note Purchaser's <u>pro rata</u> portion (based upon the relative Class A Committed Note Purchaser Percentage of such Class A Non-Defaulting Committed Note Purchasers) of the Class A Advance Deficit and (ii) the amount by which such Class A Non-Defaulting Committed Note Purchaser's <u>pro rata</u> portion (by Class A Committed Note Purchaser Percentage) of the Class A Maximum Investor Group Principal Amount for such Class A Investor Group exceeds the portion of the Class A Investor Group Principal Amount for such Class A Investor Group funded by such Class A Non-Defaulting Committed Note Purchaser (determined after giving effect to all Class A Advances already made by such Class A Investor Group on such date). Subject to <u>Section 1.3</u> (*Acknowledgement and Consent to Bail-In of Affected Financial Institutions*), a Class A Defaulting Committed Note Purchaser shall forthwith, upon demand, pay to the applicable Class A Funding Agent for the ratable benefit of the Class A Non-Defaulting Committed Note Purchasers all amounts paid by each such Class A Non-Defaulting Committed Note Purchaser on behalf of such Class A Defaulting Committed Note Purchaser, together with interest thereon, for each day from the date a payment was made by a Class A Non-Defaulting Committed Note Purchaser until the date such Class A Non-Defaulting Committed Note Purchaser has been paid such amounts in full, at a rate per annum equal to the sum of the Base Rate plus 0.50% per annum. For the avoidance of doubt, no Class A Delayed Funding Purchaser that has provided a Class A Delayed Funding Notice in respect of a Class A Advance shall be considered to be in default of its obligation to fund its Class A Delayed Amount or be treated as a Class A Defaulting Committed Note Purchaser hereunder unless and until it has failed to fund the Class A Delayed Funding Reimbursement Amount or the Class A Second Delayed Funding Notice Amount on the related Class A Delayed Funding Date in accordance with <u>Section 2.2(a)(vi)(B)</u> (*Funding Class A Advances*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class B Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Class B Advance Requests</u>. Subject to the terms of this Series 2021-A Supplement, including satisfaction of the Class B Funding Conditions, the aggregate outstanding principal amount of the Class B Notes may be increased from time to time; <u>provided</u> that any such increase in the aggregate principal amount of the Class B Notes shall occur four (4) or more U.S. Government Securities Business Days prior to any Payment Date. On any U.S. Government Securities Business Day during the Series 2021-A Revolving Period, HVF III, subject to this <u>Section 2.2(b)</u> (*Class B Advances*), may, upon five (5) U.S. Government Securities Business Days' prior written notice to the Trustee and the Class B Noteholders, increase the Class B Principal Amount (such increase, including any increase resulting from a Class B Investor Group Maximum Principal Increase Amount or a Class B Additional Investor Group Initial Principal Amount, is referred to as a "<u>Class B Advance</u>"), which increase shall be allocated among the Class B Investor Groups in accordance with <u>Section 2.2(b)(iv)</u> (*Class B Advance Allocations*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Whenever HVF III wishes that a Class B Conduit Investor, or if there is no Class B Conduit Investor with respect to any Class B Investor Group, the Class B Committed Note Purchaser with respect to any Class B Investor Group make a Class B Advance, HVF III shall notify the Program Agent, the related Class B Funding Agent and the Trustee by providing written notice delivered to the Program Agent, the Trustee and such Class B Funding Agent (with a copy of such notice delivered to the Class B Committed Note Purchasers) no later than 11:30 a.m. (New York City time) on the fifth (5<sup>th</sup>) U.S. Government Securities Business Day prior to the proposed Class B Advance (which notice may be combined with the notice delivered pursuant to <u>Section 2.1(b)(ii)</u> (*Additional Class B Investor Groups*), in the case of a Class B Advance in connection with a Class B Additional Investor Group Initial Principal Amount, or pursuant to <u>Section 2.1(c)(ii)</u> (*Class B Investor Group Maximum Principal Increase*), in the case of a Class B Advance in connection with a Class B Investor Group Maximum Principal Increase Amount). Each such notice shall be irrevocable and shall in each case refer to this Series 2021-A Supplement and specify the aggregate amount of the requested Class B Advance to be made on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Class B Funding Agent shall promptly advise its related Class B Conduit Investor, or if there is no Class B Conduit Investor with respect to any Class B Investor Group, its related Class B Committed Note Purchaser, of any notice given pursuant to <u>Section 2.2(b)(i)</u> (*Class B Advance Requests*) and, if there is a Class B Conduit Investor with respect to any Class B Investor Group, shall promptly thereafter (but in no event later than 11:00 a.m. (New York City time) on the proposed date of the Class B Advance), notify HVF III and the related Class B Committed Note Purchaser(s), whether such Class B Conduit Investor has determined to make such Class B Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) HVF III shall be limited to one Class B Advance Request per calendar month; <u>provided</u> that if such Class B Advance Request is not approved or a portion of the requested Class B Advance is outstanding, HVF III may submit an additional Class B Advance Request to cover such unapproved or unpaid amounts, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Party Obligated to Fund Class B Advances</u>. Upon HVF III's request in accordance with <u>Section 2.2(b)(i)</u> (*Class B Advance Requests*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each Class B Conduit Investor, if any, may fund Class B Advances from time to time during the Series 2021-A Revolving Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if any Class B Conduit Investor determines that it will not make a Class B Advance or any portion of a Class B Advance, then such Class B Conduit Investor shall notify the Program Agent and the Class B Funding Agent with respect to such Class B Conduit Investor, and each Class B Committed Note Purchaser with respect to such Class B Conduit Investor, shall fund its <u>pro rata</u> portion (by Class B Committed Note Purchaser Percentage) of the Class B Commitment Percentage with respect to such Class B Investor Group of such Class B Advance not funded by such Class B Conduit Investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if there is no Class B Conduit Investor with respect to any Class B Investor Group, then the Class B Committed Note Purchaser(s) with respect to such Class B Investor Group shall fund Class B Advances from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Class B Conduit Investor Funding</u>. Each Class B Conduit Investor, if any, hereby agrees with respect to itself that it will use commercially reasonable efforts to fund Class B Advances made by its Class B Investor Group through the issuance of Class B Commercial Paper; <u>provided that</u>, (i) no Class B Conduit Investor will have any obligation to use commercially reasonable efforts to fund Class B Advances made by its Class B Investor Group through the issuance of Class B Commercial Paper at any time that the funding of such Class B Advance through the issuance of Class B Commercial Paper would be prohibited by the program documents governing such Class B Conduit Investor's commercial paper program, (ii) nothing herein is (or shall be construed) as a commitment by any Class B Conduit Investor to fund any Class B Advance through the issuance of Class B Commercial Paper; <u>provided further that</u>, the Class B Conduit Investors shall not, and shall not be obligated to, fund or pay any amount pursuant to this Series 2021-A Supplement unless (i) the respective Class B Conduit Investor has received funds that may be used to make such funding or other payment and which funds are not required to repay any of the commercial paper notes ("<u>Class B CP Notes</u>") issued by such Class B Conduit Investor when due and (ii) after giving effect to such funding or payment, either (x) such Class B Conduit Investor could issue Class B CP Notes to refinance all of its outstanding Class B CP Notes (assuming such outstanding Class B CP Notes matured at such time) in accordance with the program documents governing its commercial paper program or (y) all of the Class B CP Notes are paid in full. Any amount that a Class B Conduit Investor does not pay pursuant to the operation of the second proviso of the preceding sentence shall not constitute a claim (as defined in Section 101 of the Bankruptcy Code) against or obligation of such Class B Conduit Investor for any such insufficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Class B Advance Allocations</u>. HVF III shall allocate the proposed Class B Advance among the Class B Investor Groups ratably by their respective Class B Commitment Percentages; <u>provided that</u>, in the event that one or more Class B Additional Investor Groups become party to this Series 2021-A Supplement in accordance with <u>Section 2.1(b)(ii)</u> (*Additional Class B Investor Groups*) or one or more Class B Investor Group Maximum Principal Increases are effected in accordance with <u>Section 2.1(c)(ii)</u> (*Class B Investor Group Maximum Principal Increase*), any Class B Additional Investor Group Initial Principal Amount in connection with the addition of each such Class B Additional Investor Group, any Class B Investor Group Maximum Principal Increase Amount in connection with each such Class B Investor Group Maximum Principal Increase, and each Class B Advance subsequent to any of the foregoing shall be allocated solely to such Class B Additional Investor Groups and/or such Class B Investor Groups, as applicable, until (and only until) the Class B Principal Amount is allocated ratably among all Class B Investor Groups (based upon each such Class B Investor Group's Class B Commitment Percentage after giving effect to each such Class B Investor Group or Class B Additional Investor Group becoming party hereto and/or each such Class B Investor Group Maximum Principal Increase, as applicable); <u>provided further</u> that, on or prior to the Payment Date (or, if such Class B Investor Group or Class B Additional Investor Group becomes party hereto or such Class B Investor Group Maximum Principal Increase occurs, in either case, after the Determination Date with respect to such Payment Date, the second Payment Date) immediately following the date on which any such Class B Investor Group or Class B Additional Investor Group becomes party hereto or a Class B Investor Group Maximum Principal Increase occurs, HVF III shall use commercially reasonable efforts to request Class B Advances and/or effect Class B Voluntary Decreases to the extent necessary to cause (after giving effect to such Class B Advances and Class B Voluntary Decreases) the Class B Principal Amount to be allocated ratably among all Class B Investor Groups (based upon each such Class B Investor Group's Class B Commitment Percentage after giving effect to such Class B Investor Group or Class B Additional Investor Group becoming party hereto or such Class B Investor Group Maximum Principal Increase, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Funding Class B Advances</u>. Subject to the other conditions set forth in this <u>Section 2.2(b)</u> (*Class B Advances*), on the date of each Class B Advance, each Class B Conduit Investor, if any, and Class B Committed Note Purchaser(s) funding such Class B Advance shall make available to HVF III its portion of the amount of such Class B Advance by wire transfer in U.S. dollars in same day funds to the Series 2021-A Principal Collection Account no later than 2:00 p.m. (New York City time) on the date of such Class B Advance. Proceeds from any Class B Advance shall be deposited into the Series 2021-A Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Class B Funding Defaults</u>. If, by 2:00 p.m. (New York City time) on the date of any Class B Advance, one or more Class B Committed Note Purchasers in a Class B Investor Group (each, a "<u>Class B Defaulting Committed Note Purchaser,</u>" and each Class B Committed Note Purchaser in the related Class B Investor Group that is not a Class B Defaulting Committed Note Purchaser, a "<u>Class B Non-Defaulting Committed Note Purchaser</u>") fails to make its portion of such Class B Advance, available to HVF III pursuant to <u>Section 2.2(b)(v)</u> (*Funding Class B Advances*) (the aggregate amount unavailable to HVF III as a result of any such failure being herein called a "<u>Class B Advance Deficit</u>"), then the Class B Funding Agent for such Class B Investor Group, by no later than 2:30 p.m. (New York City time) on the applicable date of such Class B Advance, shall instruct each Class B Non-Defaulting Committed Note Purchaser in the same Class B Investor Group as the Class B Defaulting Committed Note Purchaser to pay, by no later than 3:00 p.m. (New York City time), in immediately available funds, to the Series 2021-A Principal Collection Account, an amount equal to the lesser of (i) such Class B Non-Defaulting Committed Note Purchaser's <u>pro rata</u> portion (based upon the relative Class B Committed Note Purchaser Percentage of such Class B Non-Defaulting Committed Note Purchasers) of the Class B Advance Deficit and (ii) the amount by which such Class B Non-Defaulting Committed Note Purchaser's <u>pro rata</u> portion (by Class B Committed Note Purchaser Percentage) of the Class B Maximum Investor Group Principal Amount for such Class B Investor Group exceeds the portion of the Class B Investor Group Principal Amount for such Class B Investor Group funded by such Class B Non-Defaulting Committed Note Purchaser (determined after giving effect to all Class B Advances already made by such Class B Investor Group on such date). A Class B Defaulting Committed Note Purchaser shall forthwith, upon demand, pay to the applicable Class B Funding Agent for the ratable benefit of the Class B Non-Defaulting Committed Note Purchasers all amounts paid by each such Class B Non-Defaulting Committed Note Purchaser on behalf of such Class B Defaulting Committed Note Purchaser, together with interest thereon, for each day from the date a payment was made by a Class B Non-Defaulting Committed Note Purchaser until the date such Class B Non-Defaulting Committed Note Purchaser has been paid such amounts in full, at a rate per annum equal to the sum of the Base Rate plus 0.50% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class C Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Class C Advance Requests</u>. Subject to the terms of this Series 2021-A Supplement, including satisfaction of the Class C Funding Conditions, the aggregate outstanding principal amount of the Class C Notes may be increased from time to time; <u>provided</u> that any such increase in the aggregate principal amount of the Class C Notes shall occur four (4) or more U.S. Government Securities Business Days prior to any Payment Date. On any U.S. Government Securities Business Day during the Series 2021-A Revolving Period, HVF III, subject to this <u>Section 2.2(c)</u> (*Class C Advances*), may, upon five (5) U.S. Government Securities Business Days' prior written notice to the Trustee and the Class C Noteholders, increase the Class C Principal Amount (such increase, including any increase resulting from a Class C Investor Group Maximum Principal Increase Amount or a Class C Additional Investor Group Initial Principal Amount, is referred to as a "<u>Class C Advance</u>"), which increase shall be allocated among the Class C Investor Groups in accordance with <u>Section 2.2(c)(iii)</u> (*Class C Advance Allocations*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Whenever HVF III wishes that a Class C Conduit Investor, or if there is no Class C Conduit Investor with respect to any Class C Investor Group, the Class C Committed Note Purchaser with respect to a Class C Investor Group, to make a Class C Advance, HVF III shall notify the Program Agent, the related Class C Funding Agent and the Trustee by providing written notice delivered to the Program Agent, the Trustee and such Class C Funding Agent (with a copy of such notice delivered to the Class C Committed Note Purchasers) no later than 11:30 a.m. (New York City time) on the fifth (5<sup>th</sup>) U.S. Government Securities Business Day prior to the proposed Class C Advance (which notice may be combined with the notice delivered pursuant to <u>Section 2.1(b)(iii)</u> (*Additional Class C Investor Groups*), in the case of a Class C Advance in connection with a Class C Additional Investor Group Initial Principal Amount, or pursuant to <u>Section 2.1(c)(iii)</u> (*Class C Investor Group Maximum Principal Increase*), in the case of a Class C Advance in connection with a Class C Investor Group Maximum Principal Increase Amount). Each such notice shall be irrevocable and shall in each case refer to this Series 2021-A Supplement and specify the aggregate amount of the requested Class C Advance to be made on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Class C Funding Agent shall promptly advise its related Class C Conduit Investor, or if there is no Class C Conduit Investor with respect to any Class C Investor Groups, the related Class C Committed Note Purchaser of any notice given pursuant to <u>Section 2.2(c)(i)</u> (*Class C Advance Requests*) and, if there is a Class C Conduit Investor with respect to any Class C Investor Group, shall promptly thereafter (but in no event later than 11:00 a.m. (New York City time) on the proposed date of the Class C Advance), notify HVF III and the related Class C Committed Note Purchaser(s), whether such Class C Conduit Investor has determined to make such Class C Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) HVF III shall be limited to one Class C Advance Request per calendar month; provided that if such Class C Advance Request is not approved or a portion of the requested Class C Advance is outstanding, HVF III may submit an additional Class C Advance Request to cover such unapproved or unpaid amounts, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Party Obligated to Fund Class C Advances</u>. Upon HVF III's request in accordance with Section 2.2(c)(i) (*Class C Advance Requests*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each Class C Conduit Investor, if any, may fund Class C Advances from time to time during the Series 2021-A Revolving Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if any Class C Conduit Investor determines that it will not make a Class C Advance or any portion of a Class C Advance, then such Class C Conduit Investor shall notify the Program Agent and the Class C Funding Agent with respect to such Class C Conduit Investor, and each Class C Committed Note Purchaser with respect to such Class C Conduit Investor, shall fund its <u>pro rata</u> portion (by Class C Committed Note Purchaser Percentage) of the Class C Commitment Percentage with respect to such Class C Investor Group of such Class C Advance not funded by such Class C Conduit Investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if there is no Class C Conduit Investor with respect to any Class C Investor Group, then the Class C Committed Note Purchaser(s) with respect to such Class C Investor Group shall fund Class C Advances from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Class C Conduit Investor Funding</u>. Each Class C Conduit Investor (if any) hereby agrees with respect to itself that it will use commercially reasonable efforts to fund Class C Advances made by its Class C Investor Group through the issuance of Class C Commercial Paper; <u>provided that</u>, (i) no Class C Conduit Investor will have any obligation to use commercially reasonable efforts to fund Class C Advances made by its Class C Investor Group through the issuance of Class C Commercial Paper at any time that the funding of such Class C Advance through the issuance of Class C Commercial Paper would be prohibited by the program documents governing such Class C Conduit Investor's commercial paper program, (ii) nothing herein is (or shall be construed) as a commitment by any Class C Conduit Investor to fund any Class C Advance through the issuance of Class C Commercial Paper; <u>provided further that</u>, the Class C Conduit Investors shall not, and shall not be obligated to, fund or pay any amount pursuant to this Series 2021-A Supplement unless (i) the respective Class C Conduit Investor has received funds that may be used to make such funding or other payment and which funds are not required to repay any of the commercial paper notes ("<u>Class C CP Notes</u>") issued by such Class C Conduit Investor when due and (ii) after giving effect to such funding or payment, either (x) such Class C Conduit Investor could issue Class C CP Notes to refinance all of its outstanding Class C CP Notes (assuming such outstanding Class C CP Notes matured at such time) in accordance with the program documents governing its commercial paper program or (y) all of the Class C CP Notes are paid in full. Any amount that a Class C Conduit Investor does not pay pursuant to the operation of the second proviso of the preceding sentence shall not constitute a claim (as defined in Section 101 of the Bankruptcy Code) against or obligation of such Class C Conduit Investor for any such insufficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Class C Advance Allocations</u>. HVF III shall allocate the proposed Class C Advance among the Class C Investor Groups ratably by their respective Class C Commitment Percentages; <u>provided that</u>, in the event that one or more Class C Additional Investor Groups become party to this Series 2021-A Supplement in accordance with <u>Section 2.1(b)(iii)</u> (*Additional Class C Investor Groups*) or one or more Class C Investor Group Maximum Principal Increases are effected in accordance with <u>Section 2.1(c)(iii)</u> (*Class C Investor Group Maximum Principal Increase*), any Class C Additional Investor Group Initial Principal Amount in connection with the addition of each such Class C Additional Investor Group, any Class C Investor Group Maximum Principal Increase Amount in connection with each such Class C Investor Group Maximum Principal Increase, and each Class C Advance subsequent to any of the foregoing shall be allocated solely to such Class C Additional Investor Groups and/or such Class C Investor Groups, as applicable, until (and only until) the Class C Principal Amount is allocated ratably among all Class C Investor Groups (based upon each such Class C Investor Group's Class C Commitment Percentage after giving effect to each such Class C Investor Group or Class C Additional Investor Group becoming party hereto and/or each such Class C Investor Group Maximum Principal Increase, as applicable); <u>provided further</u> that, on or prior to the Payment Date (or, if such Class C Investor Group or Class C Additional Investor Group becomes party hereto or such Class C Investor Group Maximum Principal Increase occurs, in either case, after the Determination Date with respect to such Payment Date, the second Payment Date) immediately following the date on which any such Class C Investor Group or Class C Additional Investor Group becomes party hereto or a Class C Investor Group Maximum Principal Increase occurs, HVF III shall use commercially reasonable efforts to request Class C Advances and/or effect Class C Voluntary Decreases to the extent necessary to cause (after giving effect to such Class C Advances and Class C Voluntary Decreases) the Class C Principal Amount to be allocated ratably among all Class C Investor Groups (based upon each such Class C Investor Group's Class C Commitment Percentage after giving effect to such Class C Investor Group or Class C Additional Investor Group becoming party hereto or such Class C Investor Group Maximum Principal Increase, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Funding Class C Advances</u>. Subject to the other conditions set forth in this <u>Section 2.2(c)</u> (*Class C Advances*), on the date of each Class C Advance, each Class C Conduit Investor, if any, and Class C Committed Note Purchaser(s) funding such Class C Advance shall make available to HVF III its portion of the amount of such Class C Advance by wire transfer in U.S. dollars in same <u>day</u> funds to the Series 2021-A Principal Collection Account no later than 2:00 p.m. (New York City time) on the date of such Class C Advance. Proceeds from any Class C Advance shall be deposited into the Series 2021-A Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Class C Funding Defaults</u>. If, by 2:00 p.m. (New York City time) on the date of any Class C Advance, one or more Class C Committed Note Purchasers in a Class C Investor Group (each, a "<u>Class C Defaulting Committed Note Purchaser,</u>" and each Class C Committed Note Purchaser in the related Class C Investor Group that is not a Class C Defaulting Committed Note Purchaser, a "<u>Class C Non-Defaulting Committed Note Purchaser</u>") fails to make its portion of such Class C Advance, available to HVF III pursuant to <u>Section 2.2(c)(iv)</u> (*Funding Class C Advances*) (the aggregate amount unavailable to HVF III as a result of any such failure being herein called a "<u>Class C Advance Deficit</u>"), then the Class C Funding Agent for such Class C Investor Group, by no later than 2:30 p.m. (New York City time) on the applicable date of such Class C Advance, shall instruct each Class C Non-Defaulting Committed Note Purchaser in the same Class C Investor Group as the Class C Defaulting Committed Note Purchaser to pay, by no later than 3:00 p.m. (New York City time), in immediately available funds, to the Series 2021-A Principal Collection Account, an amount equal to the lesser of (i) such Class C Non-Defaulting Committed Note Purchaser's <u>pro rata</u> portion (based upon the relative Class C Committed Note Purchaser Percentage of such Class C Non-Defaulting Committed Note Purchasers) of the Class C Advance Deficit and (ii) the amount by which such Class C Non-Defaulting Committed Note Purchaser's <u>pro rata</u> portion (by Class C Committed Note Purchaser Percentage) of the Class C Maximum Investor Group Principal Amount for such Class C Investor Group exceeds the portion of the Class C Investor Group Principal Amount for such Class C Investor Group funded by such Class C Non-Defaulting Committed Note Purchaser (determined after giving effect to all Class C Advances already made by such Class C Investor Group on such date). A Class C Defaulting Committed Note Purchaser shall forthwith, upon demand, pay to the applicable Class C Funding Agent for the ratable benefit of the Class C Non-Defaulting Committed Note Purchasers all amounts paid by each such Class C Non-Defaulting Committed Note Purchaser on behalf of such Class C Defaulting Committed Note Purchaser, together with interest thereon, for each day from the date a payment was made by a Class C Non-Defaulting Committed Note Purchaser until the date such Class C Non-Defaulting Committed Note Purchaser has been paid such amounts in full, at a rate per annum equal to the sum of the Base Rate plus a rate determined on the Class C Notes Closing Date.

**Section 2.03 <u>Procedure for Decreasing the Principal Amount</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Principal Decreases</u>. Subject to the terms of this Series 2021-A Supplement, the aggregate principal amount of the Series 2021-A Notes may be decreased from time to time; <u>provided</u> that any such decrease in the aggregate principal amount of the Series 2021-A Notes shall occur four (4) or more U.S. Government Securities Business Days prior to any Payment Date; <u>provided</u>, <u>further</u>, that following the occurrence and during the continuance of a Pro Rata Trigger Event, each Class B Voluntary Decrease and each Class C Voluntary Decrease may only be made if HVF III effects a concurrent pro rata decrease in the Class A Principal Amount with each such Decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mandatory Decrease</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Obligation to Decrease Class A Notes, Class B Notes and Class C Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If any Class A Excess Principal Event shall have occurred and be continuing, then, within five (5) U.S. Government Securities Business Days following HVF III's discovery of such Class A Excess Principal Event, HVF III shall withdraw from the Series 2021-A Principal Collection Account an amount equal to the lesser of (x) the amount then on deposit in such account and available for distribution to effect a reduction in the Class A Principal Amount pursuant to <u>Section 5.2(c)(i)</u> (*Application of Funds in the Series 2021-A Principal Collection Account*), and (y) the amount necessary so that, after giving effect to all Class A Voluntary Decreases prior to such date, no such Class A Excess Principal Event shall exist, and distribute the lesser of such (x) and (y) to the Class A Noteholders in respect of principal of the Class A Notes to make a reduction in the Class A Principal Amount in accordance with <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*) (each reduction of the Class A Principal Amount pursuant to this <u>clause (i)</u>, a "<u>Class A Mandatory Decrease</u>" and the amount of each such reduction, the "<u>Class A Mandatory Decrease Amount</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If any Class B Excess Principal Event shall have occurred and be continuing, then, solely during the Series 2021-A Revolving Period and so long as the Class B Decrease Conditions are satisfied immediately prior to and immediately after giving effect to such repayment of principal of the Class B Notes, within five (5) Business Days following the earlier of (i) the date on which written notice of such Class B Excess Principal Event, requiring the same to be remedied, shall have been given to an Authorized Officer of HVF III and (ii) HVF III's discovery of such Class B Excess Principal Event, HVF III shall withdraw from the Series 2021-A Principal Collection Account an amount equal to the lesser of (x) the amount then on deposit in such account and available for distribution to effect a reduction in the Class B Principal Amount pursuant to <u>Section 5.2(c)(ii)</u> (*Application of Funds in the Series 2021-A Principal Collection Account*), and (y) the amount necessary so that, after giving effect to all Class B Voluntary Decreases prior to such date, no such Class B Excess Principal Event shall exist, and distribute the lesser of such (x) and (y) to the Class B Noteholders in respect of principal of the Class B Notes to make a reduction in the Class B Principal Amount in accordance with <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*) (each reduction of the Class B Principal Amount pursuant to this <u>clause (i)</u>, a "<u>Class B Mandatory Decrease</u>" and the amount of each such reduction, the "<u>Class B Mandatory Decrease Amount</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If any Class C Excess Principal Event shall have occurred and be continuing, then, solely during the Series 2021-A Revolving Period and so long as the Class C Decrease Conditions are satisfied immediately prior to and immediately after giving effect to such repayment of principal of the Class C Notes, within five (5) Business Days following the earlier of (i) the date on which written notice of such Class C Excess Principal Event, requiring the same to be remedied, shall have been given to an Authorized Officer of HVF III and (ii) HVF III's discovery of such Class C Excess Principal Event, HVF III shall withdraw from the Series 2021-A Principal Collection Account an amount equal to the lesser of (x) the amount then on deposit in such account and available for distribution to effect a reduction in the Class C Principal Amount pursuant to <u>Section 5.2(c)(iii)</u> (*Application of Funds in the Series 2021-A Principal Collection Account*), and (y) the amount necessary so that, after giving effect to all Class C Voluntary Decreases prior to such date, no such Class C Excess Principal Event shall exist, and distribute the lesser of such (x) and (y) to the Class C Noteholders in respect of principal of the Class C Notes to make a reduction in the Class C Principal Amount in accordance with <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*) (each reduction of the Class C Principal Amount pursuant to this <u>clause (i)</u>, a "<u>Class C Mandatory Decrease</u>" and the amount of each such reduction, the "<u>Class C Mandatory Decrease Amount</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Breakage</u>. Subject to and in accordance with <u>Section 3.6</u> (*Funding Losses*), with respect to each Class A Mandatory Decrease, HVF III shall reimburse each Class A Investor Group on the next succeeding Payment Date for any associated breakage costs payable as a result of such Class A Mandatory Decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Notice of Mandatory Decrease</u>. Upon discovery of any Class A Excess Principal Event, Class B Excess Principal Event or Class C Excess Principal Event, HVF III, within two (2) U.S. Government Securities Business Days of such discovery, shall deliver written notice of any related Class A Mandatory Decreases, Class B Mandatory Decreases, Class C Mandatory Decreases, Class A Mandatory Decrease Amount, Class B Mandatory Decrease Amount or Class C Mandatory Decrease Amount, as applicable, and the date of any such Class A Mandatory Decrease, Class B Mandatory Decrease or Class C Mandatory Decrease, as applicable, in each case, to the Trustee and each Class A Noteholder, Class B Noteholder and Class C Noteholder, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Voluntary Decrease</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) On any U.S. Government Securities Business Day, upon at least three (3) U.S. Government Securities Business Day's prior notice to each Class A Noteholder, each Class A Conduit Investor, each Class A Committed Note Purchaser and the Trustee, HVF III may decrease the Class A Principal Amount in whole or in part (each such reduction of the Class A Principal Amount pursuant to this <u>Section 2.3(c)(i)(A)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*), a "<u>Class A Voluntary Decrease</u>") by withdrawing from the Series 2021-A Principal Collection Account an amount up to the sum of all amounts then on deposit in such account and available for distribution to effect a Class A Voluntary Decrease pursuant to <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*), and distributing the amount of such withdrawal (such amount, the "<u>Class A Voluntary Decrease Amount</u>") to the Class A Noteholders as specified in <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*). Each such notice shall set forth the date of such Class A Voluntary Decrease, the related Class A Voluntary Decrease Amount, whether HVF III is electing to pay any Class A Terminated Purchaser in connection with such Class A Voluntary Decrease, and the amount to be paid to such Class A Terminated Purchaser (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) On any U.S. Government Securities Business Day, upon at least five (5) U.S. Government Securities Business Day's prior written notice to each Class B Noteholder, each Class B Conduit Investor, each Class B Funding Agent, each Class B Committed Note Purchaser, the Trustee and the Program Agent and so long as the Class B Decrease Conditions are satisfied immediately prior to and immediately after giving effect to such repayment of principal of the Class B Notes, HVF III may decrease the Class B Principal Amount in whole or in part (each such reduction of the Class B Principal Amount pursuant to this <u>Section 2.3(c)(i)(B)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*), a "<u>Class B Voluntary Decrease</u>") by withdrawing from the Series 2021-A Principal Collection Account an amount up to the sum of all amounts then on deposit in such account and available for distribution to effect a Class B Voluntary Decrease pursuant to <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*) and distributing the amount of such withdrawal (such amount, the "<u>Class B Voluntary Decrease Amount</u>") to the Class B Noteholders as specified in <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*); <u>provided that</u>, after giving effect to any such Class B Voluntary Decrease Amount, the outstanding principal amount of the Class B Notes shall not be less than 70.0% of the Class B Maximum Principal Amount. Each such notice shall set forth the date of such Class B Voluntary Decrease, the related Class B Voluntary Decrease Amount, whether HVF III is electing to pay any Class B Terminated Purchaser in connection with such Class B Voluntary Decrease, and the amount to be paid to such Class B Terminated Purchaser (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) On any U.S. Government Securities Business Day, upon at least five (5) U.S. Government Securities Business Day's prior written notice to the Trustee and the Program Agent and so long as the Class C Decrease Conditions are satisfied immediately prior to and immediately after giving effect to such repayment of principal of the Class C Notes, HVF III may decrease the Class C Principal Amount in whole or in part (each such reduction of the Class C Principal Amount pursuant to this Section <u>2.3(c)(i)(C)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*), a "<u>Class C Voluntary Decrease</u>") by withdrawing from the Series 2021-A Principal Collection Account an amount up to the sum of all amounts then on deposit in such account and available for distribution to effect a Class C Voluntary Decrease pursuant to <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*), and distributing the amount of such withdrawal (such amount, the "<u>Class C Voluntary Decrease Amount</u>") to the Class C Noteholders as specified in <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*); provided that, (x) after giving effect to any such Class C Voluntary Decrease Amount, the outstanding principal amount of the Class C Notes shall not be less than a certain percentage of the Class C Maximum Principal Amount as determined on the Class C Notes Closing Date. Each such notice shall set forth the date of such Class C Voluntary Decrease, the related Class C Voluntary Decrease Amount, whether HVF III is electing to pay any Class C Terminated Purchaser in connection with such Class C Voluntary Decrease, and the amount to be paid to such Class C Terminated Purchaser (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Breakage</u>. Subject to and in accordance with <u>Section 3.6</u> (*Funding Losses*), with respect to each Class A Voluntary Decrease, HVF III shall reimburse each Class A Investor Group on the next succeeding Payment Date for any associated breakage costs payable as a result of such Class A Voluntary Decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Voluntary Decrease Minimum Denominations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each such Class A Voluntary Decrease shall be, in the aggregate for all Class A Notes, in a minimum principal amount of $2,500,000 and integral multiples of $100,000 in excess thereof unless such Class A Voluntary Decrease is allocated to pay any Class A Investor Group Principal Amount in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each such Class B Voluntary Decrease shall be, in the aggregate for all Class B Notes, in a minimum principal amount of $2,000,000, unless such Class B Voluntary Decrease is allocated to pay any Class B Investor Group Principal Amount in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each such Class C Voluntary Decrease shall be, in the aggregate for all Class C Notes, in a minimum principal amount as determined on the Class C Notes Closing Date, unless such Class C Voluntary Decrease is allocated to pay any Class C Investor Group Principal Amount in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Non-Extending Class A Noteholder Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless a Non-Extending Class A Noteholder satisfies the Credit Committee Condition set forth in Section 2.3(g) (*Credit Committee Condition*) (which shall apply solely in the case of Natixis (as defined below)), on April 10, 2026<u>On May 7, 2027</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day), HVF III shall effect a Class A Voluntary Decrease (without any further notice thereof, notwithstanding anything in this Agreement to the contrary) and shall pay or cause to be paid to each Non-Extending Class A Noteholder (A) the Class A Investor Group Principal Amount with respect to such Non-Extending Class A Noteholder as of such date and (B) any accrued and unpaid interest and fees with respect to such Non-Extending Class A Noteholder as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with the payment to each Non-Extending Class A Noteholder pursuant to clause (i) of this <u>Section 2.3(e)</u> (*Non-Extending Class A Noteholder Payment*) on April 10<u>May 7</u>, 2026<u>2027</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day), or any payment to a Non-Extending Class A Noteholder prior April 10<u>to May 7</u>, 2026<u>2027</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day), pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*) that reduces each of such Non-Extending Class A Noteholder's Class A Investor Group Principal Amount to zero:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Class A Maximum Investor Group Principal Amount with respect to such Non-Extending Class A Noteholder shall be automatically and permanently reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Class A Maximum Principal Amount shall be automatically reduced by the amount of the reductions effected pursuant to clause (A) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) upon the payment of the amounts required pursuant to clause (i) of this <u>Section 2.3(e)</u> (*Non-Extending Class A Noteholder Payment*) or the reduction prior to April 10<u>May 7</u>, 2026<u>2027</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day) of such Non-Extending Class A Noteholder's Class A Investor Group Principal Amount pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*), such Non-Extending Class A Noteholder shall surrender its Class A Note to the Trustee for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) notwithstanding anything herein to the contrary, HVF III may use the proceeds of any Class A Advances received on April 10<u>May 7</u>, 2026<u>2027</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day) or on the date of any payment to such Non-Extending Class A Noteholder prior to April 10<u>May 7</u>, 2026<u>2027</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day) pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*) to reduce such Non-Extending Class A Noteholder's Class A Investor Group Principal Amount to zero, to make the payments to the Non-Extending Class A Noteholder required pursuant to clause (i) of this sentence or to make any payment to such Non-Extending Class A Noteholder prior to April 10<u>May 7</u>, 2026<u>2027</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day), pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the Program Agent shall revise Schedule II to remove such Non-Extending Class A Noteholder, which revisions, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) for the avoidance of doubt, such Non-Extending Class A Noteholder shall be deemed to be a Class A Terminated Purchaser as of the earlier of April 10<u>May 7</u>, 2026<u>2027</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day) or the date of any payment to the Non-Extending Class A Noteholder prior to April 10<u>May 7</u>, 2026<u>2027</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day) pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*) that reduces a Non-Extending Class A Noteholder's Class A Investor Group Principal Amount to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Upon the payment of any amounts required to be paid pursuant to clause (i) of this <u>Section 2.3(e)</u> (*Non-Extending Class A Noteholder Payment*) or any payment to a Non-Extending Class A Noteholder prior to April 10<u>May 7</u>, 2026<u>2027</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day) pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*) that reduces such Non-Extending Class A Noteholder's Class A Investor Group Principal Amount to zero, such Non-Extending Class A Noteholder and its related Class A Investor Group shall cease to be a party to this Series Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Non-Extending Exiting Class A Noteholder Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On the Series 2021-A Third Amendment Effective Date, HVF III shall effect a Class A Voluntary Decrease (without any further notice thereof, notwithstanding anything in this Agreement to the contrary) and shall pay or cause to be paid to each Non-Extending Exiting Class A Noteholder (A) the Class A Investor Group Principal Amount with respect to such Non-Extending Exiting Class A Noteholder as of such date and (B) any accrued and unpaid interest and fees with respect to such Non-Extending Exiting Class A Noteholder as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with the payment to each Non-Extending Exiting Class A Noteholder pursuant to clause (i) of this <u>Section 2.3(f)</u> (*Non-Extending Exiting Class A Noteholder Payment*) on the Series 2021-A Third Amendment Effective Date, or any payment to a Non-Extending Exiting Class A Noteholder prior to the Series 2021-A Third Amendment Effective Date, pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*) that reduces each of such Non-Extending Exiting Class A Noteholder's Class A Investor Group Principal Amount to zero:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the Class A Maximum Investor Group Principal Amount with respect to such Non-Extending Exiting Class A Noteholder shall be automatically and permanently reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the Class A Maximum Principal Amount shall be automatically reduced by the amount of the reductions effected pursuant to clause (A) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. upon the payment of the amounts required pursuant to clause (i) of this <u>Section 2.3(f)</u> (*Non-Extending Exiting Class A Noteholder Payment*) or the reduction prior to the Series 2021-A Third Amendment Effective Date of such Non-Extending Exiting Class A Noteholder's Class A Investor Group Principal Amount pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*), such Non-Extending Exiting Class A Noteholder shall surrender its Class A Note to the Trustee for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. notwithstanding anything herein to the contrary, HVF III may use the proceeds of any Class A Advances received on the Series 2021-A Third Amendment Effective Date or on the date of any payment to such Non-Extending Exiting Class A Noteholder prior to the Series 2021-A Third Amendment Effective Date pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*) to reduce such Non-Extending Exiting Class A Noteholder's Class A Investor Group Principal Amount to zero, to make the payments to the Non-Extending Exiting Class A Noteholder required pursuant to clause (i) of this sentence or to make any payment to such Non-Extending Exiting Class A Noteholder prior to the Series 2021-A Third Amendment Effective Date, pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. the Program Agent shall revise Schedule II to remove such Non-Extending Exiting Class A Noteholder, which revisions, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. for the avoidance of doubt, such Non-Extending Exiting Class A Noteholder shall be deemed to be a Class A Terminated Purchaser as of the earlier of the Series 2021-A Third Amendment Effective Date or the date of any payment to the Non-Extending Exiting Class A Noteholder prior to the Series 2021-A Third Amendment Effective Date pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*) that reduces a Non-Extending Exiting Class A Noteholder's Class A Investor Group Principal Amount to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Upon the payment of any amounts required to be paid pursuant to clause (i) of this <u>Section 2.3(f)</u> (*Non-Extending Exiting Class A Noteholder Payment*) or any payment to a Non-Extending Exiting Class A Noteholder prior to the Series 2021-A Third Amendment Effective Date pursuant to <u>Section 9.2(a)</u> (*Replacement of Class A Investor Group*) that reduces such Non-Extending Exiting Class A Noteholder's Class A Investor Group Principal Amount to zero, such Non-Extending Exiting Class A Noteholder and its related Class A Investor Group shall cease to be a party to this Series Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Credit Committee Condition</u>. If, prior to June 7, 2025 (or, if such day is not a Business Day, the Business Day immediately preceding such day), Natixis, New York Branch, (in its capacity as Class A Funding Agent for Versailles Assets LLC, as Class A Committed Note Purchaser) ("<u>Natixis</u>"), as Non-Extending Class A Noteholder provides written notice (which may be delivered via electronic mail) to each of HVF III and the Program Agent that Natixis has obtained internal credit committee approvals such that Natixis is willing to consent to an extension of the Series 2021-A Commitment Termination Date and no longer desires to be a Non-Extending Class A Noteholder (the "<u>Credit Committee Condition</u>"), then Natixis shall be deemed to no longer be a Non-Extending Class A Noteholder or a Non-Extending Purchaser upon satisfaction of the Credit Committee Condition.

**Section 2.04 <u>Funding Agent Register</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each date of a Class A Advance or Class A Decrease hereunder, a duly authorized officer, employee or agent of the related Class A Funding Agent shall make appropriate notations in its books and records of the amount of such Class A Advance or Class A Decrease, as applicable. HVF III hereby authorizes each duly authorized officer, employee and agent of such Class A Funding Agent to make such notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be *prima facie* evidence of the accuracy of the information so recorded and shall be binding on HVF III absent manifest error; <u>provided</u>, <u>however</u>, that in the event of a discrepancy between the books and records of such Class A Funding Agent and the records maintained by the Trustee pursuant to this Series 2021-A Supplement, such discrepancy shall be resolved by such Class A Funding Agent and the Program Agent and the Trustee shall be directed by the Program Agent to update its records accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each date of a Class B Advance or Class B Decrease hereunder, a duly authorized officer, employee or agent of the related Class B Funding Agent shall make appropriate notations in its books and records of the amount of such Class B Advance or Class B Decrease, as applicable. HVF III hereby authorizes each duly authorized officer, employee and agent of such Class B Funding Agent to make such notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be *prima facie* evidence of the accuracy of the information so recorded and shall be binding on HVF III absent manifest error; <u>provided</u>, <u>however</u>, that in the event of a discrepancy between the books and records of such Class B Funding Agent and the records maintained by the Trustee pursuant to this Series 2021-A Supplement, such discrepancy shall be resolved by such Class B Funding Agent and the Program Agent and the Trustee shall be directed by the Program Agent to update its records accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On each date of a Class C Advance or Class C Decrease hereunder, a duly authorized officer, employee or agent of the related Class C Funding Agent shall make appropriate notations in its books and records of the amount of such Class C Advance or Class C Decrease, as applicable. HVF III hereby authorizes each duly authorized officer, employee and agent of such Class C Funding Agent to make such notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be *prima facie* evidence of the accuracy of the information so recorded and shall be binding on HVF III absent manifest error; <u>provided</u>, <u>however</u>, that in the event of a discrepancy between the books and records of such Class C Funding Agent and the records maintained by the Trustee pursuant to this Series 2021-A Supplement, such discrepancy shall be resolved by such Class C Funding Agent and the Program Agent and the Trustee shall be directed by the Program Agent to update its records accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the date of the Class RR Advance hereunder, a duly authorized officer, employee or agent of the Class RR Committed Note Purchaser shall make appropriate notations in its books and records of the amount of such Class RR Advance. HVF III hereby authorizes each duly authorized officer, employee and agent of the Class RR Committed Note Purchaser to make such notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be *prima facie* evidence of the accuracy of the information so recorded and shall be binding on HVF III absent manifest error; <u>provided</u>, <u>however</u>, that in the event of a discrepancy between the books and records of the Class RR Committed Note Purchaser and the records maintained by the Trustee pursuant to this Series 2021-A Supplement, such discrepancy shall be resolved by the Class RR Committed Note Purchaser and the Program Agent and the Trustee shall be directed by the Program Agent to update its records accordingly.

**Section 2.05 <u>Reduction of Maximum Principal Amount</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reduction of Class A Maximum Principal Amount</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III, upon three (3) Business Days' notice to the Program Agent, each Class A Funding Agent, each Class A Conduit Investor and each Class A Committed Note Purchaser, may effect a permanent reduction (but without prejudice to HVF III's right to effect a Class A Investor Group Maximum Principal Increase with respect to any Class A Investor Group or add any Class A Additional Investor Group in the future, in each case in accordance with <u>Section 2.1</u> (*Initial Purchase; Additional Series 2021-A Notes*)) of the Class A Maximum Principal Amount and a corresponding reduction of each Class A Maximum Investor Group Principal Amount; <u>provided that</u>, with respect to any such reduction effected pursuant to this <u>clause (i)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such reduction shall be limited to the undrawn portion of the Class A Maximum Principal Amount, although any such reduction may be combined with a Class A Decrease effected pursuant to and in accordance with <u>Section 2.3</u> (*Procedure for Decreasing the Principal Amount*) and in a minimum amount of $100,000,000; <u>provided that</u>, solely for the purposes of this <u>Section 2.5(a)(i)(A)</u> (*Reduction of Class A Maximum Principal Amount*), such undrawn portion of the Class A Maximum Principal Amount shall not include any then unfunded Class A Delayed Amounts relating to any Class A Advance the notice with respect to which HVF III shall not have revoked as of the date of such reduction, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after giving effect to such reduction, the Class A Maximum Principal Amount equals or exceeds $250,000,000, unless reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any reduction made pursuant to this <u>Section 2.5(a)</u> (*Reduction of Class A Maximum Principal Amount*) shall be made ratably among the Class A Investor Groups on the basis of their respective Class A Maximum Investor Group Principal Amounts. No later than one (1) Business Day following any reduction of the Class A Maximum Principal Amount becoming effective, the Program Agent shall revise <u>Schedule II</u> to reflect such reduction, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reduction of Class C Maximum Principal Amount</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III, upon three (3) Business Days' notice to the Program Agent, each Class C Funding Agent and each Class C Committed Note Purchaser, may effect a permanent reduction (but without prejudice to HVF III's right to effect a Class C Investor Group Maximum Principal Increase with respect to any Class C Investor Group or add any Class C Additional Investor Group in the future, in each case in accordance with <u>Section 2.1</u> (*Initial Purchase; Additional Series 2021-A Notes*)) of the Class C Maximum Principal Amount and a corresponding reduction of each Class C Maximum Investor Group Principal Amount; <u>provided that</u>, with respect to any such reduction effected pursuant to this <u>clause (i)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such reduction shall be limited to the undrawn portion of the Class C Maximum Principal Amount, although any such reduction may be combined with a Class C Decrease effected pursuant to and in accordance with <u>Section 2.3</u> (*Procedure for Decreasing the Principal Amount*) and in a minimum amount determined on the Class C Notes Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after giving effect to such reduction, the Class C Maximum Principal Amount equals or exceeds an amount determined on the Class C Notes Closing Date, unless reduced to zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Class C Decrease Conditions are satisfied immediately prior to and immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any reduction made pursuant to this <u>Section 2.5(c)</u> (*Reduction of Class C Maximum Principal Amount*) shall be made ratably among the Class C Investor Groups on the basis of their respective Class C Maximum Investor Group Principal Amounts. No later than one (1) Business Day following any reduction of the Class C Maximum Principal Amount becoming effective, the Program Agent shall revise <u>Schedule V</u> to reflect such reduction, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reduction of Class RR Principal Amount</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III, upon three (3) Business Days' notice to the Program Agent and the Class RR Committed Note Purchaser, may effect a reduction (but without prejudice to HVF III's right to effect a Class RR Principal Increase in accordance with <u>Section 2.1</u> (*Initial Purchase; Additional Series 2021-A Notes*)) of the Class RR Principal Amount; <u>provided that</u>, with respect to any such reduction effected pursuant to this <u>clause (i)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such reduction must be in a minimum amount of $10,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after giving effect to such reduction, the Class RR Principal Amount equals or exceeds $20,000,000, unless reduced to zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) HVF III is in compliance with <u>Section 6.4</u> (*European Union Securitisation Risk Retention and United Kingdom Securitisation Risk Retention Representations and Undertaking*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No later than one (1) Business Day following any reduction of the Class RR Principal Amount becoming effective, the Program Agent shall revise <u>Schedule VI</u> to reflect such reduction, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Conditions to Repayment of Class B Notes and Class C Notes</u>. Each reduction pursuant to <u>Section 2.5(b)</u> (*Reduction of Class B Maximum Principal Amount*) or <u>Section 2.5(c)</u> (*Reduction of Class C Maximum Principal Amount*) may only be made if the Class B Decrease Conditions or Class C Decrease Conditions, as applicable, are satisfied immediately prior to and immediately after giving effect to such repayment.

**Section 2.06 <u>Commitment Terms and Extensions of Commitments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term</u>. The "<u>Term</u>" of the Class A Commitments, the Class B Commitments and the Class C Commitments hereunder shall be for a period commencing on the date hereof and ending on the Series 2021-A Commitment Termination Date with respect to such Class of the Series 2021-A Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Requests for Extensions</u>. HVF III may request, (i) through the Program Agent, that each Funding Agent, for the account of the related Investor Group, and (ii) that the Class RR Committed Note Purchaser consents to, an extension of the Series 2021-A Commitment Termination Date with respect to one or more Classes of Series 2021-A Notes for such period as HVF III may specify (the "<u>Extension Length</u>"), which consent will be granted or withheld by each Funding Agent, on behalf of the related Investor Group, or the Class RR Committed Note Purchaser, in each case, in its sole discretion. To the extent that any Funding Agent represents more than one Committed Note Purchaser in an Investor Group, the Funding Agent may extend or decline the Series 2021-A Commitment Termination Date on behalf of each individual Committed Note Purchasers within an Investor Group, and the Funding Agent thus may make different elections on behalf of individual Committed Note Purchasers within the same Investor Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Procedures for Extension Consents</u>. Upon receipt of any request described in <u>clause (b)</u> above, the Program Agent shall promptly notify each Funding Agent for the Class(es) of Series 2021-A Notes subject to such request, each of which Funding Agents shall notify each Conduit Investor, if any, and each Committed Note Purchaser in its Investor Group thereof. Not lat<sup>er</sup> than the first (1st) Business Day followi<sup>ng</sup> the thirtieth (30th) day after such request for an extension (such period, the "<u>Election Period</u>"), each Committed Note Purchaser for the applicable Class(es) shall notify HVF III and each Committed Note Purchaser for the applicable Class(es) (other than the Class RR Committed Note Purchaser) shall notify the Program Agent of its willingness or refusal to consent to such extension and each Conduit Investor for the applicable Class(es) shall notify the Funding Agent for its Investor Group of its willingness or refusal to consent to such extension, and such Funding Agent shall notify HVF III and the Program Agent of such willingness or refusal by each such Conduit Investor (any such Conduit Investor or Committed Note Purchaser that refuses to consent to such extension, a "<u>Non-Extending Purchaser</u>"). Any Committed Note Purchaser (other than the Class RR Committed Note Purchaser) that does not expressly notify HVF III and the Program Agent that it is willing to consent to an extension of the Series 2021-A Commitment Termination Date during the applicable Election Period and each Conduit Investor that does not expressly notify such Funding Agent that it is willing to consent to an extension of the Series 2021-A Commitment Termination Date for the applicable Class(es) during the applicable Election Period shall be deemed to be a Non-Extending Purchaser; <u>provided that</u>, if the Class RR Committed Note Purchaser fails to so consent to an extension of the Series 2021-A Commitment Termination Date that is the later of the Series 2021-A Commitment Termination Date for the Class A Notes, the Series 2021-A Commitment Termination Date for the Class B Notes or the Series 2021-A Commitment Termination Date for the Class C Notes, no other such consent received from any other Committed Note Purchaser or any Conduit Investor shall be given effect. If a Committed Note Purchaser or a Conduit Investor has agreed to extend its Series 2021-A Commitment Termination Date, and, at the end of the applicable Election Period no Amortization Event shall be continuing with respect to the Series 2021-A Notes, then the Series 2021-A Commitment Termination Date for the Class RR Committed Note Purchaser and for such Committed Note Purchaser or Conduit Investor for the applicable Class(es) then in effect shall be extended to the date that is the last day of the Extension Length (which shall begin running on the day after the then-current Series 2021-A Commitment Termination Date for such Class of Series 2021-A Notes); <u>provided that</u>, no such extension to the Series 2021-A Commitment Termination Date shall become effective until (i) the termination of each Non-Extending Purchaser's commitment, if any, (ii) on the date of any such termination with respect to a Class A Investor Group, the prepayment in full of each such Non-Extending Purchaser's portion of the Class A Investor Group Principal Amount for such Non-Extending Purchaser's Class A Investor Group and all accrued and unpaid interest thereon, if any, in each case, in accordance with <u>Section 9.2</u> (*Replacement of Investor Group*), (iii) on the date of any such termination with respect to a Class B Investor Group, the prepayment in full of each such Non-Extending Purchaser's portion of the Class B Investor Group Principal Amount for such Non-Extending Purchaser's Class B Investor Group and all accrued and unpaid interest thereon, if any, in each case, in accordance with <u>Section 9.2</u> (*Replacement of Investor Group*) and (iv) on the date of any such termination with respect to a Class C Investor Group, the prepayment in full of each such Non-Extending Purchaser's portion of the Class C Investor Group Principal Amount for such Non-Extending Purchaser's Class C Investor Group and all accrued and unpaid interest thereon, if any, in each case, in accordance with <u>Section 9.2</u> (*Replacement of Investor Group*). A request to extend the Series 2021-A Commitment Termination Date with respect to one but not all Classes of Series 2021-A Notes shall require concurrent written notice to (but not the consent of) each of the Funding Agents, Committed Note Purchasers or Conduit Investors with respect to the Investor Groups for the Class(es) of Series 2021-A Notes that are not subject to the request for extension.

**Section 2.07 <u>Timing and Method of Payment</u>**. All amounts payable to any Class A Funding Agent, Class B Funding Agent, the Class C Funding Agent or the Class RR Committed Note Purchaser hereunder or with respect to the Series 2021-A Notes on any date shall be made to the applicable Class A Funding Agent (or upon the order of the applicable Class A Funding Agent), to the applicable Class B Funding Agent (or upon the order of the applicable Class B Funding Agent), to the applicable Class C Funding Agent (or upon the order of the applicable Class C Funding Agent) or to the Class RR Committed Note Purchaser (or upon the order of the Class RR Committed Note Purchaser), as applicable, by wire transfer of immediately available funds in Dollars not later than 2:00 p.m. (New York City time) on the date due; <u>provided that</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if (i) any Class A Funding Agent receives funds payable to it hereunder later than 2:00 p.m. (New York City time) on any date and (ii) prior to the later of the next succeeding Determination Date and thirty (30) days after the date on which such Class A Funding Agent received such funds, such Class A Funding Agent notifies HVF III in writing of such late receipt, then such funds received later than 2:00 p.m. (New York City time) on such date by such Class A Funding Agent will be deemed to have been received by such Class A Funding Agent on the next Business Day and any interest accruing with respect to the payment of such funds on such next Business Day shall not be payable until the Payment Date immediately following the later of such two dates specified in <u>clause (ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if (i) any Class A Funding Agent receives funds payable to it hereunder later than 2:00 p.m. (New York City time) on any date and (ii) prior to the later of the next succeeding Determination Date and thirty (30) days after the date on which such Class A Funding Agent received such funds, such Class A Funding Agent does not notify HVF III in writing of such receipt, then such funds, received later than 2:00 p.m. (New York City time) on such date will be treated for all purposes hereunder as received on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if (i) any Class B Funding Agent receives funds payable to it hereunder later than 2:00 p.m. (New York City time) on any date and (ii) prior to the later of the next succeeding Determination Date and thirty (30) days after the date on which such Class B Funding Agent received such funds, such Class B Funding Agent notifies HVF III in writing of such late receipt, then such funds received later than 2:00 p.m. (New York City time) on such date by such Class B Funding Agent will be deemed to have been received by such Class B Funding Agent on the next Business Day and any interest accruing with respect to the payment of such funds on such next Business Day shall not be payable until the Payment Date immediately following the later of such two dates specified in <u>clause (ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if (i) any Class B Funding Agent receives funds payable to it hereunder later than 2:00 p.m. (New York City time) on any date and (ii) prior to the later of the next succeeding Determination Date and thirty (30) days after the date on which such Class B Funding Agent received such funds, such Class B Funding Agent does not notify HVF III in writing of such receipt, then such funds, received later than 2:00 p.m. (New York City time) on such date will be treated for all purposes hereunder as received on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if (i) any Class C Funding Agent receives funds payable to it hereunder later than 2:00 p.m. (New York City time) on any date and (ii) prior to the later of the next succeeding Determination Date and thirty (30) days after the date on which such Class C Funding Agent received such funds, such Class C Funding Agent notifies HVF III in writing of such late receipt, then such funds received later than 2:00 p.m. (New York City time) on such date by such Class C Funding Agent will be deemed to have been received by such Class C Funding Agent on the next Business Day and any interest accruing with respect to the payment of such funds on such next Business Day shall not be payable until the Payment Date immediately following the later of such two dates specified in <u>clause (ii);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if (i) any Class C Funding Agent receives funds payable to it hereunder later than 2:00 p.m. (New York City time) on any date and (ii) prior to the later of the next succeeding Determination Date and thirty (30) days after the date on which such Class C Funding Agent received such funds, such Class C Funding Agent does not notify HVF III in writing of such receipt, then such funds, received later than 2:00 p.m. (New York City time) on such date will be treated for all purposes hereunder as received on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if (i) the Class RR Committed Note Purchaser receives funds payable to it hereunder later than 2:00 p.m. (New York City time) on any date and (ii) prior to the later of the next succeeding Determination Date and thirty (30) days after the date on which the Class RR Committed Note Purchaser received such funds, the Class RR Committed Note Purchaser notifies HVF III in writing of such late receipt, then such funds received later than 2:00 p.m. (New York City time) on such date by the Class RR Committed Note Purchaser will be deemed to have been received by the Class RR Committed Note Purchaser on the next Business Day and any interest accruing with respect to the payment of such funds on such next Business Day shall not be payable until the Payment Date immediately following the later of such two dates specified in <u>clause (ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if (i) the Class RR Committed Note Purchaser receives funds payable to it hereunder later than 2:00 p.m. (New York City time) on any date and (ii) prior to the later of the next succeeding Determination Date and thirty (30) days after the date on which the Class RR Committed Note Purchaser received such funds, the Class RR Committed Note Purchaser does not notify HVF III in writing of such receipt, then such funds, received later than 2:00 p.m. (New York City time) on such date will be treated for all purposes hereunder as received on such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III's obligations hereunder in respect of any amounts payable to any Class A Conduit Investor or Class A Committed Note Purchaser shall be discharged to the extent funds are disbursed by HVF III to the related Class A Funding Agent as provided herein whether or not such funds are properly applied by such Class A Funding Agent, HVF III's obligations hereunder in respect of any amounts payable to any Class B Conduit Investor, if any, or Class B Committed Note Purchaser shall be discharged to the extent funds are disbursed by HVF III to the related Class B Funding Agent as provided herein whether or not such funds are properly applied by such Class B Funding Agent, HVF III's obligations hereunder in respect of any amounts payable to any Class C Conduit Investor, if any, or Class C Committed Note Purchaser shall be discharged to the extent funds are disbursed by HVF III to the related Class C Funding Agent as provided herein whether or not such funds are properly applied by such Class C Funding Agent and HVF III's obligations hereunder in respect of any amounts payable to the Class RR Committed Note Purchaser shall be discharged to the extent funds are disbursed by HVF III to the Class RR Committed Note Purchaser as provided herein whether or not such funds are properly applied by the Class RR Committed Note Purchaser.

**Section 2.08 <u>Legal Final Payment Date</u>**. The Series 2021-A Principal Amount shall be due and payable on the Legal Final Payment Date for each Class.

**Section 2.09 <u>Delayed Funding Purchaser Groups</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A Delayed Funding Purchaser Groups</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any provision of this Series 2021-A Supplement to the contrary, if at any time a Class A Delayed Funding Purchaser delivers a Class A Delayed Funding Notice, no Class A Undrawn Fees shall accrue (or be payable) to its Class A Delayed Funding Purchaser Group in respect of any Class A Delayed Amount from the date of the related Class A Advance to the date the Class A Delayed Funding Purchaser in such Class A Delayed Funding Purchaser Group funds the related Class A Delayed Funding Reimbursement Amount, if any, and the Class A Second Delayed Funding Notice Amount, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding any provision of this Series 2021-A Supplement to the contrary, if at any time a Class A Committed Note Purchaser in a Class A Investor Group becomes a Class A Defaulting Committed Note Purchaser, then the following provisions shall apply for so long as such Class A Defaulting Committed Note Purchaser has failed to pay all amounts required pursuant to <u>Section 2.2</u> (*Advances*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Class A Undrawn Fees shall accrue (or be payable) on any unfunded portion of the Class A Maximum Investor Group Principal Amount of such Class A Defaulting Committed Note Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Class A Commitment Percentage of such Class A Defaulting Committed Note Purchaser shall not be included in determining whether the Required Controlling Class Series 2021-A Noteholders, the Required Supermajority Controlling Class Series 2021-A Noteholders, the Series 2021-A Required Noteholders or all Class A Conduit Investors and/or Class A Committed Note Purchasers have taken or may take any action hereunder.

For the avoidance of doubt, no provision of this <u>Section 2.9</u> (*Delayed Funding Purchaser Groups*) shall be deemed to relieve any Class A Defaulting Committed Note Purchaser of its Commitment hereunder and HVF III may pursue all rights and remedies available to it under the law in connection with the event(s) that resulted in such Class A Committed Note Purchaser becoming a Class A Defaulting Committed Note Purchaser.

**Article III**

**INTEREST, FEES AND COSTS**

**Section 3.01 <u>Interest and Interest Rates</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Rate</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Class A Interest Rate</u>. Each related Class A Advance funded or maintained by a Class A Investor Group during the related Series 2021-A Interest Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) through the issuance of Class A Commercial Paper shall bear interest at the Class A CP Rate for such Series 2021-A Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) through means other than the issuance of Class A Commercial Paper shall bear interest at the Adjusted Term SOFR applicable to such Class A Investor Group for the related SOFR Interest Period, except as otherwise provided in <u>Section 3.3</u> (*SOFR Lending Unlawful*) or <u>3.4</u> (*Deposits Unavailable*) (<u>provided</u> that if Adjusted Term SOFR (or any applicable Benchmark Replacement) is less than 0.00%, such rate will be deemed to be 0.00%); <u>provided</u> that if Adjusted Term SOFR is not available (other than as a result of a Benchmark Transition Event as contemplated by <u>Section 11.22</u> (*Benchmark Replacement Setting*)), such Class A Advance shall bear interest at the Base Rate (provided that if such rate is less than 0.00%, such rate will be deemed to be 0.00%), plus 0.50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Class B Interest Rate</u>. The Class B Advance funded or maintained by a Class B Investor Group during the related Series 2021-A Interest Period shall bear interest at the Class B Note Rate per annum, and shall accrue based upon a rate agreed in writing with each holder of the Class B Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Class C Interest Rate</u>. The Class C Advance funded or maintained by a Class C Investor Group during the related Series 2021-A Interest Period shall bear interest at the Class C Note Rate per annum, and shall accrue based upon a rate agreed in writing with each holder of the Class C Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Class RR Interest Rate</u>. The Class RR Advance funded or maintained by the Class RR Committed Note Purchaser during the related Series 2021-A Interest Period shall bear interest at the Class A Note Rate with respect to such Series 2021-A Interest Period (the "<u>Class RR Note Rate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Interest Rates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Funding Agent shall notify HVF III and the Administrator of the applicable CP Rate for the Advances made by its Investor Group for the related Series 2021-A Interest Period by 11:00 a.m. (New York City time) on each Determination Date. Each such notice shall be substantially in the form of <u>Exhibit N</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Program Agent shall notify HVF III and the Administrator of the applicable Adjusted Term SOFR and/or Base Rate, as the case may be, by 11:00 a.m. (New York City time) on the first day of each SOFR Interest Period. Each such notice shall be substantially in the form of <u>Exhibit N</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment of Interest; Funding Agent Failure to Provide Rate</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, the Class A Monthly Interest Amount, the Class A Monthly Default Interest Amount, the Class B Monthly Interest Amount, the Class B Monthly Default Interest Amount, the Class C Monthly Interest Amount, the Class C Monthly Default Interest Amount, the Class RR Monthly Interest Amount and the Class RR Monthly Default Interest Amount, in each case, with respect to such Payment Date, shall be due and payable on such Payment Date in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) are insufficient to pay the Class A Monthly Interest Amount or the Class A Monthly Default Interest Amount for any Payment Date, payments of such Class A Monthly Interest Amount or Class A Monthly Default Interest Amount, as applicable and in each case, to the Class A Noteholders will be reduced on a <u>pro rata</u> basis (determined on the basis of the portion of such Class A Monthly Interest Amount or Class A Monthly Default Interest Amount, as applicable and in each case, payable to each such Class A Noteholder) by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on any Payment Date, the "<u>Class A Deficiency Amount</u>"), and interest shall accrue on any such Class A Deficiency Amount at the applicable Class A Note Rate. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) are insufficient to pay the Class B Monthly Interest Amount or the Class B Monthly Default Interest Amount for any Payment Date, payments of such Class B Monthly Interest Amount or Class B Monthly Default Interest Amount, as applicable and in each case, to the Class B Noteholders will be reduced on a <u>pro rata</u> basis (determined on the basis of the portion of such Class B Monthly Interest Amount or Class B Monthly Default Interest Amount, as applicable and in each case, payable to each such Class B Noteholder) by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on any Payment Date, the "<u>Class B Deficiency Amount</u>"), and interest shall accrue on any such Class B Deficiency Amount at the applicable Class B Note Rate. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) are insufficient to pay the Class C Monthly Interest Amount or the Class C Monthly Default Interest Amount for any Payment Date, payments of such Class C Monthly Interest Amount or Class C Monthly Default Interest Amount, as applicable and in each case, to the Class C Noteholders will be reduced on a <u>pro rata</u> basis (determined on the basis of the portion of such Class C Monthly Interest Amount or Class C Monthly Default Interest Amount, as applicable and in each case, payable to each such Class C Noteholder) by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on any Payment Date, the "<u>Class C Deficiency Amount</u>"), and interest shall accrue on any such Class C Deficiency Amount at the applicable Class C Note Rate. If the amounts described in <u>Section 5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) are insufficient to pay the Class RR Monthly Interest Amount or the Class RR Monthly Default Interest Amount for any Payment Date, payments of such Class RR Monthly Interest Amount or Class RR Monthly Default Interest Amount, as applicable and in each case, to the Class RR Committed Note Purchaser will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on any Payment Date, the "<u>Class RR Deficiency Amount</u>"), and interest shall accrue on any such Class RR Deficiency Amount at the applicable Class RR Note Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Day Count and Business Day Convention</u>. All computations of interest at the applicable CP Rate and the Adjusted Term SOFR shall be made on the basis of a year of 360 days and the actual number of days elapsed and all computations of interest at the Base Rate shall be made on the basis of a 365 (or 366, as applicable) day year and actual number of days elapsed. Whenever any payment of interest or principal in respect of any Advance shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the amount of interest owed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Funding Agent's Failure to Notify</u>. With respect to any Funding Agent that shall have failed to notify HVF III and the Administrator of the applicable CP Rate for the Advances made by its Investor Group for the related Series 2021-A Interest Period by 11:00 a.m. (New York City time) on any Determination Date in accordance with <u>Section 3.1(b)(i)</u> (*Notice of Interest Rates*), on the first Payment Date occurring after the date on which such Funding Agent provides such notice previously not provided in accordance with <u>Section 3.1(b)(i)</u> (*Notice of Interest Rates*) (or, if such notice is provided on any date occurring after a Determination Date and prior to the Payment Date immediately following such Determination Date, then the second Payment Date occurring after the date on which such Funding Agent provides such notice previously not provided), such Funding Agent shall pay to or at the direction of HVF III an amount equal to the excess, if any, of the amount actually paid by HVF III to or for the benefit of the Noteholders in such Funding Agent's Investor Group as a result of the reversion to the CP Fallback Rate in accordance with the definition of CP Rate over the amount that should have been paid by HVF III to or for the benefit of the Noteholders in such Funding Agent's Investor Group had all of the relevant information for the relevant Series 2021-A Interest Period been provided by such Funding Agent to HVF III on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>CP True-Up Payment Amount</u>. With respect to any Funding Agent that shall have failed to notify HVF III and the Administrator of the applicable CP Rate for the Advances made by its Investor Group for the related Series 2021-A Interest Period by 11:00 a.m. (New York City time) on any Determination Date in accordance with <u>Section 3.1(b)(i)</u> (*Notice of Interest Rates*), on the first Payment Date occurring after the date on which such Funding Agent provides such notice previously not provided in accordance with <u>Section 3.1(b)(i)</u> (*Notice of Interest Rates*) (or, if such notice is provided on any date occurring after a Determination Date and prior to the Payment Date immediately following such Determination Date, then the second Payment Date occurring after the date on which such Funding Agent provides such notice previously not provided), HVF III shall pay to or at the direction of the Funding Agent for the benefit of the Noteholders in such Funding Agent's Investor Group an amount equal to the excess, if any, of the amount that should have been paid by HVF III to or for the benefit of the Noteholders in such Funding Agent's Investor Group had all of the relevant information for the relevant Series 2021-A Interest Period been provided by such Funding Agent to HVF III on a timely basis over the amount actually paid by HVF III to or for the benefit of such Noteholders as a result of the reversion to the CP Fallback Rate in accordance with the definition of the applicable CP Rate (such excess with respect to such Funding Agent, the "<u>CP True-Up Payment Amount</u>"). For the avoidance of doubt, CP True-Up Payment Amounts, if any, shall be paid in accordance with <u>Section 5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) as a component of the Class A Monthly Interest Amount, Class B Monthly Interest Amount or Class C Monthly Interest Amount, as applicable.

**Section 3.02 <u>Fees</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Program Agent Fees</u>. On each Payment Date, HVF III shall pay to the Program Agent the applicable Program Agent Fee due for such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Upfront Fees</u>. On the Series 2021-A Third Amendment Effective Date, HVF III shall pay to the Class A Committed Note Purchasers, the Upfront Fee due on the Series 2021-A Third Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class B Note Fees</u>. On the Series 2021-A Fourth Amendment Effective Date, HVF III shall pay to the Class B Committed Note Purchasers, the fees due on the Series 2021-A Fourth Amendment Effective Date set forth in the Class B Fee Letter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Fourth Amendment Program Agent Fees</u>. On the Series 2021-A Fourth Amendment Effective Date, HVF III shall pay to the Program Agent, the fees due on the Series 2021-A Fourth Amendment Effective Date set forth in the Fourth Amendment Program Agent Fee Letter.

**Section 3.03 <u>SOFR Lending Unlawful</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Class A Conduit Investor, a Class A Committed Note Purchaser or any Class A Program Support Provider (each such person, a "<u>Class A Affected Person</u>") shall reasonably determine (which determination, upon notice thereof to the Program Agent and the related Class A Funding Agent and HVF III, shall be conclusive and binding on HVF III absent manifest error) that the introduction of or any change in or in the interpretation of any law, rule or regulation makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for any such Class A Affected Person to make, continue, or maintain any Class A Advance as, or to convert any Class A Advance into, the Class A SOFR Tranche, the obligation of such Class A Affected Person to make, continue or maintain any such Class A Advance as, or to convert any such Class A Advance into, the Class A SOFR Tranche, upon such determination, shall forthwith be suspended until such Class A Affected Person shall notify the related Class A Funding Agent and HVF III that the circumstances causing such suspension no longer exist, and such Class A Investor Group shall immediately convert the portion of the Class A SOFR Tranche funded by each such Class A Affected Person, into the Class A Base Rate Tranche at the end of the then-current SOFR Interest Periods with respect thereto or sooner, if required by such law or assertion.

**Section 3.04 <u>Deposits Unavailable</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Class A Conduit Investor, a Class A Committed Note Purchaser or the related Class A Majority Program Support Providers shall have reasonably determined that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Dollar deposits in the relevant amount and for the relevant SOFR Interest Period are not available to all the related Reference Lenders in the relevant market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by reason of circumstances affecting all the related Reference Lenders' relevant market, adequate means do not exist for ascertaining the interest rate applicable hereunder to the Class A SOFR Tranche; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Class A Conduit Investor, such Class A Committed Note Purchaser or the related Class A Majority Program Support Providers have notified the related Class A Funding Agent and HVF III that, with respect to any interest rate otherwise applicable hereunder to the Class A SOFR Tranche, the SOFR Interest Period for which has not then commenced, such interest rate will not adequately reflect the cost to such Class A Conduit Investor, such Class A Committed Note Purchaser or such Class A Majority Program Support Providers of making, funding, agreeing to make or fund or maintaining their respective portion of such Class A SOFR Tranche for such SOFR Interest Period,

then, upon notice from such Class A Conduit Investor, such Class A Committed Note Purchaser or the related Class A Majority Program Support Providers to such Class A Funding Agent and HVF III, the obligations of such Class A Conduit Investor, such Class A Committed Note Purchaser and all of the related Class A Program Support Providers to make or continue any Class A Advance as, or to convert any Class A Advances into, the Class A SOFR Tranche shall forthwith be suspended until such Class A Funding Agent shall notify HVF III that the circumstances causing such suspension no longer exist, and such Class A Investor Group shall immediately convert the portion of the Class A SOFR Tranche funded by each such Class A Conduit Investor or Class A Committed Note Purchaser into the Class A Base Rate Tranche at the end of the then current SOFR Interest Periods with respect thereto or sooner, if required for the reasons set forth in <u>clause (i)</u>, <u>(ii)</u> or <u>(iii)</u> above, as the case may be.

**Section 3.05 <u>Increased or Reduced Costs, etc</u>**. HVF III agrees to reimburse each Class A Affected Person for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Class A Affected Person in respect of making, continuing or maintaining (or of its obligation to make, continue or maintain) any Class A Advances as, or of converting (or of its obligation to convert) any Class A Advances into, the Class A SOFR Tranche that arise in connection with any Changes in Law, except for any such Changes in Law with respect to increased capital costs and taxes, which shall be governed by <u>Sections 3.7</u> (*Increased Capital Costs*) and <u>3.8</u> (*Taxes*), respectively. Each such demand shall be provided to the related Funding Agent and HVF III in writing and shall state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Affected Person for such increased cost or reduced amount or return. Such additional amounts shall be payable by HVF III to such Funding Agent and by such Funding Agent directly to such Affected Person on the Payment Date immediately following HVF III's receipt of such notice, and such notice, in the absence of manifest error, shall be conclusive and binding on HVF III.

**Section 3.06 <u>Funding Losses</u>**. In the event any Affected Person shall incur any loss or expense (including, for the avoidance of doubt, any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Person to make, continue or maintain any portion of the principal amount of any CP Tranche or Class A SOFR Tranche, to convert any portion of the principal amount of any Advance not in the CP Tranche into the applicable CP Tranche or not in the Class A SOFR Tranche into the Class A SOFR Tranche as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any conversion or repayment or prepayment (for any reason, including as a result of the acceleration of the maturity of any portion of the CP Tranche or Class A SOFR Tranche in connection with any Decrease, pursuant to <u>Section 2.3</u> (*Procedure for Decreasing the Principal Amount*) or any optional repurchase of the Series 2021-A Notes, as applicable, pursuant to <u>Section 10.1</u> (*Authorization and Action of the Program Agent*) or otherwise, or the assignment thereof in accordance with the requirements of the applicable Program Support Agreement) of the principal amount of any portion of the CP Tranche or Class A SOFR Tranche, as applicable, on a date other than a Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Advance not being made as part of the CP Tranche or Class A SOFR Tranche, as applicable, after a request for such a Advance has been made in accordance with the terms contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Advance not being continued as part of the CP Tranche or Class A SOFR Tranche, as applicable, or converted into a Class A Advance under the Class A SOFR Tranche, after a request for such a Class A Advance has been made in accordance with the terms contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any failure of HVF III to make a Class A Decrease after giving notice thereof pursuant to <u>Section 2.3(b)(i)(A)</u> (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes*) or <u>Section 2.3(c)(i)(A)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any failure of HVF III to make a Class B Decrease after giving notice thereof pursuant to <u>Section 2.3(b)(i)(A)</u> (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes*) or <u>Section 2.3(c)(i)(B)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any failure of HVF III to make a Class C Decrease after giving notice thereof pursuant to <u>Section 2.3(b)(i)(A)</u> (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes*) or <u>Section 2.3(c)(i)(C)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*),

then, upon the written notice (which shall include calculations in reasonable detail) by any Affected Person to the related Funding Agent and HVF III, which written notice shall be conclusive and binding on HVF III (in the absence of manifest error), HVF III shall pay to such Funding Agent and such Funding Agent shall, on the next succeeding Payment Date, pay directly to such Affected Person such amount as will (in the reasonable determination of such Affected Person) reimburse such Affected Person for such loss or expense; <u>provided that</u>, the maximum amount payable by HVF III to any Affected Person in respect of any losses or expenses that result from any conversion, repayment or prepayment described in <u>clause (i)</u> above shall be the amount HVF III would be obligated to pay pursuant to <u>clause (i)</u> above if such conversion, repayment or prepayment were scheduled to have been paid on the next succeeding Payment Date; <u>provided further that</u>, in no event shall any amount be payable by HVF III to any Affected Person pursuant to this <u>Section 3.6</u> (*Funding Losses*) as a result of any conversion, repayment, prepayment or non-payment with respect to any CP Tranche unless (i) the amount of such conversion, repayment, prepayment or non-payment exceeds $100,000,000 with respect to such Affected Person and (ii) such Affected Person shall have received less than five (5) Business Days' written notice from HVF III of such conversion, repayment, prepayment or non-payment, as the case may be.

**Section 3.07 <u>Increased Capital Costs</u>**. If any Change in Law affects or would affect the amount of capital required or reasonably expected to be maintained by any Affected Person or any Person controlling such Affected Person and such Affected Person reasonably determines that the rate of return on its or such controlling Person's capital as a consequence of its commitment or the Class A Advances made by such Affected Person hereunder is reduced to a level below that which such Affected Person or such controlling Person would have achieved but for the occurrence of any such Change in Law, then, in any such case after notice from time to time by such Affected Person to the related Funding Agent and HVF III, HVF III shall pay to such Funding Agent and such Funding Agent shall pay to such Affected Person an incremental commitment fee, payable on each Payment Date, sufficient to compensate such Affected Person or such controlling Person for such reduction in rate of return to the extent that the increased costs for which such Affected Person is being compensated are allocable to the existence of such Affected Person's Advances or Commitment, as applicable, hereunder. A statement of such Affected Person as to any such additional amount or amounts (including calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on HVF III; <u>provided that</u>, the initial payment of such increased commitment fee shall include a payment for accrued amounts due under this <u>Section 3.7</u> (*Increased Capital Costs*) prior to such initial payment.

**Section 3.08 <u>Taxes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All payments by HVF III of principal of, and interest on, the Advances and all other amounts payable hereunder (including fees) shall be made free and clear of and without deduction for any present or future income, excise, documentary, property, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding in the case of any Affected Person (x) net income, franchise or similar taxes (including branch profits taxes or alternative minimum tax) imposed or levied on the Affected Person as a result of a connection between the Affected Person and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising from such Affected Person having executed, delivered or performed its obligations or received a payment under, or enforced by, this Series 2021-A Supplement), (y) with respect to any Affected Person organized under the laws of the jurisdiction other than the United States ("<u>Foreign Affected Person</u>"), any withholding tax that is imposed on amounts payable to the Foreign Affected Person at the time the Foreign Affected Person becomes a party to (or acquires a participation in) this Series 2021-A Supplement (or designates a new lending office), except to the extent that such Foreign Affected Person (or its assignor, if any) was already entitled, at the time of the designation of the new lending office (or assignment), to receive additional amounts from HVF III with respect to withholding tax and (z) United States federal withholding taxes that would not have been imposed but for a failure by an Affected Person (or any financial institution through which any payment is made to such Affected Person) to comply with the requirements of current Sections 1471-1474 of the Code, any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement or treaty among Governmental Authorities and published administrative guidance, in each case implementing such Sections of the Code (such non-excluded items being called "<u>Taxes</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Moreover, if any Taxes are directly asserted against any Affected Person with respect to any payment received by such Affected Person or its agent from HVF III, such Affected Person or its agent may pay such Taxes and HVF III will promptly upon receipt of written notice stating the amount of such Taxes pay such additional amounts (including any penalties, interest or expenses) as is necessary in order that the net amount received by such person after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount such person would have received had no such Taxes been asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If HVF III fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the Affected Person or its agent the required receipts or other required documentary evidence, HVF III shall indemnify the Affected Person and their agent for any incremental Taxes, interest or penalties that may become payable by any such Affected Person or its agent as a result of any such failure. For purposes of this <u>Section 3.8</u> (*Taxes*), a distribution hereunder by the agent for the relevant Affected Person shall be deemed a payment by HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Foreign Affected Person shall execute and deliver to HVF III, prior to the initial due date of any payments hereunder and to the extent permissible under then current law, and on or about the first scheduled payment date in each calendar year thereafter, one or more (as HVF III may reasonably request) United States Internal Revenue Service Forms W-8BEN, Forms W-8BEN-E, Forms W-8ECI or Forms W 9, or successor applicable forms, or such other forms or documents (or successor forms or documents), appropriately completed, as may be applicable to establish the extent, if any, to which a payment to such Affected Person is exempt from withholding or deduction of Taxes. HVF III shall not, however, be required to pay any increased amount under this <u>Section 3.8</u> (*Taxes*) to any Affected Person that is organized under the laws of a jurisdiction other than the United States if such Affected Person fails to comply with the requirements set forth in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Affected Person determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this <u>Section 3.8</u> (*Taxes*), it shall pay over such refund to HVF III (but only to the extent of amounts paid under this <u>Section 3.8</u> (*Taxes*) with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses of the Affected Person and without interest (other than any interest paid by the relevant governmental authority with respect to such refund), provided that HVF III, upon the request of the Affected Person, agrees to repay the amount paid over to HVF III (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Affected Person in the event the Affected Person is required to repay such refund to such governmental authority. This <u>Section 3.8</u> (*Taxes*) shall not be construed to require the Affected Person to make available its tax returns (or any other information relating to its taxes that it deems confidential) to HVF III or any other Person.

**Section 3.09 <u>Series 2021-A Carrying Charges; Survival</u>**. Any amounts payable by HVF III under the Specified Cost Sections shall constitute Series 2021-A Carrying Charges. The agreements in the Specified Cost Sections and <u>Section 3.10</u> (*Minimizing Costs and Expenses and Equivalent Treatment*) shall survive the termination of this Series 2021-A Supplement and the Base Indenture and the payment of all amounts payable hereunder and thereunder.

**Section 3.10 <u>Minimizing Costs and Expenses and Equivalent Treatment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Affected Person shall be deemed to have agreed that it shall, as promptly as practicable after it becomes aware of any circumstance referred to in any Specified Cost Section, use commercially reasonable efforts (to the extent not inconsistent with its internal policies of general application) to minimize the costs, expenses, taxes or other liabilities incurred by it and payable to it by HVF III pursuant to such Specified Cost Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In determining any amounts payable to it by HVF III pursuant to any Specified Cost Section, each Affected Person shall treat HVF III the same as or better than all similarly situated Persons (as determined by such Affected Person in its reasonable discretion) and such Affected Person may use any method of averaging and attribution that it (in its reasonable discretion) shall deem applicable so long as it applies such method to other similar transactions, such that HVF III is treated the same as, or better than, all such other similarly situated Persons with respect to such other similar transactions.

**Section 3.11 <u>Timing Threshold for Specified Cost Sections</u>**. Notwithstanding anything in this Series 2021-A Supplement to the contrary, HVF III shall not be under any obligation to compensate any Affected Person pursuant to any Specified Cost Section in respect of any amount otherwise owing pursuant to any Specified Cost Section that arose during any period prior to the date that is 180 days prior to such Affected Person's obtaining knowledge thereof, except that the foregoing limitation shall not apply to any increased costs arising out of the retroactive application of any Change in Law within such 180-day period. If, after the payment of any amounts by HVF III pursuant to any Specified Cost Section, any applicable law, rule or regulation in respect of which a payment was made is thereafter determined to be invalid or inapplicable to such Affected Person, then such Affected Person, within sixty (60) days after such determination, shall repay any amounts paid to it by HVF III hereunder in respect of such Change in Law.

**Section 3.12 <u>JPMorgan as Lender</u>.** JPMorgan Chase Bank, N.A. ("<u>JPMorgan</u>") hereby notifies HVF III that: (i) JPMorgan and/or its affiliates may from time to time purchase, hold or sell, as principal and/or agent, commercial paper issued by Falcon Asset Funding LLC; (ii) JPMorgan and/or its affiliates act as Funding Agent for Falcon Asset Funding LLC, and as Funding Agent JPMorgan manages Falcon Asset Funding LLC's issuance of commercial paper, including the selection of amount and tenor of commercial paper issuance, and the discount or interest rate applicable thereto; (iii) JPMorgan and/or its affiliates act as a commercial paper dealer for Falcon Asset Funding LLC; and (iv) JPMorgan's activities as Funding Agent and commercial paper dealer for Falcon Asset Funding LLC, and as a purchaser or seller of commercial paper, impact the interest or discount rate applicable to the commercial paper issued by Falcon Asset Funding LLC, which impact the Class A CP Rate paid by HVF III hereunder. By execution hereof, HVF III hereby (x) acknowledges the foregoing and agrees that JPMorgan does not warrant or accept any responsibility for, and shall not have any liability with respect to, the interest or discount rate paid by Falcon Asset Funding LLC in connection with its commercial paper issuance; (y) acknowledges that the discount or interest rate at which JPMorgan and/or its affiliates purchase or sell commercial paper will be determined by JPMorgan and/or its affiliates in their sole discretion and may differ from the discount or interest rate applicable to comparable transactions entered into by JPMorgan and/or its affiliates on the relevant date; and (z) waives any conflict of interest arising by reason of JPMorgan and/or its affiliates acting as Funding Agent and commercial paper dealer for Falcon Asset Funding LLC while acting as purchaser or seller of commercial paper.

**Article IV**

**SERIES-SPECIFIC COLLATERAL**

**Section 4.01 <u>Granting Clause</u>**. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2021-A Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2021-A Noteholders, all of HVF III's right, title and interest in and to the following (whether now or hereafter existing or acquired):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Series 2021-A Account, including any security entitlement with respect to Financial Assets credited thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all funds, Financial Assets or other assets on deposit in or credited to each Series 2021-A Account from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all certificates and instruments, if any, representing or evidencing any or all of each Series 2021-A Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all investments made at any time and from time to time with monies in each Series 2021-A Account, whether constituting securities, instruments, general intangibles, investment property, Financial Assets or other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for each Series 2021-A Account, the funds on deposit therein from time to time or the investments made with such funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Proceeds of any and all of the foregoing <u>clauses (a)</u> through <u>(e)</u>, including cash (with respect to each Series 2021-A Account, the items in the foregoing <u>clauses (a)</u> through <u>(e)</u> and this <u>clause (f)</u> with respect to such Series 2021-A Account are referred to, collectively, as the "<u>Series 2021-A Account Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each Series 2021-A Demand Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all certificates and instruments, if any, representing or evidencing each Series 2021-A Demand Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Series 2021-A Interest Rate Cap; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all Proceeds of any and all of the foregoing.

**Section 4.02 <u>Series 2021-A Accounts</u>**. With respect to the Series 2021-A Notes only, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2021-A Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2021-A Noteholders three securities accounts: the Series 2021-A Principal Collection Account (such account, the "<u>Series 2021-A Principal Collection Account</u>"), the Series 2021-A Interest Collection Account (such account, the "<u>Series 2021-A Interest Collection Account</u>") and the Series 2021-A Reserve Account (such account, the "<u>Series 2021-A Reserve Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to the date of any drawing under a Series 2021-A Letter of Credit pursuant to <u>Section 5.5</u> (*Series 2021-A Letters of Credit and Series 2021-A Demand Notes*) or <u>Section 5.7</u> (*Series 2021-A Letters of Credit and Series 2021-A L/C Cash Collateral Account*), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit of the Series 2021-A Noteholders the Series 2021-A L/C Cash Collateral Account (the "<u>Series 2021-A L/C Cash Collateral Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Trustee has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit of the Series 2021-A Noteholders the Series 2021-A Distribution Account (the "<u>Series 2021-A Distribution Account</u>", and together with the Series 2021-A Principal Collection Account, the Series 2021-A Interest Collection Account, the Series 2021-A Reserve Account and the Series 2021-A L/C Cash Collateral Account, the "<u>Series 2021-A Accounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2021-A Account Criteria</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Series 2021-A Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2021-A Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Series 2021-A Account shall be an Eligible Account. If any Series 2021-A Account is at any time no longer an Eligible Account, HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2021-A Account is no longer an Eligible Account, establish a new Series 2021-A Account for such non-qualifying Series 2021-A Account that is an Eligible Account, and if a new Series 2021-A Account is so established, HVF III shall instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2021-A Account into such new Series 2021-A Account. Initially, each of the Series 2021-A Accounts will be established with The Bank of New York Mellon Trust Company, N.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Series 2021-A Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2021-A Accounts to invest funds on deposit in such Series 2021-A Account from time to time in Permitted Investments in the name of the Trustee or the Securities Intermediary and Permitted Investments shall be credited to the applicable Series 2021-A Account; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any such investment in the Series 2021-A Reserve Account or the Series 2021-A Distribution Account shall mature not later than the first Payment Date following the date on which such investment was made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such investment in the Series 2021-A Principal Collection Account, the Series 2021-A Interest Collection Account or the Series 2021-A L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of written investment instructions hereunder, funds on deposit in the Series 2021-A Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnings from Series 2021-A Accounts</u>. With respect to each Series 2021-A Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2021-A Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Series 2021-A Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the date on which the Series 2021-A Notes are fully paid, the Trustee, acting in accordance with the written instructions of HVF III, shall withdraw from each Series 2021-A Account (other than the Series 2021-A L/C Cash Collateral Account) all remaining amounts on deposit therein and pay such amounts to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the termination of this Series 2021-A Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2021-A Noteholders and payable from the Series 2021-A L/C Cash Collateral Account as provided herein, shall withdraw from the Series 2021-A L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

<u>first</u>, <u>pro rata</u> to the Series 2021-A Letter of Credit Providers, to the extent that there are unreimbursed Series 2021-A Disbursements due and owing to such Series 2021-A Letter of Credit Providers, for application in accordance with the provisions of the respective Series 2021-A Letters of Credit, and

<u>second</u>, to HVF III any remaining amounts.

**Section 4.03 <u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Series 2021-A Account, the Trustee or other Person maintaining such Series 2021-A Account shall be the "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC and a "bank" (as defined in Section 9-102(a)(8) of the New York UCC), in such capacities, the "<u>Securities Intermediary</u>") with respect to such Series 2021-A Account. If the Securities Intermediary in respect of any Series 2021-A Account is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 4.3</u> (*Trustee as Securities Intermediary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2021-A Accounts are accounts to which Financial Assets will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2021-A Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2021-A Account be registered in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Series 2021-A Supplement and all Permitted Investments thereof will be promptly credited to the appropriate Series 2021-A Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2021-A Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2021-A Accounts or any instruction with respect to the disposition of funds therein, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2021-A Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction (within the meaning of Section 9-304 and Section 8-110 of the New York UCC) and the Series 2021-A Accounts (as well as the Securities Entitlements related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Series 2021-A Supplement, will not enter into, any agreement with any other Person relating to the Series 2021-A Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series 2021-A Supplement will not enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in <u>Section 4.3(b)(v)</u> (*Trustee as Securities Intermediary*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Trustee and HVF III in the Series 2021-A Accounts, the Securities Intermediary knows of no claim to, or interest in, the Series 2021-A Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2021-A Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2021-A Accounts and in all Proceeds thereof, and shall be the only person authorized to originate Entitlement Orders in respect of the Series 2021-A Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2021-A Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to any Series 2021-A Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash credited to such Series 2021-A Account by crediting such Series 2021-A Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in <u>Section 4.1</u> (*Granting Clause*), <u>Section 4.2</u> (*Series 2021-A Accounts*) or this <u>Section 4.3</u> (*Trustee as Securities Intermediary*) to the contrary, with respect to any Series 2021-A Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2021-A Account is deemed not to constitute a securities account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As permitted by Article 4 of the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (the "<u>Hague Convention</u>"), the parties hereto agree that the law of the State of New York shall govern the issues specified in Article 2 of the Hague Convention. The provisions of the immediately preceding sentence shall be construed as an amendment to any other account agreement governing the Series 2021-A Accounts.

**Section 4.04 <u>Series 2021-A Interest Rate Caps</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Requirement to Obtain Series 2021-A Interest Rate Caps</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HVF III shall from time to time acquire one or more Series 2021-A Interest Rate Caps from Eligible Interest Rate Cap Providers with an aggregate notional amount at least equal to the sum of the Class A Maximum Principal Amount and for any Class B Notes or Class C Notes that are issued at a floating rate, the related Class B Principal Amount or Class C Principal Amount as of such date. Following the date of any increase in the Class A Maximum Principal Amount, any increase in the Class B Principal Amount or any increase in the Class C Principal Amount issued at a floating rate, HVF III shall adjust the Series 2021-A Interest Rate Caps within ten (10) Business Days. The Series 2021-A Interest Rate Caps shall provide, in the aggregate, that the aggregate notional amount of all Series 2021-A Interest Rate Caps shall amortize such that the aggregate notional amount of all Series 2021-A Interest Rate Caps, as of any date of determination, shall be equal to or greater than the product of (a) the sum of the Class A Maximum Principal Amount, the Class B Principal Amount and the Class C Principal Amount issued at a floating rate, as of the earlier of such date and the Expected Final Payment Date and (b) the percentage set forth on <u>Schedule III</u> corresponding to such date, and HVF III shall maintain, and, if necessary, amend existing Series 2021-A Interest Rate Caps (including in connection with a Class A Investor Group Maximum Principal Increase, a Class B Investor Group Maximum Principal Increase or a Class C Investor Group Maximum Principal Increase or the addition of a Class A Additional Investor Group, a Class B Additional Investor Group or a Class C Additional Investor Group) or acquire one or more additional Series 2021-A Interest Rate Caps, such that the Series 2021-A Interest Rate Caps, in the aggregate, shall provide that the notional amount of all Series 2021-A Interest Rate Caps shall amortize such that the aggregate notional amount of all Series 2021-A Interest Rate Caps, as of any date of determination, shall be equal to or greater than the product of (a) the sum of the Class A Maximum Principal Amount, the Class B Principal Amount and the Class C Principal Amount, issued at a floating rate, as of the earlier of such date and the Expected Final Payment Date and (b) the percentage set forth on <u>Schedule III</u> corresponding to such date. The strike rate of each Series 2021-A Interest Rate Cap shall not be greater than 7.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall acquire each Series 2021-A Interest Rate Cap from an Eligible Interest Rate Cap Provider that satisfies the Initial Counterparty Required Ratings as of the date HVF III acquires such Series 2021-A Interest Rate Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Failure to Remain an Eligible Interest Rate Cap Provider</u>. Each Series 2021-A Interest Rate Cap shall provide that, if as of any date of determination the Interest Rate Cap Provider (or if the present and future obligations of such Interest Rate Cap Provider are guaranteed pursuant to a guarantee (in form and in substance which satisfies the other requirements set forth in such Series 2021-A Interest Rate Cap), the related guarantor) with respect thereto is not an Eligible Interest Rate Cap Provider as of such date of determination, then such Interest Rate Cap Provider will be required, at such Interest Rate Cap Provider's expense, to obtain a replacement interest rate cap on the same terms as such Series 2021-A Interest Rate Cap from an Eligible Interest Rate Cap Provider within the time period specified in the related Series 2021-A Interest Rate Cap and, simultaneously with such replacement, HVF III shall terminate the Series 2021-A Interest Rate Cap being replaced or such Interest Rate Cap Provider shall obtain a guarantee from a replacement guarantor that satisfies the Initial Counterparty Required Ratings with respect to the present and future obligations of such Interest Rate Cap Provider under such Series 2021-A Interest Rate Cap; <u>provided that</u>, no termination of the Series 2021-A Interest Rate Cap shall occur until HVF III has entered into a replacement Series 2021-A Interest Rate Cap or obtained a guarantee pursuant to this <u>Section 4.4(b)</u> (*Failure to Remain an Eligible Interest Rate Cap Provider*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Collateral Posting for Ineligible Interest Rate Cap Providers</u>. Each Series 2021-A Interest Rate Cap shall provide that, if the Interest Rate Cap Provider with respect thereto is required to obtain a replacement as described in <u>Section 4.4(b)</u> (*Failure to Remain an Eligible Interest Rate Cap Provider*) and such replacement is not obtained within the period specified in the Series 2021-A Interest Rate Cap, then such Interest Rate Cap Provider must, until such replacement is obtained or such Interest Rate Cap Provider again becomes an Eligible Interest Rate Cap Provider, post and maintain collateral in order to meet its obligations under such Series 2021-A Interest Rate Cap in an amount determined pursuant to the credit support annex entered into in connection with such Series 2021-A Interest Rate Cap (a "<u>Credit Support Annex</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Interest Rate Cap Provider Replacement</u>. Each Series 2021-A Interest Rate Cap shall provide that, if HVF III is unable to cause such Interest Rate Cap Provider to take any of the required actions described in <u>Sections 4.4(b)</u> (*Failure to Remain an Eligible Interest Rate Cap Provider*) and <u>(c)</u> (*Collateral Posting for Ineligible Interest Rate Cap Providers*) after making commercially reasonable efforts, then HVF III will obtain a replacement Series 2021-A Interest Rate Cap from an Eligible Interest Rate Cap Provider at the expense of the replaced Interest Rate Cap Provider or, if the replaced Interest Rate Cap Provider fails to make such payment, at the expense of HVF III (in which event, such expense shall be considered Series 2021-A Carrying Charges and shall be paid from Interest Collections available pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) or, at the option of HVF III, from any other source available to it).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Treatment of Collateral Posted</u>. Each Series 2021-A Noteholder by its acceptance of a Series 2021-A Note hereby acknowledges and agrees, and directs the Trustee to acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to <u>clause (b)</u> or <u>(c)</u> above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 2021-A Interest Rate Cap, (B) does not constitute collateral for the Series 2021-A Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the Series 2021-A Notes, HVF III has pledged each Series 2021-A Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 2021-A Notes), (C) will in no event be available to satisfy any obligations of HVF III hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2021-A Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 2021-A Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Proceeds from Series 2021-A Interest Rate Caps</u>. HVF III shall require all proceeds of each Series 2021-A Interest Rate Cap (including amounts received in respect of the obligations of the related Interest Rate Cap Provider from a guarantor or from the application of collateral posted by such Interest Rate Cap Provider) to be paid to the Series 2021-A Interest Collection Account, and the Administrator hereby directs the Trustee to deposit, and the Trustee shall so deposit, any proceeds it receives under each Series 2021-A Interest Rate Cap into the Series 2021-A Interest Collection Account.

**Section 4.05 <u>Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Authorized to Make Demands</u>. The Trustee, for the benefit of the Series 2021-A Noteholders, shall be the only Person authorized to make a demand for payment on any Series 2021-A Demand Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification of Demand Note</u>. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to <u>Section 5.5(c)</u> (*Principal Deficit Amount – Draws on Series 2021-A Demand Note*), HVF III shall not reduce the amount of any Series 2021-A Demand Note or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Series 2021-A Demand Notes after such forgiveness or reduction is less than the greater of (i) the Series 2021-A Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to 2.0% of the Series 2021-A Principal Amount as of the date of such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this <u>Section 4.5(b)</u> (*Modification of Demand Note*) or an increase in the stated amount of any Series 2021-A Demand Note, HVF III shall not agree to any amendment of any Series 2021-A Demand Note without first obtaining the prior written consent of the Series 2021-A Required Noteholders.

**Section 4.06 <u>Subordination</u>**. The Series-Specific 2021-A Collateral has been pledged to the Trustee to secure the Series 2021-A Notes. For all purposes hereunder and for the avoidance of doubt, the Series-Specific 2021-A Collateral and each Series 2021-A Letter of Credit will be held by the Trustee solely for the benefit of Series 2021-A Noteholders, and no Noteholder of any Series of Notes other than the Series 2021-A Notes will have any right, title or interest in, to or under the Series-Specific 2021-A Collateral or any Series 2021-A Letter of Credit. For the avoidance of doubt, if it is determined that the Series 2021-A Noteholders have any right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2021-A Notes, then the Series 2021-A Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in such case, this Series 2021-A Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

**Section 4.07 <u>Duty of the Trustee</u>**. Except for actions expressly authorized by the Base Indenture or this Series 2021-A Supplement, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2021-A Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2021-A Collateral now existing or hereafter created.

**Article V**

**PRIORITY OF PAYMENTS**

**Section 5.01 <u>Collections Allocation</u>**. Subject to the Past Due Rental Payments Priorities, on each Series 2021-A Deposit Date, HVF III shall direct the Trustee in writing to apply, and the Trustee shall apply, all amounts deposited into the Collection Account on such date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, withdraw the Series 2021-A Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount into the Series 2021-A Principal Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, withdraw the Series 2021-A Daily Interest Allocation (other than any amount received in respect of the Series 2021-A Interest Rate Caps that has already been deposited in the Series 2021-A Interest Collection Account), if any, for such date from the Collection Account and deposit such amount in the Series 2021-A Interest Collection Account.

**Section 5.02 <u>Application of Funds in the Series 2021-A Principal Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, (i) on any Business Day, HVF III may direct the Trustee in writing to apply, and (ii) on each Payment Date and each date identified by HVF III for a Decrease pursuant to <u>Section 2.3</u> (*Procedure for Decreasing the Principal Amount*), HVF III shall direct the Trustee in writing to apply, and in each case the Trustee shall apply, all amounts then on deposit in the Series 2021-A Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to <u>Sections 5.4</u> (*Series 2021-A Reserve Account Withdrawals*) and <u>5.5</u> (*Series 2021-A Letters of Credit and Series 2021-A Demand Notes*)) as follows (and in each case only to the extent of funds available in the Series 2021-A Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, if such date is a Payment Date, then for deposit into the Series 2021-A Interest Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, on any such date during the Series 2021-A Revolving Period, for deposit into the Series 2021-A Reserve Account an amount equal to the Series 2021-A Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Series 2021-A Reserve Account pursuant to <u>Section 5.4</u> (*Series 2021-A Reserve Account Withdrawals*) and deposits to the Series 2021-A Reserve Account on such date pursuant to <u>Section 5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, for deposit into the Series 2021-A Distribution Account (i) first, to make a Class A Mandatory Decrease, if applicable on such day, in accordance with <u>Section 2.3(b)(i)(A)</u> (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes*), for payment of the related Class A Mandatory Decrease Amount on such date to the Class A Noteholders of each Class A Investor Group, on a <u>pro rata</u> basis (based on the Class A Investor Group Principal Amount as of such date for each such Class A Investor Group) as payment of principal of the Class A Notes until the Class A Noteholders have been paid such amount in full, (ii) second, to make a Class B Mandatory Decrease, if applicable on such day and so long as the Class B Decrease Conditions are satisfied immediately prior to and immediately after giving effect to such repayment of principal of the Class B Notes, in accordance with <u>Section 2.3(b)(i)(B)</u> (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes*), for payment of the related Class B Mandatory Decrease Amount on such date to the Class B Noteholders of each Class B Investor Group, on a <u>pro rata</u> basis (based on the Class B Investor Group Principal Amount as of such date for each such Class B Investor Group) as payment of principal of the Class B Notes until the Class B Noteholders have been paid such amount in full and (iii) third, to make a Class C Mandatory Decrease, if applicable on such day and so long as the Class C Decrease Conditions are satisfied immediately prior to and immediately after giving effect to such repayment of principal of the Class C Notes, in accordance with <u>Section 2.3(b)(i)(C)</u> (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes*), for payment of the related Class C Mandatory Decrease Amount on such date to the Class C Noteholders of each Class C Investor Group, on a <u>pro rata</u> basis (based on the Class C Investor Group Principal Amount as of such date for each such Class C Investor Group) as payment of principal of the Class C Notes until the Class C Noteholders have been paid such amount in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, if such date is a Payment Date after the first Payment Date during the Series 2021-A Controlled Amortization Period, then for deposit into the Series 2021-A Distribution Account to be paid on such date, to all Class B Noteholders to the extent necessary to pay the Class B Controlled Distribution Amount with respect to the Class B Notes on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, on any such date during the Series 2021-A Rapid Amortization Period, for deposit into the Series 2021-A Distribution Account, for payment on such date to (i) first, the Class A Noteholders of each Class A Investor Group, on a <u>pro rata</u> basis (based on the Class A Investor Group Principal Amount as of such date for each such Class A Investor Group) as payment of principal of the Class A Notes until the Class A Noteholders have been paid the Class A Principal Amount in full, (ii) second, the Class B Noteholders of each Class B Investor Group, on a <u>pro rata</u> basis (based on the Class B Investor Group Principal Amount as of such date for each such Class B Investor Group) as payment of principal of the Class B Notes until the Class B Noteholders have been paid the Class B Principal Amount in full, (iii) third, the Class C Noteholders of each Class C Investor Group, on a <u>pro rata</u> basis (based on the Class C Investor Group Principal Amount as of such date for each such Class C Investor Group) as payment of principal of the Class C Notes until the Class C Noteholders have been paid the Class C Principal Amount in full and (iv) fourth, the Class RR Noteholder as payment of principal of the Class RR Note until the Class RR Noteholder has been paid the Class RR Principal Amount in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, if such date is a Payment Date, for deposit into the Series 2021-A Distribution Account to pay (i) first, the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), any remaining amounts owing on such Payment Date to such Class A Noteholders as Series 2021-A Carrying Charges (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(k)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) below), (ii) second, the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), any remaining amounts owing on such Payment Date to such Class B Noteholders as Series 2021-A Carrying Charges (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(k)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*), (iii) third, the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), any remaining amounts owing on such Payment Date to such Class C Noteholders as Series 2021-A Carrying Charges (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(k)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) and (iv) fourth, the Class RR Noteholders on a <u>pro rata</u> basis (based on the amount owed to the Class RR Noteholder), any remaining amounts owing on such Payment Date to such Class RR Noteholders as Series 2021-A Carrying Charges (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(k)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, if such date is a Payment Date, for deposit into the Series 2021-A Distribution Account to pay (i) first, the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Default Interest Amounts, if any, owing to each such Class A Noteholder on such Payment Date (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(l)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) below), (ii) second, the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Default Interest Amounts, if any, owing to each such Class B Noteholder on such Payment Date (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(l)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) below), (iii) third, the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Default Interest Amounts, if any, owing to each such Class C Noteholder on such Payment Date (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(l)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) below) and (iv) fourth, the Class RR Noteholders on a <u>pro rata</u> basis (based on the amount owed to the Class RR Noteholder), the Class RR Monthly Default Interest Amounts, if any, owing to the Class RR Noteholder on such Payment Date (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(l)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, first, at the option of HVF III, (i) first, for deposit into the Series 2021-A Distribution Account to make a Class A Voluntary Decrease, if applicable on such day, for payment of the related Class A Voluntary Decrease Amount on such date (x) first, in the event that HVF III has elected to prepay any Class A Terminated Purchaser's Class A Investor Group, to such Class A Terminated Purchaser up to such Class A Terminated Purchaser's Class A Investor Group Principal Amount as of such date and (y) second, any remaining portion of such Class A Voluntary Decrease Amount, to the Class A Noteholders of each Class A Investor Group on a <u>pro rata</u> basis (based on the Class A Investor Group Principal Amount as of such date for each such Class A Investor Group), in each case as a payment of principal of the Class A Notes until the applicable Class A Noteholders have been paid the applicable amount in full, (ii) second, for deposit into the Series 2021-A Distribution Account to make a Class B Voluntary Decrease, if applicable on such day, for payment of the related Class B Voluntary Decrease Amount on such date (x) first, in the event that HVF III has elected to prepay any Class B Terminated Purchaser's Class B Investor Group, to such Class B Terminated Purchaser up to such Class B Terminated Purchaser's Class B Investor Group Principal Amount as of such date and (y) second, any remaining portion of such Class B Voluntary Decrease Amount, to the Class B Noteholders of each Class B Investor Group on a <u>pro rata</u> basis (based on the Class B Investor Group Principal Amount as of such date for each such Class B Investor Group), in each case as a payment of principal of the Class B Notes until the applicable Class B Noteholders have been paid the applicable amount in full and (iii) third, for deposit into the Series 2021-A Distribution Account to make a Class C Voluntary Decrease, if applicable on such day, for payment of the related Class C Voluntary Decrease Amount on such date (x) first, in the event that HVF III has elected to prepay any Class C Terminated Purchaser's Class C Investor Group, to such Class C Terminated Purchaser up to such Class C Terminated Purchaser's Class C Investor Group Principal Amount as of such date and (y) second, any remaining portion of such Class C Voluntary Decrease Amount, to the Class C Noteholders of each Class C Investor Group on a <u>pro rata</u> basis (based on the Class C Investor Group Principal Amount as of such date for each such Class C Investor Group), in each case as a payment of principal of the Class C Notes until the applicable Class C Noteholders have been paid the applicable amount in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, the balance, if any, shall be released to or at the direction of HVF III, including for re-deposit to the Series 2021-A Principal Collection Account, or, if ineligible for release to HVF III, shall remain on deposit in the Series 2021-A Principal Collection Account;

<u>provided that</u>, (i) the application of such funds pursuant to <u>Sections 5.2(a)</u>, <u>(f)</u>, <u>(g)</u>, or <u>(i)</u> (*Application of Funds in the Series 2021-A Principal Collection Account*) may not be made if a Principal Deficit Amount would exist as a result of such application and (ii) the application of such funds pursuant to <u>Sections 5.2(a)</u>, <u>(f)</u>, <u>(g)</u>, or <u>(i)</u> (*Application of Funds in the Series 2021-A Principal Collection Account*) above may be made only to the extent that no Potential Amortization Event pursuant to <u>Section 7.1(d)</u> (*Amortization Events*) with respect to the Series 2021-A Notes exists as of such date or would occur as a result of such application.

**Section 5.03 <u>Application of Funds in the Series 2021-A Interest Collection Account</u>**. Subject to the Past Due Rental Payments Priorities, on each Payment Date, HVF III shall direct the Trustee in writing to apply, and the Trustee shall apply, all amounts then on deposit in the Series 2021-A Interest Collection Account (after giving effect to all deposits thereto pursuant to <u>Sections 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*), <u>5.4</u> (*Series 2021-A Reserve Account Withdrawals*) and <u>5.5</u> (*Series 2021-A Letters of Credit and Series 2021-A Demand Notes*)) on such day as follows (and in each case only to the extent of funds available in the Series 2021-A Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2021-A Distribution Account to pay to the Administrator the Series 2021-A Capped Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, to the Series 2021-A Distribution Account to pay the Trustee the Series 2021-A Capped Trustee Fee Amount with respect to such Payment Date; <u>provided,</u> that following the occurrence and during the continuation of a Series 2021-A Amortization Event, at the direction of the Program Agent, the Series 2021-A Capped Fee Trustee Amount shall not be subject to a cap or may be subject to an increased cap as determined by the Program Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, to the Series 2021-A Distribution Account to pay the Persons to whom the Series 2021-A Capped HVF III Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2021-A Capped HVF III Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, to the Series 2021-A Distribution Account to pay (i) first, the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date, (ii) second, the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date, (iii) third, the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date and (iv) fourth, the Class RR Noteholder, the Class RR Interest Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, to the Series 2021-A Distribution Account to pay the Program Agent the Program Agent Fee with respect to such Payment Date; <u>provided</u> that, following the occurrence and during the continuation of any Series 2021-A Amortization Event, at the direction of the Program Agent, any legal expenses of the Program Agent, subject to a cap of $500,000 per month (which amount shall be cumulative whether or not used in any one month);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, on any such Payment Date during the Series 2021-A Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to <u>Section 5.4(a)</u> (*Series 2021-A Reserve Account Withdrawals*), for deposit to the Series 2021-A Reserve Account in an amount equal to the Series 2021-A Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Series 2021-A Reserve Account pursuant to <u>Section 5.4</u> (*Series 2021-A Reserve Account Withdrawals*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, to the Series 2021-A Distribution Account to pay to the Administrator the Series 2021-A Excess Administrator Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>eighth</u>, to the Series 2021-A Distribution Account to pay to the Trustee the Series 2021-A Excess Trustee Fee Amount with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ninth</u>, to the Series 2021-A Distribution Account to pay the Persons to whom the Series 2021-A Excess HVF III Operating Expense Amount with respect to such Payment Date are owing, on a <u>pro rata</u> basis (based on the amount owed to each such Person), such Series 2021-A Excess HVF III Operating Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>tenth</u>, on any such date during the Series 2021-A Rapid Amortization Period, for deposit into the Series 2021-A Principal Collection Account, for payment on such date to (i) first, the Class A Noteholders of each Class A Investor Group, on a pro rata basis (based on the Class A Investor Group Principal Amount as of such date for each such Class A Investor Group) as payment of principal of the Class A Notes until the Class A Noteholders have been paid the Class A Principal Amount in full (after giving effect to the payments in Sections <u>5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(i)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above), (ii) second, the Class B Noteholders of each Class B Investor Group, on a pro rata basis (based on the Class B Investor Group Principal Amount as of such date for each such Class B Investor Group) as payment of principal of the Class B Notes until the Class B Noteholders have been paid the Class B Principal Amount in full (after giving effect to the payments in Sections <u>5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(i)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above) and (iii) third, the Class C Noteholders of each Class C Investor Group, on a pro rata basis (based on the Class C Investor Group Principal Amount as of such date for each such Class C Investor Group) as payment of principal of the Class C Notes until the Class C Noteholders have been paid the Class C Principal Amount in full (after giving effect to the payments in Sections <u>5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(i)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>eleventh</u>, to the Series 2021-A Distribution Account to pay (i) first, the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), any remaining amounts owing on such Payment Date to such Class A Noteholders as Series 2021-A Carrying Charges (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(j)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above), (ii) second, the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), any remaining amounts owing on such Payment Date to such Class B Noteholders as Series 2021-A Carrying Charges (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(j)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above), (iii) third, the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), any remaining amounts owing on such Payment Date to such Class C Noteholders as Series 2021-A Carrying Charges (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(j)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above) and (iv) fourth, the Class RR Noteholders, as Series 2021-A Carrying Charges (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(j)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>twelfth</u>, to the Series 2021-A Distribution Account to pay (i) first, the Class A Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Default Interest Amounts, if any, owing to each such Class A Noteholder on such Payment Date (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(k)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above), (ii) second, the Class B Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Default Interest Amounts, if any, owing to each such Class B Noteholder on such Payment Date (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(k)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above), (iii) third, the Class C Noteholders on a <u>pro rata</u> basis (based on the amount owed to each such Class C Noteholder), the Class C Monthly Default Interest Amounts, if any, owing to each such Class C Noteholder on such Payment Date (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(k)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above) and (iv) the Class RR Noteholder, the Class RR Monthly Default Interest Amounts, if any, owing to the Class RR Noteholder on such Payment Date (after giving effect to the payments in <u>Sections 5.3(a)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) through <u>5.3(k)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) above); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>thirteenth</u>, for deposit into the Series 2021-A Principal Collection Account any remaining amount.

**Section 5.04 <u>Series 2021-A Reserve Account Withdrawals</u>**. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 p.m. (New York City time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to <u>Sections 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*) and <u>5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*)) in the Series 2021-A Reserve Account as follows (and in each case only to the extent of funds available in the Series 2021-A Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Series 2021-A Interest Collection Account an amount equal to the excess, if any, of the Series 2021-A Payment Date Interest Amount for such Payment Date over the Series 2021-A Payment Date Available Interest Amount for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Series 2021-A Available Reserve Account Amount on such Payment Date, the "<u>Series 2021-A Reserve Account Interest Withdrawal Shortfall</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, if the Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2021-A Principal Collection Account an amount equal to such Principal Deficit Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, if on the Legal Final Payment Date for any Class of Series 2021-A Notes, the amount to be distributed, if any, from the Series 2021-A Distribution Account in accordance with <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*) (prior to giving effect to any withdrawals from the Series 2021-A Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient to pay the Series 2021-A Principal Amount in full on such Legal Final Payment Date, then to the Series 2021-A Principal Collection Account, an amount equal to such insufficiency;

<u>provided that</u>, if no amounts are required to be applied pursuant to this <u>Section 5.4</u> (*Series 2021-A Reserve Account Withdrawals*) on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

**Section 5.05 <u>Series 2021-A Letters of Credit and Series 2021-A Demand Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest Deficit and Lease Interest Payment Deficit Events – Draws on Series 2021-A Letters of Credit</u>. If HVF III determines on <u>the Business Day immediately preceding</u> any Payment Date that <u>on such Payment Date</u> there exists<u>will exist</u> a Series 2021-A Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing <u>on or prior to 3:00 p.m</u><u>. (New York City time) on such</u> <u>Business Day</u> to draw on the Series 2021-A Letters of Credit, if any, and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m<u>, the Trustee shall, no later than 5:00 p.m</u>. (New York City time) on such Payment Date, the Trustee, by 12:00 p.m. (New York City time) on such Payment Date, shall<u>Business Day,</u> draw an amount, as set forth in such notice, equal to the least of (i) such Series 2021-A Reserve Account Interest Withdrawal Shortfall, (ii) the Series 2021-A Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2021-A Lease Interest Payment Deficit for such Payment Date, by presenting to each Series 2021-A Letter of Credit Provider a draft accompanied by a Series 2021-A Certificate of Credit Demand on the Series 2021-A Letters of Credit; <u>provided that</u>, if the Series 2021-A L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Series 2021-A L/C Cash Collateral Account and deposit into the Series 2021-A Interest Collection Account an amount equal to the lesser of (1) the Series 2021-A L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Series 2021-A Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Series 2021-A Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2021-A Letters of Credit and the proceeds of any such withdrawal from the Series 2021-A L/C Cash Collateral Account into the Series 2021-A Interest Collection Account on such Payment Date; *provided* that if HVF III fails to instruct the Trustee in writing to draw on the Series 2021-A Letters of Credit, the Program Agent may direct the Trustee to draw on the Series 2021-A Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal Deficit and Lease Principal Payment Deficit Events – Initial Draws on Series 2021-A Letters of Credit</u>. If HVF III determines on <u>the Business Day immediately preceding</u> any Payment Date that there exists<u>will exist</u> a Series 2021-A Lease Principal Payment Deficit <u>with respect to such Payment Date</u> that exceeds the amount, if any, withdrawn from the Series 2021-A Reserve Account pursuant to <u>Section 5.4(b)</u> (*Series 2021-A Reserve Account Withdrawals*), then HVF III shall instruct the Trustee in writing <u>on or prior to 3:00 p.m</u><u>. (New York City time) on</u> <u>such Business Day</u> to draw (<u>provided</u> that if HVF III fails to so instruct the Trustee then the Program Agent may direct the Trustee to draw) on the Series 2021-A Letters of Credit, if any, in an amount equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2021-A Letter of Credit Liquidity Amount (after giving effect to any drawings on the Series 2021-A Letters of Credit on such Payment Date pursuant to <u>Section 5.5(a)</u> (*Series 2021-A Letters of Credit and Series 2021-A Demand Notes*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) on any such Payment Date other than the Legal Final Payment Date for any Class, the excess, if any, of the Principal Deficit Amount over the amount, if any, withdrawn from the Series 2021-A Reserve Account pursuant to <u>Section 5.4(b)</u> (*Series 2021-A Reserve Account Withdrawals*) and (y) on the Legal Final Payment Date for any Class of Series 2021-A Notes, the excess, if any, of the Series 2021-A Principal Amount over the amount to be deposited into the Series 2021-A Distribution Account (other than as a result of this <u>Section 5.5(b)</u> (*Principal Deficit and Lease Principal Payment Deficit Events – Initial Draws on Series 2021-A Letters of Credit*) and <u>Section 5.5(c)</u> (*Principal Deficit Amount – Draws on Series 2021-A Demand Note*)) on such Legal Final Payment Date for any Class for payment of principal of the Series 2021-A Notes.

Upon receipt of a<u>such</u> notice by the Trustee from HVF III (or the Program Agent as set forth above) in respect of a Series 2021-A Lease Principal Payment Deficit on or prior to 10:30 a.m. (New York City time) on a <u>the Business Day immediately preceding</u> <u>any</u> Payment Date, the Trustee shall, by 12:00 p.m<u>no later than 5:00 p.m</u>. (New York City time) on such Payment Date<u>Business Day,</u> draw an amount as set forth in such notice equal to the applicable amount set forth above on the Series 2021-A Letters of Credit by presenting to each Series 2021-A Letter of Credit Provider a draft accompanied by a Series 2021-A Certificate of Credit Demand; <u>provided however</u>, that if the Series 2021-A L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2021-A L/C Cash Collateral Account an amount equal to the lesser of (x) the Series 2021-A L/C Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Series 2021-A Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section 5.5(a)</u> (*Interest Deficit and Lease Interest Payment Deficit Events – Draws on Series 2021-A Letters of Credit*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Series 2021-A Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2021-A Letters of Credit and the proceeds of any such withdrawal from the Series 2021-A L/C Cash Collateral Account into the Series 2021-A Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Principal Deficit Amount – Draws on Series 2021-A Demand Note</u>. If (A) on any Determination Date, HVF III determines that the Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any draws on the Series 2021-A Letters of Credit on such Payment Date pursuant to <u>Section 5.5(b)</u> (*Principal Deficit and Lease Principal Payment Deficit Events – Initial Draws on Series 2021-A Letters of Credit*)) will be greater than zero or (B) on the Determination Date related to the Legal Final Payment Date for any Class of Series 2021-A Notes, HVF III determines that the Series 2021-A Principal Amount exceeds the amount to be deposited into the Series 2021-A Distribution Account (other than as a result of this <u>Section 5.5(c)</u> (*Principal Deficit Amount – Draws on Series 2021-A Demand Note*)) on the Legal Final Payment Date for payment of principal of any Class of the Series 2021-A Notes, then, prior to 10:00 a.m. (New Yor<sup>k</sup> City time) on the second (2nd) Business Day prior to such Payment Date, HVF III shall instruct (<u>provided</u> that if HVF III fails to so instruct the Trustee then the Program Agent may instruct the Trustee) the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of <u>Exhibit B-2</u> (each, a "<u>Demand Notice</u>") on Hertz for payment under the Series 2021-A Demand Note in an amount equal to the lesser of (i) (x) on any such Determination Date related to a Payment Date other than a Legal Final Payment Date, the Principal Deficit Amount less the amount to be deposited into the Series 2021-A Principal Collection Account in accordance with <u>Sections 5.4(b)</u> (*Series 2021-A Reserve Account Withdrawals*) and <u>Section 5.5(b)</u> (*Principal Deficit and Lease Principal Payment Deficit Events – Initial Draws on Series 2021-A Letters of Credit*) and (y) on the Determination Date related to a Legal Final Payment Date for any Class, the excess, if any, of the Series 2021-A Principal Amount over the amount to be deposited into the Series 2021-A Distribution Account (together with any amounts to be deposited therein pursuant to the terms of this Series 2021-A Supplement (other than this <u>Section 5.5(c)</u> (*Principal Deficit Amount – Draws on Series 2021-A Demand Note*))) on such Legal Final Payment Date for payment of principal of any Class of the Series 2021-A Notes, and (ii) the principal amount of the Series 2021-A Demand Note. The Trustee shall, prior to 12:00 p.m. (New Yor<sup>k</sup> City time) on the second (2nd) Business Day preceding such Payment Date, deliver such Demand Notice to Hertz; <u>provided however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Series 2021-A Demand Note to be deposited into the Series 2021-A Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Principal Deficit Amount – Draws on Series 2021-A Letters of Credit</u>. If the Trustee shall have delivered a Demand Notice as provided in <u>Section 5.5(c)</u> (*Principal Deficit Amount – Draws on Series 2021-A Demand Note*) and Hertz shall have failed to pay to the Trustee or deposit into the Series 2021-A Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 p.m. (New York City time) on the Business Day following the making of the Demand Notice, (i) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the Trustee shall not have delivered such Demand Notice to Hertz, or (ii) there is a Preference Amount, then the Trustee shall draw on (<u>provided</u> that if HVF III fails to instruct the Trustee in writing to draw on the Series 2021-A Letters of Credit then the Program Agent may direct the Trustee to draw on) the Series 2021-A Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount that Hertz failed to pay under the Series 2021-A Demand Note, or the amount that the Trustee failed to demand for payment thereunder, or the Preference Amount, as the case may be, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2021-A Letter of Credit Amount on such Business Day,

in each case by presenting to each Series 2021-A Letter of Credit Provider a draft accompanied by a Series 2021-A Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2021-A Certificate of Preference Payment Demand; <u>provided however</u>, that if the Series 2021-A L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2021-A L/C Cash Collateral Account an amount equal to the lesser of (x) the Series 2021-A L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in <u>clauses (i)</u> and <u>(ii)</u> immediately above and (y) the Series 2021-A Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to <u>Section 5.5(a)</u> (*Interest Deficit and Lease Interest Payment Deficit Events – Draws on Series 2021-A Letters of Credit*) and <u>Section 5.5(b)</u> (*Principal Deficit and Lease Principal Payment Deficit Events – Initial Draws on Series 2021-A Letters of Credit*)), and the Trustee shall draw an amount equal to the remainder of such amount on the Series 2021-A Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2021-A Letters of Credit and the proceeds of any such withdrawal from the Series 2021-A L/C Cash Collateral Account into the Series 2021-A Principal Collection Account on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Draws on the Series 2021-A Letters of Credit</u>. If there is more than one Series 2021-A Letter of Credit on the date of any draw on the Series 2021-A Letters of Credit pursuant to the terms of this Series 2021-A Supplement (other than pursuant to <u>Section 5.7(b)</u> (*Series 2021-A Letter of Credit Provider Downgrades*)), then HVF III shall instruct the Trustee, in writing, to draw on each Series 2021-A Letter of Credit an amount equal to the Pro Rata Share for such Series 2021-A Letter of Credit of such draw on such Series 2021-A Letter of Credit.

**Section 5.06 <u>Past Due Rental Payments</u>**. On each Series 2021-A Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing Series 2021-A Past Due Rent Payments and deposit such amount into the Series 2021-A Interest Collection Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2021-A Interest Collection Account and apply the Series 2021-A Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the occurrence of the related Series 2021-A Lease Payment Deficit resulted in one or more Series 2021-A L/C Credit Disbursements being made under any Series 2021-A Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Series 2021-A Letter of Credit Provider who made such a Series 2021-A L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed amount of such Series 2021-A Letter of Credit Provider's Series 2021-A L/C Credit Disbursement and (y) such Series 2021-A Letter of Credit Provider's <u>pro rata</u> portion, calculated on the basis of the unreimbursed amount of each such Series 2021-A Letter of Credit Provider's Series 2021-A L/C Credit Disbursement, of the amount of the Series 2021-A Past Due Rent Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the occurrence of such Series 2021-A Lease Payment Deficit resulted in a withdrawal being made from the Series 2021-A L/C Cash Collateral Account, then deposit in the Series 2021-A L/C Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2021-A Past Due Rent Payment remaining after any payments pursuant to <u>clause (i)</u> above and (y) the amount withdrawn from the Series 2021-A L/C Cash Collateral Account on account of such Series 2021-A Lease Payment Deficit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the occurrence of such Series 2021-A Lease Payment Deficit resulted in a withdrawal being made from the Series 2021-A Reserve Account pursuant to <u>Section 5.4(a)</u> (*Series 2021-A Reserve Account Withdrawals*), then deposit in the Series 2021-A Reserve Account an amount equal to the lesser of (x) the amount of the Series 2021-A Past Due Rent Payment remaining after any payments pursuant to <u>clauses (i)</u> and <u>(ii)</u> above and (y) the amount withdrawn from the Series 2021-A Reserve Account on account of such Series 2021-A Lease Payment Deficit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2021-A Reserve Account Deficiency Amount, if any, as of such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any remainder to be deposited into the Series 2021-A Principal Collection Account.

**Section 5.07 <u>Series 2021-A Letters of Credit and Series 2021-A L/C Cash Collateral Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Series 2021-A Letter of Credit Expiration Date – Deficiencies</u>. If as of the date that is sixteen (16) Business Days prior to the then scheduled Series 2021-A Letter of Credit Expiration Date with respect to any Series 2021-A Letter of Credit, excluding such Series 2021-A Letter of Credit from each calculation in <u>clauses (i)</u> through <u>(iii)</u> immediately below but taking into account any substitute Series 2021-A Letter of Credit that has been obtained from a Series 2021-A Eligible Letter of Credit Provider and is in full force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2021-A Asset Amount would be less than the Series 2021-A Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Series 2021-A Reserve Account and the Series 2021-A L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2021-A Adjusted Liquid Enhancement Amount would be less than the Series 2021-A Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Series 2021-A Reserve Account and the Series 2021-A L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2021-A Letter of Credit Liquidity Amount would be less than the Series 2021-A Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Series 2021-A L/C Cash Collateral Account on such date);

then HVF III shall notify the Trustee and the Program Agent in writing no later than fifteen (15) Business Days prior to such Series 2021-A Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the excess, if any, of the Series 2021-A
 Asset Coverage Threshold Amount over the Series 2021-A Asset Amount, in each case as
 of such date (after giving effect to all deposits to, and withdrawals from, the Series 2021-A
 Reserve Account and the Series 2021-A L/C Cash Collateral Account on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the excess, if any, of the Series 2021-A Required Liquid Enhancement Amount over the Series 2021-A Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Series 2021-A Reserve Account and the Series 2021-A L/C Cash Collateral Account on such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the excess, if any, of the Series 2021-A Demand Note Payment Amount over the Series 2021-A Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Series 2021-A L/C Cash Collateral Account on such date);

<u>provided that</u> the calculations in each of <u>clause (A)(i)</u> through <u>(A)(iii)</u> above shall be made on such date, excluding from such calculation of each amount contained therein such Series 2021-A Letter of Credit but taking into account each substitute Series 2021-A Letter of Credit that has been obtained from a Series 2021-A Eligible Letter of Credit Provider and is in full force and effect on such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B) the amount available to be drawn on such expiring Series 2021-A Letter of Credit on such date.

Upon receipt of such notice by the Trustee on or prior to 10:30 a.m<u>3:00 p.m</u>. (New York City time) on any Business Day, the Trustee shall, by 12:00 p.m<u>no later than 5:00 p.m</u>. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m<u>3:00 p.m</u>. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in <u>clauses (A)</u> and <u>(B)</u> above on such Series 2021-A Letter of Credit by presenting a draft accompanied by a Series 2021-A Certificate of Termination Demand and shall cause the Series 2021-A L/C Termination Disbursements to be deposited into the Series 2021-A L/C Cash Collateral Account. If the Trustee does not receive either notice from HVF III described above on or prior to the date that is fifteen (15) Business Days prior to each Series 2021-A Letter of Credit Expiration Date, then the Trustee, by 12:00 p.m. (New York City time) on such<u>the next following</u> Business Day, shall draw the full amount of such Series 2021-A Letter of Credit by presenting a draft accompanied by a Series 2021-A Certificate of Termination Demand and shall cause the Series 2021-A L/C Termination Disbursements to be deposited into the applicable Series 2021-A L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2021-A Letter of Credit Provider Downgrades</u>. HVF III shall notify the Trustee and the Program Agent in writing within one (1) Business Day of an Authorized Officer of HVF III obtaining actual knowledge that (i) the long-term debt credit rating of any Series 2021-A Letter of Credit Provider rated by DBRS has fallen below "BBB" as determined by DBRS or (ii) the long-term debt credit rating of any Series 2021-A Letter of Credit Provider not rated by DBRS is not at least "Baa2" by Moody's or "BBB" by S&P (such (i) or (ii) with respect to any Series 2021-A Letter of Credit Provider, a "<u>Series 2021-A Downgrad<sup>e</sup> Event</u>"). On the thirtieth (30th) day after the occurrence of any Series 2021-A Downgrade Event with respect to any Series 2021-A Letter of Credit Provider, HVF III shall notify the Trustee and the Program Agent in writing on such date of (i) the greatest of (A) the excess, if any, of the Series 2021-A Asset Coverage Threshold Amount over the Series 2021-A Asset Amount, (B) the excess, if any, of the Series 2021-A Required Liquid Enhancement Amount over the Series 2021-A Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Series 2021-A Demand Note Payment Amount over the Series 2021-A Letter of Credit Liquidity Amount, in the case of each of <u>clauses (A)</u> through <u>(C)</u> above, as of such date and excluding from the calculation of each amount referenced in such clauses such Series 2021-A Letter of Credit but taking into account each substitute Series 2021-A Letter of Credit that has been obtained from a Series 2021-A Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the amount available to be drawn on such Series 2021-A Letter of Credit on such date (the lesser of such (i) and (ii), the "<u>Downgrade Withdrawal Amount</u>" <u>and, such notice, a "Downgrade Withdrawal Notice"</u>). Upon receipt by the Trustee on or prior to 10:30 a.m<u>3:00 p.m</u>. (New York City time) on any Business Day of notice of any Series 2021-A<u>a</u> Downgrade Event with respect to any Series 2021-A Letter of Credit Provider<u>Withdrawal Notice</u>, the Trustee, by 12:00 p.m <u>shall, no later than 5:00 p.m</u>. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m<u>3:00 p.m</u>. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), shall draw on the Series 2021-A Letters of Credit issued by such Series 2021-A Letter of Credit Provider in an amount (in the aggregate) equal to the Downgrade Withdrawal Amount specified in such notice<u>the Downgrade Withdrawal Notice</u> by presenting a draft accompanied by a Series 2021-A Certificate of Termination Demand and shall cause the Series 2021-A L/C Termination Disbursement to be deposited into a Series 2021-A L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reductions in Stated Amounts of the Series 2021-A Letters of Credit</u>. If the Trustee receives a written notice from the Administrator, substantially in the form of <u>Exhibit C</u> hereto, requesting a reduction in the stated amount of any Series 2021-A Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Series 2021-A Letter of Credit Provider who issued such Series 2021-A Letter of Credit a Series 2021-A Notice of Reduction requesting a reduction in the stated amount of such Series 2021-A Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; <u>provided that</u>, on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Series 2021-A Letter of Credit, (i) the Series 2021-A Adjusted Liquid Enhancement Amount will equal or exceed the Series 2021-A Required Liquid Enhancement Amount, (ii) the Series 2021-A Letter of Credit Liquidity Amount will equal or exceed the Series 2021-A Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2021-A L/C Cash Collateral Account Surpluses and Series 2021-A Reserve Account Surpluses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III (with a copy to the Program Agent), shall, withdraw from the Series 2021-A Reserve Account an amount equal to the Series 2021-A Reserve Account Surplus, if any, and pay such Series 2021-A Reserve Account Surplus to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date on which there is a Series 2021-A L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III (with a copy to the Program Agent), shall, subject to the limitations set forth in this <u>Section 5.7(d)</u> (*Series 2021-A L/C Cash Collateral Account Surplus and Series 2021-A Reserve Account Surpluses*), withdraw the amount specified by HVF III from the Series 2021-A L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this <u>Section 5.7(d)</u> (*Series 2021-A L/C Cash Collateral Account Surplus and Series 2021-A Reserve Account Surpluses*). The amount of any such withdrawal from the Series 2021-A L/C Cash Collateral Account shall be limited to the least of (a) the Series 2021-A Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Series 2021-A L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Series 2021-A Letter of Credit Liquidity Amount on such Payment Date over the Series 2021-A Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from the Series 2021-A L/C Cash Collateral Account pursuant to this <u>Section 5.7(d)</u> (*Series 2021-A L/C Cash Collateral Account Surplus and Series 2021-A Reserve Account Surpluses)* shall be paid:

<u>first</u>, to the Series 2021-A Letter of Credit Providers, to the extent that there are unreimbursed Series 2021-A Disbursements due and owing to such Series 2021-A Letter of Credit Providers in respect of the Series 2021-A Letters of Credit, for application in accordance with the provisions of the respective Series 2021-A Letters of Credit, and

<u>second</u>, to HVF III any remaining amounts.

**Section 5.08 <u>Payment by Wire Transfer</u>**. On each Payment Date, pursuant to Article VI (*Distributions*) of the Base Indenture, the Trustee shall cause the amounts (to the extent received by the Trustee) set forth in <u>Sections 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*), <u>5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*), <u>5.4</u> (*Series 2021-A Reserve Account Withdrawals*) and <u>5.5</u> (*Series 2021-A Letters of Credit and Series 2021-A Demand Notes*), in each case if any and in accordance with such Sections, to be paid by wire transfer of immediately available funds released from the Series 2021-A Distribution Account no later than 4:30 p.m. (New York City time) for credit to the accounts designated by the Series 2021-A Noteholders.

**Section 5.09 <u>Certain Instructions to the Trustee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any date the Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2021-A Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Program Agent and the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before 10:00 a.m<u>3:00 p.m</u>. (New York City time) on <u>the Business Day preceding</u> each Payment Date on which any Series 2021-A Lease Payment Deficit Exists, the Administrator shall notify the Trustee of the amount of such Series 2021-A Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each, a "<u>Lease Payment Deficit Notice</u>").

**Section 5.10 <u>HVF III's Failure to Instruct the Trustee to Make a Deposit or Payment</u>**. If HVF III fails to give notice or instructions to make any payment from or deposit into the Collection Account or any Series 2021-A Account required to be given by HVF III, at the time specified herein or in any other Series 2021-A Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account or such Series 2021-A Account without such notice or instruction from HVF III; <u>provided that</u> HVF III, upon request of the Trustee, the Program Agent or any Funding Agent, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2021-A Related Document is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Series 2021-A Letters of Credit with respect to a Class of Series 2021-A Notes required to be given by HVF III, at the time specified in this Series 2021-A Supplement, the Trustee shall draw on such Series 2021-A Letters of Credit with respect to such Class of Series 2021-A Notes without such instruction from HVF III; <u>provided that</u>, HVF III, upon request of the Trustee, the Program Agent or any Funding Agent, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Series 2021-A Letter of Credit.

**Section 5.11 <u>Subordination of Class B Notes and Class C Notes</u>**. Subject to Sections 5.2 (*Application of Funds in the Series 2021-A Principal Collection Account*) and 5.3 (*Application of Funds in the Series 2021-A Interest Collection Account*), (a) no payments on account of interest with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2021-A Rapid Amortization Period, no payments of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes has been paid in full and (b) no payments on account of interest with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect to the Class A Notes and Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts, all interest accrued on such Class A Deficiency Amounts, all Class B Deficiency Amounts and all interest accrued on such Class B Deficiency Amounts) have been paid in full, and during the Series 2021-A Rapid Amortization Period, no payments of principal of the Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and Class B Notes have been paid in full.

**Section 5.12 <u>When Distribution Must be Paid Over</u>**. In the event that any Series 2021-A Noteholder (or Note Owner) receives any payment of any principal, interest or other amounts with respect to the Series 2021-A Notes at a time when such Series 2021-A Noteholder (or Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding Section 5.11 (*Subordination of Class B Notes and Class C Notes*), such payment shall be held by such Series 2021-A Noteholder (or Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to, the Trustee for application consistent with the preceding sections of this Section 5.11 (*Subordination of Class B Notes and Class C Notes*).

**Article VI**

**REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS**

**Section 6.01 <u>Representations and Warranties</u>**. Each of HVF III, the Administrator, each Conduit Investor and each Committed Note Purchaser hereby makes the representations and warranties applicable to it set forth in this <u>Section 6.1</u> (*Representations and Warranties*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>HVF III</u>. HVF III represents and warrants to each Conduit Investor and each Committed Note Purchaser that each of its representations and warranties in the Series 2021-A Related Documents is true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants to such parties that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes, is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assuming each Conduit Investor or other purchaser of the Series 2021-A Notes hereunder is not purchasing with a view toward further distribution and there has been no general solicitation or general advertising within the meaning of the Securities Act, and further assuming that the representations and warranties of each Conduit Investor set forth in this <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) are true and correct, the offer and sale of the Series 2021-A Notes in the manner contemplated by this Series 2021-A Supplement is a transaction exempt from the registration requirements of the Securities Act, and the Base Indenture is not required to be qualified under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on the Series 2021-A Restatement Date, HVF III has furnished to the Program Agent true, accurate and complete copies of all Series 2021-A Related Documents to which it is a party as of the Series 2021-A Restatement Date, all of which are in full force and effect as of the Series 2021-A Restatement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as of the Series 2021-A Restatement Date, none of the written information furnished by HVF III, Hertz or any of its Affiliates, agents or representatives to the Conduit Investors, the Committed Note Purchasers, the Program Agent or the Funding Agents for purposes of or in connection with this Series 2021-A Supplement, including any information relating to the Series 2021-A Collateral, taken as a whole, is inaccurate in any material respect, or contains any material misstatement of fact, or omits to state a material fact or any fact necessary to make the statements contained therein not misleading, in each case as of the date such information was stated or certified unless such information has been superseded by subsequently delivered information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) HVF III is not, and is not controlled by, an "investment company" within the meaning of, and is not required to register as an "investment company" under the Investment Company Act. HVF III does not meet the definition of "investment company" in Section 3(a)(1) of the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) HVF III is not a "covered fund" for purposes of the Volcker Rule and the transactions contemplated by the Series 2021-A Related Documents and the Series 2021-A Related Documents do not result in the Series 2021-A Noteholders holding an "ownership interest" in a "covered fund" for purposes of the Volcker Rule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) payments on the Series 2021-A Notes will not depend primarily on cash flow from self-liquidating financial assets within the meaning of Section 3(a)(79) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) each Series 2021-A Note is an "eligible asset" as defined in Rule 3a-7 under the Investment Company Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) on the Series 2021-A Restatement Date, HVF III has furnished to the Trustee copies of all Series 2021-A Related Documents to which it is a party as of the Series 2021-A Restatement Date, all of which are in full force and effect as of the Series 2021-A Restatement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator</u>. The Administrator represents and warrants to each Conduit Investor and each Committed Note Purchaser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each representation and warranty made by it in each Series 2021-A Related Document, is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent applicable, except as would not reasonably be expected to have a Material Adverse Effect, the Administrator and each of HVF, HVF III, the Nominee and HGI is, and to the knowledge of the Administrator its directors are, in compliance with (i) the Uniting and Strengthening of America by Providing the Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, (ii) the Trading with the Enemy Act, as amended, (iii) any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department and any other enabling legislation or executive order relating thereto as well as sanctions laws and regulations of the United Nations Security Council, the European Union or any member state thereof and the United Kingdom (collectively, "<u>Sanctions</u>") and (iv) Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) none of the Administrator or any of HVF, HVF III, the Nominee or HGI or, to the knowledge of the Administrator, any director or officer of the Administrator or any of HVF, HVF III, the Nominee or HGI, is the target of any Sanctions (a "<u>Sanctioned Party</u>"). Except as would not reasonably be expected to have a Material Adverse Effect, none of the Administrator, HVF, HVF III, the Nominee or HGI is organized or resident in a country or territory that is the target of a comprehensive embargo under Sanctions (including as of the Series 2021-A Restatement Date, without limitation, Cuba, Iran, North Korea, the Crimea, Kherson, and Zaporizhzhia Regions of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic —each, a "<u>Sanctioned Country</u>"), or in Afghanistan, Belarus, Russia, Syria or Venezuela. None of the Administrator, HVF, HVF III, the Nominee or HGI will knowingly (directly or indirectly) use the proceeds of the Series 2021-A Notes (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in material violation of Anti-Corruption Laws or (ii) for the purpose of funding or financing any activities or business of or with any Person that at the time of such funding or financing is a Sanctioned Party or organized or resident in a Sanctioned Country or Afghanistan, Belarus, Russia, Syria or is the Government of Venezuela, except as otherwise permitted by applicable law, regulation or license;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) payments on the Series 2021-A Notes will not depend primarily on cash flow from self-liquidating financial assets within the meaning of Section 3(a)(79) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) each Series 2021-A Note is an "eligible asset" as defined in Rule 3a-7 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>The above representations and undertakings apply with respect to Deutsche Bank AG, New York Branch only to the extent they do not result in a violation of or conflict with any applicable blocking or anti boycott laws (including, without limitation, the Council Regulation (EC) No 2271/96 and/or Section 7 of the German Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung) (in connection with section 4 paragraph 1 no. 3 of the German Foreign Trade and Payments Act (Außenwirtschaftsgesetz))).</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conduit Investors and Committed Note Purchasers</u>. Each of the Conduit Investors and each of the Committed Note Purchasers represents and warrants to HVF III and the Administrator, as of the Series 2021-A Restatement Date (or, with respect to each Conduit Investor and each Committed Note Purchaser that becomes a party hereto after the Series 2021-A Restatement Date, as of the date such Person becomes a party hereto), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has had an opportunity to discuss HVF III's and the Administrator's business, management and financial affairs, and the terms and conditions of the proposed purchase, with HVF III and the Administrator and their respective representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is an "accredited investor" within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2021-A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it purchased the Series 2021-A Notes for its own account, or for the account of one or more "accredited investors" within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that meet the criteria described in subsection (b) and for which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it understands that the Series 2021-A Notes have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and is being offered only in a transaction not involving any public offering within the meaning of the Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available, that HVF III is not required to register the Series 2021-A Notes, and that any transfer must comply with <u>Article IX</u> (*Transfers, Replacements and Assignments*) herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it understands that the Series 2021-A Notes will bear the legend set out in the form of Series 2021-A Notes attached as <u>Exhibit A-1</u> (in the case of the Class A Notes), <u>Exhibit A-2</u> (in the case of the Class B Notes), <u>Exhibit A-3</u> (in the case of the Class C Notes) or <u>Exhibit A-4</u> (in the case of the Class RR Notes) hereto and be subject to the restrictions on transfer described in such legend and in <u>Section 9.1</u> (*Transfer of Series 2021-A Notes*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) it will comply with all applicable federal and state securities laws in connection with any subsequent resale of the Series 2021-A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) it understands that the Series 2021-A Notes may be offered, resold, pledged or otherwise transferred only in accordance with <u>Section 9.3</u> (*Assignments*) and only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to HVF III,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in a transaction meeting the requirements of Rule 144A under the Securities Act,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) outside the United States to a foreign person in a transaction meeting the requirements of Regulation S under the Securities Act, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) in a transaction complying with or exempt from the registration requirements of the Securities Act and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction; notwithstanding the foregoing provisions of this <u>Section 6.1(c)</u> (*Conduit Investors and Committed Note Purchasers*), it is hereby understood and agreed by HVF III that the applicable Series 2021-A Notes will be pledged by each Conduit Investor pursuant to its related commercial paper program documents, and the applicable Series 2021-A Notes, or interests therein, may be sold, transferred or pledged to its related Committed Note Purchaser or any Program Support Provider or any affiliate of its related Committed Note Purchaser or any Program Support Provider or, any commercial paper conduit administered by its related Committed Note Purchaser or any Program Support Provider or any affiliate of its related Committed Note Purchaser or any Program Support Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if it desires to offer, sell or otherwise transfer, pledge or hypothecate the applicable Series 2021-A Notes as described in <u>clause (B)</u> or <u>(D)</u> of <u>Section 6.1(c)(vii)</u> (*Conduit Investors and Committed Note Purchasers*), and such sale, transfer or pledge does not fall within the "notwithstanding the foregoing" provision of <u>Section 6.1(c)(vii)(D)</u> (*Conduit Investors and Committed Note Purchasers*), the transferee of the applicable Series 2021-A Notes will be required to deliver a certificate that an exemption from the registration requirements of the Securities Act applies to such offer, sale, transfer or hypothecation, and it understands that the registrar and transfer agent for the applicable Series 2021-A Notes will not be required to accept for registration of transfer the applicable Series 2021-A Notes acquired by it, except upon presentation of an executed letter in the form described herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) it will obtain from any purchaser of the Series 2021-A Notes substantially the same representations and warranties contained in the foregoing paragraphs.

**Section 6.02 <u>Covenants</u>**. HVF III and the Administrator each severally covenants and agrees that, until the Series 2021-A Notes have been paid in full and the Term has expired, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance of Obligations</u>. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2021-A Related Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendments</u>. Not amend, supplement, waive or otherwise modify, or consent to any amendment, supplement, modification or waiver of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) any provision of the Series 2021-A Related Documents (other than this Series 2021-A Supplement) if such amendment, supplement, modification, waiver or consent adversely affects the Series 2021-A Noteholders without the consent of the Required Controlling Class Series 2021-A Noteholders; or (B) any Series 2021-A Letter of Credit so that it is not substantially in the form of <u>Exhibit I</u> to this Series 2021-A Supplement without written consent of the Required Controlling Class Series 2021-A Noteholders; <u>provided</u> that, prior to entering into, granting or effecting any such amendment, supplement, waiver, modification or consent described in the foregoing clauses (A) and (B) without the consent of the Required Controlling Class Series 2021-A Noteholders, HVF III shall deliver to the Trustee and each Funding Agent an Officer's Certificate and Opinion of Counsel (which may be based on an Officer's Certificate) confirming, in each case, that such amendment, supplement, modification, waiver or consent does not adversely affect the Series 2021-A Noteholders; <u>provided</u>, <u>further</u>, that any amendment, supplement, modification or consent with respect to any Series 2021-A Demand Note permitted pursuant to <u>Section 4.5</u> (*Demand Notes*) of this Series 2021-A Supplement shall not be subject to the restrictions in this clause (i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Series 2021-A Interest Rate Cap without the consent of the Required Controlling Class Series 2021-A Noteholders; <u>provided</u> that if (A) the sole effect of such amendment, supplement, modification or consent is to (w) increase the notional amount thereunder, (x) modify the notional amortization schedule thereunder applicable during the period between the Expected Final Payment Date and a Legal Final Payment Date, (y) decrease the strike rate of or (z) extend the term thereunder or (B) if HVF III would be permitted to enter into such Series 2021-A Interest Rate Cap, as so amended, supplemented or modified, then HVF III shall be permitted to enter into such amendment without the consent of the Series 2021-A Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the defined terms, "Required Contractual Criteria" and "Series 2021-A Maximum Principal Amount" appearing in the Lease; without the written consent of each Committed Note Purchaser and each Conduit Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A) the defined terms "Adjusted Term SOFR", "Adjusted Daily Simple SOFR", "Base Rate", "Class A/B/C Adjusted Principal Amount", "Class B Adjusted Advance Rate", "Class B Adjusted Asset Coverage Threshold Amount", "Class B Asset Coverage Threshold Amount", "Class B Baseline Advance Rate", "Class B Blended Advance Rate", "Class B Blended Advance Rate Weighting Numerator", "Class B Concentration Adjusted Advance Rate", "Class B Concentration Excess Advance Rate Adjustment", "Class B Commitment", "Class B Commitment Percentage", "Class B Decrease Conditions", "Class B Drawn Percentage", "Class B Excess Principal Event", "Class B Funding Conditions", "Class B MTM/DT Advance Rate Adjustment", "Class B Principal Amount", "Class B Fee", "Class C Adjusted Advance Rate", "Class C Adjusted Asset Coverage Threshold Amount", "Class C Asset Coverage Threshold Amount", "Class C Baseline Advance Rate", "Class C Blended Advance Rate", "Class C Blended Advance Rate Weighting Numerator", "Class C Commitment", "Class C Commitment Percentage", "Class C Drawn Percentage", "Class C Concentration Adjusted Advance Rate", "Class C Concentration Excess Advance Rate Adjustment", "Class C Decrease Conditions", "Class C Excess Principal Event", "Class C Funding Conditions", "Class C MTM/DT Advance Rate Adjustment", "Class C Principal Amount", "Class C Upfront Fee", "Prime Rate", "Series 2021-A AAA Component", "Series 2021-A AAA Select Component", "Series 2021-A Adjusted Asset Coverage Threshold Amount", "Series 2021-A Asset Amount", "Series 2021-A Asset Coverage Threshold Amount", "Series 2021-A Blended Advance Rate Weighting Denominator", "Series 2021-A Eligible Manufacturer Receivable", "Series 2021-A Liquidation Event", "Series 2021-A Manufacturer Concentration Excess Amount", "Series 2021-A Manufacturer Percentage", "Series 2021-A Maximum Manufacturer Amount", "Series 2021-A Maximum Non-Investment Grade (High) Program Receivable Amount", "Series 2021-A Maximum Non-Liened Vehicle Amount", "Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amount", "Series 2021-A Non-Liened Vehicle Concentration Excess Amount", "Series 2021-A Third-Party Market Value", "SOFR Advance", "SOFR Interest Period" or "Term SOFR", in each case, without the written consent of each Committed Note Purchaser and each Conduit Investor of the Class affected by the amendment; and (B) any of the defined terms "Class A/B Adjusted Advance Rate", "Class A/B Baseline Advance Rate", "Class A/B Blended Advance Rate", "Class A/B Concentration Excess Advance Rate Adjustment", "Class A/B MTM/DT Advance Rate Adjustment", without the written consent of each Committed Note Purchaser and each Conduit Investor, in each case, adversely affected by the amendment; <u>provided that</u>, prior to entering into, granting or effecting any such amendment, supplement or modification without the consent of each Committed Note Purchaser and each Conduit Investor, if any, HVF III shall deliver to each Funding Agent an Officer's Certificate confirming, in each case, that such amendment, supplement or modification does not adversely affect the related Class of Noteholders; <u>provided further</u> that, for the avoidance of doubt, in any such case, the requirements of the preceding clause (i) shall remain applicable to such amendment, supplement or modification of such defined term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any of the defined terms included in any of the defined terms listed in the preceding <u>clause (iii)</u> if such amendment, supplement or modification materially adversely affects the Series 2021-A Noteholders, without the consent of each Committed Note Purchaser and each Conduit Investor; <u>provided that</u>, prior to entering into, granting or effecting any such amendment, supplement or modification without the consent of each Committed Note Purchaser and each Conduit Investor, HVF III shall deliver to each Funding Agent an Officer's Certificate confirming, in each case, that such amendment, supplement or modification does not materially adversely affect the Series 2021-A Noteholders; <u>provided</u>, <u>further</u>, that for the avoidance of doubt, in any such case, the requirements of the preceding clause <u>(i)</u> shall remain applicable to such amendment, supplement or modification of such defined term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any of (I) the defined terms "Class A Adjusted Advance Rate", "Class A Adjusted Asset Coverage Threshold Amount", "Class A Adjusted Principal Amount", "Class A Asset Coverage Threshold Amount", "Class A Baseline Advance Rate", "Class A Blended Advance Rate", "Class A Blended Advance Rate Weighting Numerator", "Class A Commitment", "Class A Commitment Percentage", "Class A Concentration Adjusted Advance Rate", "Class A Concentration Excess Advance Rate Adjustment", "Class A Conduit Assignee", "Class A CP Rate", "Class A Funding Conditions", "Class A Interest Rate", "Class A Investor Group Principal Amount", "Class A Maximum Investor Group Principal Amount", "Class A MTM/DT Advance Rate Adjustment", "Class A Principal Amount", "Class A Program Fee", "Class A Program Fee Rate", "Class A Undrawn Fee", "Class A Undrawn Fee Rate", "Class A Upfront Fee", or clauses (a) or (c) of the defined term "Series 2021-A Commitment Termination Date", in each case, appearing in this Series 2021-A Supplement or (II) the required amount of Enhancement with respect to the Class A Noteholders, in the case of either of the foregoing (I) or (II), without the written consent of each Class A Committed Note Purchaser and each Class A Conduit Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any defined terms included in any of the defined terms listed in the preceding <u>clause (v)(I)</u> if such amendment, supplement or modification materially adversely affects the Class A Noteholders, without the consent of each Class A Committed Note Purchaser and each Class A Conduit Investor; <u>provided that</u>, prior to entering into, granting or effecting any such amendment, supplement or modification without the consent of each Class A Committed Note Purchaser and each Class A Conduit Investor, HVF III shall deliver to each Class A Funding Agent an Officer's Certificate confirming, in each case, that such amendment, supplement or modification does not materially adversely affect the Class A Noteholders; <u>provided</u>, <u>further</u>, that for the avoidance of doubt, in any such case, the requirements of the preceding clause (i) shall remain applicable to such amendment, supplement or modification of such defined term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any of (I) the defined terms "Class B Adjusted Advance Rate", "Class B Adjusted Asset Coverage Threshold Amount", "Class B Adjusted Principal Amount", "Class B Asset Coverage Threshold Amount", "Class B Baseline Advance Rate", "Class B Blended Advance Rate", "Class B Blended Advance Rate Weighting Numerator", "Class B Commitment", "Class B Commitment Percentage", "Class B Concentration Adjusted Advance Rate", "Class B Concentration Excess Advance Rate Adjustment", "Class B Conduit Assignee", "Class B CP Rate", Class B Funding Conditions", "Class B Investor Group Principal Amount", "Class B Maximum Investor Group Principal Amount", "Class B MTM/DT Advance Rate Adjustment", "Class B Principal Amount", "Class B Program Fee", "Class B Program Fee Rate", "Class B Undrawn Fee", "Class B Undrawn Fee Rate", or clause (b) of the defined term "Series 2021-A Commitment Termination Date", in each case, appearing in this Series 2021-A Supplement, (II) the required amount of Enhancement with respect to the Class B Noteholders, in the case of either of the foregoing clause (I) or (II), without the written consent of each Class B Committed Note Purchaser and each Class B Conduit Investor, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any defined terms included in any of the defined terms listed in the preceding <u>clause (vii)(I)</u> if such amendment, supplement or modification materially adversely affects the Class B Noteholders, without the consent of each Class B Committed Note Purchaser and each Class B Conduit Investor, if any; <u>provided that</u>, prior to entering into, granting or effecting any such amendment, supplement or modification without the consent of each Class B Committed Note Purchaser and each Class B Conduit Investor, if any, HVF III shall deliver to each Class B Funding Agent an Officer's Certificate confirming, in each case, that such amendment, supplement or modification does not materially adversely affect the Class B Noteholders; provided further that, for the avoidance of doubt, in any such case, the requirements of the preceding clause (i) shall remain applicable to such amendment, supplement or modification of such defined term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any of (I) the defined terms "Class C Conduit Assignee", "Class C Investor Group Principal Amount", "Class C Maximum Investor Group Principal Amount", "Class C Adjusted Advance Rate", "Class C Baseline Advance Rate", "Class C Blended Advance Rate", "Class C Concentration Excess Advance Rate Adjustment", "Class C MTM/DT Advance Rate Adjustment", "Class C Program Fee", "Class C Program Fee Rate" or clause (d) of the defined term "Series 2021-A Commitment Termination Date", in each case, appearing in this Series 2021-A Supplement or (II) the required amount of Enhancement with respect to the Class C Noteholders, in the case of either of the foregoing (I) or (II), without the written consent of each Class C Committed Note Purchaser and each Class C Conduit Investor, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any defined terms included in any of the defined terms listed in the preceding <u>clause (x)(I)</u> if such amendment, supplement or modification materially adversely affects the Class C Noteholders, without the consent of each Class C Committed Note Purchaser and each Class C Conduit Investor, if any; <u>provided that</u>, prior to entering into, granting or effecting any such amendment, supplement or modification without the consent of each Class C Committed Note Purchaser and each Class C Conduit Investor, if any, HVF III shall deliver to each Class C Funding Agent an Officer's Certificate confirming, in each case, that such amendment, supplement or modification does not materially adversely affect the Class C Noteholders; provided further that, for the avoidance of doubt, in any such case, the requirements of the preceding clause (i) shall remain applicable to such amendment, supplement or modification of such defined term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the defined terms "Aggregate Asset Amount Deficiency", "Aggregate Asset Coverage Threshold Amount", "Manufacturer Program", "Liquidation Event of Default" and "Required Contractual Criteria" appearing in the Base Indenture, in each case, without the written consent of each Committed Note Purchaser and each Conduit Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delivery of Information</u>. (i) At the same time any report, notice, certificate, statement, Opinion of Counsel or other document is provided or caused to be provided to the Trustee by HVF III or the Administrator under this Series 2021-A Supplement or, to the extent such report, notice, certificate, statement, Opinion of Counsel or other document relates to the Series 2021-A Notes, Series 2021-A Collateral or the Base Indenture, provide the Program Agent (who shall provide a copy thereof to the Committed Note Purchasers and the Conduit Investors) with a copy of such report, notice, certificate, Opinion of Counsel or other document, <u>provided that</u>, no Opinion of Counsel delivered in connection with the issuance of any Series of Notes (other than the Series 2021-A Notes) shall be required to be provided pursuant to this <u>clause (i)</u> and (ii) provide the Program Agent and each Funding Agent such other information with respect to HVF III or the Administrator as the Program Agent or any Funding Agent may from time to time reasonably request; <u>provided however</u>, that neither HVF III nor the Administrator shall have any obligation under this <u>Section 6.2(c)</u> (*Delivery of Information*) to deliver to the Program Agent copies of any information, reports, notices, certificates, statements, Opinions of Counsel or other documents relating solely to any Series of Notes other than the Series 2021-A Notes, or any legal opinions or routine communications, including determinations relating to payments, payment requests, payment directions or other similar calculations. For the avoidance of doubt, nothing in this <u>Section 6.2(c)</u> (*Delivery of Information*) shall require any Opinion of Counsel provided to any Person pursuant to this <u>Section 6.2(c)</u> (*Delivery of Information*) to be addressed to such Person or to permit such Person any basis on which to rely on such Opinion of Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Access to Collateral Information</u>. At any time and from time to time, following reasonable prior notice from the Program Agent or any Funding Agent, and during regular business hours, permit, and, if applicable, cause HVF III to permit, the Program Agent or any Funding Agent, or their respective agents or representatives (including any independent public accounting firm, independent consulting firm or other third party auditors) or permitted assigns, access to the offices of, the Administrator, Hertz, and HVF III, as applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to examine and make copies of and abstracts from all documentation relating to the Series 2021-A Collateral on the same terms as are provided to the Trustee under Section 8.6 (*Inspection of Property, Books and Records*) of the Base Indenture (but excluding making copies of or abstracts from any information that the Administrator or HVF III reasonably determines to be proprietary or confidential; <u>provided that</u>, for the avoidance of doubt, all data and information used to calculate any Series 2021-A MTM/DT Advance Rate Adjustment or lack thereof shall be deemed to be proprietary and confidential), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon reasonable notice, to visit the offices and properties of, the Administrator, Hertz and HVF III for the purpose of examining such materials described in <u>clause (i)</u> above, and to discuss matters relating to the Series 2021-A Collateral, or the administration and performance of the Base Indenture, this Series 2021-A Supplement and the other Series 2021-A Related Documents with any of the Authorized Officers or other nominees as such officers specify, of the Administrator, Hertz and/or HVF III, as applicable, having knowledge of such matters, in each case as may reasonably be requested; <u>provided that</u>, (i) prior to the occurrence of an Amortization Event or Potential Amortization Event, in each case, with respect to the Series 2021-A Notes, one such visit per annum, if requested, coordinated by the Program Agent and in which each Funding Agent may participate shall be at HVF III's sole cost and expense and (ii) during the continuance of an Amortization Event or Potential Amortization Event, in each case, with respect to the Series 2021-A Notes, each such visit shall be at HVF III's sole cost and expense.

Each party making a request pursuant to this <u>Section 6.2(d)</u> (*Access to Collateral Information*) shall simultaneously send a copy of such request to each of the Program Agent and each Funding Agent, as applicable, so as to allow such other parties to participate in the requested visit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cash AUP</u>. At any time and from time to time, following reasonable prior notice from the Program Agent, cooperate with the Program Agent or its agents or representatives (including any independent public accounting firm, independent consulting firm or other third party auditors) or permitted assigns in conducting a review of any ten (10) Business Days selected by the Program Agent (or its representatives or agents), confirming (i) the information contained in the Daily Collection Report for each such day and (ii) that the Collections described in each such Daily Collection Report for each such day were applied correctly in accordance with <u>Article V</u> (*Priority of Payments*) herein (a "<u>Cash AUP</u>"); <u>provided that</u>, such Cash AUPs shall be at HVF III's sole cost and expense (i) for no more than one such Cash AUP per annum prior to the occurrence of an Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes, and (ii) for each such Cash AUP after the occurrence and during the continuance of an Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Noteholder Statement AUP</u>. On or prior to the Payment Date occurring in February 2022 and in July of each subsequent year, the Administrator shall cause a firm of independent certified public accountants or independent consultants (reasonably acceptable to both the Program Agent and the Administrator, which may be the Administrator's accountants) to deliver to the Program Agent and each Funding Agent, a report in a form reasonably acceptable to HVF III and the Program Agent (a "<u>Noteholder Statement AUP</u>"); <u>provided that</u>, such Noteholder Statement AUPs shall be at HVF III's sole cost and expense (i) for no more than one such Noteholder Statement AUP per annum prior to the occurrence of an Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes and (ii) for each such Noteholder Statement AUP after the occurrence and during the continuance of an Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Margin Stock</u>. Not permit any (i) part of the proceeds of any Advance to be (x) used to purchase or carry any Margin Stock or (y) loaned to others for the purpose of purchasing or carrying any Margin Stock or (ii) amounts owed with respect to the Series 2021-A Notes to be secured, directly or indirectly, by any Margin Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reallocation of Excess Collections</u>. On or after the Expected Final Payment Date, use all amounts allocated to and available for distribution from each principal collection account in respect of each Series of Notes to decrease, <u>pro rata</u> (based on Principal Amount), the Series 2021-A Principal Amount and the principal amount of any other Series of Notes that is then required to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Financial Statements</u>. Deliver to each Funding Agent within one hundred and twenty (120) days after the end of each fiscal year of HVF III, the financial statements required pursuant to <u>Section 8.24(f)</u> (*Maintenance of Separate Existence*) of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Collateral Agent Report</u>. In the case of the Administrator, for so long as a Liquidation Event for any Series of Notes is continuing, furnish or cause the Collateral Servicer to furnish to the Program Agent and each Series 2021-A Noteholder, the Collateral Agent Report prepared in accordance with Section 2.4 (*Collateral Agent Reports*) of the Collateral Agency Agreement; <u>provided that</u> the Servicer may furnish or cause to be furnished to the Program Agent any such Collateral Agent Report, by posting, or causing to be posted, such Collateral Agent Report to a password-protected website made available to the Program Agent or by any other reasonable means of electronic transmission (including, without limitation, e-mail, file transfer protocol or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Further Assurances</u>. At any time and from time to time, upon the written request of the Program Agent, and at its sole expense, promptly and duly execute and deliver any and all such further instruments and documents and take such further action as the Program Agent may reasonably deem desirable in obtaining the full benefits of this Series 2021-A Supplement and of the rights and powers herein granted, including the filing of any financing or continuation statements under the UCC in effect in any jurisdiction with respect to the liens and security interests granted hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Administrator Replacement</u>. Not appoint or agree to the appointment of any successor Administrator (other than the Back-Up Administrator) without the prior written consent of the Required Controlling Class Series 2021-A Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Independent Directors</u>. (x) Not remove any Independent Director of HVF III or HVF without (i) delivering an Officer's Certificate to the Program Agent certifying that the replacement Independent Director of the applicable entity satisfies the definition of Independent Director and (ii) obtaining the prior written consent of the Program Agent (not to be unreasonably withheld or delayed), in each case, no later than ten (10) Business Days prior to the effectiveness of such removal (or such shorter period as may be agreed to by the Program Agent) and (y) not replace any Independent Director of HVF III or HVF unless (i) it has obtained the prior written consent of the Program Agent (not to be unreasonably withheld or delayed) or (ii) such replacement Independent Director is an officer, director or employee of an entity that provides, in the ordinary course of its business, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities and otherwise meets the applicable definition of Independent Director; <u>provided</u>, <u>that</u>, for the avoidance of doubt, in the event that an Independent Director of HVF III or HVF is removed in connection with any such replacement, HVF III or HVF, as applicable, and the Administrator shall be required to effect such removal in accordance with <u>clause (x)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Standard & Poor's Limitation on Permitted Investments</u>. For so long as any Class A Commercial Paper is being rated by Standard & Poor's and the Funding Agent with respect the Investor Group that issues such Class A Commercial Paper has notified HVF III in writing that such Class A Commercial Paper has not been issued on a "fully-wrapped" basis (and, if so notified, until such notice has been revoked by such Funding Agent), neither the Administrator nor HVF III shall invest, or direct the investment of, any funds on deposit in any Series 2021-A Accounts, in a Permitted Investment that is a Permitted Investment pursuant to clause <u>(viii)</u> of the definition thereof (an "<u>Additional Permitted Investment</u>"), unless the Administrator shall have received confirmation in writing from Standard & Poor's that the investment of such funds in an Additional Permitted Investment will not cause the rating on such Class A Commercial Paper being rated by Standard & Poor's to be reduced or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Maintenance of Separate Existence</u>. Take or refrain from taking, as the case may be, all other actions that are necessary to be taken or not to be taken in order to (x) ensure that the assumptions and factual recitations set forth in the Specified Bankruptcy Opinion Provisions remain true and correct in all material respects with respect to HVF III and (y) comply in all material respects with those procedures described in such provisions that are applicable to HVF III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Merger</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Solely with respect to HVF III, not be a party to any merger, consolidation or Division without the prior written consent of the Required Controlling Class Series 2021-A Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Solely with respect to the Administrator, not permit or suffer HVF III to be a party to any merger, consolidation or Division without the prior written consent of the Required Controlling Class Series 2021-A Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Series 2021-A Third-Party Market Value Procedures</u>. Comply with the Series 2021-A Third-Party Market Value Procedures in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Enhancement Provider Ratings</u>. Solely with respect to the Administrator, at least once every calendar month, determine (a) whether any Series 2021-A Letter of Credit Provider has been subject to a Series 2021-A Downgrade Event and (b) whether each Interest Rate Cap Provider is an Eligible Interest Rate Cap Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Financial Statements and Other Reporting</u>. Solely with respect to the Administrator, furnish or cause to be furnished to each Funding Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within one hundred and twenty (120) days after the end of each of Hertz's fiscal years, copies of the Annual Report on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within sixty (60) days after the end of each of the first three quarters of each of Hertz's fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders' equity and cash flows of Hertz and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of Hertz as having been prepared in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) within three (3) Business Days of the delivery of the Annual Report on Form 10-K (or equivalent information) referred to in (i) above and the Quarterly Report on Form 10-Q (or equivalent information) referred to in (ii) above, an Officer's Certificate of Hertz stating whether, to the knowledge of such officer, there exists on the date of the certificate any condition or event that then constitutes, or that after notice or lapse of time or both would constitute, an Operating Lease Event of Default (as defined in the Lease), and, if any such condition or event exists, specifying the nature and period of existence thereof and the action Hertz is taking and proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly after obtaining actual knowledge thereof, notice of a Manufacturer Event of Default or termination of a Manufacturer Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) promptly after any Authorized Officer of Hertz becomes aware of the occurrence of any Reportable Event (other than a reduction in active Plan participants) with respect to any Plan of Hertz, a certificate signed by an Authorized Officer of Hertz setting forth the details as to such Reportable Event and the action that such Lessee is taking and proposes to take with respect thereto, together with a copy of the notice of such Reportable Event given to the Pension Benefit Guaranty Corporation.

The financial data that shall be delivered to the Funding Agents pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity with GAAP.

Additionally, upon request to the Trustee or HVF III by the Program Agent or any Series 2021-A Noteholder, HVF III shall deliver, or cause to be delivered, to the Program Agent or such Series 2021-A Noteholder (i) copies of the VIN-level data tapes that will be provided to the Back-Up Disposition Agent; (ii) following and during the continuation of a Series 2021-A Amortization Event, a monthly VIN-level disposition data tape substantively similar to the data tape provided pursuant to the terms of the HVF II Settlement Orders; (iii) following and during the continuation of a Series 2021-A Amortization Event, a monthly fleet inventory report with utilization metrics, (iv) following and during the continuation of an Amortization Event, a monthly report on financial and fleet operating metrics and (v) a copy of the Monthly Casualty Report required under the Lease substantively similar to the casualty report delivered in connection with the HVF II Settlement Orders.

Documents, reports, notices or other information required to be furnished or delivered pursuant to this <u>Section 6.2(q)</u> (*Financial Statements and Other Reporting*) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which Hertz posts such documents, or provides a link thereto on Hertz's or any Parent's website (or such other website address as the Administrator may specify by written notice to the Funding Agents from time to time) or (ii) on which such documents are posted on Hertz's or any Parent's behalf on an internet or intranet website to which the Funding Agents have access (whether a commercial, government or third-party website or whether sponsored by or on behalf of the Funding Agents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Delivery of Certain Written Rating Agency Confirmations</u>. Upon written request of the Program Agent at any time following the issuance of any other Series of Notes on any date after the date hereof, promptly furnish to the Program Agent a copy of each written confirmation received by HVF III from any Rating Agency confirming that the Rating Agency Condition with respect to any Series of Notes Outstanding as of the date of such issuance has been satisfied with respect to such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Assistance with Rating Agency Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Series 2021-A Noteholder may, at its sole discretion and expense, at any time, obtain a private credit rating for the Series 2021-A Notes by one or more nationally recognized rating statistical ratings organizations; <u>provided</u> that any such ratings organization shall not be considered a "Rating Agency" for purposes of this Series 2021-A Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Administrator shall, and shall procure that HVF III and each Lessee shall, provide reasonable assistance with the provision of data, business materials and other information necessary or desirable in connection with the rating process in connection with the foregoing clause <u>(i)</u> subject to the confidentiality restrictions in Section 11.3 (*Confidentiality*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Limitations on Advance Requests and Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Class C Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Not submit more than one Class C Advance Request per calendar month; <u>provided</u> that if such Class C Advance Request is not approved or a portion of the requested Class C Advance is outstanding, HVF III may submit an additional Class C Advance Request to cover such unapproved or unpaid amounts, as applicable; <u>provided further</u> that HVF III may submit more than one Class C Advance Request per month if the aggregate requested amount of the proposed Class C Advances in such month is less than an amount determined on the Class C Notes Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Not make more than one payment per month to the Class C Investor Group on the principal amount of the Class C Notes; <u>provided</u> that this Clause (B) shall not be applicable for any payments (i) made in connection with any Class C Decreases or decreases in the Class C Maximum Principal Amount or (ii) to any Class C Terminated Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Minimum Advance Amounts</u>. The Issuer shall maintain an outstanding Class B Principal Amount of at least 70.0% of the Class B Maximum Principal Amount; <u>provided</u> that HVF III shall have three (3) Business Days to remedy any breach of this clause (w); <u>provided further</u> that HVF III shall have five (5) Business Days to remedy any breach of this clause (w) if such breach results solely from an increase to the Class B Maximum Principal Amount pursuant to <u>Section 2.1(c)(ii)</u>. HVF III shall provide the Program Agent with at least one (1) Business Day's prior notice in writing of any proposed waiver, amendment or other modification of the foregoing requirements, and shall notify the Program Agent promptly (and in any event within three (3) Business Days) in writing of any breach of such requirements.

**Section 6.03 <u>Closing Conditions</u>**. The effectiveness of this Series 2021-A Supplement is subject to the satisfaction of the following conditions precedent, in each case as of the Series 2021-A Restatement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Base Indenture shall be in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Funding Agent shall have received copies of (i) (x) the certificate of incorporation and by-laws of Hertz and (y) the certificate of formation and limited liability company agreement of HVF III, certified by the Secretary of State of the state of incorporation or organization, as the case may be, (ii) resolutions of the board of directors (or an authorized committee thereof) of HVF III and Hertz with respect to the transactions contemplated by this Series 2021-A Supplement, and (iii) an incumbency certificate of HVF III and Hertz, each certified by the secretary or assistant secretary of the related entity in form and substance reasonably satisfactory to the Program Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Conduit Investor and each Committed Note Purchaser shall have received opinions of counsel (i) from White & Case LLP, or other counsel acceptable to the Conduit Investors and the Committed Note Purchasers, with respect to such matters as any such Conduit Investor or Committed Note Purchaser shall reasonably request (including regarding UCC security interest matters and no-conflicts) and (ii) from counsel to the Trustee acceptable to the Conduit Investors and the Committed Note Purchasers with respect to such matters as any such Conduit Investor or Committed Note Purchaser shall reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Program Agent shall have received evidence satisfactory to it of the completion of all UCC filings as may be necessary to perfect or evidence the assignment by HVF III to the Trustee of its interests in the Series 2021-A Collateral, the proceeds thereof and the security interests granted pursuant to this Series 2021-A Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Program Agent shall have received a written search report listing all effective financing statements that name HVF III as debtor or assignor and that are filed in the State of Delaware and in any other jurisdiction that the Program Agent determines is necessary or appropriate, together with copies of such financing statements, and tax and judgment lien searches showing no such liens that are not permitted by the Series 2021-A Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no later than two (2) days prior to the Series 2021-A Restatement Date, the Program Agent shall have received all documentation and other information about HVF III and Hertz that the Program Agent has reasonably determined is required by regulatory authorities under "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act, and that the Program Agent has reasonably requested in writing at least five (5) days prior to the Series 2021-A Restatement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each Conduit Investor and each Committed Note Purchaser shall have received a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, if requested a reasonable time prior to the date of this Agreement by such Conduit Investor or Committed Note Purchaser, dated as of or prior to the date of this Agreement, together with copies of additional documentation necessary to comply with 31 CFR § 1010.230 and such additional supporting documentation as such Conduit Investor or Committed Note Purchaser may reasonably request in connection with the verification of the foregoing certification.

**Section 6.04 <u>European Union Securitisation Risk Retention and United Kingdom Securitisation Risk Retention Representations and Undertaking</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator represents and warrants
 to each Series 2021-A Noteholder as of the Series 2021-A Restatement Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it owns 100% of the Class RR Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2021-A Blended Advance Rate does not exceed 95%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator agrees for the benefit of each Series 2021-A Noteholder that it shall, for so long as any Series 2021-A Notes are Outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not sell, hedge or otherwise mitigate its credit risk under or associated with the Class RR Notes <u>or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations associated with the Class RR Notes, in each case</u>, except to the extent permitted by the EU/UK Risk Retention Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly provide notice to each Series 2021-A Noteholder in the event that it fails to comply with clause (i) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide any and all information reasonably requested by any Series 2021-A Noteholder that is required by any such Series 2021-A Noteholder for purposes of complying with Article 5(1)(b), Article 5(1)(d) or Article 5(1)(e) of the EU Securitisation Regulation and SECN 4.2.1R (1)(b), SECN 4.2.1R (1)(d) or SECN 4.2.1R (1)(e) or the due diligence assessment requirements of Article 5(3) of the EU Securitisation Regulation and SECN 4.2.2R; <u>provided</u> that, compliance by the Administrator with this clause <u>(iii)</u> shall be at the expense of the requesting Series 2021-A Noteholder; <u>provided further</u> that, this clause <u>(iii)</u> shall not apply to information that the Administrator is not able to provide (whether because the Administrator has not been able to obtain the requested information after having made all reasonable efforts to do so, by reason of any contractual, statutory or regulatory obligations binding on it, or because it is otherwise legally prohibited from providing the requested information); <u>provided further</u> that, for the avoidance of doubt, any information provided pursuant to this clause <u>(iii)</u> shall be subject to <u>Section 11.3</u> (*Confidentiality*) of this Series 2021-A Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrator hereby represents and warrants to each Series 2021-A Noteholder, as of the Series 2021-A Initial Closing Date and as of the date of delivery of each Monthly Noteholders' Statement that it continues to comply with <u>paragraph (a)</u> above of this <u>Section 6.4</u> (*European Union Securitisation Risk Retention and United Kingdom Securitisation Risk Retention Representations and Undertaking*) as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Confirms that to the extent the issuance of the Series 2021-A Notes constitutes a "securitisation", as defined under the Securitisation Regulations (as to which the Administrator makes no representation), in its reasonable belief it is an "originator" for purposes of the EU/UK Risk Retention Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) confirms its holding of the Class RR Notes will satisfy the requirements to retain on an ongoing basis a minimum net economic interest of not less than 5% in the manner described in the EU/UK Retention Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) confirms that the modality provided for in point (d) of Article 6(3) of the EU Securitisation Regulation and SECN 5.2.8R (1)(d) has been applied to retain a material net economic interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) confirms that it is not an entity that has been established or operates for the sole purpose of securitizing exposures as more particularly described in its Annual Report on Form 10-K for the fiscal year end December 31, 2022; and <u>and, in particular, (i) it has a business strategy and the capacity to meet payment obligations consistent with a broader business model that involves material support from capital, assets, fees or other sources of income, by virtue of which it does not rely on the Series-Specific 2021-A Collateral, the Class RR Notes or any other interests retained or proposed to be retained in accordance with the EU/UK Risk Retention Requirements, or on any corresponding income from the Series-Specific 2021-A Collateral, the Class RR Notes or any such other retained interests, as its sole or predominant source of revenue, (ii) the members of its management body have the necessary experience to enable it to pursue its established business strategy, and (iii) it has adequate corporate governance arrangements; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) confirms that it will hold the Class RR Notes to the extent required under the EU/UK Risk Retention Requirements for so long as the Series 2021-A Notes remain Outstanding.

Notwithstanding anything to the contrary in this Series 2021-A Supplement, if (a) the Administrator does not constitute an "originator" or holds any of the Class RR Notes in a capacity other than as "originator", in each case for the purposes of the EU/UK Risk Retention Requirements, (b) the Administrator's holding of any of the Class RR Notes fails to satisfy the requirements to hold a net economic interest in the manner described in the EU/UK Risk Retention Requirements or any other requirement of the Securitisation Regulations, (c) the modality provided for in point (d) of Article 6(3) of the EU Securitisation Regulation and SECN 5.2.8R (1)(d) is not applied to retain a material net economic interest, (d) the Administrator operates for the sole purpose of securitizing exposures as more particularly described in its Annual Report on Form 10-K for the fiscal year end December 31, 2022, or (e) the Administrator does not hold the Class RR Notes to the extent required under the EU/UK Risk Retention Requirements so long as the Series 2021-A Notes remain Outstanding, then none of the events or conditions described in the preceding clauses <u>(a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u> or <u>(e)</u> shall result in any Amortization Event, Potential Amortization Event, event of default, potential event of default or similar consequence, however styled, defined or denominated; provided that the foregoing shall not relieve the Administrator of its obligation to comply with paragraphs <u>(a)</u> through <u>(e)</u> above.

**Section 6.05 <u>Further Assurances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2021-A Collateral on behalf of the Series 2021-A Noteholders as a perfected security interest subject to no prior Liens (other than Series 2021-A Permitted Liens) and to carry into effect the purposes of this Series 2021-A Supplement or the other Series 2021-A Related Documents or to better assure and confirm unto the Trustee or the Series 2021-A Noteholders their rights, powers and remedies hereunder, including, without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing. If HVF III fails to perform any of its agreements or obligations under this <u>Section 6.5(a)</u> (*Further Assurances*), the Trustee shall, at the direction of the Series 2021-A Required Noteholders, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee's demand therefor. The Trustee is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Series-Specific 2021-A Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in this Series 2021-A Supplement, if any amount payable under or in connection with any of the Series-Specific 2021-A Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HVF III shall warrant and defend the Trustee's right, title and interest in and to the Series-Specific 2021-A Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2021-A Noteholders, against the claims and demands of all Persons whomsoever.

**Article VII**

**AMORTIZATION EVENTS**

**Section 7.01 <u>Amortization Events</u>**. In addition to the Amortization Events set forth in Sections 9.1(a) through (o) (*Amortization Events*) of the Base Indenture, the following shall be Amortization Events with respect to the Series 2021-A Notes and shall constitute the Amortization Events set forth in Section 9.1(o) (*Amortization Events*) of the Base Indenture with respect to the Series 2021-A Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HVF III defaults in the payment of any interest on, or other amount (other than, for the avoidance of doubt, any Class B Controlled Distribution Amount) payable in respect of, the Series 2021-A Notes when the same becomes due and payable and such default continues for a period of three (3) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Series 2021-A Liquid Enhancement Deficiency shall exist and continue to exist for at least three (3) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all principal of and interest on the Series 2021-A Notes is not paid in full on or before the applicable Expected Final Payment Date; <u>provided that</u>, the Class RR Committed Note Purchaser may, in its sole and absolute discretion, waive any interest payments due to such Class RR Committed Note Purchaser on the Expected Final Payment Date and the failure to pay any such waived interest payments due to the Class RR Committed Note Purchaser on the Expected Final Payment Date shall be deemed not to be a Series 2021-A Amortization Event pursuant to this <u>Section 7.1(c)</u> (*Amortization Events*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Aggregate Asset Amount Deficiency exists and continues for a period of three (3) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there shall have been filed against HVF III (i) a notice of a federal tax lien from the Internal Revenue Service, (ii) a notice of a Lien from the Pension Benefit Guaranty Corporation under 430(k) of the Code or Section 303(k) of ERISA for a failure to make a required installment or other payment to a Plan to which either of such sections applies or (iii) a notice of any other Lien (other than a Series 2021-A Permitted Lien) that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days shall have elapsed without such notice having been effectively withdrawn or such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any of the Series 2021-A Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2021-A Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment or other action not prohibited by the Series 2021-A Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2021-A Account (other than the Series 2021-A Reserve Account and the Series 2021-A L/C Cash Collateral Account) shall be subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2021-A Permitted Lien) and thirty (30) consecutive days shall have elapsed without such Lien having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (A) the Series 2021-A Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2021-A Permitted Lien) for a period of at least three (3) consecutive Business Days or (B) other than any Lien described in clause (iii) of the definition of Series 2021-A Permitted Lien, the Trustee shall cease to have a valid and perfected first priority security interest in the Series 2021-A Reserve Account Collateral (or any of HVF III or any Affiliate thereof so asserts in writing) and, in each case, the Series 2021-A Adjusted Liquid Enhancement Amount, excluding therefrom the Series 2021-A Available Reserve Account Amount, would be less than the Series 2021-A Required Liquid Enhancement Amount and such cessation shall not have resulted from a Series 2021-A Permitted Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from and after the funding of the Series 2021-A L/C Cash Collateral Account, (A) the Series 2021-A L/C Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2021-A Permitted Lien) for a period of at least three (3) consecutive Business Days or (B) other than any Lien described in clause (iii) of the definition of Series 2021-A Permitted Lien, the Trustee shall cease to have a valid and perfected first priority security interest in the Series 2021-A L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof so asserts in writing) and, in each case, the Series 2021-A Adjusted Liquid Enhancement Amount, excluding therefrom the Series 2021-A Available L/C Cash Collateral Account Amount, would be less than the Series 2021-A Required Liquid Enhancement Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a Change of Control shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) HVF III shall fail to acquire and maintain in force one or more Series 2021-A Interest Rate Caps at the times and in at least the notional amounts required by the terms of <u>Section 4.4</u> (*Series 2021-A Interest Rate Caps*) and such failure continues for at least three (3) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) other than as a result of a Series 2021-A Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2021-A Collateral (other than the Series 2021-A Reserve Account Collateral, the Series 2021-A L/C Cash Collateral Account Collateral or any Series 2021-A Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the occurrence of a Hertz Senior Facility Default or a Hertz Senior Financial Covenant Breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) either of HVF III or the Administrator fails to comply with any of its other agreements or covenants in the Series 2021-A Notes or any Series 2021-A Related Document and the failure to so comply materially and adversely affects the interests of the Series 2021-A Noteholders and continues to materially and adversely affect the interests of the Series 2021-A Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Program Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (i) any representation made by HVF III in any Series 2021-A Related Document is false or (ii)(A) any representation made by the Administrator herein or (B) any schedule, certificate, financial statement, report, notice, or other writing furnished by or on behalf of the Administrator to any Funding Agent pursuant <u>Section 6.2(s)</u> (*Financial Statements and Other Reporting*), in the case of either the preceding clause (A) or (B), is false or misleading on the date as of which the facts therein set forth are stated or certified, and, in the case of either the preceding <u>clauses (i)</u> or <u>(ii)</u>, such falsity materially and adversely affects the interests of the Series 2021-A Noteholders and such falsity is not cured for a period of thirty (30) consecutive days after the earlier of (x) the date on which an Authorized Officer of HVF III or the Administrator, as the case may be, obtains actual knowledge thereof or (y) the date that written notice thereof is given to HVF III or the Administrator, as the case may be, by the Trustee or to HVF III or the Administrator, as the case may be, and to the Trustee by the Program Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (I) the Collateral Servicer shall fail to comply with its obligations under any Back-Up Disposition Agent Agreement and the failure to so comply materially and adversely affects the interests of the Series 2021-A Noteholders and continues to materially and adversely affect the interests of the Series 2021-A Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of the Administrator or HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Administrator and HVF III by the Trustee or to the Administrator, HVF III and the Trustee by the Program Agent or (II) any Back-Up Disposition Agent Agreement or any material portion thereof shall cease, for any reason, to be in full force and effect or enforceable (other than in accordance with its terms or otherwise as expressly permitted in such Back-Up Disposition Agent Agreement) for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III or the Administrator, as applicable, obtains actual knowledge thereof or (ii) the date on which written notice thereof shall have been given to HVF III and the Administrator by the Trustee or to HVF III, the Administrator and the Trustee by the Program Agent (unless such failure to be in full force and effect or failure to be enforceable is a result of a breach of such Back-Up Disposition Agent Agreement or any portion thereof by the Administrator, in its capacity as Servicer, in which case such thirty (30) day grace period shall not apply); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Administrator fails to comply with any of its other agreements or covenants in any Series 2021-A Related Document or any representation made by the Administrator in any Series 2021-A Related Document is false and the failure to so comply or such false representation, as the case may be, materially and adversely affects the interests of the Series 2021-A Noteholders and continues to materially and adversely affect the interests of the Series 2021-A Noteholders for a period of thirty (30) days after the earlier of (i) the date on which an Authorized Officer of the Administrator or the Administrator, as applicable, obtains actual knowledge thereof or (ii) the date on which written notice of such failure or such false representation, requiring the same to be remedied, shall have been given to the Administrator by the Trustee or to the Administrator and the Trustee by the Program Agent.

**Section 7.02 <u>Effects of Amortization Events</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any event described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*) or described in <u>Section 9.1(e)</u> (*Amortization Events*) of the Base Indenture, an Amortization Event with respect to the Series 2021-A Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2021-A Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any event described in <u>Sections 7.1(e)</u> through <u>(q)</u> (*Amortization Events*) or described in <u>Sections 9.1(f)</u>, <u>9.1(g)</u>, <u>9.1(k)</u> or <u>9.1(l)</u> (*Amortization Events*) of the Base Indenture, so long as such event is continuing, either the Trustee may, by written notice to HVF III, or the Required Controlling Class Series 2021-A Noteholders may, by written notice to HVF III and the Trustee, declare that an Amortization Event with respect to the Series 2021-A Notes has occurred as of the date of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) An Amortization Event with respect to the Series 2021-A Notes described in <u>Sections 7.1(a)</u> through <u>(d)</u> (*Amortization Events*) above may be waived solely with the written consent of Series 2021-A Noteholders holding 100% of the Series 2021-A Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An Amortization Event with respect to the Series 2021-A Notes described in <u>Section 7.1(n)</u> (*Amortization Events*) (solely with respect to any agreement, covenant or provision in the Series 2021-A Notes or any other Series 2021-A Related Document the amendment or modification of which requires the consent of Series 2021-A Noteholders holding more than 66⅔% of the Series 2021-A Principal Amount or that otherwise prohibits HVF III from taking any action without the consent of Series 2021-A Noteholders holding more than 66⅔% of the Series 2021-A Principal Amount) or <u>Section 7.1(p)</u> (*Amortization Events*) (solely with respect to any agreement, covenant or provision in the related Back-Up Disposition Agent Agreement the amendment or modification of which requires the consent of Series 2021-A Noteholders holding more than 66⅔% of the Series 2021-A Principal Amount or that otherwise prohibits HVF III from taking any action without the consent of Series 2021-A Noteholders holding more than 66⅔% of the Series 2021-A Principal Amount) may be waived solely with the written consent of the Required Unanimous Controlling Class Series 2021-A Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Amortization Event with respect to the Series 2021-A Notes described in <u>Sections 7.1(e)</u> through <u>(m)</u> and <u>(o)</u> (*Amortization Events*), <u>Section 7.1(n)</u> (*Amortization Events*) (other than with respect to any agreement, covenant or provision in the Series 2021-A Notes or any other Series 2021-A Related Document the amendment or modification of which requires the consent of Series 2021-A Noteholders holding more than 66⅔% of the Series 2021-A Principal Amount or that otherwise prohibits HVF III from taking any action without the consent of Series 2021-A Noteholders holding more than 66⅔ of the Series 2021-A Principal Amount), <u>Section 7.1(p)</u> (*Amortization Events*) (other than with respect to any agreement, covenant or provision in the related Back-Up Disposition Agent Agreement the amendment or modification of which requires the consent of Series 2021-A Noteholders holding more than 66⅔% of the Series 2021-A Principal Amount or that otherwise prohibits HVF III from taking any action without the consent of Series 2021-A Noteholders holding more than 66⅔% of the Series 2021-A Principal Amount) or <u>Section 7.1(q)</u> (*Amortization Events*) may be waived solely with the written consent of the Required Supermajority Controlling Class Series 2021-A Noteholders.

Notwithstanding anything herein to the contrary, and for the avoidance of doubt, an Amortization Event with respect to the Series 2021-A Notes described in any of <u>Section 7.1 (g)</u>, <u>(h)</u>, <u>(i)</u>, or <u>(l)</u> (*Amortization Events*) above shall be curable at any time.

**Article VIII**

**FORM OF SERIES 2021-A NOTES**

**Section 8.01 <u>Form of Series 2021-A Notes</u>**. For each Class A Investor Group requesting a definitive note, the Class A Notes shall be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-1 hereto, and shall be sold to the Class A Noteholders pursuant to and in accordance with the terms hereof and shall be duly executed by HVF III and authenticated by the Trustee in the manner set forth in Section 2.4 (*Execution and Authentication*) of the Base Indenture. For each Class B Investor Group requesting a definitive Class B Note, the Class B Notes shall be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-2 hereto, and shall be sold to the Class B Noteholders pursuant to and in accordance with the terms hereof and shall be duly executed by HVF III and authenticated by the Trustee in the manner set forth in Section 2.4 (*Execution and Authentication*) of the Base Indenture. For each Class C Investor Group requesting a definitive Class C Note, the Class C Notes shall be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-3 hereto, and shall be sold to the Class C Noteholders pursuant to and in accordance with the terms hereof and shall be duly executed by HVF III and authenticated by the Trustee in the manner set forth in Section 2.4 (*Execution and Authentication*) of the Base Indenture. The Class RR Notes (other than any Uncertificated Notes) shall be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-4 hereto, and shall be sold to the Class RR Noteholder pursuant to and in accordance with the terms hereof and shall be duly executed by HVF III and authenticated by the Trustee in the manner set forth in Section 2.4 *(Execution and Authentication*) of the Base Indenture.

The Trustee shall, or shall cause the Registrar to, record all Class A Advances and Class A Decreases such that the principal amount of the Class A Notes that are outstanding accurately reflects all such Class A Advances and Class A Decreases. The Trustee shall, or shall cause the Registrar to, record all Class B Advances and Class B Decreases such that the principal amount of the Class A Notes that are outstanding accurately reflects all such Class B Advances and Class B Decreases. The Trustee shall, or shall cause the Registrar to, record all Class C Advances and Class C Decreases such that the principal amount of the Class C Notes that are outstanding accurately reflects all such Class C Advances and Class C Decreases.

Each Series 2021-A Note (other than any Uncertificated Note) shall bear the following legend:

THIS [CLASS A/B/C/RR] SERIES 2021-A NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY STATE SECURITIES OR "BLUE SKY" LAWS. THE HOLDER HEREOF, BY ITS ACCEPTANCE HEREOF, AGREES FOR THE BENEFIT OF HVF III THAT SUCH [CLASS A/B/C/RR] SERIES 2021-A NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTION AND TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SERIES 2021-A NOTE ONLY (A) TO HVF III, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT OR (D) PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH SUCH CASE, IN COMPLIANCE WITH THE BASE INDENTURE,

THE SERIES 2021-A SUPPLEMENT AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY TRANSFER PURSUANT TO <u>CLAUSE (C)</u>, TO REQUIRE THE DELIVERY TO IT OF A PURCHASER'S LETTER IN THE FORM OF <u>EXHIBIT E-1/2/3</u> TO THE SERIES 2021-A SUPPLEMENT CERTIFYING, AMONG OTHER THINGS, THAT SUCH PURCHASER IS AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT AND SUBJECT TO THE RIGHT OF HVF III, PRIOR TO ANY TRANSFER PURSUANT TO <u>CLAUSE (D)</u>, TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

Each Class B/C Note shall bear the following legend:

A PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>INTERNAL REVENUE CODE</u>"), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED IN SUBSECTIONS (A) THROUGH (C), "<u>BENEFIT PLANS</u>"), AND IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("<u>SIMILAR LAW</u>") OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN, ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE A NON-EXEMPT VIOLATION OF ANY APPLICABLE SIMILAR LAW.

The required legends set forth above shall not be removed from the Series 2021-A Notes except as provided herein.

The Series 2021-A Notes may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Series 2021-A Notes, as evidenced by their execution of the Series 2021-A Notes. The Series 2021-A Notes may be produced in any manner, all as determined by the officers executing such Series 2021-A Notes, as evidenced by their execution of such Series 2021-A Notes.

**Section 8.02 <u>Uncertificated Notes</u>**. If requested by the applicable Noteholder, the Series 2021-A Notes shall be issued in the form of Uncertificated Notes. With respect to any Uncertificated Note, the Trustee shall provide to the beneficial owner promptly after registration of the Uncertificated Note in the Note Register by the Registrar a Confirmation of Registration, the form of which shall be set forth in <u>Exhibit P</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Uncertificated Notes registered in the name of a Person shall be considered "held" by such Person for all purposes of this Series 2021-A Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any Uncertificated Note, (a) references herein to authentication and delivery of a Series 2021-A Note shall be deemed to refer to creation of an entry for such Series 2021-A Note in the Note Register and registration of such Series 2021-A Note in the name of the owner, (b) references herein to cancellation of a Series 2021-A Note shall be deemed to refer to deregistration of such Series 2021-A Note and (c) references herein to the date of authentication of a Series 2021-A Note shall refer to the date of registration of such Series 2021-A Note in the Note Register in the name of the owner thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to execution of Series 2021-A Notes by HVF III, to surrender of the Series 2021-A Notes and to presentment of the Series 2021-A Notes shall be deemed not to refer to Uncertificated Notes; provided that the provisions of <u>Section 9.1</u> (*Transfers of Series 2021-A Notes*) relating to surrender of the Series 2021-A Notes shall apply equally to deregistration of Uncertificated Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the avoidance of doubt, no Confirmation of Registration shall be required to be surrendered (x) in connection with a transfer of the related Uncertificated Note or (y) in connection with the final payment of the related Uncertificated Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Note Register shall be conclusive evidence of the ownership of an Uncertificated Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each of the Series 2021-A Notes in the form of a definitive note may also be exchanged in its entirety for an Uncertificated Note and, upon complete exchange thereof, such Series 2021-A Notes shall be cancelled and deregistered by the Registrar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) each of the Uncertificated Notes may be exchanged in its entirety for a Series 2021-A Note in the form of a definitive note and, upon complete exchange thereof, such Uncertificated Note shall be deregistered by the Registrar and the Series 2021-A Note (in the form of a definitive note) received in such exchange shall be registered in the Note Register by the Registrar.

**Article IX**

**TRANSFERS, REPLACEMENTS AND ASSIGNMENTS**

**Section 9.01 <u>Transfer of Series 2021-A Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than in accordance with this <u>Article IX</u> (*Transfers, Replacements and Assignments*), the Series 2021-A Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the Series 2021-A Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and restrictions set forth in the Base Indenture and this Series 2021-A Supplement (including, without limitation, <u>Section 9.3</u> (*Assignments*)), the holder of any Class A Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination, by surrendering (or deregistering, in the case of the Uncertificated Notes) such Class A Note at the office maintained by the Registrar for such purpose pursuant to Section 2.5 (*Registrar and Paying Agent*) of the Base Indenture, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to HVF III and the Registrar by, the holder thereof and accompanied by a certificate substantially in the form of <u>Exhibit E-1</u> hereto; <u>provided</u>, that if the holder of any Class A Note transfers, in whole or in part, its interest in any Class A Note pursuant to (i) a Class A Assignment and Assumption Agreement substantially in the form of <u>Exhibit G-1</u> hereto or (ii) a Class A Investor Group Supplement substantially in the form of <u>Exhibit H-1</u> hereto, then such Class A Noteholder will not be required to submit a certificate substantially in the form of <u>Exhibit E-1</u> hereto upon transfer of its interest in such Class A Note; <u>provided further that</u>, notwithstanding anything to the contrary contained in this Series 2021-A Supplement, no Class A Note shall be transferrable to any Disqualified Party without the prior written consent of an Authorized Officer of HVF III, which consent may be withheld for any reason in HVF III's sole and absolute discretion. In exchange for any Class A Note properly presented for transfer, HVF III shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Class A Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Class A Note in part, HVF III shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Class A Notes for the aggregate principal amount that was not transferred. No transfer of any Class A Note shall be made unless the request for such transfer is made by the Class A Noteholder at such office. In the case of a transfer to a Series 2021-A Noteholder electing to take such Series 2021-A Note in the form of an Uncertificated Note, the Trustee shall deliver a Confirmation of Registration to the transferee. Neither HVF III nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of transferred Class A Notes, the Trustee shall recognize the Holders of such Class A Note as Class A Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms and restrictions set forth in the Base Indenture and this Series 2021-A Supplement (including, without limitation, <u>Section 9.3</u> (*Assignments*)), the holder of any Class B Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination, by surrendering (or deregistering, in the case of the Uncertificated Notes) such Class B Note at the office maintained by the Registrar for such purpose pursuant to Section 2.5 (*Registrar and Paying Agent*) of the Base Indenture, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to HVF III and the Registrar by, the holder thereof and accompanied by a certificate substantially in the form of <u>Exhibit E-2</u> hereto; <u>provided</u>, that if the holder of any Class B Note transfers, in whole or in part, its interest in any Class B Note pursuant to (i) a Class B Assignment and Assumption Agreement substantially in the form of <u>Exhibit G-2</u> hereto or (ii) a Class B Investor Group Supplement substantially in the form of <u>Exhibit H-2</u> hereto, then such Class B Noteholder will not be required to submit a certificate substantially in the form of <u>Exhibit E-2</u> hereto upon transfer of its interest in such Class B Note; <u>provided further that</u>, notwithstanding anything to the contrary contained in this Series 2021-A Supplement, no Class B Note shall be transferrable to any Disqualified Party without the prior written consent of an Authorized Officer of HVF III, which consent may be withheld for any reason in HVF III's sole and absolute discretion. In exchange for any Class B Note properly presented for transfer, HVF III shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Class B Notes for the same aggregate principal amount as was transferred. In the case of a transfer to a Series 2021-A Noteholder electing to take such Series 2021-A Note in the form of an Uncertificated Note, the Trustee shall deliver a Confirmation of Registration to the transferee. In the case of the transfer of any Class B Note in part, HVF III shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Class B Notes for the aggregate principal amount that was not transferred. No transfer of any Class B Note shall be made unless the request for such transfer is made by the Class B Noteholder at such office. Neither HVF III nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of transferred Class B Notes, the Trustee shall recognize the Holders of such Class B Note as Class B Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The transfer by the holder of a beneficial interest in a Class B Note to another Person shall be made upon the representation of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that such transferee is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan" (as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class B Notes or any interest therein will not constitute a violation of any applicable Similar Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the terms and restrictions set forth in the Base Indenture and this Series 2021-A Supplement (including, without limitation, <u>Section 9.3</u> (*Assignments*)), the holder of any Class C Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination, by surrendering (or deregistering, in the case of the Uncertificated Notes) such Class C Note at the office maintained by the Registrar for such purpose pursuant to Section 2.5 (*Registrar and Paying Agent*) of the Base Indenture, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to HVF III and the Registrar by, the holder thereof and accompanied by a certificate substantially in the form of <u>Exhibit E-3</u> hereto; <u>provided</u>, that if the holder of any Class C Note transfers, in whole or in part, its interest in any Class C Note pursuant to (i) a Class C Assignment and Assumption Agreement substantially in the form of <u>Exhibit G-3</u> hereto or (ii) a Class C Investor Group Supplement substantially in the form of <u>Exhibit H-3</u> hereto, then such Class C Noteholder will not be required to submit a certificate substantially in the form of <u>Exhibit E-3</u> hereto upon transfer of its interest in such Class C Note; <u>provided further that</u>, notwithstanding anything to the contrary contained in this Series 2021-A Supplement, no Class C Note shall be transferrable to any Disqualified Party without the prior written consent of an Authorized Officer of HVF III, which consent may be withheld for any reason in HVF III's sole and absolute discretion. In exchange for any Class C Note properly presented for transfer, HVF III shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Class C Notes for the same aggregate principal amount as was transferred. In the case of a transfer to a Series 2021-A Noteholder electing to take such Series 2021-A Note in the form of an Uncertificated Note, the Trustee shall deliver a Confirmation of Registration to the transferee. In the case of the transfer of any Class C Note in part, HVF III shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Class C Notes for the aggregate principal amount that was not transferred. No transfer of any Class C Note shall be made unless the request for such transfer is made by the Class C Noteholder at such office. Neither HVF III nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of transferred Class C Notes, the Trustee shall recognize the Holders of such Class C Note as Class C Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The transfer by the holder of a beneficial interest in a Class C Note to another Person or the acquisition by any Person of a beneficial interest in a Class C Note upon the initial issuance of any Class C Notes shall be made upon the representation of the transferee or such acquirer (and, for the avoidance of doubt, each such transferee or acquirer shall be deemed to represent) that such transferee or acquirer is not and is not acting on behalf of, or using the assets of (A) an "employee benefit plan" (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a "plan" (as defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, (C) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA), and if it is a governmental, church, non-U.S. or other plan that is subject to any Similar Law or an entity whose underlying assets include assets of any such plan, its acquisition and holding of such Class C Notes or any interest therein will not constitute a violation of any applicable Similar Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the terms and restrictions set forth in the Base Indenture and this Series 2021-A Supplement (including, without limitation, <u>Section 9.3</u> (*Assignments*)) and subject to compliance with EU Risk Retention Requirements and UK Risk Retention Requirements, the holder of any Class RR Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination, by surrendering (or deregistering, in the case of the Uncertificated Notes) such Class RR Note at the office maintained by the Registrar for such purpose pursuant to Section 2.5 (*Registrar and Paying Agent*) of the Base Indenture, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to HVF III and the Registrar by, the holder thereof and accompanied by a certificate substantially in the form of <u>Exhibit E-4</u> hereto; <u>provided</u>, that if the holder of any Class RR Note transfers, in whole or in part, its interest in any Class RR Note pursuant to a Class RR Assignment and Assumption Agreement substantially in the form of <u>Exhibit G-4</u> hereto, then such Class RR Noteholder will not be required to submit a certificate substantially in the form of <u>Exhibit E-4</u> hereto upon transfer of its interest in such Class RR Note; <u>provided further that</u>, notwithstanding anything to the contrary contained in this Series 2021-A Supplement, no Class RR Note shall be transferrable to any Disqualified Party without the prior written consent of an Authorized Officer of HVF III, which consent may be withheld for any reason in HVF III's sole and absolute discretion. In exchange for any Class RR Note properly presented for transfer, HVF III shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Class RR Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Class RR Note in part, HVF III shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Class RR Notes for the aggregate principal amount that was not transferred. In the case of a transfer to a Series 2021-A Noteholder electing to take such Series 2021-A Note in the form of an Uncertificated Note, the Trustee shall deliver a Confirmation of Registration to the transferee. No transfer of any Class RR Note shall be made unless the request for such transfer is made by the Class RR Noteholder at such office. Neither HVF III nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of transferred Class RR Notes, the Trustee shall recognize the Holders of such Class RR Note as Class RR Noteholders.

**Section 9.02 <u>Replacement of Investor Group</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Replacement of Class A Investor Group</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein or in any other Series 2021-A Related Document, in the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Affected Person shall request reimbursement for amounts owing pursuant to any Specified Cost Section,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Class A Committed Note Purchaser shall become a Class A Defaulting Committed Note Purchaser, and such Class A Defaulting Committed Note Purchaser shall fail to pay any amounts in accordance with <u>Section 2.2(a)(vii)</u> (*Class A Funding Defaults*) within five (5) Business Days after demand from the applicable Class A Funding Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Class A Committed Note Purchaser or Class A Conduit Investor shall (I) become a Non-Extending Purchaser or (II) deliver a Class A Delayed Funding Notice or a Class A Second Delayed Funding Notice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) as of any date of determination (I) the rolling average Class A CP Rate applicable to the Class A CP Tranche attributable to any Class A Conduit Investor for any three (3) month period is equal to or greater than the greater of (x) the Class A CP Rate applicable to such Class A CP Tranche attributable to such Class A Conduit Investor at the start of such period plus 0.50% and (y) the product of (a) the Class A CP Rate applicable to such Class A CP Tranche attributable to such Class A Conduit Investor at the start of such period and (b) 125%, (II) any portion of the Class A Investor Group Principal Amount with respect to such Class A Conduit Investor is being continued or maintained as a Class A CP Tranche as of such date and (III) the circumstance described in <u>clause (I)</u> does not apply to more than two Class A Conduit Investors as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Class A Committed Note Purchaser or Class A Conduit Investor fails to give its consent to any amendment, modification, termination or waiver of any Series 2021-A Related Document (a "<u>Class A Action</u>"), by the date specified by HVF III, for which (I) at least half of the percentage of the Class A Committed Note Purchasers and the Class A Conduit Investors required for such Class A Action have consented to such Class A Action, and (II) the percentage of the Class A Committed Note Purchasers and the Class A Conduit Investors required for such Class A Action have not consented to such Class A Action or provided written notice that they intend to consent (each, a "<u>Class A Non-Consenting Purchaser</u>"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Committed Note Purchaser shall request any information pursuant to <u>Section 6.4(a)(ii)(C)</u> (*European Union Securitisation Risk Retention and United Kingdom Securitisation Risk Retention Representations and Undertaking*), (I) that is not readily available to the Administrator and cannot otherwise be provided without undue burden or expense and (II) the Administrator has promptly notified the applicable Committed Note Purchaser in writing that the circumstances in the foregoing <u>clause (I)</u> apply and the applicable Committed Note Purchaser has not withdrawn such request for information (each such Class A Committed Note Purchaser or Conduit Investor described in <u>clauses (A)</u> through <u>(F)</u>, a "<u>Class A Potential Terminated Purchaser</u>"),

HVF III shall be permitted, upon no less than seven (7) days' notice to the Program Agent, a Class A Potential Terminated Purchaser and its related Class A Funding Agent, to (x)(1) elect to terminate the Class A Commitment, if any, of such Class A Potential Terminated Purchaser on the date specified in such termination notice, and (2) prepay on the date of such termination such Class A Potential Terminated Purchaser's portion of the Class A Investor Group Principal Amount for such Class A Potential Terminated Purchaser's Class A Investor Group and all accrued and unpaid interest thereon, if any, or (y) elect to cause such Class A Potential Terminated Purchaser to (and the Class A Potential Terminated Purchaser must) assign its Class A Commitment to a replacement purchaser who may be an existing Class A Conduit Investor, Class A Committed Note Purchaser, Class A Program Support Provider or other Class A Noteholder (each, a "<u>Class A Replacement Purchaser</u>" and, any such Class A Potential Terminated Purchaser with respect to which HVF III has made any such election, a "<u>Class A Terminated Purchaser</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not make an election described in <u>Section 9.2(a)(i)</u> (*Replacement of Class A Investor Group*) unless (A) no Amortization Event or Potential Amortization Event with respect to Class A Notes shall have occurred and be continuing at the time of such election (unless such Amortization Event or Potential Amortization Event would no longer be continuing after giving effect to such election), (B) in respect of an election described in <u>clause (y)</u> of the final paragraph of <u>Section 9.2(a)(i)</u> (*Replacement of Class A Investor Group*) only, on or prior to the effectiveness of the applicable assignment, the Class A Terminated Purchaser shall have been paid its portion of the Class A Investor Group Principal Amount for such Class A Terminated Purchaser's Class A Investor Group and all accrued and unpaid interest thereon, if any, by or on behalf of HVF III or the related Class A Replacement Purchaser, (C) in the event that the Class A Terminated Purchaser is a Non-Extending Purchaser, the Class A Replacement Purchaser, if any, shall have agreed to the applicable extension of the Class A Commitment Termination Date and (D) in the event that the Class A Terminated Purchaser is a Class A Non-Consenting Purchaser, the Class A Replacement Purchaser, if any, shall have consented to the applicable amendment, modification, termination or waiver. Each Class A Terminated Purchaser hereby agrees to take all actions reasonably necessary, at the expense of HVF III, to permit a Class A Replacement Purchaser to succeed to its rights and obligations hereunder. Notwithstanding the foregoing, the consent of each then-current member of an existing Class A Investor Group (other than any Class A Terminated Purchaser in such Class A Investor Group) shall be required in order for a Class A Replacement Purchaser to join any such Class A Investor Group. Upon the effectiveness of any such assignment to a Class A Replacement Purchaser, (A) such Class A Replacement Purchaser shall become a "Class A Committed Note Purchaser" or "Class A Conduit Investor", as applicable, hereunder for all purposes of this Series 2021-A Supplement and the other Series 2021-A Related Documents, (B) such Class A Replacement Purchaser shall have a Class A Commitment and a Class A Committed Note Purchaser Percentage in an amount not less than the Class A Terminated Purchaser's Class A Commitment and Class A Committed Note Purchaser Percentage assumed by it, (C) the Class A Commitment of the Class A Terminated Purchaser shall be terminated in all respects and the Class A Committed Note Purchaser Percentage of such Class A Terminated Purchaser shall become zero and (D) the Program Agent shall revise <u>Schedule II</u> hereto to reflect the immediately preceding <u>clauses (A)</u> through <u>(C)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Replacement of Class B Investor Group</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein or in any other Series 2021-A Related Document, in the event that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Affected Person shall request reimbursement for amounts owing pursuant to any Specified Cost Section,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Class B Committed Note Purchaser shall become a Class B Defaulting Committed Note Purchaser, and such Class B Defaulting Committed Note Purchaser shall fail to pay any amounts in accordance with <u>Section 2.2(b)(vi)</u> (*Class B Funding Defaults*) within five (5) Business Days after demand from the applicable Class B Funding Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Class B Committed Note Purchaser or Class B Conduit Investor shall become a Non-Extending Purchaser,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) as of any date of determination (I) the rolling average Class B CP Rate applicable to the Class B CP Tranche attributable to any Class B Conduit Investor for any three (3) month period is equal to or greater than the greater of (x) the Class B CP Rate applicable to such Class B CP Tranche attributable to such Class B Conduit Investor at the start of such period plus 0.50% and (y) the product of (a) the Class B CP Rate applicable to such Class B CP Tranche attributable to such Class B Conduit Investor at the start of such period and (b) 125%, (II) any portion of the Class B Investor Group Principal Amount with respect to such Class B Conduit Investor is being continued or maintained as a Class B CP Tranche as of such date and (III) the circumstance described in <u>clause (I)</u> does not apply to more than two Class B Conduit Investors as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Class B Committed Note Purchaser or Class B Conduit Investor fails to give its consent to any amendment, modification, termination or waiver of any Series 2021-A Related Document (a "<u>Class B Action</u>"), by the date specified by HVF III, for which (I) at least half of the percentage of the Class B Committed Note Purchasers and the Class B Conduit Investors required for such Class B Action have consented to such Class B Action, and (II) the percentage of the Class B Committed Note Purchasers and the Class B Conduit Investors required for such Class B Action have not consented to such Class B Action or provided written notice that they intend to consent (each, a "<u>Class B Non-Consenting Purchaser</u>"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Committed Note Purchaser shall request any information pursuant to <u>Section 6.4(a)(ii)(C)</u> (*European Union Securitisation Risk Retention and United Kingdom Securitisation Risk Retention Representations and Undertaking*), (I) that is not readily available to the Administrator and cannot otherwise be provided without undue burden or expense and (II) the Administrator has promptly notified the applicable Committed Note Purchaser in writing that the circumstances in the foregoing <u>clause (I)</u> apply and the applicable Committed Note Purchaser has not withdrawn such request for information (each such Class B Committed Note Purchaser or Conduit Investor described in <u>clauses (A)</u> through <u>(F)</u>, a "<u>Class B Potential Terminated Purchaser</u>"),

HVF III shall be permitted, upon no less than seven (7) days' notice to the Program Agent, a Class B Potential Terminated Purchaser and its related Class B Funding Agent, to (x)(1) elect to terminate the Class B Commitment, if any, of such Class B Potential Terminated Purchaser on the date specified in such termination notice, and (2) prepay on the date of such termination such Class B Potential Terminated Purchaser's portion of the Class B Investor Group Principal Amount for such Class B Potential Terminated Purchaser's Class B Investor Group and all accrued and unpaid interest thereon, if any, or (y) elect to cause such Class B Potential Terminated Purchaser to (and the Class B Potential Terminated Purchaser must) assign its Class B Commitment to a replacement purchaser who may be an existing Class B Conduit Investor, Class B Committed Note Purchaser, Class B Program Support Provider or other Class B Noteholder (each, a "<u>Class B Replacement Purchaser</u>" and, any such Class B Potential Terminated Purchaser with respect to which HVF III has made any such election, a "<u>Class B Terminated Purchaser</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not make an election described in <u>Section 9.2(b)(i)</u> (*Replacement of Class B Investor Group*) unless (A) no Amortization Event or Potential Amortization Event with respect to Class B Notes shall have occurred and be continuing at the time of such election (unless such Amortization Event or Potential Amortization Event would no longer be continuing after giving effect to such election), (B) in respect of an election described in <u>clause (y)</u> of the final paragraph of <u>Section 9.2(b)(i)</u> (*Replacement of Class B Investor Group*) only, on or prior to the effectiveness of the applicable assignment, the Class B Terminated Purchaser shall have been paid its portion of the Class B Investor Group Principal Amount for such Class B Terminated Purchaser's Class B Investor Group and all accrued and unpaid interest thereon, if any, by or on behalf of HVF III or the related Class B Replacement Purchaser, (C) in the event that the Class B Terminated Purchaser is a Non-Extending Purchaser, the Class B Replacement Purchaser, if any, shall have agreed to the applicable extension of the Class B Commitment Termination Date and (D) in the event that the Class B Terminated Purchaser is a Class B Non-Consenting Purchaser, the Class B Replacement Purchaser, if any, shall have consented to the applicable amendment, modification, termination or waiver. Each Class B Terminated Purchaser hereby agrees to take all actions reasonably necessary, at the expense of HVF III, to permit a Class B Replacement Purchaser to succeed to its rights and obligations hereunder. Notwithstanding the foregoing, the consent of each then-current member of an existing Class B Investor Group (other than any Class B Terminated Purchaser in such Class B Investor Group) shall be required in order for a Class B Replacement Purchaser to join any such Class B Investor Group. Upon the effectiveness of any such assignment to a Class B Replacement Purchaser, (A) such Class B Replacement Purchaser shall become a "Class B Committed Note Purchaser" or "Class B Conduit Investor", as applicable, hereunder for all purposes of this Series 2021-A Supplement and the other Series 2021-A Related Documents, (B) such Class B Replacement Purchaser shall have a Class B Commitment and a Class B Committed Note Purchaser Percentage in an amount not less than the Class B Terminated Purchaser's Class B Commitment and Class B Committed Note Purchaser Percentage assumed by it, (C) the Class B Commitment of the Class B Terminated Purchaser shall be terminated in all respects and the Class B Committed Note Purchaser Percentage of such Class B Terminated Purchaser shall become zero and (D) the Program Agent shall revise <u>Schedule IV</u> hereto to reflect the immediately preceding <u>clauses (A)</u> through <u>(C)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Replacement of Class C Investor Group</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein or in any other Series 2021-A Related Document, in the event that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Affected Person shall request reimbursement for amounts owing pursuant to any Specified Cost Section,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Class C Committed Note Purchaser shall become a Class C Defaulting Committed Note Purchaser, and such Class C Defaulting Committed Note Purchaser shall fail to pay any amounts in accordance with <u>Section 2.2(c)(vi)</u> (*Class C Funding Defaults*) within five (5) Business Days after demand from the applicable Class C Funding Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Class C Committed Note Purchaser or Class C Conduit Investor shall become a Non-Extending Purchaser,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) as of any date of determination (I) the rolling average Class C CP Rate applicable to the Class C CP Tranche attributable to any Class C Conduit Investor for any three (3) month period is equal to or greater than the greater of (x) the Class C CP Rate applicable to such Class C CP Tranche attributable to such Class C Conduit Investor at the start of such period plus 0.50% and (y) the product of (a) the Class C CP Rate applicable to such Class C CP Tranche attributable to such Class C Conduit Investor at the start of such period and (b) 125%, (II) any portion of the Class C Investor Group Principal Amount with respect to such Class C Conduit Investor is being continued or maintained as a Class C CP Tranche as of such date and (III) the circumstance described in <u>clause (I)</u> does not apply to more than two Class C Conduit Investors as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Class C Committed Note Purchaser or Class C Conduit Investor fails to give its consent to any amendment, modification, termination or waiver of any Series 2021-A Related Document (a "<u>Class C Action</u>"), by the date specified by HVF III, for which (I) at least half of the percentage of the Class C Committed Note Purchasers and the Class C Conduit Investors required for such Class C Action have consented to such Class C Action, and (II) the percentage of the Class C Committed Note Purchasers and the Class C Conduit Investors required for such Class C Action have not consented to such Class C Action or provided written notice that they intend to consent (each, a "<u>Class C Non-Consenting Purchaser</u>"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Committed Note Purchaser shall request any information pursuant to <u>Section 6.4(a)(ii)(C)</u> (*European Union Securitisation Risk Retention and United Kingdom Securitisation Risk Retention Representations and Undertaking*), (I) that is not readily available to the Administrator and cannot otherwise be provided without undue burden or expense and (II) the Administrator has promptly notified the applicable Committed Note Purchaser in writing that the circumstances in the foregoing <u>clause (I)</u> apply and the applicable Committed Note Purchaser has not withdrawn such request for information (each such Class C Committed Note Purchaser or Conduit Investor described in <u>clauses (A)</u> through <u>(F)</u>, a "<u>Class C Potential Terminated Purchaser</u>"),

HVF III shall be permitted, upon no less than seven (7) days' notice to the Program Agent, a Class C Potential Terminated Purchaser and its related Class C Funding Agent, to (x)(1) elect to terminate the Class C Commitment, if any, of such Class C Potential Terminated Purchaser on the date specified in such termination notice, and (2) prepay on the date of such termination such Class C Potential Terminated Purchaser's portion of the Class C Investor Group Principal Amount for such Class C Potential Terminated Purchaser's Class C Investor Group and all accrued and unpaid interest thereon, if any, or (y) elect to cause such Class C Potential Terminated Purchaser to (and the Class C Potential Terminated Purchaser must) assign its Class C Commitment to a replacement purchaser who may be an existing Class C Committed Note Purchaser, Class C Conduit Investor, Class C Program Support Provider, or other Class C Noteholder (each, a "<u>Class C Replacement Purchaser</u>" and, any such Class C Potential Terminated Purchaser with respect to which HVF III has made any such election, a "<u>Class C Terminated Purchaser</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III shall not make an election described in <u>Section 9.2(c)(i)</u> (*Replacement of Class C Investor Group*) unless (A) no Amortization Event or Potential Amortization Event with respect to Class C Notes shall have occurred and be continuing at the time of such election (unless such Amortization Event or Potential Amortization Event would no longer be continuing after giving effect to such election), (B) in respect of an election described in <u>clause (y)</u> of the final paragraph of <u>Section 9.2(c)(i)</u> (*Replacement of Class C Investor Group*) only, on or prior to the effectiveness of the applicable assignment, the Class C Terminated Purchaser shall have been paid its portion of the Class C Investor Group Principal Amount for such Class C Terminated Purchaser's Class C Investor Group and all accrued and unpaid interest thereon, if any, by or on behalf of HVF III or the related Class C Replacement Purchaser, (C) in the event that the Class C Terminated Purchaser is a Non-Extending Purchaser, the Class C Replacement Purchaser, if any, shall have agreed to the applicable extension of the Class C Commitment Termination Date and (D) in the event that the Class C Terminated Purchaser is a Class C Non-Consenting Purchaser, the Class C Replacement Purchaser, if any, shall have consented to the applicable amendment, modification, termination or waiver. Each Class C Terminated Purchaser hereby agrees to take all actions reasonably necessary, at the expense of HVF III, to permit a Class C Replacement Purchaser to succeed to its rights and obligations hereunder. Notwithstanding the foregoing, the consent of each then-current member of an existing Class C Investor Group (other than any Class C Terminated Purchaser in such Class C Investor Group) shall be required in order for a Class C Replacement Purchaser to join any such Class C Investor Group. Upon the effectiveness of any such assignment to a Class C Replacement Purchaser, (A) such Class C Replacement Purchaser shall become a "Class C Committed Note Purchaser" or "Class C Conduit Investor", as applicable, hereunder for all purposes of this Series 2021-A Supplement and the other Series 2021-A Related Documents, (B) such Class C Replacement Purchaser shall have a Class C Commitment and a Class C Committed Note Purchaser Percentage in an amount not less than the Class C Terminated Purchaser's Class C Commitment and Class C Committed Note Purchaser Percentage assumed by it, (C) the Class C Commitment of the Class C Terminated Purchaser shall be terminated in all respects and the Class C Committed Note Purchaser Percentage of such Class C Terminated Purchaser shall become zero and (D) the Program Agent shall revise <u>Schedule V</u> hereto to reflect the immediately preceding <u>clauses (A)</u> through <u>(C)</u>.

**Section 9.03 <u>Assignments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Class A Committed Note Purchaser may at any time sell all or any part of its rights and obligations under this Series 2021-A Supplement and the Class A Notes, with the prior written consent of HVF III, which consent shall not be unreasonably withheld, to one or more financial institutions (a "<u>Class A Acquiring Committed Note Purchaser</u>") pursuant to an assignment and assumption agreement, substantially in the form of <u>Exhibit G-1</u> (the "<u>Class A Assignment and Assumption Agreement</u>"), executed by such Class A Acquiring Committed Note Purchaser, such assigning Class A Committed Note Purchaser, the Class A Funding Agent with respect to such Class A Committed Note Purchaser and HVF III and delivered to the Program Agent; <u>provided that</u>, the consent of HVF III to any such assignment shall not be required (A) after the occurrence and during the continuance of an Amortization Event with respect to the Series 2021-A Notes, (B) if such Class A Acquiring Committed Note Purchaser is an Affiliate of such assigning Class A Committed Note Purchaser or (C) in the event that the Administrator at any time fails to satisfy any of its risk retention undertakings contained in Section 6.4 of this Indenture or if any of the representations, warranties or covenants contained in Section 6.4 of this Indenture fail to be true or are not satisfied (unless stated to relate solely to a specific date, in which case such representations, warranties and covenants shall only be required to be true or satisfied, as applicable, as of such specific date); <u>provided further</u>, that HVF III may withhold its consent in its sole and absolute discretion (and such withholding shall be deemed reasonable) to an assignment to a potential Class A Acquiring Committed Note Purchaser that is a Disqualified Party. An assignment by a Class A Committed Note Purchaser that is part of a Class A Investor Group that includes a Class A Conduit Investor to a Class A Investor Group that does not include a Class A Conduit Investor may be made pursuant to this <u>Section 9.3(a)(i)</u> (*Class A Assignments*); <u>provided that</u>, immediately prior to such assignment each Class A Conduit Investor that is part of the assigning Class A Investor Group shall be deemed to have assigned all of its rights and obligations in the Class A Notes (and its rights and obligations hereunder and under each other Series 2021-A Related Document) in respect of such assigned interest to its related Class A Committed Note Purchaser pursuant to <u>Section 9.3(a)(vii)</u> (*Class A Assignments*). Notwithstanding anything to the contrary herein, any assignment by a Class A Committed Note Purchaser to a different Class A Investor Group that includes a Class A Conduit Investor shall be made pursuant to <u>Section 9.3(a)(iii)</u> (*Class A Assignments*), and not this <u>Section 9.3(a)(i)</u> (*Class A Assignments*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting <u>Section 9.3(a)(i)</u> (*Class A Assignments*), each Class A Conduit Investor may assign all or a portion of the Class A Investor Group Principal Amount with respect to such Class A Conduit Investor and its rights and obligations under this Series 2021-A Supplement and each other Series 2021-A Related Document to which it is a party (or otherwise to which it has rights) to a Class A Conduit Assignee with respect to such Class A Conduit Investor without the prior written consent of HVF III. Upon such assignment by a Class A Conduit Investor to a Class A Conduit Assignee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) such Class A Conduit Assignee shall be the owner of the Class A Investor Group Principal Amount or such portion thereof with respect to such Class A Conduit Investor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the related administrative or managing agent for such Class A Conduit Assignee will act as the Class A Funding Agent for such Class A Conduit Assignee hereunder, with all corresponding rights and powers, express or implied, granted to the Class A Funding Agent hereunder or under each other Series 2021-A Related Document,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) such Class A Conduit Assignee and its liquidity support provider(s) and credit support provider(s) and other related parties, in each case relating to the Class A Commercial Paper and/or the Class A Notes, shall have the benefit of all the rights and protections provided to such Class A Conduit Investor herein and in each other Series 2021-A Related Document (including any limitation on recourse against such Class A Conduit Assignee as provided in this paragraph),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) such Class A Conduit Assignee shall assume all of such Class A Conduit Investor's obligations, if any, hereunder and under each other Series 2021-A Related Document with respect to such portion of the Class A Investor Group Principal Amount and such Class A Conduit Investor shall be released from such obligations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) all distributions in respect of the Class A Investor Group Principal Amount or such portion thereof with respect to such Class A Conduit Investor shall be made to the applicable Class A Funding Agent on behalf of such Class A Conduit Assignee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the definition of the term "Class A CP Rate" with respect to the portion of the Class A Investor Group Principal Amount with respect to such Class A Conduit Investor, as applicable funded with commercial paper issued by such Class A Conduit Assignee from time to time shall be determined in the manner set forth in the definition of "Class A CP Rate" applicable to such Class A Conduit Assignee on the basis of the interest rate or discount applicable to commercial paper issued by such Class A Conduit Assignee (rather than any other Class A Conduit Investor),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) the defined terms and other terms and provisions of this Series 2021-A Supplement and each other Series 2021-A Related Documents shall be interpreted in accordance with the foregoing, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) if reasonably requested by the Class A Funding Agent with respect to such Class A Conduit Assignee, the parties will execute and deliver such further agreements and documents and take such other actions as the Class A Funding Agent may reasonably request to evidence and give effect to the foregoing.

No assignment by any Class A Conduit Investor to a Class A Conduit Assignee of all or any portion of the Class A Investor Group Principal Amount with respect to such Class A Conduit Investor shall in any way diminish the obligation of the Class A Committed Note Purchasers in the same Class A Investor Group as such Class A Conduit Investor under <u>Section 2.2</u> (*Advances*) to fund any Class A Advance not funded by such Class A Conduit Investor or such Class A Conduit Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Class A Conduit Investor and the Class A Committed Note Purchaser with respect to such Class A Conduit Investor (or, with respect to any Class A Investor Group without a Class A Conduit Investor, the related Class A Committed Note Purchaser) at any time may sell all or any part of their respective (or, with respect to a Class A Investor Group without a Class A Conduit Investor, its) rights and obligations under this Series 2021-A Supplement and the Class A Notes, with the prior written consent of HVF III, which consent shall not be unreasonably withheld, to a Class A Investor Group with respect to which each acquiring Class A Conduit Investor is a multi-seller commercial paper conduit, whose commercial paper has ratings of at least "A-2" from S&P and "Prime-2" from Moody's and that includes one or more financial institutions providing support to such multi-seller commercial paper conduit (a "<u>Class A Acquiring Investor Group</u>") pursuant to a transfer supplement, substantially in the form of <u>Exhibit H-1</u> (the "<u>Class A Investor Group Supplement</u>"), executed by such Class A Acquiring Investor Group, the Class A Funding Agent with respect to such Class A Acquiring Investor Group (including each Class A Conduit Investor (if any) and the Class A Committed Note Purchasers with respect to such Class A Investor Group), such assigning Class A Conduit Investor and the Class A Committed Note Purchasers with respect to such Class A Conduit Investor, the Class A Funding Agent with respect to such assigning Class A Conduit Investor and Class A Committed Note Purchasers and HVF III and delivered to the Program Agent; <u>provided that</u>, the consent of HVF III to any such assignment shall not be required after the occurrence and during the continuance of an Amortization Event with respect to the Series 2021-A Notes; <u>provided further</u> that HVF III may withhold its consent in its sole and absolute discretion (and such withholding shall be deemed reasonable) to an assignment to a potential Class A Acquiring Investor Group that (a) has ratings of at least "A-2" from S&P and "Prime-2" by Moody's, but does not have ratings of at least "A-1" from S&P or "Prime-1" by Moody's if such assignment will result in a material increase in HVF III's costs of financing with respect to the applicable Class A Notes or (b) is a Disqualified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any Class A Committed Note Purchaser may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more financial institutions or other entities ("<u>Class A Participants</u>") participations in its Class A Committed Note Purchaser Percentage of the Class A Maximum Investor Group Principal Amount with respect to it and the other Class A Committed Note Purchasers included in the related Class A Investor Group, its Class A Note and its rights hereunder (or, in each case, a portion thereof) pursuant to documentation in form and substance satisfactory to such Class A Committed Note Purchaser and the Class A Participant; <u>provided</u>, <u>however</u>, that (i) in the event of any such sale by a Class A Committed Note Purchaser to a Class A Participant, (A) such Class A Committed Note Purchaser's obligations under this Series 2021-A Supplement shall remain unchanged, (B) such Class A Committed Note Purchaser shall remain solely responsible for the performance thereof and (C) HVF III and the Program Agent shall continue to deal solely and directly with such Class A Committed Note Purchaser in connection with its rights and obligations under this Series 2021-A Supplement, (ii) no Class A Committed Note Purchaser shall sell any participating interest under which the Class A Participant shall have any right to approve, veto, consent, waive or otherwise influence any approval, consent or waiver of such Class A Committed Note Purchaser with respect to any amendment, consent or waiver with respect to this Series 2021-A Supplement or any other Series 2021-A Related Document, except to the extent that the approval of such amendment, consent or waiver otherwise would require the unanimous consent of all Class A Committed Note Purchasers hereunder, and (iii) no Class A Committed Note Purchaser shall sell any participating interest to any Disqualified Party. A Class A Participant shall have the right to receive reimbursement for amounts due pursuant to each Specified Cost Section but only to the extent that the related selling Class A Committed Note Purchaser would have had such right absent the sale of the related participation and, with respect to amounts due pursuant to <u>Section 3.8</u> (*Taxes*), only to the extent such Class A Participant shall have complied with the provisions of <u>Section 3.8</u> (*Taxes*) as if such Class A Participant were a Class A Committed Note Purchaser. Each such Class A Participant shall be deemed to have agreed to the provisions set forth in <u>Section 3.10</u> (*Minimizing Costs and Expenses and Equivalent Treatment*) as if such Class A Participant were a Class A Committed Note Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) HVF III authorizes each Class A Committed Note Purchaser to disclose to any Class A Participant or Class A Acquiring Committed Note Purchaser (each, a "<u>Class A Transferee</u>") and any prospective Class A Transferee any and all financial information in such Class A Committed Note Purchaser's possession concerning HVF III, the Series 2021-A Collateral, the Administrator and the Series 2021-A Related Documents that has been delivered to such Class A Committed Note Purchaser by HVF III in connection with such Class A Committed Note Purchaser's credit evaluation of HVF III, the Series 2021-A Collateral and the Administrator. For the avoidance of doubt, no Class A Committed Note Purchaser may disclose any of the foregoing information to any Class A Transferee who is a Disqualified Party without the prior written consent of an Authorized Officer of HVF III, which consent may be withheld for any reason in HVF III's sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provision set forth in this Series 2021-A Supplement, each Class A Conduit Investor or, if there is no Class A Conduit Investor with respect to any Class A Investor Group, the Class A Committed Note Purchaser with respect to such Class A Investor Group may at any time grant to one or more Class A Program Support Providers (or, in the case of a Class A Conduit Investor, to its related Class A Committed Note Purchaser) a participating interest in or lien on, or otherwise transfer and assign to one or more Class A Program Support Providers (or, in the case of a Class A Conduit Investor, to its related Class A Committed Note Purchaser), such Class A Conduit Investor's or, if there is no Class A Conduit Investor with respect to any Class A Investor Group, the related Class A Committed Note Purchaser's interests in the Class A Advances made hereunder and such Class A Program Support Provider (or such Class A Committed Note Purchaser, as the case may be), with respect to its participating or assigned interest, shall be entitled to the benefits granted to such Class A Conduit Investor or Class A Committed Note Purchaser, as applicable, under this Series 2021-A Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Notwithstanding any other provision set forth in this Series 2021-A Supplement, each Class A Conduit Investor may at any time, without the consent of HVF III, transfer and assign all or a portion of its rights in the Class A Notes (and its rights hereunder and under other Series 2021-A Related Documents) to its related Class A Committed Note Purchaser. Furthermore, each Class A Conduit Investor may at any time grant a security interest in and lien on, all or any portion of its interests under this Series 2021-A Supplement, its Class A Note and each other Series 2021-A Related Document to (i) its related Class A Committed Note Purchaser, (ii) its Class A Funding Agent, (iii) any Class A Program Support Provider who, at any time now or in the future, provides program liquidity or credit enhancement, including an insurance policy for such Class A Conduit Investor relating to the Class A Commercial Paper or the Class A Notes, (iv) any other Person who, at any time now or in the future, provides liquidity or credit enhancement for the Class A Conduit Investors, including an insurance policy relating to the Class A Commercial Paper or the Class A Notes or (v) any collateral trustee or collateral agent for any of the foregoing; <u>provided</u>, <u>however</u>, any such security interest or lien shall be released upon assignment of its Class A Note to its related Class A Committed Note Purchaser. Each Class A Committed Note Purchaser may assign its Class A Commitment, or all or any portion of its interest under its Class A Note, this Series 2021-A Supplement and each other Series 2021-A Related Document to any Person with the prior written consent of HVF III, such consent not to be unreasonably withheld; <u>provided that</u>, HVF III may withhold its consent in its sole and absolute discretion (and such withholding shall be deemed reasonable) to an assignment to any Person that is a Disqualified Party. Notwithstanding any other provisions set forth in this Series 2021-A Supplement, each Class A Committed Note Purchaser and each Class A Conduit Investor may at any time create a security interest in all or any portion of its rights under this Series 2021-A Supplement, its Class A Note and the Series 2021-A Related Document in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System or any similar foreign entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class B Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Class B Committed Note Purchaser may at any time sell all or any part of its rights and obligations under this Series 2021-A Supplement and the Class B Notes to another investor that is not a Disqualified Party, so long as such transfer is consented to by HVF III, which consent shall not be unreasonably withheld. The transfer by a Class B Committed Note Purchaser of a Class B Note shall be made upon receipt by the Registrar, at the office of the Registrar, of a certificate in substantially the form set forth as <u>Exhibit Q-1</u> hereto containing the representations of such Person who wishes to take delivery of such Class B Note. No transfer shall occur without delivery of the certificate referred to in the immediately preceding sentence*.* Any such transfer shall comply with Section 2.8 (*Transfer and Exchange*) of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class C Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Class C Committed Note Purchaser may at any time sell all or any part of its rights and obligations under this Series 2021-A Supplement and the Class C Notes to another investor that is not a Disqualified Party, so long as such transfer is consented to by HVF III, which consent shall not be unreasonably withheld. The transfer by a Class C Committed Note Purchaser of a Class C Note shall be made upon receipt by the Registrar, at the office of the Registrar, of a certificate in substantially the form set forth as <u>Exhibit Q-2</u> hereto containing the representations of such Person who wishes to take delivery of such Class C Note. No transfer shall occur without delivery of the certificate referred to in the immediately preceding sentence*.* Any such transfer shall comply with Section 2.8 (*Transfer and Exchange*) of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class RR Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to compliance with the EU Risk Retention Requirements and the UK Risk Retention Requirements, upon receipt of a Tax Opinion, delivered to HVF III and the Trustee, any Class RR Committed Note Purchaser may at any time sell all or any part of its rights and obligations under this Series 2021-A Supplement and the Class RR Notes, with the prior written consent of HVF III, which consent shall not be unreasonably withheld, to one or more assignees (a "<u>Class RR Acquiring Committed Note Purchaser</u>") pursuant to an assignment and assumption agreement, substantially in the form of <u>Exhibit G-4</u> (the "<u>Class RR Assignment and Assumption Agreement</u>"), executed by such Class RR Acquiring Committed Note Purchaser, such assigning Class RR Committed Note Purchaser and HVF III and delivered to the Program Agent; <u>provided that</u>, the consent of HVF III to any such assignment shall not be required (A) after the occurrence and during the continuance of an Amortization Event with respect to the Series 2021-A Notes or (B) if such Class RR Acquiring Committed Note Purchaser is an Affiliate of such assigning Class RR Committed Note Purchaser; <u>provided further</u>, that HVF III may withhold its consent in its sole and absolute discretion (and such withholding shall be deemed reasonable) to an assignment to a potential Class RR Acquiring Committed Note Purchaser that is a Disqualified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) HVF III authorizes each Class RR Committed Note Purchaser to disclose to any Class RR Acquiring Committed Note Purchaser (each, a "<u>Class RR Transferee</u>") and any prospective Class RR Transferee any and all financial information in such Class RR Committed Note Purchaser's possession concerning HVF III, the Series 2021-A Collateral, the Administrator and the Series 2021-A Related Documents that has been delivered to such Class RR Committed Note Purchaser by HVF III in connection with such Class RR Committed Note Purchaser's credit evaluation of HVF III, the Series 2021-A Collateral and the Administrator. For the avoidance of doubt, no Class RR Committed Note Purchaser may disclose any of the foregoing information to any Class RR Transferee who is a Disqualified Party without the prior written consent of an Authorized Officer of HVF III, which consent may be withheld for any reason in HVF III's sole and absolute discretion.

**Article X**

**THE PROGRAM AGENT**

**Section 10.01 <u>Authorization and Action of the Program Agent</u>**. Each of the Class A Conduit Investors, the Class A Committed Note Purchasers and the Class A Funding Agents hereby designates and appoints Deutsche Bank AG, New York Branch as the Program Agent and hereby authorizes the Program Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Program Agent by the terms of this Series 2021-A Supplement together with such powers as are reasonably incidental thereto. Each of the Class B Conduit Investors, the Class B Committed Note Purchasers and the Class B Funding Agents hereby designates and appoints Deutsche Bank AG, New York Branch as the Program Agent hereunder, and hereby authorizes the Program Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Program Agent by the terms of this Series 2021-A Supplement together with such powers as are reasonably incidental thereto. Each of the Class C Conduit Investors, the Class C Committed Note Purchasers and the Class C Funding Agents hereby designates and appoints Deutsche Bank AG, New York Branch as the Program Agent hereunder, and hereby authorizes the Program Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Program Agent by the terms of this Series 2021-A Supplement together with such powers as are reasonably incidental thereto. The Class RR Committed Note Purchasers hereby designate and appoint Deutsche Bank AG, New York Branch as the Program Agent hereunder, and hereby authorize the Program Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Program Agent by the terms of this Series 2021-A Supplement together with such powers as are reasonably incidental thereto. The Program Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Conduit Investor, any Committed Note Purchaser, or any Funding Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Program Agent shall be read into this Series 2021-A Supplement or otherwise exist for the Program Agent. In performing its functions and duties hereunder, the Program Agent shall act solely as agent for the Conduit Investors, the Committed Note Purchasers and the Funding Agents and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or agency with or for HVF III or any of its successors or assigns. The Program Agent shall not be required to take any action that exposes the Program Agent to personal liability or that is contrary to this Series 2021-A Supplement or applicable law. The appointment and authority of the Program Agent hereunder shall terminate upon the indefeasible payment in full of the Series 2021-A Notes and all other amounts owed by HVF III hereunder to each of the Class A Investor Groups, the Class B Investor Groups and the Class RR Committed Note Purchaser (the "<u>Aggregate Unpaids</u>").

**Section 10.02 <u>Delegation of Duties</u>**. The Program Agent may execute any of its duties under this Series 2021-A Supplement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Program Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

**Section 10.03 <u>Exculpatory Provisions</u>**. Neither the Program Agent nor any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Series 2021-A Supplement (except for its, their or such Person's own gross negligence or willful misconduct), or (b) responsible in any manner to any Conduit Investor, any Committed Note Purchaser or any Funding Agent for any recitals, statements, representations or warranties made by HVF III contained in this Series 2021-A Supplement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Series 2021-A Supplement for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Series 2021-A Supplement or any other document furnished in connection herewith, or for any failure of HVF III to perform its obligations hereunder, or for the satisfaction of any condition specified in <u>Article II</u> (*Initial Issuance; Increases and Decreases of Principal Amount of Series 2021-A Notes*). The Program Agent shall not be under any obligation to any Conduit Investor, any Committed Note Purchaser or any Funding Agent to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Series 2021-A Supplement, or to inspect the properties, books or records of HVF III. The Program Agent shall not be deemed to have knowledge of any Amortization Event, Potential Amortization Event or Series 2021-A Liquidation Event unless the Program Agent has received notice from HVF III, any Conduit Investor, any Committed Note Purchaser or any Funding Agent.

**Section 10.04 <u>Reliance</u>**. The Program Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel, independent accountants and other experts selected by the Program Agent. The Program Agent shall in all cases be fully justified in failing or refusing to take any action under this Series 2021-A Supplement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of any Conduit Investor, any Committed Note Purchaser or any Funding Agent as it deems appropriate or it shall first be indemnified to its satisfaction by any Conduit Investor, any Committed Note Purchaser or any Funding Agent, <u>provided that</u>, unless and until the Program Agent shall have received such advice, the Program Agent may take or refrain from taking any action, as the Program Agent shall deem advisable and in the best interests of the Conduit Investors, the Committed Note Purchasers and the Funding Agents. The Program Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Series 2021-A Required Noteholders and such request and any action taken or failure to act pursuant thereto shall be binding upon the Conduit Investors, the Committed Note Purchasers and the Funding Agents.

**Section 10.05 <u>Non-Reliance on the Program Agent and Other Purchasers</u>**. Each of the Conduit Investors, the Committed Note Purchasers and the Funding Agents expressly acknowledge that neither the Program Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Program Agent hereafter taken, including any review of the affairs of HVF III, shall be deemed to constitute any representation or warranty by the Program Agent. Each of the Conduit Investors, the Committed Note Purchasers and the Funding Agents represent and warrant to the Program Agent that they have and will, independently and without reliance upon the Program Agent and based on such documents and information as they have deemed appropriate, made their own appraisal of, and investigation into, the business, operations, property, prospects, financial and other conditions and creditworthiness of HVF III and made its own decision to enter into this Series 2021-A Supplement.

**Section 10.06 <u>The Program Agent in its Individual Capacity</u>**. The Program Agent and any of its Affiliates may purchase, hold and transfer, as the case may be, Class A Notes, Class B Notes and the Class C Notes and may otherwise make loans to, accept deposits from, and generally engage in any kind of business with HVF III or any Affiliate of HVF III as though the Program Agent were not the Program Agent hereunder.

**Section 10.07 <u>Successor Program Agent</u>**. The Program Agent may, upon thirty (30) days' notice to HVF III and each of the Conduit Investors, the Committed Note Purchasers and the Funding Agents, and the Program Agent will, upon the direction of the Series 2021-A Required Noteholders, resign as Program Agent. If the Program Agent shall resign, then the Investor Groups, during such 30-day period, shall appoint an Affiliate of a member of the Investor Groups as a successor agent. If for any reason no successor Program Agent is appointed by the Investor Groups during such 30-day period, then effective upon the expiration of such 30-day period, HVF III for all purposes shall deal directly with the Funding Agents. After any retiring Program Agent's resignation hereunder as Program Agent, the provisions of <u>Section 11.4</u> (*Payment of Costs and Expenses; Indemnification*) and this <u>Article X</u> (*The Program Agent*) shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Program Agent under this Series 2021-A Supplement.

**Section 10.08 <u>Authorization and Action of Funding Agents</u>**. Each Conduit Investor and each Committed Note Purchaser is hereby deemed to have designated and appointed the Funding Agent set forth next to such Conduit Investor's name, or if there is no Conduit Investor with respect to any Investor Group, the Committed Note Purchaser's name with respect to such Investor Group, on <u>Schedule II</u> or <u>Schedule IV</u> hereto, as applicable, as the agent of such Person hereunder, and hereby authorizes such Funding Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to such Funding Agent by the terms of this Series 2021-A Supplement together with such powers as are reasonably incidental thereto. Each Funding Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with the related Investor Group, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Funding Agent shall be read into this Series 2021-A Supplement or otherwise exist for such Funding Agent. In performing its functions and duties hereunder, each Funding Agent shall act solely as agent for the related Investor Group and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or agency with or for HVF III or any of its successors or assigns. Each Funding Agent shall not be required to take any action that exposes such Funding Agent to personal liability or that is contrary to this Series 2021-A Supplement or Applicable Law. The appointment and authority of the Funding Agent hereunder shall terminate upon the indefeasible payment in full of the Aggregate Unpaids.

**Section 10.09 <u>Delegation of Duties</u>**. Each Funding Agent may execute any of its duties under this Series 2021-A Supplement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Funding Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

**Section 10.10 <u>Exculpatory Provisions</u>**. Neither any Funding Agent nor any of their directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Series 2021-A Supplement (except for its, their or such Person's own gross negligence or willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or warranties made by HVF III contained in this Series 2021-A Supplement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Series 2021-A Supplement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Series 2021-A Supplement or any other document furnished in connection herewith, or for any failure of HVF III to perform its obligations hereunder, or for the satisfaction of any condition specified in <u>Article II</u> (*Initial Issuance; Increases and Decrease of Principal Amount of Series 2021-A Notes*). No Funding Agent shall be under any obligation to its related Investor Group to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Series 2021-A Supplement, or to inspect the properties, books or records of HVF III. No Funding Agent shall be deemed to have knowledge of any Amortization Event, Potential Amortization Event or Series 2021-A Liquidation Event, unless such Funding Agent has received notice from HVF III (or any agent or designee thereof) or its related Investor Group.

**Section 10.11 <u>Reliance</u>**. Each Funding Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of the Program Agent and legal counsel independent accountants and other experts selected by such Funding Agent. Each Funding Agent shall in all cases be fully justified in failing or refusing to take any action under this Series 2021-A Supplement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of the related Investor Group as it deems appropriate or it shall first be indemnified to its satisfaction by the related Investor Group, <u>provided that</u>, unless and until such Funding Agent shall have received such advice, such Funding Agent may take or refrain from taking any action, as such Funding Agent shall deem advisable and in the best interests of the related Investor Group. Each Funding Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the related Investor Group and such request and any action taken or failure to act pursuant thereto shall be binding upon its related Investor Group.

**Section 10.12 <u>Non-Reliance on the Funding Agent and Other Purchasers</u>**. Each Investor Group expressly acknowledges that neither its related Funding Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by such Funding Agent hereafter taken, including any review of the affairs of HVF III, shall be deemed to constitute any representation or warranty by such Funding Agent. Each Investor Group represents and warrants to its related Funding Agent that it has and will, independently and without reliance upon such Funding Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, prospects, financial and other conditions and creditworthiness of HVF III and made its own decision to enter into Series 2021-A Supplement.

**Section 10.13 <u>The Funding Agent in its Individual Capacity</u>**. Each Funding Agent and any of its Affiliates may purchase, hold and transfer, as the case may be, Class A Notes, Class B Notes and the Class C Notes and may otherwise make loans to, accept deposits from, and generally engage in any kind of business with HVF III or any Affiliate of HVF III as though such Funding Agent were not a Funding Agent hereunder.

**Section 10.14 <u>Successor Funding Agent</u>**. Each Funding Agent will, upon the direction of its related Investor Group, resign as such Funding Agent. If such Funding Agent shall resign, then the related Investor Group shall appoint an Affiliate of a member of its related Investor Group as a successor agent. If for any reason no successor Funding Agent is appointed by the related Investor Group, then effective upon the resignation of such Funding Agent, HVF III for all purposes shall deal directly with such Investor Group. After any retiring Funding Agent's resignation hereunder as Funding Agent, subject to the limitations set forth herein, the provisions of <u>Section 11.4</u> (*Payment of Costs and Expenses; Indemnification*) and this <u>Article X</u> (*The Program Agent*) shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Funding Agent under this Series 2021-A Supplement.

**Article XI**

**GENERAL**

**Section 11.01 <u>Optional Repurchase or Redemption of the Series 2021-A Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Optional Repurchase of the Class A Notes</u>. The Class A Notes shall be subject to repurchase (in whole) by HVF III at its option, upon three (3) Business Days' prior written notice to the Trustee at any time. The repurchase price for any Class A Note shall equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A Principal Amount of such Class A Notes (determined after giving effect to any payments of principal and interest on the Payment Date immediately preceding the date of purchase pursuant to this <u>Section 11.1(a)</u> (*Optional Repurchase of the Class A Notes*)), <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all accrued and unpaid interest on such Class A Notes through such date of repurchase under this <u>Section 11.1(a)</u> (*Optional Repurchase of the Class A Notes*) (and, with respect to the portion of such principal balance that was funded with Class A Commercial Paper issued at a discount, all accrued and unpaid discount on such Class A Commercial Paper from the issuance date(s) thereof to the date of repurchase under this <u>Section 11.1(a)</u> (*Optional Repurchase of the Class A Notes*) and the aggregate discount to accrue on such Class A Commercial Paper from the date of repurchase under this <u>Section 11.1(a)</u> (*Optional Repurchase of the Class A Notes*) to the next succeeding Payment Date); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all associated breakage costs payable as a result of such repurchase (calculated in accordance with <u>Section 3.6</u> (*Funding Losses*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other amounts then due and payable to the holders of such Class A Notes pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Optional Redemption of the Class B Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On any Business Day on or after June 28, 2027, HVF III may, at its option, redeem the Class B Notes (such date, with respect to the Class B Notes, the "<u>Class B Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> accrued and unpaid interest on such Class B Notes through the Class B Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360 due with respect to the Class B Notes as of the Class B Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*), <u>provided</u> that during the continuance of an Amortization Event or Potential Amortization Event (as notified to the Trustee pursuant to <u>Section 8.8</u> (*Notice of Defaults*) of the Base Indenture), or in the event the Class B Decrease Conditions will not be satisfied as of the proposed Class B Redemption Date, in either case with respect to the Series 2021-A Notes, any repurchase of the Class B Notes pursuant to this <u>Section 11.1(b)</u> (*Optional Repurchase of the Class B Notes*) shall be subject to the condition that no Class A Notes remain Outstanding immediately after giving effect to such repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If HVF III elects to redeem the Class B Notes pursuant to <u>Section 11.1(b)</u> (*Optional Redemption of the Class B Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (1) such intended date of redemption (which may be an estimated date, confirmed to the Class B Noteholders no later than two (2) Business Days prior to the date of redemption), and (2) the Class B Notes subject to redemption and the CUSIP number with respect to such Class B Notes. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Class B Noteholders of the Class B Notes to be redeemed. Such notice by the Trustee shall be given not less than two (2) Business Days prior to the intended date of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Optional Redemption of the Class C Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after such date determined on the Class C Notes Closing Date, HVF III may, at its option, redeem the Class C Notes (such date, with respect to the Class C Notes, the "<u>Class C Redemption Date</u>"), in whole but not in part, at a redemption price equal to 100% of the outstanding Principal Amount thereof <u>plus</u> accrued and unpaid interest on such Class C Notes through the Class C Redemption Date based upon the number of days of unpaid interest <u>divided by</u> 360 due with respect to the Class C Notes as of the Class C Redemption Date, each of which amounts shall be payable in accordance with <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*), <u>provided</u> that during the continuance of an Amortization Event or Potential Amortization Event (as notified to the Trustee pursuant to <u>Section 8.8</u> (*Notice of Defaults*) of the Base Indenture), or in the event the Class C Decrease Conditions will not be satisfied as of the proposed Class C Redemption Date, in either case with respect to the Series 2021-A Notes, any repurchase of the Class C Notes pursuant to this <u>Section 11.1(c)</u> (*Optional Repurchase of the Class C Notes*) shall be subject to the condition that no Class A Notes or Class B Notes remain Outstanding immediately after giving effect to such repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If HVF III elects to redeem the Class C Notes pursuant to <u>Section 11.1(c)</u> (*Optional Redemption of the Class C Notes*), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended date of redemption of (1) such intended date of redemption (which may be an estimated date, confirmed to the Class C Noteholders no later than two (2) Business Days prior to the date of redemption), and (2) the Class C Notes subject to redemption and the CUSIP number with respect to such Class C Notes. Upon receipt of a notice of redemption from HVF III, the Trustee shall give notice of such redemption to the Class C Noteholders of the Class C Notes to be redeemed. Such notice by the Trustee shall be given not less than two (2) Business Days prior to the intended date of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Optional Repurchase of the Class RR Notes</u>. Subject to compliance with the EU Risk Retention Requirements and the UK Risk Retention Requirements, the Class RR Notes shall be subject to repurchase (in whole) by HVF III at its option, upon three (3) Business Days' prior written notice to the Trustee at any time; <u>provided that</u>, during the continuance of an Amortization Event or Potential Amortization Event (as notified to the Trustee pursuant to Section 8.8 (*Notice of Defaults*) of the Base Indenture), in either case with respect to the Series 2021-A Notes, any repurchase of the Class RR Notes pursuant to this <u>Section 11.1(d)</u> (*Optional Repurchase of the Class RR Notes*) shall be subject to the condition that no Class A Notes, Class B Notes or Class C Notes remain Outstanding immediately after giving effect to such repurchase. The repurchase price for any Class RR Note shall equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class RR Principal Amount of such Class RR Notes (determined after giving effect to any payments of principal and interest on the Payment Date immediately preceding the date of purchase pursuant to this <u>Section 11.1(d)</u> (*Optional Repurchase of the Class RR Notes*)), <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all accrued and unpaid interest on such Class RR Notes through such date of repurchase under this <u>Section 11.1(d)</u> (*Optional Repurchase of the Class RR Notes*); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all associated breakage costs payable as a result of such repurchase (calculated in accordance with <u>Section 3.6</u> (*Funding Losses*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other amounts then due and payable to the holders of such Class RR Notes pursuant hereto.

**Section 11.02 <u>Information</u>**.

On or before 12:00 p.m. (New York City time) on the fourth (4th) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders' Statement with respect to the Series 2021-A Notes setting forth the information set forth on <u>Schedule VII</u> hereto (including reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format. The Trustee shall provide to the Series 2021-A Noteholders, or their designated agent, copies of each Monthly Noteholders' Statement.

**Section 11.03 <u>Confidentiality</u>**. Each Committed Note Purchaser, each Conduit Investor, each Funding Agent and the Program Agent agrees that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) to their Affiliates and their officers, directors, employees, agents and advisors (including legal counsel and accountants) and to actual or prospective assignees and participants, and then only on a confidential basis and excluding any Affiliate, its officers, directors, employees, agents and advisors (including legal counsel and accountants), any prospective assignee and any participant, in each case that is a Disqualified Party, (b) as required by a court or administrative order or decree, or required by any governmental or regulatory authority or self-regulatory organization or required by any statute, law, rule or regulation (including, without limitation, Rule 17g-5) or judicial process (including any subpoena or similar legal process), (c) to any Rating Agency providing a rating for the Series 2021-A Notes or any Series 2021-A Commercial Paper or any other nationally-recognized rating agency that requires access to information to effect compliance with any disclosure obligations under applicable laws or regulations, (d) in the course of litigation with HVF III, the Administrator or Hertz, (e) to any Series 2021-A Noteholder, any Committed Note Purchaser, any Conduit Investor, any Funding Agent or the Program Agent, (f) to any Person acting as a placement agent or dealer with respect to any commercial paper (provided that any Confidential Information provided to any such placement agent or dealer does not reveal the identity of HVF III or any of its Affiliates), (g) on a confidential basis, to any provider of credit enhancement or liquidity to any Conduit Investor, or (h) to any Person to the extent such Committed Note Purchaser, Conduit Investor, Funding Agent or the Program Agent reasonably determines such disclosure is necessary in connection with the enforcement or for the defense of the rights and remedies under the Series 2021-A Notes or the Series 2021-A Related Documents. For the avoidance of doubt, nothing herein prohibits any individual from communicating or disclosing information regarding suspected violations of laws, rules, or regulations to a governmental authority or self-regulatory authority without any notification to any person.

**Section 11.04 <u>Payment of Costs and Expenses; Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payment of Costs and Expenses</u>. Upon written demand from the Program Agent, any Funding Agent, any Conduit Investor or any Committed Note Purchaser, HVF III agrees to pay on the Payment Date immediately following HVF III's receipt of such written demand all reasonable expenses of the Program Agent, such Funding Agent, such Conduit Investor and/or such Committed Note Purchaser, as applicable (including the reasonable fees and out-of-pocket expenses of counsel to each Conduit Investor and each Committed Note Purchaser, if any, as well as the fees and expenses of the rating agencies providing a rating in respect of any Series 2021-A Commercial Paper and the costs of any rating agency review of such Conduit Investor and the issuance of its commercial paper) in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the negotiation, preparation, execution, delivery and administration of this Series 2021-A Supplement and of each other Series 2021-A Related Document, including schedules and exhibits, and any liquidity, credit enhancement or insurance documents of a Program Support Provider with respect to a Conduit Investor relating to the Series 2021-A Notes and any amendments, waivers, consents, supplements or other modifications to this Series 2021-A Supplement and each other Series 2021-A Related Document, as may from time to time hereafter be proposed, whether or not the transactions contemplated hereby or thereby are consummated, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of the transactions contemplated by this Series 2021-A Supplement and each other Series 2021-A Related Document.

Upon written demand, HVF III further agrees to pay on the Payment Date immediately following such written demand, and to save the Program Agent, each Funding Agent, each Conduit Investor and each Committed Note Purchaser harmless from all liability for (i) any breach by HVF III of its obligations under this Series 2021-A Supplement and (ii) all reasonable costs incurred by the Program Agent, such Funding Agent, such Conduit Investor or such Committed Note Purchaser (including, the reasonable fees and out-of-pocket expenses of counsel to the Program Agent, such Funding Agent, such Conduit Investor and such Committed Note Purchaser, if any) in enforcing this Series 2021-A Supplement. HVF III also agrees to reimburse the Program Agent, each Funding Agent, each Conduit Investor and each Committed Note Purchaser upon demand for all reasonable out-of-pocket expenses incurred by the Program Agent, such Funding Agent, such Conduit Investor or such Committed Note Purchaser (including, the reasonable fees and out-of-pocket expenses of counsel to the Program Agent, such Funding Agent, such Conduit Investor and such Committed Note Purchaser, if any and the reasonable fees and out-of-pocket expenses of any third-party servicers and disposition agents) in connection with (x) the negotiation of any restructuring or "work-out", whether or not consummated, of the Series 2021-A Related Documents and (y) the enforcement of, or any waiver or amendment requested under or with respect to, this Series 2021-A Supplement or any other of the Series 2021-A Related Documents.

Notwithstanding the foregoing, HVF III shall have no obligation to reimburse any Committed Note Purchaser or Conduit Investor for any of the fees and/or expenses incurred by such Committed Note Purchaser and/or Conduit Investor with respect to its sale or assignment of all or any part of its respective rights and obligations under this Series 2021-A Supplement and the Series 2021-A Notes pursuant to <u>Section 9.2</u> (*Replacement of Investor Group*) or <u>9.3</u> (*Assignments*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. In consideration of the execution and delivery of this Series 2021-A Supplement by the Conduit Investors and the Committed Note Purchasers, HVF III hereby indemnifies and holds each Conduit Investor and each Committed Note Purchaser and each of their officers, directors, employees and agents (collectively, the "<u>Indemnified Parties</u>") harmless from and against any and all actions, causes of action, suits, losses, costs, liabilities and damages, and reasonable expenses incurred in connection therewith (irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder is sought and including, any liability in connection with the offering and sale of the Series 2021-A Notes), including reasonable attorneys' fees and disbursements (collectively, the "<u>Indemnified Liabilities</u>"), incurred by the Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of any Advance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the entering into and performance of this Series 2021-A Supplement and any other Series 2021-A Related Document by any of the Indemnified Parties,

except for any such Indemnified Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party's gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, HVF III hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. The indemnity set forth in this <u>Section 11.4(b)</u> (*Indemnification*) shall in no event include indemnification for any taxes (which indemnification is provided in <u>Section 3.8</u> (*Taxes*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification of the Program Agent and each Funding Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In consideration of the execution and delivery of this Series 2021-A Supplement by the Program Agent and each Funding Agent, HVF III hereby indemnifies and holds the Program Agent and each Funding Agent and each of their respective officers, directors, employees and agents (collectively, the "<u>Agent Indemnified Parties</u>") harmless from and against any and all actions, causes of action, suits, losses, costs, liabilities and damages, and reasonable expenses incurred in connection therewith (irrespective of whether any such Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, any liability in connection with the offering and sale of the Series 2021-A Notes), including reasonable attorneys' fees and disbursements (collectively, the "<u>Agent Indemnified Liabilities</u>"), incurred by the Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Series 2021-A Supplement and any other Series 2021-A Related Document by any of the Agent Indemnified Parties, except for any such Agent Indemnified Liabilities arising for the account of a particular Agent Indemnified Party by reason of the relevant Agent Indemnified Party's gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, HVF III hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Agent Indemnified Liabilities which is permissible under applicable law. The indemnity set forth in this <u>Section 11.4(c)(i)</u> (*Indemnification of the Program Agent and each Funding Agent*) shall in no event include indemnification for any taxes (which indemnification is provided in <u>Section 3.8</u> (*Taxes*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In consideration of the execution and delivery of this Series 2021-A Supplement by the Program Agent, each Committed Note Purchaser, ratably according to its respective commitment, hereby indemnifies and holds the Program Agent and each of its officers, directors, employees and agents (collectively, the "<u>Program Agent Indemnified Parties</u>") harmless from and against any and all actions, causes of action, suits, losses, costs, liabilities and damages, and reasonable expenses incurred in connection therewith (solely to the extent not reimbursed by or on behalf of HVF III) (irrespective of whether any such Program Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, any liability in connection with the offering and sale of the Series 2021-A Notes), including reasonable attorneys' fees and disbursements (collectively, the "<u>Program Agent Indemnified Liabilities</u>"), incurred by the Program Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Series 2021-A Supplement and any other Series 2021-A Related Document by any of the Program Agent Indemnified Parties, except for any such Program Agent Indemnified Liabilities arising for the account of a particular Program Agent Indemnified Party by reason of the relevant Program Agent Indemnified Party's gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, each Committed Note Purchaser hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Program Agent Indemnified Liabilities which is permissible under applicable law. The indemnity set forth in this <u>Section 11.4(c)(ii)</u> (*Indemnification of the Program Agent and each Funding Agent*) shall in no event include indemnification for any taxes (which indemnification is provided in <u>Section 3.8</u> (*Taxes*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Priority</u>. All amounts payable by HVF III pursuant to this <u>Section 11.4</u> (*Payment of Costs and Expenses; Indemnification*) shall be paid in accordance with and subject to <u>Section 5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) or, at the option of HVF III, paid from any other source available to it.

**Section 11.05 <u>Ratification of Base Indenture</u>**. As supplemented by this Series 2021-A Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2021-A Supplement shall be read, taken, and construed as one and the same instrument (except as otherwise specified herein).

**Section 11.06 <u>[Reserved]</u>**.

**Section 11.07 <u>Third Party Beneficiary</u>**. Nothing in this Series 2021-A Supplement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim under or by reason of this Series 2021-A Supplement.

**Section 11.08 <u>Counterparts</u>**. This Series 2021-A Supplement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same Series 2021-A Supplement.

**Section 11.09 <u>Governing Law</u>**. THIS SERIES 2021-A SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2021-A SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO CHOICE OF LAW RULES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

**Section 11.10 <u>Amendments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Series 2021-A Supplement or any provision herein may be (i) amended in writing from time to time by HVF III and the Trustee, solely with the consent of the Series 2021-A Required Noteholders or (ii) waived in writing from time to time with the consent of the Series 2021-A Required Noteholders, unless otherwise expressly set forth herein; <u>provided that</u>, (x) if such amendment or waiver does not adversely affect the Class A Noteholders, as evidenced by an Officer's Certificate of HVF III, then the Class A Principal Amount shall be excluded for purposes of obtaining such consent and for purposes of the related calculation of the Series 2021-A Required Noteholders, (y) if such amendment or waiver does not adversely affect the Class B Noteholders, as evidenced by an Officer's Certificate of HVF III, then the Class B Principal Amount shall be excluded for purposes of obtaining such consent and for purposes of the related calculation of the Series 2021-A Required Noteholders and (z) if such amendment or waiver does not adversely affect the Class C Noteholders, as evidenced by an Officer's Certificate of HVF III, then the Class C Principal Amount shall be excluded for purposes of obtaining such consent and for purposes of the related calculation of the Series 2021-A Required Noteholders; <u>provided further that</u>, notwithstanding the foregoing clauses (i) and (ii) or the immediately preceding proviso,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) without the consent of each Committed Note Purchaser and each Conduit Investor, no amendment or waiver shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) amend or modify the definition of "Required Controlling Class Series 2021-A Noteholders" or otherwise reduce the percentage of Series 2021-A Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) extend or accelerate the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2021-A Note (or reduce the principal amount of or rate of interest on any Series 2021-A Note or otherwise change the manner in which interest is calculated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) extend the due date for, or reduce the amount of, any Class A Undrawn Fee payable hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) amend or modify <u>Section 5.2</u> (*Application of Funds in the Series 2021-A Principal Collection Account*), <u>Section 5.3</u> (*Application of Funds in the Series 2021-A Interest Collection Account*), <u>Section 2.1 (a)</u> (*Initial Purchase*), <u>(d)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*) or <u>(e)</u> (*Additional Series 2021-A Notes Face and Principal Amount*), <u>Section 2.2</u> (Advances), <u>Section 2.3</u> (*Procedure for Decreasing the Principal Amount*), <u>Section 2.5</u> (*Reduction of Maximum Principal Amount*), <u>Section 3.1</u> (Interest and Interest Rates), <u>Section 4.1</u> (Granting Clause), <u>Section 5.4</u> (*Series 2021-A Reserve Account Withdrawals*), <u>Section 6.4</u> (*European Union Securitisation Risk Retention and United Kingdom Securitisation Risk Retention Representations and Undertaking*), <u>Section 7.1</u> (*Amortization Events*) (for the avoidance of doubt, other than pursuant to any waiver effected pursuant to <u>Section 7.1</u> (Amortization Events)), <u>Article IX</u> (*Transfers, Replacements and Assignments*), this <u>Section 11.10</u> (*Amendments*), or <u>Section 6.2(b)</u> (*Amendments*) or otherwise amend or modify any provision relating to the amendment or modification of this Series 2021-A Supplement or that pursuant to the Series 2021-A Related Documents, would require the consent of 100% of the Series 2021-A Noteholders or each Series 2021-A Noteholder affected by such amendment or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) approve the assignment or transfer by HVF III of any of its rights or obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) release HVF III from any obligation hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) reduce, modify or amend any indemnities in favor of any Conduit Investors, Committed Note Purchasers or Funding Agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without the consent of each Class A Committed Note Purchaser and each Class A Conduit Investor, no amendment or waiver shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) affect adversely the interests, rights or obligations of any Class A Conduit Investor or Class A Committed Note Purchaser individually in comparison to any other Class A Conduit Investor or Class A Committed Note Purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) alter the <u>pro rata</u> treatment of payments to and Class A Advances by the Class A Noteholders, the Class A Conduit Investors and the Class A Committed Note Purchasers (including, for the avoidance of doubt, alterations that provide for any non-pro-rata payments to or Class A Advances by any Class A Noteholders, Class A Conduit Investors or Class A Committed Note Purchasers that are not expressly provided for as of the Series 2021-A Restatement Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without the consent of each Class B Committed Note Purchaser and each Class B Conduit Investor, no amendment or waiver shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) affect adversely the interests, rights or obligations of any Class B Conduit Investor or Class B Committed Note Purchaser individually in comparison to any other Class B Conduit Investor or Class B Committed Note Purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) alter the <u>pro rata</u> treatment of payments to and the Class B Advance by the Class B Noteholders, the Class B Conduit Investors and the Class B Committed Note Purchasers (including, for the avoidance of doubt, alterations that provide for any non-pro-rata payments to or Class B Advances by any Class B Noteholders, the Class B Conduit Investors or Class B Committed Note Purchasers that are not expressly provided for as of the Series 2021-A Restatement Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) without the consent of each Class C Committed Note Purchaser and each Class C Conduit Investor, no amendment or waiver shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) affect adversely the interests, rights or obligations of any Class C Conduit Investor or Class C Committed Note Purchaser individually in comparison to any other Class C Conduit Investor or Class C Committed Note Purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) alter the <u>pro rata</u> treatment of payments to and the Class C Advance by the Class C Noteholders, the Class B Conduit Investors and the Class C Committed Note Purchasers (including, for the avoidance of doubt, alterations that provide for any non-pro-rata payments to or Class C Advances by any Class C Noteholders, the Class C Conduit Investors or Class C Committed Note Purchasers that are not expressly provided for as of the Series 2021-A Restatement Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Sections 6.2(b)(i) (*Covenants—Amendments*) and 11.10(a) (*Amendments*), but still subject to limitations contained in <u>Sections 11.10(a)(i)</u> through (<u>iv)</u> (*Amendments*), this Series 2021-A Supplement or any provision herein may be amended, modified or waived in writing from time to time by HVF III and the Trustee if such amendment, modification, or waiver is for the purpose of either (i) refinancing or repaying the Class B Notes in full with the proceeds of future Class B Notes issued in the form of medium term global notes; or (ii) issuing future Class B Notes in the form of one or more global notes to (x) "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in compliance with Rule 144A and (y) outside the United States, to non-U.S. persons (as such term is defined in Regulation S of the Securities Act) in transactions in compliance with Regulation S, in each case, provided that any amendment, modification or waiver described in this Section 11.10(b) (*Amendments*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) shall not (x) adversely affect the Class A Noteholders, any Class B Noteholders which have not been repaid in full or the Class C Noteholders in any material respect or (y) change the payment of principal of or interest on the Class B Notes to the Class B Noteholders on the terms set forth herein, as evidenced by an Officer's Certificate of HVF III; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) shall be effected with both (i) the prior written consent of the Program Agent (such consent not to be unreasonably withheld or delayed) at any time and (ii) the prior written consent of the Required Controlling Class Series 2021-A Noteholders after HVF III provides prior written notice of such amendment, modification or waiver; <u>provided</u> that, for purposes of the foregoing: (1) the Program Agent shall be deemed to have consented to such amendment if it has not objected thereto within ten (10) Business Days of receipt of a copy of such proposed amendment; (2) each Class A Committed Note Purchaser and each Class A Conduit Investor shall be deemed to have consented to such amendment if such Class A Committed Note Purchaser or Class A Conduit Investor has not objected to such amendment within five (5) Business Days of receipt of a copy of such amendment that has been consented to by the Program Agent; (3) each Class B Committed Note Purchaser and each Class B Conduit Investor, in each case, which has not been repaid in full, shall be deemed to have consented to such amendment if such Class B Committed Note Purchaser or Class B Conduit Investor has not objected to such amendment within five (5) Business Days of receipt of a copy of such amendment that has been consented to by the Program Agent; and (4) each Class C Committed Note Purchaser and each Class C Conduit Investor shall be deemed to have consented to such amendment if such Class C Committed Note Purchaser or Class C Conduit Investor has not objected to such amendment within five (5) Business Days of receipt of a copy of such amendment that has been consented to by the Program Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding <u>Sections 6.2(b)(i)</u> (*Covenants—Amendments*) and <u>11.10(a)</u> (*Amendments*) , but still subject to limitations contained in <u>Sections 11.10(a)(i)</u> through (<u>iv)</u> (*Amendments*), this Series 2021-A Supplement or any provision herein may be amended, modified or waived in writing from time to time by HVF III if such amendment, modification, or waiver is for the purpose of issuing Class C Notes so long as the payment of interest on and principal of any Class C Notes shall be subordinated to the payment of interest on and principal of the Class A Notes and the Class B Notes; <u>provided that</u> HVF III shall notify the Program Agent at least thirty (30) days (or such shorter period as may be agreed to between HVF III and the Program Agent) prior to the implementation of any such amendment, modification or waiver. For the avoidance of doubt, any amendment or modification pursuant to this Section 11.10(c) (*Amendments*) that adversely affects (i) the interests of the Class A Noteholders shall require the consent of the Class A Committed Note Purchasers and Class A Conduit Investors and (ii) the interests of the Class B Noteholders shall require the consent of the Class B Committed Note Purchasers and Class B Conduit Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise provided herein, any amendment hereof can be effected without the Program Agent being party thereto; <u>provided however</u>, that no such amendment, modification or waiver of this Series 2021-A Supplement that affects the rights or duties of the Program Agent shall be effective unless the Program Agent shall have given its prior written consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each amendment or other modification to this Series 2021-A Supplement shall be set forth in a Series 2021-A Supplemental Indenture. The initial effectiveness of each Series 2021-A Supplemental Indenture shall be subject to the delivery to the Trustee of an Opinion of Counsel (which may be based on an Officer's Certificate) that such Series 2021-A Supplemental Indenture is authorized or permitted by this Series 2021-A Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall sign any Series 2021-A Supplemental Indenture authorized or permitted pursuant to this <u>Section 11.10</u> (*Amendments*) if the Series 2021-A Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing such Series 2021-A Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 10.2 (*Rights of the Trustee*) of the Base Indenture, shall be fully protected in relying upon, an Officer's Certificate of HVF III and an Opinion of Counsel (which may be based on an Officer's Certificate) as conclusive evidence that such Series 2021-A Supplemental Indenture is authorized or permitted by <u>Section 11.10</u> (*Amendments*) of this Series 2021-A Supplement and that all conditions precedent set forth in <u>Section 11.10</u> (*Amendments*) of this Series 2021-A Supplement have been satisfied, and that such Series 2021-A Supplemental Indenture will be valid and binding upon HVF III in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) HVF III shall notify each Class A Committed Note Purchaser, each Class A Conduit Investor, each Class B Committed Note Purchaser and each Class B Conduit Investor of (i) any amendments executed to implement the issuance of Class C Notes pursuant to <u>Section 11.10(c)</u> (*Amendments*), (ii) any additional terms or provisions not contained in this Agreement relating to the issuance of Class C Notes and (iii) any amendments effected under <u>Section 6.2(b)</u> (*Amendments*) that do not require the consent of any Class A Committed Note Purchaser or any Class A Conduit Investor.

**Section 11.11 <u>Administrator to Act on Behalf of HVF III</u>**. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this Series 2021-A Supplement. Each Series 2021-A Noteholder by its acceptance of a Series 2021-A Note and each of the parties hereto by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF III; <u>provided that</u>, for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation hereunder.

**Section 11.12 <u>Successors</u>**. All agreements of HVF III in this Series 2021-A Supplement and the Series 2021-A Notes shall bind its successor; <u>provided</u>, <u>however</u>, except as provided in <u>Section 11.10</u> (*Amendments*), HVF III may not assign its obligations or rights under this Series 2021-A Supplement or any Series 2021-A Note. All agreements of the Trustee in this Series 2021-A Supplement shall bind its successor.

**Section 11.13 <u>Termination of Series Supplement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Series 2021-A Supplement shall cease to be of further effect when (i) all Outstanding Series 2021-A Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2021-A Notes that have been replaced or paid) to the Trustee for cancellation (or deregistered, in the case of Uncertificated Notes), (ii) HVF III has paid all sums payable hereunder and (iii) the Series 2021-A Demand Note Payment Amount is equal to zero or the Series 2021-A Letter of Credit Liquidity Amount is equal to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The representations and warranties set forth in <u>Section 6.1</u> (*Representations and Warranties*) of this Series 2021-A Supplement shall survive for so long as any Series 2021-A Note is Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnities set forth in Sections 11.4(b) (*Indemnification*) and (c) (*Indemnification of the Program Agent and each Funding Agent*) shall survive the termination of this Series 2021-A Supplement.

**Section 11.14 <u>Non-Petition</u>**<u>; Limited Recourse</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Petition</u>. Each of the parties hereto hereby covenants and agrees that, prior to the date that is two years and one day after the payment in full of all outstanding commercial paper <u>or other senior indebtedness</u> and similar debt issued by, or for the benefit of, a Conduit Investor, it will not institute against, or join any Person in instituting against such Conduit Investor any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other similar proceedings under any federal or State bankruptcy or similar law. The provisions of this <u>Section 11.14</u> (*Non-Petition*) shall survive the termination of this Series 2021-A Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Limited Recourse</u>. Notwithstanding anything to the contrary contained herein, the obligations of any Conduit Investor under this Series 2021-A Supplement are solely the obligations of such Conduit Investor and shall be payable at such time as funds are received by or are available to such Conduit Investor in excess of funds necessary to pay in full all outstanding commercial paper <u>or other senior indebtedness</u> of such Conduit Investor and, to the extent funds are not available to pay such obligations, the claims relating thereto shall not constitute a claim against such Conduit Investor but shall continue to accrue. Each party hereto agrees that the payment of any claim (as defined in Section 101 of Title 11, United States Code (Bankruptcy)) of any such party shall be subordinated to the payment in full of all of such Conduit Investor's commercial paper <u>or other senior indebtedness</u>.

**Section 11.15 <u>Electronic Execution</u>**. This Series 2021-A Supplement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Series 2021-A Supplement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Series 2021-A Supplement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

**Section 11.16 <u>Additional UCC Representations</u>**. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby makes the representations and warranties set forth in <u>Exhibit L</u> hereto for the benefit of the Trustee and the Series 2021-A Noteholders, in each case, as of the date hereof.

**Section 11.17 <u>Notices</u>**. Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 10.1 (*Duties of the Trustee*) of the Base Indenture, (ii) in the case of the Program Agent, the Committed Note Purchasers, the Conduit Investors, and the Funding Agents, in writing, and, unless otherwise expressly provided herein, delivered by hand, mail (postage prepaid), facsimile notice or overnight air courier, in each case to or at the address set forth for such Person on <u>Exhibit O</u> hereto or in the Class A Assignment and Assumption Agreement, Class A Addendum, Class A Investor Group Supplement, Class B Assignment and Assumption Agreement, Class B Addendum, Class C Assignment and Assumption Agreement, Class C Addendum or Class RR Assignment and Assumption Agreement, as the case may be, pursuant to which such Person became a party to this Series 2021-A Supplement, or to such other address as may be hereafter notified by the respective parties hereto, and (iii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto, to:

The Hertz Corporation

8501 Williams Road<br> Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: [\*]

Fax: [\*]

E-mail: [\*]

Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date of delivery of such notice if received before 12:00 p.m. (New York City time) or the next Business Day if received at or after 12:00 p.m. (New York City time), and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.

**Section 11.18 <u>Credit Risk Retention</u>**. In no event shall the Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2021-A Noteholder or any other party for violation of such rules now or hereafter in effect.

**Section 11.19 <u>Submission to Jurisdiction</u>**. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Base Indenture, this Series 2021-A Supplement, the Series 2021-A Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2021-A Supplement, the Series 2021-A Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents to service of process in the manner provided for notices in <u>Section 11.17</u> (*Notices*) (provided that, nothing in this Series 2021-A Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

**Section 11.20 <u>Waiver of Jury Trial</u>**. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2021-A SUPPLEMENT, THE SERIES 2021-A NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

**Section 11.21 <u>USA Patriot Act Notice</u>**. Each Funding Agent subject to the requirements of the USA Patriot Act (Title III of Pub.: 107-56 (signed into law October 26, 2001)) (the "<u>Patriot Act</u>") hereby notifies HVF III that, pursuant to Section 326 thereof, it is required to obtain, verify and record information that identifies HVF III, including the name and address of HVF III and other information allowing such Funding Agent to identify HVF III in accordance with such act.

**Section 11.22 <u>Benchmark Replacement Setting</u>.**

Notwithstanding anything to the contrary herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Replacing Future Benchmarks</u>. Notwithstanding anything to the contrary herein, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Series 2021-A Supplement and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Series 2021-A Noteholders without any amendment to, or further action or consent of any other party to, this Series 2021-A Supplement so long as the Program Agent has not received, by such time, written notice of objection to such Benchmark Replacement from the Required Controlling Class Series 2021-A Noteholders. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Benchmark Replacement Conforming Changes</u>. In connection with the implementation and administration of a Benchmark Replacement, the Program Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Series 2021-A Related Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Series 2021-A Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices; Standards for Decisions and Determinations</u>. The Program Agent will promptly notify HVF III and the Series 2021-A Noteholders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Program Agent pursuant to this Section, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Unavailability of Tenor of Benchmark</u>. At any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including SOFR), then the Program Agent may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (ii) the Program Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Decisions and Determinations by Program Agent</u>. Any determination, decision or election that may be made by the Program Agent pursuant to this <u>Section 11.22</u> (*Benchmark Replacement Setting*), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, and, notwithstanding anything to the contrary in this Series 2021-A Supplement, shall become effective without consent from any other party (except as otherwise described herein). The Program Agent does not warrant to, or accept any responsibility for, and the Program Agent shall not have any liability with respect to, any determination, administration, submission or any other matter related to, the rates in the definitions of "Adjusted Term SOFR", "Adjusted Daily Simple SOFR", "Daily Simple SOFR", "SOFR" or "Term SOFR" or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to this <u>Section 11.22</u> (*Benchmark Replacement Setting*), whether upon the occurrence of a Benchmark Transition Event, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to this <u>Section 11.22</u> (*Benchmark Replacement Setting*), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement rate will be similar to, or produce the same value or economic equivalence of, Adjusted Term SOFR, Adjusted Daily Simple SOFR, Daily Simple SOFR, SOFR or Term SOFR or have the same volume or liquidity as such rates did prior to their discontinuance or unavailability.

**Section 11.23 <u>Recognition of U.S. Special Resolution Regimes</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Series 2021-A Noteholder that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Series 2021-A Noteholder of the Series 2021-A Notes held by such Series 2021-A Noteholder, together with its rights hereunder, and any interest and obligation in or under such Series 2021-A Notes or hereunder, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Series 2021-A Notes, this Series 2021-A Supplement, and any interest and obligation in or under the Series 2021-A Notes and this Series 2021-A Supplement, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Series 2021-A Noteholder that is a Covered Entity or a BHC Act Affiliate of such Series 2021-A Noteholder becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Series 2021-A Noteholder are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Series 2021-A Notes and this Series 2021-A Supplement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this <u>Section 11.23</u> (*Recognition of U.S. Special Resolution Regimes*):

"<u>BHC Act Affiliate</u>" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k) or § 1813(w), as applicable.

"<u>Covered Entity</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term
 is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term
 is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term
 is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>U.S. Special Resolution Regime</u>" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

**Section 11.24 <u>Indemnity by Hertz</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without double counting any amounts relating to losses payable pursuant to the Indemnification Agreement, Hertz agrees to indemnify and hold harmless HGI, HVIF, the Nominee and the Trustee, and their respective directors, officers, stockholders, agents and employees (collectively, the "<u>Indemnified Persons</u>") against any and all claims, demands, losses, damages and liabilities of whatsoever nature and all costs and expenses relating to or in any way arising out of, including reasonable costs of investigation and attorney's fees and expenses (collectively, "<u>Losses</u>"): the ordering, delivery, acquisition, title on acquisition, rejection, installation, possession, titling, retitling, registration, re-registration, custody

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Servicer of title and registration documents, use, non-use, misuse, operation, deficiency, defect, transportation, repair, maintenance, control or disposition of any Vehicle leased under the Leases. The foregoing shall include, without limitation, any liability (or any alleged liability) of any Lessor or any other Indemnified Person to any third party arising out of any of the foregoing, including, without limitation, all reasonable legal fees, costs and disbursements arising out of such liability (or alleged liability);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all federal, state, county, municipal, foreign or other fees, taxes and assessments of whatsoever nature including but not limited to (A) license, qualification, registration, franchise, sales, use, gross receipts, ad valorem, business, property (real or personal), excise, motor vehicle, and occupation fees and taxes, and penalties and interest thereon, whether assessed, levied against or payable by any Lessor, any other Indemnified Party or otherwise, with respect to any Vehicle or the acquisition, purchase, sale, lease, rental, use, operation, control, ownership or disposition of any Vehicle or measured in any way by the value thereof or by the business of, investment in, or ownership by any Lessor or any other Indemnified Party with respect thereto, (B) documentary, stamp, filing, recording, mortgage or other taxes, if any, which may be payable by any Lessor or any other Indemnified Person in connection with the execution, delivery, recording or filing of the Leases or the other Related Documents or the leasing of any Vehicles under the Leases and any penalties or interest with respect thereto and (C) federal, state, local and foreign income taxes and penalties and interest thereon, whether assessed, levied against or payable by any Lessor or otherwise as a result of its being a member of any group of corporations including Hertz that files any tax returns on a consolidated or combined basis, excluding, however, any franchise tax or tax on, based on, with respect, or measured by, the net income of such Lessor (including federal alternative minimum tax) other than any taxes or other charges which may be imposed on such Lessor as a result of any determination by a taxing authority that such Lessor is not the owner for tax purposes of the Vehicles leased under the Lease to which it is a party or that such Lease is not a "true lease" for tax purposes or that depreciation deductions that would be available to the owner of such Vehicles are disallowed, or that such Lessor is not entitled to include the full purchase price for any Vehicle in basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any violation by Hertz of the Leases, of this Series 2021-A Supplement or of any Series 2021-A Related Documents to which Hertz is a party or by which it is bound or any laws, rules, regulations, orders, writs, injunctions, decrees, consents, approvals, exemptions, authorizations, licenses and withholdings of objections of any governmental or public body or authority and all other requirements having the force of law applicable at any time to any Vehicle or any action or transaction by Hertz with respect thereto or pursuant to the Leases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Vehicles, whether due to HVF III's or the Nominee's, as applicable, holding legal title to any such Vehicle, HVF III's or the Nominee's, as applicable, appointment as nominee titleholder of the Vehicles pursuant to the Nominee Agreement or HVF III's or the Nominee's, as applicable, performance under the Nominee Agreement, including, without limitation, Losses arising out of or related to HVF III's or the Nominee's, as applicable, grant of a power of attorney to HVF III or Hertz pursuant to the Nominee Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hertz agrees to pay all out of pocket costs of the Lessors (including reasonable fees and out of pocket expenses of counsel for the Lessors) in connection with the execution, delivery and performance of the Leases, this Series 2021-A Supplement and the other Series 2021-A Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Hertz agrees to pay all out of pocket costs and expenses (including reasonable attorneys' fees and legal expenses) incurred by the Lessors or the Trustee in connection with the administration, enforcement, waiver or amendment of the Leases, this Series 2021-A Supplement and any other Series 2021-A Related Documents and all indemnification obligations of the Lessors under the Series 2021-A Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Hertz agrees to pay all costs, fees, expenses, damages and liabilities (including, without limitation, reasonable fees and out of pocket expenses of counsel) in connection with, or arising out of, any claim made by any third party against the Lessors for any reason (including, without limitation, in connection with any audit or investigation conducted by a Manufacturer under its Manufacturer Program).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the fullest extent permitted by applicable law, HVF III shall not assert, and hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnified Party on any theory of liability for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Series 2021-A Supplement, any Series 2021-A Related Document, any agreement or instrument contemplated thereby, any transactions contemplated hereunder or thereunder, or the use of the proceeds of the Series 2021-A Notes.

**Section 11.25 <u>Amendment and Restatement; No Novation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Series 2021-A Supplement shall constitute an amendment and restatement, but not a novation, of the Original Series 2021-A Supplement. The execution and delivery of this Series 2021-A Supplement and the consummation of the transactions contemplated hereby are not intended by the parties to be, and shall not constitute, a novation of either (i) the obligations and liabilities of HVF III under the Original Series 2021-A Supplement, or (ii) the grant of a security interest in the collateral described under the Original Series 2021-A Supplement made by HVF III to the Trustee. Each of the parties hereto hereby affirms, ratifies, confirms, renews, extends, continues and brings forward the grant of security interest and pledge in the Original Series 2021-A Supplement and agrees that the liens in the collateral described therein shall continue without any diminution thereof and shall remain in full force and effect as valid, binding, and enforceable liens on or after the date of this Series 2021-A Supplement. The parties hereto reaffirm all UCC financing statements and continuation statements and amendments thereof filed and all other filings and recordations made in respect of the collateral described in the Original Series 2021-A Supplement and the liens and security interests granted thereunder and under this Series 2021-A Supplement and acknowledge that such filings and recordations were and remain authorized and effective on and after the date hereof.

IN WITNESS WHEREOF, HVF III and the Trustee have caused this Series 2021-A Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| HERTZ VEHICLE FINANCING III LLC,<br> as Issuer | HERTZ VEHICLE FINANCING III LLC,<br> as Issuer | HERTZ VEHICLE FINANCING III LLC,<br> as Issuer |
| By: |  |  |
|  | Name: | Mark E. Johnson |
|  | Title: | President and Treasurer |

---

---

| | | |
|:---|:---|:---|
| THE HERTZ CORPORATION,<br> as Administrator, | THE HERTZ CORPORATION,<br> as Administrator, | THE HERTZ CORPORATION,<br> as Administrator, |
| By: |  |  |
|  | Name: | Mark E. Johnson |
|  | Title: | Senior Vice President and Treasurer |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<br> as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | | |
|:---|:---|:---|
| THE HERTZ CORPORATION,<br> as Class RR Committed Note Purchaser, | THE HERTZ CORPORATION,<br> as Class RR Committed Note Purchaser, | THE HERTZ CORPORATION,<br> as Class RR Committed Note Purchaser, |
| By: |  |  |
|  | Name: | Mark E. Johnson |
|  | Title: | Senior Vice President and Treasurer |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as the Program Agent | DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as the Program Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as a Class A Committed Note Purchaser | DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as a Class A Funding Agent | DEUTSCHE BANK AG, NEW YORK BRANCH,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| BANK OF AMERICA, N. A.,<br> as a Class A Committed Note Purchaser | BANK OF AMERICA, N. A.,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| BANK OF AMERICA, N. A.,<br> as a Class A Funding Agent | BANK OF AMERICA, N. A.,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| BARCLAYS BANK PLC,<br> as a Class A Committed Note Purchaser | BARCLAYS BANK PLC,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| BARCLAYS BANK PLC,<br> as a Class A Funding Agent | BARCLAYS BANK PLC,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| SALISBURY RECEIVABLES COMPANY,<br> as a Class A Conduit Investor | SALISBURY RECEIVABLES COMPANY,<br> as a Class A Conduit Investor |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| BANK OF MONTREAL,<br> as a Class A Committed Note Purchaser | BANK OF MONTREAL,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| FAIRWAY FINANCE COMPANY, LLC,<br> as a Class A Conduit Investor | FAIRWAY FINANCE COMPANY, LLC,<br> as a Class A Conduit Investor |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| BMO CAPITAL MARKETS CORP.,<br> as a Class A Funding Agent | BMO CAPITAL MARKETS CORP.,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

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*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Committed Note Purchaser | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

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| | |
|:---|:---|
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Committed Note Purchaser | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

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| | |
|:---|:---|
| ATLANTIC ASSET SECURITIZATION LLC,<br> as a Class A Conduit Investor | ATLANTIC ASSET SECURITIZATION LLC,<br> as a Class A Conduit Investor |
| By: | Credit Agricole Corporate and Investment Bank,<br> as Attorney-in-Fact |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Funding Agent | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

---

| | |
|:---|:---|
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Funding Agent | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| VERSAILLES ASSETS LLC,<br> as a Class A Committed Note Purchaser | VERSAILLES ASSETS LLC,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| VERSAILLES ASSETS LLC,<br> as a Class A Conduit Investor | VERSAILLES ASSETS LLC,<br> as a Class A Conduit Investor |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| NATIXIS, NEW YORK BRANCH,<br> as a Class A Funding Agent | NATIXIS, NEW YORK BRANCH,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| MIZUHO BANK, LTD.,<br> as a Class A Committed Note Purchaser | MIZUHO BANK, LTD.,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| MIZUHO BANK, LTD.,<br> as a Class A Funding Agent | MIZUHO BANK, LTD.,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| ROYAL BANK OF CANADA,<br> as a Class A Committed Note Purchaser | ROYAL BANK OF CANADA,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| OLD LINE FUNDING, LLC,<br> as a Class A Conduit Investor | OLD LINE FUNDING, LLC,<br> as a Class A Conduit Investor |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| ROYAL BANK OF CANADA,<br> as a Class A Funding Agent | ROYAL BANK OF CANADA,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| ROYAL BANK OF CANADA,<br> as a Class A Committed Note Purchaser | ROYAL BANK OF CANADA,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

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| | |
|:---|:---|
| ROYAL BANK OF CANADA,<br> as a Class A Funding Agent | ROYAL BANK OF CANADA,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| BNP PARIBAS,<br> as a Class A Committed Note Purchaser | BNP PARIBAS,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| STARBIRD FUNDING CORPORATION,<br> as a Class A Conduit Investor | STARBIRD FUNDING CORPORATION,<br> as a Class A Conduit Investor |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| BNP PARIBAS,<br> as a Class A Funding Agent | BNP PARIBAS,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| JPMORGAN CHASE BANK, N.A.,<br> as a Class A Committed Note Purchaser | JPMORGAN CHASE BANK, N.A.,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| FALCON ASSET FUNDING LLC,<br> as a Class A Conduit Investor | FALCON ASSET FUNDING LLC,<br> as a Class A Conduit Investor |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| JPMORGAN CHASE BANK, N.A.,<br> as a Class A Funding Agent | JPMORGAN CHASE BANK, N.A.,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| CITIZENS BANK, N.A.,<br> as a Class A Committed Note Purchaser | CITIZENS BANK, N.A.,<br> as a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| CITIZENS BANK, N.A.,<br> as a Class A Funding Agent | CITIZENS BANK, N.A.,<br> as a Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| CANADIAN IMPERIAL BANK OF COMMERCE,<br> as a Class A Funding Agent and a Class A Committed Note Purchaser | CANADIAN IMPERIAL BANK OF COMMERCE,<br> as a Class A Funding Agent and a Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| BAY SQUARE FUNDING LLC,<br> as a Class A Conduit Investor | BAY SQUARE FUNDING LLC,<br> as a Class A Conduit Investor |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| GOLDMAN SACHS BANK USA, <br> as Class A Funding Agent and Class A Committed Note Purchaser | GOLDMAN SACHS BANK USA, <br> as Class A Funding Agent and Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

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*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| TRUIST Bank., <br> as Class A Funding Agent and Class A Committed Note Purchaser | TRUIST Bank., <br> as Class A Funding Agent and Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| LLOYDS BANK PLC,<br> as Class A Funding Agent and Class A Committed Note Purchaser | LLOYDS BANK PLC,<br> as Class A Funding Agent and Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| MORGAN STANLEY BANK, N.A.,<br> as Class A Funding Agent and Class A Committed Note Purchaser | MORGAN STANLEY BANK, N.A.,<br> as Class A Funding Agent and Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| Oaktree (Lux.) III - Oaktree Global Credit Fund,<br> as a Class B Committed Note Purchaser | Oaktree (Lux.) III - Oaktree Global Credit Fund,<br> as a Class B Committed Note Purchaser |
| By: Oaktree Capital Management, L.P.,<br> as Investment Manager | By: Oaktree Capital Management, L.P.,<br> as Investment Manager |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

---

| | |
|:---|:---|
| Oaktree Asset-Backed Income Private Fund Inc., <br> as a Class B Committed Note Purchaser | Oaktree Asset-Backed Income Private Fund Inc., <br> as a Class B Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| Oaktree Diversified Income Fund Inc., <br> as a Class B Committed Note Purchaser | Oaktree Diversified Income Fund Inc., <br> as a Class B Committed Note Purchaser |
| By: Oaktree Fund Advisors, LLC, <br> as Investment Manager | By: Oaktree Fund Advisors, LLC, <br> as Investment Manager |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

---

| | |
|:---|:---|
| Oaktree Jalapeno Investment Fund, L.P.,<br> as a Class B Committed Note Purchaser | Oaktree Jalapeno Investment Fund, L.P.,<br> as a Class B Committed Note Purchaser |
| By: Oaktree Jalapeno Investment Fund GP, L.P., <br> as General Partner | By: Oaktree Jalapeno Investment Fund GP, L.P., <br> as General Partner |
| By: Oaktree Fund GP IIA, LLC,<br> as General Partner | By: Oaktree Fund GP IIA, LLC,<br> as General Partner |
| By: Oaktree Fund GP II, L.P., <br> as Managing Member | By: Oaktree Fund GP II, L.P., <br> as Managing Member |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

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| | |
|:---|:---|
| Oaktree Strategic Credit Fund,<br> as a Class B Committed Note Purchaser | Oaktree Strategic Credit Fund,<br> as a Class B Committed Note Purchaser |
| By: Oaktree Fund Advisors, LLC,<br> as Investment Manager | By: Oaktree Fund Advisors, LLC,<br> as Investment Manager |
| By: |  |
|  | Name: |
|  | Title: |

---

By:  <br> Name: <br> Title:

---

| | |
|:---|:---|
| ABF Rental Car Holdings 2025-1, LLC, <br> as a Class B Committed Note Purchaser | ABF Rental Car Holdings 2025-1, LLC, <br> as a Class B Committed Note Purchaser |
| By: Oaktree Fund CP IIA, LLC,<br> as Manager | By: Oaktree Fund CP IIA, LLC,<br> as Manager |
| By: |  |
|  | Name: |
|  | Title |

---

By:  <br> Name: <br> Title:

*Signature Page to Series 2021-A Supplement*

Schedule I<br> TO THE SERIES 2021-A SUPPLEMENT

<u>DEFINITIONS LIST</u>

"<u>Adjusted Daily Simple SOFR</u>" means a rate per annum equal to the greater of (a) the sum of (i) Daily Simple SOFR <u>plus</u> (ii) the SOFR Adjustment, and (b) the Floor. Any change in Adjusted Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to HVF III.

"<u>Adjusted Term SOFR</u>" means, for any calculation with respect to any Series 2021-A Notes, an interest rate per annum equal to (a) Term SOFR for such Series 2021-A Interest Period <u>plus</u> (b) the SOFR Adjustment; <u>provided</u> that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.

"<u>Advance</u>" means any Class A Advance, Class B Advance and Class C Advance, individually or collectively, as the context may require.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affected Person</u>" means any Series 2021-A Noteholder that bears any additional loss or expense described in any Specified Cost Section.

"<u>Agent Indemnified Liabilities</u>" has the meaning specified in <u>Section 11.4(c)</u> (*Indemnification of the Program Agent and each Funding Agent*).

"<u>Agent Indemnified Parties</u>" has the meaning specified in <u>Section 11.4(c)</u> (*Indemnification of the Program Agent and each Funding Agent*).

"<u>Aggregate Unpaids</u>" has the meaning specified in <u>Section 10.1</u> (*Authorization and Action of the Program Agent*).

"<u>Anti-Corruption Laws</u>" means the Foreign Corrupt Practices Act of 1977, as amended, and all laws, rules and regulations of the European Union and United Kingdom applicable to Hertz or its Subsidiaries from time to time concerning or relating to bribery or corruption.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of a Series 2021-A Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Series 2021-A Supplement as of such date.

"<u>Back-Up Disposition Agent</u>" has the meaning specified in the Back-Up Disposition Agent Agreement.

"<u>Back-Up Disposition Agent Agreement</u>" means that certain Back-Up Disposition Agent Agreement, dated as of the Series 2021-A Initial Closing Date, by and among defi AUTO, LLC, as Back-Up Disposition Agent, HVF III, the Administrator, as Servicer, and the Trustee.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

Schedule I-1

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Base Indenture</u>" has the meaning specified in the Preamble.

"<u>Base Rate</u>" means, on any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day and (b) the Federal Funds Rate in effect on such day. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Rate, respectively. Changes in the rate of interest on that portion of any Class A Advances maintained as Class A Base Rate Tranches, respectively, will take effect simultaneously with each change in the Base Rate.

"<u>Benchmark</u>" means, initially, the Adjusted Term SOFR; <u>provided</u> that if a replacement of the Benchmark has occurred pursuant to <u>Section 11.22</u> (*Benchmark Replacement Setting*), then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to "Benchmark" shall include, as applicable, the published component used in the calculation thereof.

"<u>Benchmark Replacement</u>" means, with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be reasonably determined by the Program Agent in consultation with HVF III for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for purposes of clause (x) of <u>Section 11.22(a)</u> (*Benchmark Replacement Setting*), Adjusted Daily Simple SOFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) for purposes of clause (y) of <u>Section 11.22(a)</u> (*Benchmark Replacement Setting*), the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Program Agent as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time;

<u>provided</u> that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Related Documents.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate", the definition of "Business Day," the definition of "Series 2021-A Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Program Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Program Agent in a manner substantially consistent with market practice (or, if the Program Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Program Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Program Agent decides is reasonably necessary in connection with the administration of this Series 2021-A Supplement).

Schedule I-2

"<u>Benchmark Replacement Date</u>" means a date and time reasonably determined by the Program Agent in consultation with HVF III, which date shall be no later than the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of clause (a) of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of clause (b) of the definition of "Benchmark Transition Event", the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (b) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

"<u>Benchmark Transition Event</u>" means, with respect to any then-current Benchmark, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.

"<u>Blackbook Guide</u>" means the Black Book Official Finance/Lease Guide.

"<u>Capital Stock</u>" means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests (including membership and partnership interests) in a Person (other than a corporation) and any and all warrants or options to purchase any of the foregoing.

"<u>Cash AUP</u>" has the meaning specified in <u>Section 6.2(e)</u> (*Cash AUP*).

"<u>Change in Law</u>" means (a) any law, rule or regulation or any change therein or in the interpretation or application thereof (whether or not having the force of law), in each case, adopted, issued or occurring after the Series 2021-A Initial Closing Date or (b) any request, guideline or directive (whether or not having the force of law) from any government or political subdivision or agency, authority, bureau, central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not part of government) that is responsible for the establishment or interpretation of national or international accounting principles, in each case, whether foreign or domestic (each, an "<u>Official Body</u>") charged with the administration, interpretation or application thereof, or the compliance with any request or directive of any Official Body (whether or not having the force of law) made, issued or occurring after the Series 2021-A Initial Closing Date; <u>provided that</u>, notwithstanding anything in the foregoing to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith and (y) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or any other United States or foreign regulatory authorities, in each case, pursuant to Basel III, shall, in each case, be deemed to be a "Change in Law", regardless of the date enacted, adopted, issued or implemented.

Schedule I-3

"<u>Change of Control</u>" means the occurrence of any of the following events after the Series 2021-A Initial Closing Date: (a) any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders or a Parent, becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Hertz, <u>provided</u> that so long as Hertz is a Subsidiary of any Parent, no "person" shall be deemed to be or become a "beneficial owner" of more than 50% of the total voting power of the Voting Stock of Hertz unless such "person" shall be or become a "beneficial owner" of more than 50% of the total voting power of the Voting Stock of such Parent; or (b) Hertz sells or transfers (in one or a series of related transactions) all or substantially all of the assets of Hertz and its Subsidiaries to another Person (other than one or more Permitted Holders) and any "person" (as defined in clause (a) above), other than one or more Permitted Holders or any Parent, is or becomes the "beneficial owner" (as so defined), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the transferee Person in such sale or transfer of assets, as the case may be, <u>provided</u> that so long as such transferee Person is a Subsidiary of a parent Person, no "person" shall be deemed to be or become a "beneficial owner" of more than 50% of the total voting power of the Voting Stock of such surviving or transferee Person unless such "person" shall be or become a "beneficial owner" of more than 50% of the total voting power of the Voting Stock of such parent Person; or (c) Hertz shall cease to own directly 100% of the Capital Stock of HVF; or (d) Hertz shall cease to own directly 100% of the Capital Stock of HVF III; or (e) Hertz shall cease to own directly or indirectly 100% of the Capital Stock of the Nominee on any date on which the Certificate of Title for any Eligible Vehicle is in the name of the Nominee.

"<u>Class</u>" means a class of the Series 2021-A Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes or the Class RR Notes.

"<u>Class A Acquiring Committed Note Purchaser</u>" has the meaning specified in <u>Section 9.3(a)(i)</u> (*Class A Assignments*).

"<u>Class A Acquiring Investor Group</u>" has the meaning specified in <u>Section 9.3(a)(iii)</u> (*Class A Assignments*).

"<u>Class A Action</u>" has the meaning specified in <u>Section 9.2(a)(i)(E)</u> (*Class A Assignments*).

"<u>Class A Addendum</u>" means an addendum substantially in the form of <u>Exhibit K-1</u>.

"<u>Class A Additional Investor Group</u>" means, collectively, a Class A Conduit Investor, if any, and the Class A Committed Note Purchaser(s) with respect to such Class A Conduit Investor or, if there is no Class A Conduit Investor with respect to any Class A Investor Group the Class A Committed Note Purchaser(s) with respect to such Class A Investor Group, in each case, that becomes party hereto as of any date after the Series 2021-A Restatement Date pursuant to <u>Section 2.1</u> (*Initial Purchase; Additional Series 2021-A Notes*) in connection with an increase in the Class A Maximum Principal Amount; <u>provided</u> that, for the avoidance of doubt, a Class A Investor Group that is both a Class A Additional Investor Group and a Class A Acquiring Investor Group shall be deemed to be a Class A Additional Investor Group solely in connection with, and to the extent of, the commitment of such Class A Investor Group that increases the Class A Maximum Principal Amount when such Class A Additional Investor Group becomes a party hereto and Class A Additional Series 2021-A Notes are issued pursuant to <u>Section 2.1</u> (*Initial Purchase; Additional Series 2021-A Notes*), and references herein to such a Class A Investor Group as a "Class A Additional Investor Group" shall not include the commitment of such Class A Investor Group as a Class A Acquiring Investor Group (the Class A Maximum Investor Group Principal Amount of any such "Class A Additional Investor Group" shall not include any portion of the Class A Maximum Investor Group Principal Amount of such Class A Investor Group acquired pursuant to an assignment to such Class A Investor Group as a Class A Acquiring Investor Group, whereas references to the Class A Maximum Investor Group Principal Amount of such "Class A Investor Group" shall include the entire Class A Maximum Investor Group Principal Amount of such Class A Investor Group as both a Class A Additional Investor Group and a Class A Acquiring Investor Group).

Schedule I-4

"<u>Class A Additional Investor Group Initial Principal Amount</u>" means, with respect to each Class A Additional Investor Group, on the effective date of the addition of each member of such Class A Additional Investor Group as a party hereto, the amount scheduled to be advanced by such Class A Additional Investor Group on such effective date, which amount may not exceed the product of (a) the Class A Drawn Percentage (immediately prior to the addition of such Class A Additional Investor Group as a party hereto) and (b) the Class A Maximum Investor Group Principal Amount of such Class A Additional Investor Group on such effective date (immediately after the addition of such Class A Additional Investor Group as parties hereto).

"<u>Class A Additional Series 2021-A Notes</u>" has the meaning specified in <u>Section 2.1(d)(i)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*).

"<u>Class A Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2021-A AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A Baseline Advance Rate with respect to such Series 2021-A AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-A AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-A AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Class A Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (a) the Class A Asset Coverage Threshold Amount and (b) the Class A Adjusted Principal Amount, in each case, as of such date.

"<u>Class A Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class A Principal Amount as of such date over (B) the Series 2021-A Principal Collection Account Amount as of such date.

"<u>Class A Advance</u>" has the meaning specified in <u>Section 2.2(a)(i)</u> (*Class A Advance Requests*).

"<u>Class A Advance Deficit</u>" has the meaning specified in <u>Section 2.2(a)(vii)</u> (*Class A Funding Defaults*).

"<u>Class A Advance Request</u>" means, with respect to any Class A Advance requested by HVF III, an advance request substantially in the form of <u>Exhibit J-1</u> hereto with respect to such Class A Advance.

"<u>Class A Affected Person</u>" has the meaning specified in <u>Section 3.3(a)</u> (*SOFR Lending Unlawful*).

Schedule I-5

"<u>Class A Asset Coverage Threshold Amount</u>" means, as of any date of determination, an amount equal to the Class A Adjusted Principal Amount divided by the Class A Blended Advance Rate, in each case as of such date.

"<u>Class A Assignment and Assumption Agreement</u>" has the meaning specified in <u>Section 9.3(a)(i)</u> (*Class A Assignments*).

"<u>Class A Available Delayed Amount Committed Note Purchaser</u>" means, with respect to any Class A Advance, any Class A Committed Note Purchaser that either (i) has not delivered a Class A Delayed Funding Notice with respect to such Class A Advance or (ii) has delivered a Class A Delayed Funding Notice with respect to such Class A Advance, but (x) has a Class A Delayed Amount with respect to such Class A Advance equal to zero and (y) after giving effect to the funding of any amount in respect of such Class A Advance to be made by such Class A Committed Note Purchaser or the Class A Conduit Investor in such Class A Committed Note Purchaser's Class A Investor Group on the proposed date of such Class A Advance, has a Class A Required Non-Delayed Amount that is greater than zero.

"<u>Class A Available Delayed Amount Purchaser</u>" means, with respect to any Class A Advance, any Class A Available Delayed Amount Committed Note Purchaser, or any Class A Conduit Investor in such Class A Available Delayed Amount Committed Note Purchaser's Class A Investor Group, that funds all or any portion of a Class A Second Delayed Funding Notice Amount with respect to such Class A Advance on the date of such Class A Advance.

"<u>Class A Baseline Advance Rate</u>" means, with respect to each Series 2021-A AAA Select Component, the percentage set forth opposite such Series 2021-A AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2021-A AAA Component** | &nbsp;&nbsp;**Class A<br> Baseline<br> Advance Rate** |
| &nbsp;&nbsp;Series 2021-A Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;81.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;81.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;79.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;79.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;75.25% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;72.00% |
| &nbsp;&nbsp;Series 2021-A Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2021-A Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Class A Base Rate Tranche</u>" means that portion of the Class A Principal Amount purchased or maintained with Class A Advances that bear interest by reference to the Base Rate.

"<u>Class A Blended Advance Rate</u>" means, as of any date of determination the lesser of (i) percentage equivalent of a fraction, the numerator of which is the Class A Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2021-A Blended Advance Rate Weighting Denominator, in each case as of such date and (ii) 75%.

Schedule I-6

"<u>Class A Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2021-A AAA Select Component equal to the product of such Series 2021-A AAA Select Component and the Class A Adjusted Advance Rate with respect to such Series 2021-A AAA Select Component, in each case as of such date.

"<u>Class A Commercial Paper</u>" means the promissory notes of each Class A Noteholder issued by such Class A Noteholder in the commercial paper market and allocated to the funding of Class A Advances in respect of the Class A Notes.

"<u>Class A Commitment</u>" means, the obligation of the Class A Committed Note Purchasers included in each Class A Investor Group to fund Class A Advances pursuant to <u>Section 2.2(a)</u> (*Class A Advances*) in an aggregate stated amount up to the Class A Maximum Investor Group Principal Amount for such Class A Investor Group.

"<u>Class A Commitment Percentage</u>" means, on any date of determination, with respect to any Class A Investor Group, the fraction, expressed as a percentage, the numerator of which is such Class A Investor Group's Class A Maximum Investor Group Principal Amount on such date and the denominator is the Class A Maximum Principal Amount on such date.

"<u>Class A Committed Note Purchaser</u>" has the meaning specified in the Preamble.

"<u>Class A Committed Note Purchaser Percentage</u>" means, with respect to any Class A Committed Note Purchaser, the percentage set forth opposite the name of such Class A Committed Note Purchaser on <u>Schedule II</u> hereto.

"<u>Class A Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Class A Baseline Advance Rate with respect to such Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount over the Class A Concentration Excess Advance Rate Adjustment with respect to such Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Class A Baseline Advance Rate with respect to such Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount over the Class A Concentration Excess Advance Rate Adjustment with respect to such Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Class A Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2021-A AAA Select Component as of any date of determination, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2021-A Concentration Excess Amount, if any, allocated to such Series 2021-A AAA Select Component by HVF III and (B) the Class A Baseline Advance Rate with respect to such Series 2021-A AAA Select Component, and the denominator of which is (II) such Series 2021-A AAA Select Component, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class A Baseline Advance Rate with respect to such Series 2021-A AAA Select Component;

<u>provided that</u>, the portion of the Series 2021-A Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2021-A AAA Select Component that was included in determining whether such Series 2021-A Concentration Excess Amount exists.

Schedule I-7

"<u>Class A Conduit Assignee</u>" means, with respect to any Class A Conduit Investor, any commercial paper conduit, whose commercial paper has ratings of at least "A-2" from Standard & Poor's and "Prime-2" from Moody's, that is administered by the Class A Funding Agent with respect to such Class A Conduit Investor or any Affiliate of such Class A Funding Agent, in each case, designated by such Class A Funding Agent to accept an assignment from such Class A Conduit Investor of the Class A Investor Group Principal Amount or a portion thereof with respect to such Class A Conduit Investor pursuant to <u>Section 9.3(a)(ii)</u> (*Class A Assignments*).

"<u>Class A Conduit Investors</u>" has the meaning specified in the Preamble.

"<u>Class A CP Fallback Rate</u>" means, as of any date of determination and with respect to any Class A Advance funded or maintained by any Class A Funding Agent's Class A Investor Group through the issuance of Class A Commercial Paper during any Series 2021-A Interest Period, Adjusted Term SOFR on the first day of such Series 2021-A Interest Period as the rate for a one-month maturity.

"<u>Class A CP Notes</u>" has the meaning set forth in <u>Section 2.2(a)(iii)</u> (*Class A Conduit Investor Funding*).

"<u>Class A CP Rate</u>" means, with respect to any Series 2021-A Interest Period (or portion thereof), the per annum rate calculated to yield the "weighted average cost" (as defined below) for such Series 2021-A Interest Period (or portion thereof) in respect to Class A Commercial Paper issued by such Class A Conduit Investor; <u>provided</u>, however, that if any component of such rate is a discount rate, in calculating the Class A CP Rate for such Series 2021-A Interest Period (or portion thereof), the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum shall be used in calculating such component; <u>provided</u>, <u>further</u>, that if the Class A CP Rate as determined herein shall be less than zero, such rate shall be deemed to be zero for purposes of this Series 2021-A Supplement. As used in this definition, "<u>weighted average cost</u>" for any Series 2021-A Interest Period (or portion thereof) means the sum (without duplication) of (i) the actual interest accrued during such Series 2021-A Interest Period (or portion thereof) on outstanding Class A Commercial Paper issued by such Class A Conduit Investor (excluding, solely in the case of Falcon Asset Funding LLC, any Class A Commercial Paper issued to and held by JPMorgan or any affiliate thereof, other than such Class A Commercial Paper held as part of the market making activities of the Class A Commercial Paper dealer of Falcon Asset Funding LLC), (ii) the commissions of placement agents and dealers in respect of such Class A Commercial Paper, <u>as allocated by the administrative agent in respect of such Class A Conduit Investor,</u> (iii) any note issuance costs attributable to such Class A Commercial Paper not constituting dealer fees or commissions, expressed as an annualized percentage of the aggregate principal component thereof, <u>as allocated by the administrative agent in respect of such Class A Conduit Investor,</u> (iv) the actual interest accrued during such Series 2021-A Interest Period (or portion thereof) on other borrowings by such Class A Conduit Investor (as determined by its managing agent), including to fund small or odd dollar amounts that are not easily accommodated in the commercial paper market, which may include loans from Class A Conduit Investor's managing agent or its affiliates and any other costs, fees and expenses associated with the funding or maintenance of the applicable Class A CP Tranche by such Class A Conduit Investor, including any liquidity support, credit enhancement, government sponsored <u>liquidity or</u> funding programs (including the Federal Reserve Bank's Commercial Paper Funding Facility) so long as such costs, fees and expenses are allocated fairly among all borrowers <u>by the administrative agent in respect of such Class A Conduit Investor</u>, and (v) incremental carrying costs incurred with respect to Class A Commercial Paper maturing on dates other than those on which corresponding funds are received by such Class A Conduit Investor, <u>minus</u> any accrual of income net of expenses received from investment of collections received under all receivable purchase facilities funded substantially with Class A Commercial Paper. Notwithstanding anything to the contrary in the preceding provisions of this definition, if any Class A Funding Agent shall fail to notify HVF III and the Administrator of the applicable CP Rate for the Class A Advances made by its Class A Investor Group for the related Series 2021-A Interest Period by 11:00 a.m. (New York City time) on any Determination Date in accordance with <u>Section 3.1(b)(i)</u> (*Notice of Interest Rates*) of this Series 2021-A Supplement, then the Class A CP Rate with respect to such Class A Funding Agent's Class A Investor Group for each day during such Series 2021-A Interest Period shall equal the Class A CP Fallback Rate with respect to such Series 2021-A Interest Period.

Schedule I-8

"<u>Class A CP Tranche</u>" means that portion of the Class A Principal Amount purchased or maintained with Class A Advances that bear interest by reference to the Class A CP Rate.

"<u>Class A Daily Interest Amount</u>" means, for any day in a Series 2021-A Interest Period, an amount equal to the result of (a) the product of (i) the Class A Note Rate for such Series 2021-A Interest Period and (ii) the Class A Principal Amount as of the close of business on such date divided by (b) 360.

"<u>Class A Decrease</u>" means a Class A Mandatory Decrease or a Class A Voluntary Decrease, as applicable.

"<u>Class A Defaulting Committed Note Purchaser</u>" has the meaning specified in <u>Section 2.2(a)(vii)</u> (*Class A Funding Defaults*).

"<u>Class A Deficiency Amount</u>" has the meaning specified in <u>Section 3.1(c)(ii)</u> (*Payment of Interest; Funding Agent Failure to Provide Rate*).

"<u>Class A Delayed Amount</u>" has the meaning specified in <u>Section 2.2(a)(v)(A)</u> (*Class A Delayed Funding Procedures*).

"<u>Class A Delayed Funding Date</u>" has the meaning specified in <u>Section 2.2(a)(v)(A)</u> (*Class A Delayed Funding Procedures*).

"<u>Class A Delayed Funding Notice</u>" has the meaning specified in <u>Section 2.2(a)(v)(A)</u> (*Class A Delayed Funding Procedures*).

"<u>Class A Delayed Funding Purchaser</u>" means, as of any date of determination, each Class A Committed Note Purchaser party to this Series 2021-A Supplement.

"<u>Class A Delayed Funding Reimbursement Amount</u>" means, with respect to any Class A Delayed Funding Purchaser, with respect to the portion of the Class A Delayed Amount of such Class A Delayed Funding Purchaser funded by the Class A Available Delayed Amount Purchaser(s) on the date of the Class A Advance related to such Class A Delayed Amount, an amount equal to the excess, if any, of (a) such portion of the Class A Delayed Amount funded by the Class A Available Delayed Amount Purchaser(s) on the date of the Class A Advance related to such Class A Delayed Amount over (b) the amount, if any, by which the portion of any payment of principal (including any Class A Decrease), if any, made by HVF III to each such Class A Available Delayed Amount Purchaser on any date during the period from and including the date of the Class A Advance related to such Class A Delayed Amount to but excluding the Class A Delayed Funding Date for such Class A Delayed Amount, was greater than what it would have been had such portion of the Class A Delayed Amount been funded by such Class A Delayed Funding Purchaser on such date of the Class A Advance.

"<u>Class A Designated Delayed Advance</u>" has the meaning specified in <u>Section 2.2(a)(v)(A)</u> (*Class A Delayed Funding Procedures*).

"<u>Class A Drawn Percentage</u>" means, as of any date of determination, a fraction expressed as a percentage, the numerator of which is the Class A Principal Amount and the denominator of which is the Class A Maximum Principal Amount, in each case as of such date.

Schedule I-9

"<u>Class A Excess Principal Event</u>" shall be deemed to have occurred if, on any date, the Class A Principal Amount as of such date exceeds the Class A Maximum Principal Amount as of such date.

"<u>Class A Fee Letter</u>" means each of (i) the Class A Fee Letter, dated as of May 8, 2025<u>April 28, 2026</u> and (ii) each other fee letter designated in writing as a "Class A Fee Letter" by HVF III and the Class A Committed Note Purchasers party thereto, in each case, setting forth the payment of certain fees with respect to the arranging and structuring of the transactions hereunder and the commitments of such Class A Committed Note Purchasers.

"<u>Class A Funding Agent</u>" has the meaning specified in the Preamble.

"<u>Class A Funding Conditions</u>" means, with respect to any Class A Advance requested by HVF III pursuant to <u>Section 2.2</u> (*Advances*), the following shall be true and correct both immediately before and immediately after giving effect to such Class A Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties of HVF III set out in Article VIII (*Covenants*) of the Base Indenture and the representations and warranties of HVF III and the Administrator set out in <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) of this Series 2021-A Supplement, the representations and warranties of each grantor under the Collateral Agency Agreement and the representations and warranties of the Nominee set out in Article XII of the Nominee Agreement, in each case, shall be true and accurate as of the date of such Class A Advance with the same effect as though made on that date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the related Funding Agent shall have received an executed Class A Advance Request certifying as to the current Aggregate Asset Amount, delivered in accordance with the provisions of <u>Section 2.2</u> (*Advances*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Class A Excess Principal Event is continuing; <u>provided</u> that, solely for purposes of calculating whether a Class A Excess Principal Event is continuing under this clause (c), the Class A Principal Amount shall be deemed to be increased by all Class A Delayed Amounts, if any, that any Class A Delayed Funding Purchaser(s) in a Class A Investor Group are required to fund on a Class A Delayed Funding Date that is scheduled to occur after the date of such requested Class A Advance that have not been funded on or prior to the date of such requested Class A Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes, exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Series 2021-A Required Reserve Account Amount shall be on deposit in the Series 2021-A Reserve Account (after giving effect to simultaneous use of proceeds of such Class A Advance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if such Class A Advance is in connection with any issuance of Class A Additional Series 2021-A Notes or any Class A Investor Group Maximum Principal Increase, then the amount of such issuance or increase shall be equal to or greater than $2,500,000 and integral multiples of $100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Series 2021-A Revolving Period is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the representations and warranties of HVF III set out in the Series 2021-A Related Documents with respect to HVF III shall be true and accurate as of the date of such Class A Advance with the same effect as though made on that date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

Schedule I-10

"<u>Class A Initial Advance Amount</u>" means, with respect to any Class A Noteholder, the amount specified as such on <u>Schedule II</u> hereto with respect to such Class A Noteholder.

"<u>Class A Initial Investor Group Principal Amount</u>" means, with respect to each Class A Investor Group, the amount set forth and specified as such opposite the name of the Class A Committed Note Purchaser included in such Class A Investor Group on <u>Schedule II</u> hereto.

"<u>Class A Investor Group</u>" means, collectively, (i) a Class A Conduit Investor, if any, and the Class A Committed Note Purchaser(s) with respect to such Class A Conduit Investor or, if there is no Class A Conduit Investor with respect to any Class A Investor Group, the Class A Committed Note Purchaser(s) with respect to such Class A Investor Group, in each case, party hereto as of the Series 2021-A Restatement Date and (ii) any Class A Additional Investor Group.

"<u>Class A Investor Group Maximum Principal Increase</u>" has the meaning specified in <u>Section 2.1(c)(i)</u> (*Class A Investor Group Maximum Principal Increase*).

"<u>Class A Investor Group Maximum Principal Increase Addendum</u>" means an addendum substantially in the form of <u>Exhibit M-1</u>.

"<u>Class A Investor Group Maximum Principal Increase Amount</u>" means, with respect to each Class A Investor Group Maximum Principal Increase, on the effective date of any Class A Investor Group Maximum Principal Increase with respect to any Class A Investor Group, the amount scheduled to be advanced by such Class A Investor Group on such effective date, which amount may not exceed the product of (a) the Class A Drawn Percentage (immediately prior to the effectiveness of such Class A Investor Group Maximum Principal Increase) and (b) the amount of such Class A Investor Group Maximum Principal Increase.

"<u>Class A Investor Group Principal Amount</u>" means, as of any date of determination with respect to any Class A Investor Group, the result of: (i) if such Class A Investor Group is a Class A Additional Investor Group, such Class A Investor Group's Class A Additional Investor Group Initial Principal Amount, and otherwise, such Class A Investor Group's Class A Initial Investor Group Principal Amount, plus (ii) the Class A Investor Group Maximum Principal Increase Amount with respect to each Class A Investor Group Maximum Principal Increase applicable to such Class A Investor Group, if any, on or prior to such date, plus (iii) the principal amount of the portion of all Class A Advances funded by such Class A Investor Group on or prior to such date (excluding, for the avoidance of doubt, any Class A Initial Advance Amount from the calculation of such Class A Advances), minus (iv) the amount of principal payments (whether pursuant to a Class A Decrease, a redemption or otherwise) made to such Class A Investor Group pursuant to this Series 2021-A Supplement on or prior to such date, plus (v) the amount of principal payments recovered from such Class A Investor Group by a trustee as a preference payment in a bankruptcy proceeding of HVF III or otherwise on or prior to such date.

"<u>Class A Investor Group Supplement</u>" has the meaning specified in <u>Section 9.3(a)(iii)</u> (*Class A Assignments*).

"<u>Class A Majority Program Support Providers</u>" means, with respect to the related Class A Investor Group, Class A Program Support Providers holding more than 50% of the aggregate commitments of all Class A Program Support Providers.

"<u>Class A Mandatory Decrease</u>" has the meaning specified in <u>Section 2.3(b)(i)(A)</u> (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes*).

Schedule I-11

"<u>Class A Mandatory Decrease Amount</u>" has the meaning specified in <u>Section 2.3(b)(i)(A)</u> (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes*).

"<u>Class A Maximum Investor Group Principal Amount</u>" means, with respect to each Class A Investor Group as of any date of determination, the amount specified as such for such Class A Investor Group on <u>Schedule II</u> hereto for such date of determination, as such amount may be increased or decreased from time to time in accordance with the terms hereof; <u>provided</u> that, on any day after the occurrence and during the continuance of an Amortization Event with respect to the Series 2021-A Notes, the Class A Maximum Investor Group Principal Amount with respect to each Class A Investor Group shall not exceed the Class A Investor Group Principal Amount for such Class A Investor Group.

"<u>Class A Maximum Principal Amount</u>" means $3,875,000,000<u>3,240,000,000</u>; <u>provided</u> that such amount may be (i) reduced at any time and from time to time by HVF III upon notice to each Series 2021-A Noteholder, the Program Agent, each Conduit Investor and each Committed Note Purchaser in accordance with the terms of this Series 2021-A Supplement, or (ii) increased at any time and from time to time upon (a) a Class A Additional Investor Group becoming party to this Series 2021-A Supplement in accordance with the terms hereof or (b) the effective date for any Class A Investor Group Maximum Principal Increase.

"<u>Class A Monthly Default Interest Amount</u>" means, with respect to any Payment Date, an amount equal to the sum of (i) an amount equal to the product of (x) 2.0%, (y) the result of (a) the sum of the Class A Principal Amount as of each day during the related Series 2021-A Interest Period (after giving effect to any increases or decreases to the Class A Principal Amount on such day) during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing divided by (b) the actual number of days in the related Series 2021-A Interest Period during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing, and (z) the result of (a) the actual number of days in the related Series 2021-A Interest Period during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing divided by (b) 360 plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Series 2021-A Interest Periods (together with interest on such unpaid amounts required to be paid in this <u>clause (ii)</u> at the rate specified in <u>clause (i)</u>).

"<u>Class A Monthly Interest Amount</u>" means, with respect to any Payment Date, an amount equal to the sum of: (i) the Class A Daily Interest Amount for each day in the Series 2021-A Interest Period ending on the Determination Date related to such Payment Date; plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Series 2021-A Interest Periods (together with interest on such unpaid amounts required to be paid in this <u>clause (ii)</u> at the Class A Note Rate); plus (iii) the Class A Undrawn Fee with respect to each Class A Investor Group for such Payment Date; plus (iv) the applicable Class A Program Fee with respect to each Class A Investor Group for such Payment Date; plus (v) the CP True-Up Payment Amounts, if any, owing to each Class A Noteholder on such Payment Date.

"<u>Class A MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2021-A Failure Percentage as of such date and (ii) the Class A Concentration Adjusted Advance Rate with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2021-A Failure Percentage as of such date and (ii) the Class A Concentration Adjusted Advance Rate with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

Schedule I-12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any other Series 2021-A AAA Component, zero.

"<u>Class A Non-Consenting Purchaser</u>" has the meaning specified in <u>Section 9.2(a)(i)(E)</u> (*Replacement of Class A Investor Group*).

"<u>Class A Non-Defaulting Committed Note Purchaser</u>" has the meaning specified in <u>Section 2.2(a)(vii)</u> (*Class A Funding Defaults*).

"<u>Class A Non-Delayed Amount</u>" means, with respect to any Class A Delayed Funding Purchaser and a Class A Advance for which the Class A Delayed Funding Purchaser delivered a Class A Delayed Funding Notice, an amount equal to the excess of such Class A Delayed Funding Purchaser's ratable portion of such Class A Advance over its Class A Delayed Amount in respect of such Class A Advance.

"<u>Class A Note Rate</u>" means, for any Series 2021-A Interest Period, the weighted average of the sum of (a) the weighted average (by outstanding principal balance) of the Class A CP Rates applicable to the Class A CP Tranche (provided that if weighted average of such Class A CP Rates is less than 0.00%, such rate will be deemed to be 0.00%), (b) the Adjusted Term SOFR applicable to the Class A SOFR Tranche (provided that if the Adjusted Term SOFR (or any applicable Benchmark Replacement) is less than 0.00%, such rate will be deemed to be 0.00%) and (c) the Base Rate applicable to the Class A Base Rate Tranche plus 0.50%; provided, however, that the Class A Note Rate will in no event be higher than the maximum rate permitted by applicable law.

"<u>Class A Noteholder</u>" means each Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2021-A Variable Funding Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-1</u> hereto.

"<u>Class A Participants</u>" has the meaning specified in <u>Section 9.3(a)(iv)</u> (*Class A Assignments*).

"<u>Class A Permitted Delayed Amount</u>" is defined in <u>Section 2.2(a)(v)(A)</u> (*Funding Class A Advances*).

"<u>Class A Permitted Required Non-Delayed Percentage</u>" means, 10% or 25%.

"<u>Class A Potential Terminated Purchaser</u>" has the meaning specified in <u>Section 9.2(a)(i)</u> (*Replacement of Class A Investor Group*).

"<u>Class A Principal Amount</u>" means, when used with respect to any date, an amount equal to the sum of the Class A Investor Group Principal Amount as of such date with respect to each Class A Investor Group as of such date; <u>provided that</u>, during the Series 2021-A Revolving Period, for purposes of determining the "Required Series Noteholders" under the Base Indenture, the "Majority Indenture Investors" under the Base Indenture or whether or not the Series 2021-A Required Noteholders have given any consent, waiver, direction or instruction, the Class A Principal Amount held by each Class A Noteholder shall be deemed to include, without double counting, such Class A Noteholder's undrawn portion of the "Class A Maximum Investor Group Principal Amount" (*i.e*., the unutilized purchase commitments with respect to the Class A Notes under this Series 2021-A Supplement) for such Class A Noteholder's Class A Investor Group.

Schedule I-13

"<u>Class A Program Fee</u>" means, with respect to each Payment Date and each Class A Investor Group, an amount equal to the sum with respect to each day in the related Series 2021-A Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class A Program Fee Rate for such Class A Investor Group (or, if applicable, Class A Program Fee Rate for the related Class A Conduit Investor and Class A Committed Note Purchaser in such Class A Investor Group, respectively, if each of such Class A Conduit Investor and Class A Committed Note Purchaser is funding a portion of such Class A Investor Group's Class A Investor Group Principal Amount) for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class A Investor Group Principal Amount for such Class A Investor Group (or, if applicable, the portion of the Class A Investor Group Principal Amount for the related Class A Conduit Investor and Class A Committed Note Purchaser in such Class A Investor Group, respectively, if each of such Class A Conduit Investor and Class A Committed Note Purchaser is funding a portion of such Class A Investor Group's Class A Investor Group Principal Amount) for such day (after giving effect to all Class A Advances and Class A Decreases on such day), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1/360.

"<u>Class A Program Fee Letter</u>" means (i) that certain fee letter, dated as of May 8, 2025, by and among HVF III and each Class A Conduit Investor or Class A Committed Note Purchaser party thereto and (ii) each other fee letter by and among HVF III and each Class A Conduit Investor or Class A Committed Note Purchaser party thereto and designated in writing by such parties as a "Class A Program Fee Letter", in each case setting forth the definition of Class A Program Fee Rate and the definition of Class A Undrawn Fee Rate with respect to the related Class A Conduit Investors or Class A Committed Note Purchasers, as applicable.

"<u>Class A Program Fee Rate</u>" has the meaning specified in the applicable Class A Program Fee Letter.

"<u>Class A Program Support Agreement</u>" means any agreement entered into by any Class A Program Support Provider in respect of any Class A Commercial Paper and/or Class A Note providing for the issuance of one or more letters of credit for the account of a Class A Committed Note Purchaser or a Class A Conduit Investor, the issuance of one or more insurance policies for which a Class A Committed Note Purchaser or a Class A Conduit Investor is obligated to reimburse the applicable Class A Program Support Provider for any drawings thereunder, the sale by a Class A Committed Note Purchaser or a Class A Conduit Investor to any Class A Program Support Provider of the Class A Notes (or portions thereof or interests therein) and/or the making of loans and/or other extensions of credit to a Class A Committed Note Purchaser or a Class A Conduit Investor in connection with such Class A Conduit Investor's securitization program, together with any letter of credit, insurance policy or other instrument issued thereunder or guaranty thereof (but excluding any discretionary advance facility provided by a Class A Committed Note Purchaser).

"<u>Class A Program Support Provider</u>" means any financial institutions and any other or additional Person now or hereafter extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, a Class A Committed Note Purchaser or a Class A Conduit Investor in respect of such Class A Committed Note Purchaser's or Class A Conduit Investor's Class A Commercial Paper and/or Class A Note, and/or agreeing to issue a letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such Class A Conduit Investor's securitization program as it relates to any Class A Commercial Paper issued by such Class A Conduit Investor, in each case pursuant to a Class A Program Support Agreement and any guarantor of any such person; <u>provided that</u>, no Disqualified Party shall be a "Class A Program Support Provider" without the prior written consent of an Authorized Officer of HVF III, which consent may be withheld for any reason in HVF III's sole and absolute discretion.

Schedule I-14

"<u>Class A Replacement Purchaser</u>" has the meaning specified in <u>Section 9.2(a)(i)</u> (*Replacement of Class A Investor Group*).

"<u>Class A Required Non-Delayed Amount</u>" means, with respect to a Class A Delayed Funding Purchaser and a proposed Class A Advance, the excess, if any, of (a) the Class A Required Non-Delayed Percentage of such Class A Delayed Funding Purchaser's Class A Maximum Investor Group Principal Amount as of the date of such proposed Class A Advance over (b) with respect to each previously Class A Designated Delayed Advance of such Class A Delayed Funding Purchaser with respect to which the related Class A Advance occurred during the 35 days preceding the date of such proposed Class A Advance, if any, the sum of, with respect to each such previously Class A Designated Delayed Advance for which the related Class A Delayed Funding Date will not have occurred on or prior to the date of such proposed Class A Advance, the Class A Non-Delayed Amount with respect to each such previously Class A Designated Delayed Advance.

"<u>Class A Required Non-Delayed Percentage</u>" means, as of the Series 2021-A Restatement Date, 10%, and as of any date thereafter, the Class A Permitted Required Non-Delayed Percentage most recently specified in a written notice delivered by HVF III to the Program Agent, each Class A Funding Agent, each Class A Committed Note Purchaser and each Class A Conduit Investor at least 35 days prior to the effective date specified therein.

"<u>Class A Second Delayed Funding Notice</u>" is defined in <u>Section 2.2(a)(v)(C)</u> (*Class A Delayed Funding Procedures*).

"<u>Class A Second Delayed Funding Notice Amount</u>" has the meaning specified in <u>Section 2.2(a)(v)(C)</u> (*Class A Delayed Funding Procedures*).

"<u>Class A Second Permitted Delayed Amount</u>" is defined in <u>Section 2.2(a)(v)(C)</u> (*Class A Delayed Funding Procedures*).

"<u>Class A SOFR Tranche</u>" means that portion of the Class A Principal Amount purchased or maintained with Class A Advances that bear interest by reference to the Adjusted Term SOFR.

"<u>Class A Terminated Purchaser</u>" has the meaning specified in <u>Section 9.2(a)(i)</u> (*Replacement of Class A Investor Group*).

"<u>Class A Transferee</u>" has the meaning specified in <u>Section 9.3(a)(v)</u> (*Class A Assignments*).

"<u>Class A Undrawn Fee</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Payment Date on or prior to the Series 2021-A Commitment Termination Date with respect to the Class A Notes and each Class A Investor Group, an amount equal to the sum with respect to each day in the Series 2021-A Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A Undrawn Fee Rate for such Class A Investor Group for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the excess, if any, of (i) the Class A Maximum Investor Group Principal Amount for the related Class A Investor Group over (ii) the Class A Investor Group Principal Amount for the related Class A Investor Group (after giving effect to all Class A Advances and Class A Decreases on such day), in each case for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 1/360, and

Schedule I-15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Payment Date following the Series 2021-A Commitment Termination Date for the Class A Notes, zero.

"<u>Class A Undrawn Fee Rate</u>" has the meaning specified in the Class A Program Fee Letter.

"<u>Class A Upfront Fee</u>" has the meaning specified in <u>Section 3.2(b)</u> (*Upfront Fees*).

"<u>Class A Voluntary Decrease</u>" has the meaning specified in <u>Section 2.3(c)(i)(A)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*).

"<u>Class A Voluntary Decrease Amount</u>" has the meaning specified in <u>Section 2.3(c)(i)(A)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*).

<u>"Class A/B Adjusted Principal Amount" means, as of any date of determination, the excess, if any, of (A) the sum of (i) the Class A Principal Amount as of such date and (ii) the Class B Principal Amount over (B) the Series 2021-A Principal Collection Account Amount as of such date.</u>

"<u>Class A/B/C Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the sum of (i) the Class A Principal Amount as of such date, (ii) the Class B Principal Amount and (iii) the Class C Principal Amount as of such date over (B) the Series 2021-A Principal Collection Account Amount as of such date.

"<u>Class B Action</u>" has the meaning specified in <u>Section 9.2(b)(i)(E)</u> (*Replacement of Class B Investor Group*).

"<u>Class B Addendum</u>" means an addendum substantially in the form of <u>Exhibit K-2</u>.

"<u>Class B Additional Investor Group</u>" means, collectively, a Class B Conduit Investor, if any, and the Class B Committed Note Purchaser(s) with respect to such Class B Conduit Investor, or, if there is no Class B Conduit Investor with respect to any Class B Investor Group, the Class B Committed Note Purchaser(s) with respect to any Class B Investor Group that becomes party hereto as of any date after the Series 2021-A Restatement Date pursuant to <u>Section 2.1</u> (*Issuance; Additional Series 2021-A Notes*) in connection with an increase in the Class B Maximum Principal Amount; <u>provided</u> that, for the avoidance of doubt, a Class B Investor Group that is both a Class B Additional Investor Group and a Class B Acquiring Investor Group shall be deemed to be a Class B Additional Investor Group solely in connection with, and to the extent of, the commitment of such Class B Investor Group that increases the Class B Maximum Principal Amount when such Class B Additional Investor Group becomes a party hereto and Class B Additional Series 2021-A Notes are issued pursuant to <u>Section 2.1</u> (*Initial Purchase; Additional Series 2021-A Notes*), and references herein to such a Class B Investor Group as a "Class B Additional Investor Group" shall not include the commitment of such Class B Investor Group as a Class B Acquiring Investor Group (the Class B Maximum Investor Group Principal Amount of any such "Class B Additional Investor Group" shall not include any portion of the Class B Maximum Investor Group Principal Amount of such Class B Investor Group acquired pursuant to an assignment to such Class B Investor Group as a Class B Acquiring Investor Group, whereas references to the Class B Maximum Investor Group Principal Amount of such "Class B Investor Group" shall include the entire Class B Maximum Investor Group Principal Amount of such Class B Investor Group as both a Class B Additional Investor Group and a Class B Acquiring Investor Group).

"<u>Class B Additional Investor Group Initial Principal Amount</u>" means, with respect to each Class B Additional Investor Group, on the effective date of the addition of each member of such Class B Additional Investor Group as a party hereto, the amount scheduled to be advanced by such Class B Additional Investor Group on such effective date, which amount may not exceed the product of (a) the Class B Drawn Percentage (immediately prior to the addition of such Class B Additional Investor Group as a party hereto) and (b) the Class B Maximum Investor Group Principal Amount of such Class B Additional Investor Group on such effective date (immediately after the addition of such Class B Additional Investor Group as parties hereto).

Schedule I-16

"<u>Class B Additional Series 2021-A Notes</u>" has the meaning specified in <u>Section 2.1(d)(ii)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*).

"<u>Class B Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2021-A AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class B Baseline Advance Rate with respect to such Series 2021-A AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class B Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-A AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class B MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-A AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Class B Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (a) the Class B Asset Coverage Threshold Amount and (b) the Class A/B/C Adjusted Principal Amount, in each case, as of such date.

"<u>Class B Advance</u>" has the meaning specified in <u>Section 2.2(b)(i)</u> (*Class B Advance Requests*).

"<u>Class B Advance Amount</u>" means, with respect to any Class B Noteholder, the amount specified as such on <u>Schedule IV</u> hereto with respect to such Class B Noteholder.

"<u>Class B Advance Deficit</u>" has the meaning specified in <u>Section 2.2(b)(vi)</u> (*Class B Funding Defaults*).

"<u>Class B Advance Request</u>" means, with respect to any Class B Advance requested by HVF III, an advance request substantially in the form of <u>Exhibit J-2</u> hereto with respect to such Class B Advance.

"<u>Class B Asset Coverage Threshold Amount</u>" means, as of any date of determination, an amount equal to (x) the sum of (i) the Class A Adjusted Principal Amount and (ii) the Class B Adjusted Principal Amount divided by (y) the Class B Blended Advance Rate, in each case as of such date.

"<u>Class B Baseline Advance Rate</u>" means, with respect to each Series 2021-A AAA Select Component, the percentage set forth opposite such Series 2021-A AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2021-A AAA Component** | &nbsp;&nbsp;**Class B<br> Baseline<br> Advance Rate** |
| &nbsp;&nbsp;Series 2021-A Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;92.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;85.00% |
| &nbsp;&nbsp;Series 2021-A Medium-Duty Truck Amount | &nbsp;&nbsp;65.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2021-A Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

Schedule I-17

"<u>Class B Blended Advance Rate</u>" means, as of any date of determination, the lesser of (i) the percentage equivalent of a fraction, the numerator of which is the Class B Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2021-A Blended Advance Rate Weighting Denominator, in each case as of such date and (ii) 87%.

"<u>Class B Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2021-A AAA Select Component equal to the product of such Series 2021-A AAA Select Component and the Class B Adjusted Advance Rate with respect to such Series 2021-A AAA Select Component, in each case as of such date.

"<u>Class B Carryover Controlled Amortization Amount</u>" means, with respect to any Payment Date during the Series 2021-A Controlled Amortization Period and any Class B Notes, the amount, if any, by which the amount paid to the Class B Noteholders pursuant to <u>Section 5.2</u> (Application of Funds in the Series 2021-A Principal Collection Account) on the previous Payment Date was less than the Class B Controlled Distribution Amount for the previous Payment Date for such Class.

"<u>Class B Commercial Paper</u>" means the promissory notes of each Class B Noteholder issued by such Class B Noteholder in the commercial paper market to fund its Class B Notes.

"<u>Class B Commitment</u>" means, the obligation of the Class B Committed Note Purchasers included in each Class B Investor Group to fund Class B Advances pursuant to <u>Section 2.2(b)</u> (*Class B Advances*) in an aggregate stated amount up to the Class B Maximum Investor Group Principal Amount for such Class B Investor Group.

"<u>Class B Commitment Percentage</u>" means, on any date of determination, with respect to any Class B Investor Group, the fraction, expressed as a percentage, the numerator of which is such Class B Investor Group's Class B Maximum Investor Group Principal Amount on such date and the denominator is the Class B Maximum Principal Amount on such date.

"<u>Class B Committed Note Purchaser</u>" has the meaning specified in the Preamble.

"<u>Class B Committed Note Purchaser Percentage</u>" means, with respect to any Class B Committed Note Purchaser, the percentage set forth opposite the name of such Class B Committed Note Purchaser on <u>Schedule IV</u> hereto.

"<u>Class B Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Class B Baseline Advance Rate with respect to such Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount over the Class B Concentration Excess Advance Rate Adjustment with respect to such Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

Schedule I-18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Class B Baseline Advance Rate with respect to such Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount over the Class B Concentration Excess Advance Rate Adjustment with respect to such Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Class B Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2021-A AAA Select Component as of any date of determination, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2021-A Concentration Excess Amount, if any, allocated to such Series 2021-A AAA Select Component by HVF III and (B) the Class B Baseline Advance Rate with respect to such Series 2021-A AAA Select Component, and the denominator of which is (II) such Series 2021-A AAA Select Component, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class B Baseline Advance Rate with respect to such Series 2021-A AAA Select Component;

<u>provided that</u>, the portion of the Series 2021-A Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2021-A AAA Select Component that was included in determining whether such Series 2021-A Concentration Excess Amount exists.

"<u>Class B Conduit Investors</u>" has the meaning specified in the Preamble.

"<u>Class B CP Fallback Rate</u>" means, as of any date of determination and with respect to any Class B Advance funded or maintained by any Class B Funding Agent's Class B Investor Group through the issuance of Class B Commercial Paper during any Series 2021-A Interest Period, Adjusted Term SOFR on the first day of such Series 2021-A Interest Period as the rate for a one-month maturity.

"<u>Class B CP Notes</u>" has the meaning set forth in <u>Section 2.2(b)(iii)</u> (*Class B Conduit Investor Funding*).

"<u>Class B CP Rate</u>" means, with respect to any Series 2021-A Interest Period (or portion thereof), the per annum rate calculated to yield the "weighted average cost" (as defined below) for such Series 2021-A Interest Period (or portion thereof) in respect to Class B Commercial Paper issued by such Class B Conduit Investor; <u>provided</u>, however, that if any component of such rate is a discount rate, in calculating the Class B CP Rate for such Series 2021-A Interest Period (or portion thereof), the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum shall be used in calculating such component; <u>provided</u>, <u>further</u>, that if the Class B CP Rate as determined herein shall be less than zero, such rate shall be deemed to be zero for purposes of this Series 2021-A Supplement. As used in this definition, "<u>weighted average cost</u>" for any Series 2021-A Interest Period (or portion thereof) means the sum (without duplication) of (i) the actual interest accrued during such Series 2021-A Interest Period (or portion thereof) on outstanding Class B Commercial Paper issued by such Class B Conduit Investor, (ii) the commissions of placement agents and dealers in respect of such Class B Commercial Paper, (iii) any note issuance costs attributable to such Class B Commercial Paper not constituting dealer fees or commissions, expressed as an annualized percentage of the aggregate principal component thereof, (iv) the actual interest accrued during such Series 2021-A Interest Period (or portion thereof) on other borrowings by such Class B Conduit Investor (as determined by its managing agent), including to fund small or odd dollar amounts that are not easily accommodated in the commercial paper market, which may include loans from Class B Conduit Investor's managing agent or its affiliates and any other costs, fees and expenses associated with the funding or maintenance of the applicable Class B CP Tranche by such Class B Conduit Investor, including any liquidity support, credit enhancement, government sponsored funding programs (including the Federal Reserve Bank's Commercial Paper Funding Facility) so long as such costs, fees and expenses are allocated fairly among all borrowers , and (v) incremental carrying costs incurred with respect to Class B Commercial Paper maturing on dates other than those on which corresponding funds are received by such Class B Conduit Investor, <u>minus</u> any accrual of income net of expenses received from investment of collections received under all receivable purchase facilities funded substantially with Class B Commercial Paper. Notwithstanding anything to the contrary in the preceding provisions of this definition, if any Class B Funding Agent shall fail to notify HVF III and the Administrator of the applicable CP Rate for the Class B Advances made by its Class B Investor Group for the related Series 2021-A Interest Period by 11:00 a.m. (New York City time) on any Determination Date in accordance with <u>Section 3.1(b)(i)</u> (*Notice of Interest Rates*) of this Series 2021-A Supplement, then the Class B CP Rate with respect to such Class B Funding Agent's Class B Investor Group for each day during such Series 2021-A Interest Period shall equal the Class B CP Fallback Rate with respect to such Series 2021-A Interest Period.

Schedule I-19

"<u>Class B CP Tranche</u>" means that portion of the Class B Principal Amount purchased or maintained with Class B Advances that bear interest by reference to the Class B CP Rate.

"<u>Class B Controlled Amortization Amount</u>" means with respect to any Payment Date during the Series 2021-A Controlled Amortization Period, one-half of the Class B Maximum Principal Amount.

"<u>Class B Controlled Distribution Amount</u>" means, with respect to any Payment Date and any Class B Notes during the Series 2021-A Controlled Amortization Period, an amount equal to the sum of the Class B Controlled Amortization Amount on such Payment Date and any Class B Carryover Controlled Amortization Amount on such Payment Date.

"<u>Class B Daily Interest Amount</u>" means, for any day in a Series 2021-A Interest Period, an amount equal to the result of (a) the product of (i) the Class B Note Rate for such Series 2021-A Interest Period and (ii) the greater of (x) the Class B Principal Amount as of the close of business on such date or (y) 70.0% of the Class B Maximum Principal Amount divided by (b) 360.

"<u>Class B Decrease</u>" means a Class B Mandatory Decrease or a Class B Voluntary Decrease, as applicable.

"<u>Class B Decrease Conditions</u>" means, with respect to any repayment of principal of the Class B Notes, the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Class A Excess Principal Event is continuing or will occur after giving effect to such repayment; <u>provided that</u>, solely for purposes of calculating whether a Class A Excess Principal Event is continuing under this <u>clause (a)</u>, the Class A Principal Amount shall be deemed to be increased by all Class A Delayed Amounts, if any, that any Class A Delayed Funding Purchaser(s) in a Class A Investor Group are required to fund on a Class A Delayed Funding Date that is scheduled to occur after the date of such requested Class A Advance that have not been funded on or prior to the date of such requested Class A Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Aggregate Asset Amount Deficiency has occurred and is continuing at the time of such repayment or will occur after giving effect to such repayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Amortization Event, Potential Amortization Event or Series 2021-A Liquidation Event exists or will occur after giving effect to such repayment; and

Schedule I-20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Series 2021-A Required Reserve Account Amount shall be on deposit in the Series 2021-A Reserve Account (after giving effect to the simultaneous use of proceeds of all Series 2021-A Advances on the date of any such repayment of principal of the Class B Notes);

<u>provided</u> that, at any point when no Class A Notes are Outstanding, the Class B Decrease Conditions shall be deemed to be satisfied.

"<u>Class B Defaulting Committed Note Purchaser</u>" has the meaning specified in <u>Section 2.2(b)(vi)</u> (*Class B Funding Defaults*).

"<u>Class B Deficiency Amount</u>" has the meaning specified in <u>Section 3.1(c)(ii)</u> (*Payment of Interest; Funding Agent Failure to Provide Rate*).

"<u>Class B Drawn Percentage</u>" means, as of any date of determination, a fraction expressed as a percentage, the numerator of which is the Class B Principal Amount and the denominator of which is the Class B Maximum Principal Amount, in each case as of such date.

"<u>Class B Excess Principal Event</u>" shall be deemed to have occurred if, on any date, the Class B Principal Amount as of such date exceeds the Class B Maximum Principal Amount of such date.

"<u>Class B Fee</u>" for each Class B Committed Note Purchaser has the meaning specified in the Class B Fee Letter, if any for such Class B Committed Note Purchaser.

"<u>Class B Fee Letter</u>" means, with respect to a Class B Committed Note Purchaser that certain fee letter, dated as of the Series 2021-A Fourth Amendment Effective Date, by and among each Class B Committed Note Purchaser and each Class B Funding Agent party thereto, and HVF III setting forth the definition of Class B Fee with respect to such Class B Committed Note Purchaser.

"<u>Class B Funding Agent</u>" has the meaning specified in the Preamble.

"<u>Class B Funding Conditions</u>" means, with respect to any Class B Advance requested by HVF III pursuant to <u>Section 2.2</u> (*Advances*), the following shall be true and correct both immediately before and immediately after giving effect to such Class B Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties of HVF III set out in Article VIII (*Covenants*) of the Base Indenture and the representations and warranties of HVF III and the Administrator set out in <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) of this Series 2021-A Supplement, the representations and warranties of each grantor under the Collateral Agency Agreement and the representations and warranties of the Nominee set out in Article XII of the Nominee Agreement, in each case, shall be true and accurate as of the date of such Class B Advance with the same effect as though made on that date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the related Funding Agent shall have received an executed Class B Advance Request certifying as to the current Aggregate Asset Amount, delivered in accordance with the provisions of <u>Section 2.2</u> (*Advances*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Class B Excess Principal Event is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes, exists;

Schedule I-21

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Series 2021-A Required Reserve Account Amount shall be on deposit in the Series 2021-A Reserve Account (after giving effect to simultaneous use of proceeds of such Class B Advance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if such Class B Advance is in connection with any issuance of Class B Additional Series 2021-A Notes or any Class B Investor Group Maximum Principal Increase, then the amount of such issuance or increase shall be equal to or greater than $2,500,000 and integral multiples of $100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Series 2021-A Revolving Period is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the representations and warranties of HVF III set out in the Series 2021-A Related Documents with respect to HVF III shall be true and accurate as of the date of such Class B Advance with the same effect as though made on that date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

"<u>Class B Initial Advance Amount</u>" means, with respect to any Class B Noteholder, the amount specified as such on <u>Schedule IV</u> hereto with respect to such Class B Noteholder.

"<u>Class B Initial Investor Group Principal Amount</u>" means, with respect to each Class B Investor Group, the amount set forth and specified as such opposite the name of the Class B Committed Note Purchaser included in such Class B Investor Group on <u>Schedule IV</u> hereto.

"<u>Class B Investor Group</u>" means, collectively, (i) a Class B Conduit Investor, if any, and the Class B Committed Note Purchaser(s) with respect to such Class B Conduit Investor or, if there is no Class B Conduit Investor with respect to any Class B Investor Group, the Class B Committed Note Purchaser(s) with respect to such Class B Investor Group, in each case, party hereto as of the Series 2021-A Restatement Date and (ii) any Class B Additional Investor Group.

"<u>Class B Investor Group Maximum Principal Increase</u>" has the meaning specified in <u>Section 2.1(c)(ii)</u> (*Class B Investor Group Maximum Principal Increase*).

"<u>Class B Investor Group Maximum Principal Increase Addendum</u>" means an addendum substantially in the form of <u>Exhibit M-2</u>.

"<u>Class B Investor Group Maximum Principal Increase Amount</u>" means, with respect to each Class B Investor Group Maximum Principal Increase, on the effective date of any Class B Investor Group Maximum Principal Increase with respect to any Class B Investor Group, the amount scheduled to be advanced by such Class B Investor Group on such effective date, which amount may not exceed the product of (a) the Class B Drawn Percentage (immediately prior to the effectiveness of such Class B Investor Group Maximum Principal Increase) and (b) the amount of such Class B Investor Group Maximum Principal Increase.

"<u>Class B Investor Group Principal Amount</u>" means, as of any date of determination with respect to any Class B Investor Group, the result of: (i) if such Class B Investor Group is a Class B Additional Investor Group, such Class B Investor Group's Class B Additional Investor Group Initial Principal Amount, and otherwise, such Class B Investor Group's Class B Initial Investor Group Principal Amount, plus (ii) the Class B Investor Group Maximum Principal Increase Amount with respect to each Class B Investor Group Maximum Principal Increase applicable to such Class B Investor Group, if any, on or prior to such date, plus (iii) the principal amount of the portion of all Class B Advances funded by such Class B Investor Group on or prior to such date (excluding, for the avoidance of doubt, any Class B Initial Advance Amount from the calculation of such Class B Advances), minus (iv) the amount of principal payments (whether pursuant to a Class B Decrease, a redemption or otherwise) made to such Class B Investor Group pursuant to this Series 2021-A Supplement on or prior to such date, plus (v) the amount of principal payments recovered from such Class B Investor Group by a trustee as a preference payment in a bankruptcy proceeding of HVF III or otherwise on or prior to such date.

Schedule I-22

"<u>Class B Mandatory Decrease</u>" has the meaning specified in Section 2.3(b)(i)(B) (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes)*.

"<u>Class B Mandatory Decrease Amount</u>" has the meaning specified in Section 2.3(b)(i)(B) (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes)*.

"<u>Class B Maximum Investor Group Principal Amount</u>" means, with respect to each Class B Investor Group as of any date of determination, the amount specified as such for such Class B Investor Group on <u>Schedule IV</u> hereto for such date of determination, as such amount may be increased or decreased from time to time in accordance with the terms hereof; <u>provided</u> that, on any day after the occurrence and during the continuance of an Amortization Event with respect to the Series 2021-A Notes, the Class B Maximum Investor Group Principal Amount with respect to each Class B Investor Group shall not exceed the Class B Investor Group Principal Amount for such Class B Investor Group.

"<u>Class B Maximum Principal Amount</u>" means $300,000,000; <u>provided</u> that such amount may be (i) reduced at any time and from time to time by HVF III upon notice to each Series 2021-A Noteholder, the Program Agent, each Conduit Investor and each Committed Note Purchaser in accordance with the terms of this Series 2021-A Supplement, or (ii) increased at any time and from time to time upon (a) a Class B Additional Investor Group becoming party to this Series 2021-A Supplement in accordance with the terms hereof or (b) the effective date for any Class B Investor Group Maximum Principal Increase.

"<u>Class B Monthly Default Interest Amount</u>" means, with respect to any Payment Date , an amount equal to the sum of (i) an amount equal to the product of (x) 2.0%, (y) the result of (a) the sum of the Class B Principal Amount as of each day during the related Series 2021-A Interest Period (after giving effect to any increases or decreases to the Class B Principal Amount on such day) during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing divided by (b) the actual number of days in the related Series 2021-A Interest Period during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing, and (z) the result of (a) the actual number of days in the related Series 2021-A Interest Period during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing divided by (b) 360 plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Series 2021-A Interest Periods (together with interest on such unpaid amounts required to be paid in this <u>clause (ii)</u> at the rate specified in <u>clause (i)</u>).

"<u>Class B Monthly Interest Amount</u>" means, with respect to any Payment Date, an amount equal to the sum of: (i) the Class B Daily Interest Amount for each day in the Series 2021-A Interest Period ending on the Determination Date related to such Payment Date; plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Series 2021-A Interest Periods (together with interest on such unpaid amounts required to be paid in this <u>clause (ii)</u> at the Class B Note Rate); plus (iii) the Class B Undrawn Fee with respect to each Class B Investor Group for such Payment Date; plus (iv) the applicable Class B Program Fee, if any, with respect to each Class B Investor Group for such Payment Date.

"<u>Class B MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2021-A Failure Percentage as of such date and (ii) the Class B Concentration Adjusted Advance Rate with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

Schedule I-23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2021-A Failure Percentage as of such date and (ii) the Class B Concentration Adjusted Advance Rate with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any other Series 2021-A AAA Component, zero.

"<u>Class B Non-Consenting Purchaser</u>" has the meaning specified in <u>Section 9.2(b)(i)(E)</u> (*Replacement of Class B Investor Group*).

"<u>Class B Non-Defaulting Committed Note Purchaser</u>" has the meaning specified in <u>Section 2.2(b)(vi)</u> (*Class B Funding Defaults*).

"<u>Class B Note Rate</u>" means, for any Series 2021-A Interest Period for the Class B Notes, a rate agreed to in writing between HVF III and each Class B Noteholder.

"<u>Class B Noteholder</u>" means each Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2021-A Variable Funding Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-2</u> hereto.

"<u>Class B Potential Terminated Purchaser</u>" has the meaning specified in <u>Section 9.2(b)(i)</u> (*Replacement of Class B Investor Group*).

"<u>Class B Principal Amount</u>" means, when used with respect to any date, an amount equal to the sum of the Class B Investor Group Principal Amount as of such date with respect to each Class B Investor Group as of such date; <u>provided</u> that, during the Series 2021-A Revolving Period, for purposes of determining the "Required Series Noteholders" under the Base Indenture, the "Majority Indenture Investors" under the Base Indenture or whether or not the Series 2021-A Required Noteholders have given any consent, waiver, direction or instruction, the Class B Principal Amount held by each Class B Noteholder shall be deemed to include, without double counting, such Class B Noteholder's undrawn portion of the "Class B Maximum Investor Group Principal Amount" (*i.e*., the unutilized purchase commitments with respect to the Class B Notes under this Series 2021-A Supplement) for such Class B Noteholder's Class B Investor Group.

"<u>Class B Program Fee</u>" means, with respect to each Payment Date and each Class B Investor Group, an amount equal to the sum with respect to each day in the related Series 2021-A Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class B Program Fee Rate for such Class B Investor Group (or, if applicable, Class B Program Fee Rate for the related Class B Conduit Investor and Class B Committed Note Purchaser in such Class B Investor Group, respectively, if each of such Class B Conduit Investor and Class B Committed Note Purchaser is funding a portion of such Class B Investor Group's Class B Investor Group Principal Amount) for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class B Investor Group Principal Amount for such Class B Investor Group (or, if applicable, the portion of the Class B Investor Group Principal Amount for the related Class B Conduit Investor and Class B Committed Note Purchaser in such Class B Investor Group, respectively, if each of such Class B Conduit Investor and Class B Committed Note Purchaser is funding a portion of such Class B Investor Group's Class B Investor Group Principal Amount) for such day (after giving effect to all Class B Advances and Class B Decreases on such day), and

Schedule I-24

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1/360.

"<u>Class B Program Fee Letter</u>" means any fee letter by and among HVF III and each Class B Conduit Investor or Class B Committed Note Purchaser party thereto and designated in writing by such parties as a "Class B Program Fee Letter", in each case setting forth the definition of Class B Program Fee Rate with respect to the related Class B Conduit Investors or Class B Committed Note Purchasers, as applicable.

"<u>Class B Program Fee Rate</u>" has the meaning specified in the applicable Class B Program Fee Letter.

"<u>Class B Program Support Agreement</u>" means any agreement entered into by any Class B Program Support Provider in respect of any Class B Commercial Paper and/or Class B Note providing for the issuance of one or more letters of credit for the account of a Class B Committed Note Purchaser or a Class B Conduit Investor, the issuance of one or more insurance policies for which a Class B Committed Note Purchaser or a Class B Conduit Investor is obligated to reimburse the applicable Class B Program Support Provider for any drawings thereunder, the sale by a Class B Committed Note Purchaser or a Class B Conduit Investor to any Class B Program Support Provider of the Class B Notes (or portions thereof or interests therein) and/or the making of loans and/or other extensions of credit to a Class B Committed Note Purchaser or a Class B Conduit Investor in connection with such Class B Conduit Investor's securitization program, together with any letter of credit, insurance policy or other instrument issued thereunder or guaranty thereof (but excluding any discretionary advance facility provided by a Class B Committed Note Purchaser).

"<u>Class B Program Support Provider</u>" means any financial institutions and any other or additional Person now or hereafter extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, a Class B Committed Note Purchaser or a Class B Conduit Investor in respect of such Class B Committed Note Purchaser's or Class B Conduit Investor's Class B Commercial Paper and/or Class B Note, and/or agreeing to issue a letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such Class B Conduit Investor's securitization program as it relates to any Class B Commercial Paper issued by such Class B Conduit Investor, in each case pursuant to a Class B Program Support Agreement and any guarantor of any such person; <u>provided that</u>, no Disqualified Party shall be a "Class B Program Support Provider" without the prior written consent of an Authorized Officer of HVF III, which consent may be withheld for any reason in HVF III's sole and absolute discretion.

"<u>Class B Replacement Purchaser</u>" has the meaning specified in <u>Section 9.2(b)(i)</u> (*Replacement of Class B Investor Group*).

"<u>Class B Terminated Purchaser</u>" has the meaning specified in <u>Section 9.2(b)(i)</u> (*Replacement of Class B Investor Group*).

"<u>Class B Undrawn Fee</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Payment Date on or prior to the Series 2021-A Commitment Termination Date with respect to the Class B Notes and each Class B Investor Group, an amount equal to the sum with respect to each day in the related Series 2021-A Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class B Undrawn Fee Rate for such Class B Investor Group for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the excess, if any, of (i) the Class B Maximum Investor Group Principal Amount for the related Class B Investor Group over (ii) the Class B Investor Group Principal Amount for the related Class B Investor Group (after giving effect to all Class B Advances and Class B Decreases on such day), in each case for such day, and

Schedule I-25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 1/360, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Payment Date following the Series 2021-A Commitment Termination Date for the Class B Notes, zero.

"<u>Class B Undrawn Fee Letter</u>" means, with respect to a Class B Committed Note Purchaser that certain fee letter, dated as of the Series 2021-A Restatement Date, by and among each Class B Committed Note Purchaser and each Class B Funding Agent party thereto, and HVF III setting forth the definition of Class B Undrawn Fee Rate with respect to such Class B Committed Note Purchaser.

"<u>Class B Undrawn Fee Rate</u>" has the meaning specified in the Class B Undrawn Fee Letter.

"<u>Class B Voluntary Decrease</u>" has the meaning specified in <u>Section 2.3(c)(i)(B)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*).

"<u>Class B Voluntary Decrease Amount</u>" has the meaning specified in <u>Section 2.3(c)(i)(B)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*).

"<u>Class C Action</u>" has the meaning specified in <u>Section 9.2(c)(i)(E)</u> (*Replacement of Class C Investor Group*).

"<u>Class C Addendum</u>" means an addendum substantially in the form of <u>Exhibit K-3</u>.

"<u>Class C Additional Investor Group</u>" means, collectively, a Class C Conduit Investor, if any, and the Class C Committed Note Purchaser(s) with respect to such Class C Conduit Investor, or, if there is no Class C Conduit Investor with respect to any Class C Investor Group, the Class C Committed Note Purchaser(s) with respect to any Class C Investor Group that becomes party hereto as of any date after the Class C Notes Closing Date pursuant to <u>Section 2.1</u> (*Issuance; Additional Series 2021-A Notes*) in connection with an increase in the Class C Maximum Principal Amount; <u>provided</u> that, for the avoidance of doubt, a Class C Investor Group that is both a Class C Additional Investor Group and a Class C Acquiring Investor Group shall be deemed to be a Class C Additional Investor Group solely in connection with, and to the extent of, the commitment of such Class C Investor Group that increases the Class C Maximum Principal Amount when such Class C Additional Investor Group becomes a party hereto and Class C Additional Series 2021-A Notes are issued pursuant to <u>Section 2.1</u> (*Initial Purchase; Additional Series 2021-A Notes*), and references herein to such a Class C Investor Group as a "Class C Additional Investor Group" shall not include the commitment of such Class C Investor Group as a Class C Acquiring Investor Group (the Class C Maximum Investor Group Principal Amount of any such "Class C Additional Investor Group" shall not include any portion of the Class C Maximum Investor Group Principal Amount of such Class C Investor Group acquired pursuant to an assignment to such Class C Investor Group as a Class C Acquiring Investor Group, whereas references to the Class C Maximum Investor Group Principal Amount of such "Class C Investor Group" shall include the entire Class C Maximum Investor Group Principal Amount of such Class C Investor Group as both a Class C Additional Investor Group and a Class C Acquiring Investor Group).

"<u>Class C Additional Investor Group Initial Principal Amount</u>" means, with respect to each Class C Additional Investor Group, on the effective date of the addition of each member of such Class C Additional Investor Group as a party hereto, the amount scheduled to be advanced by such Class C Additional Investor Group on such effective date, which amount may not exceed the product of (a) the Class C Drawn Percentage (immediately prior to the addition of such Class C Additional Investor Group as a party hereto) and (b) the Class C Maximum Investor Group Principal Amount of such Class C Additional Investor Group on such effective date (immediately after the addition of such Class C Additional Investor Group as parties hereto).

Schedule I-26

"<u>Class C Additional Series 2021-A Notes</u>" has the meaning specified in <u>Section 2.1(d)(iii)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*).

"<u>Class C Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2021-A AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class C Baseline Advance Rate with respect to such Series 2021-A AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class C Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-A AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class C MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-A AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

"<u>Class C Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (a) the Class C Asset Coverage Threshold Amount and (b) the Class A/B/C Adjusted Principal Amount, in each case, as of such date.

"<u>Class C Advance</u>" has the meaning specified in <u>Section 2.2(c)(i)</u> (*Class C Advance Requests*).

"<u>Class C Advance Amount</u>" means, with respect to any Class C Noteholder, the amount specified as such on <u>Schedule V</u> hereto with respect to such Class C Noteholder.

"<u>Class C Advance Deficit</u>" has the meaning specified in <u>Section 2.2(c)(vi)</u> (*Class C Funding Defaults*).

"<u>Class C Advance Request</u>" means, with respect to any Class C Advance requested by HVF III, an advance request substantially in the form of <u>Exhibit J-3</u> hereto with respect to such Class C Advance.

"<u>Class C Asset Coverage Threshold Amount</u>" means, as of any date of determination, an amount equal to the Class A/B/C Adjusted Principal Amount divided by the Class C Blended Advance Rate, in each case as of such date.

"<u>Class C Baseline Advance Rate</u>" means, with respect to each Series 2021-A AAA Select Component, such percentages as determined on the Class C Notes Closing Date.

"<u>Class C Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class C Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2021-A Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Class C Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2021-A AAA Select Component equal to the product of such Series 2021-A AAA Select Component and the Class C Adjusted Advance Rate with respect to such Series 2021-A AAA Select Component, in each case as of such date.

Schedule I-27

"<u>Class C Commercial Paper</u>" means the promissory notes of each Class C Noteholder issued by such Class C Noteholder in the commercial paper market to fund its Class C Notes.

"<u>Class C Commitment</u>" means, the obligation of the Class C Committed Note Purchasers included in each Class C Investor Group to fund Class C Advances pursuant to <u>Section 2.2(c)</u> (*Class C Advances*) in an aggregate stated amount up to the Class C Maximum Investor Group Principal Amount for such Class C Investor Group.

"<u>Class C Commitment Percentage</u>" means, on any date of determination, with respect to any Class C Investor Group, the fraction, expressed as a percentage, the numerator of which is such Class C Investor Group's Class C Maximum Investor Group Principal Amount on such date and the denominator is the Class C Maximum Principal Amount on such date.

"<u>Class C Committed Note Purchaser</u>" has the meaning specified in the Preamble.

"<u>Class C Committed Note Purchaser Percentage</u>" means, with respect to any Class C Committed Note Purchaser, the percentage set forth opposite the name of such Class C Committed Note Purchaser on <u>Schedule V</u> hereto.

"<u>Class C Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Class C Baseline Advance Rate with respect to such Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount over the Class C Concentration Excess Advance Rate Adjustment with respect to such Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Class C Baseline Advance Rate with respect to such Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount over the Class C Concentration Excess Advance Rate Adjustment with respect to such Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Class C Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2021-A AAA Select Component as of any date of determination, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2021-A Concentration Excess Amount, if any, allocated to such Series 2021-A AAA Select Component by HVF III and (B) the Class C Baseline Advance Rate with respect to such Series 2021-A AAA Select Component, and the denominator of which is (II) such Series 2021-A AAA Select Component, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class C Baseline Advance Rate with respect to such Series 2021-A AAA Select Component;

<u>provided that</u>, the portion of the Series 2021-A Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2021-A AAA Select Component that was included in determining whether such Series 2021-A Concentration Excess Amount exists.

"<u>Class C Conduit Investors</u>" has the meaning specified in the Preamble.

"<u>Class C CP Fallback Rate</u>" means, as of any date of determination and with respect to any Class C Advance funded or maintained by any Class C Funding Agent's Class C Investor Group through the issuance of Class C Commercial Paper during any Series 2021-A Interest Period, Adjusted Term SOFR on the first day of such Series 2021-A Interest Period as the rate for a one-month maturity.

Schedule I-28

"<u>Class C CP Notes</u>" has the meaning set forth in <u>Section 2.2(c)(iii)</u> (*Class A<u>C</u> Conduit Investor Funding*).

"<u>Class C CP Rate</u>" means, with respect to any Series 2021-A Interest Period (or portion thereof), the per annum rate calculated to yield the "weighted average cost" (as defined below) for such Series 2021-A Interest Period (or portion thereof) in respect to Class C Commercial Paper issued by such Class C Conduit Investor; <u>provided</u>, however, that if any component of such rate is a discount rate, in calculating the Class C CP Rate for such Series 2021-A Interest Period (or portion thereof), the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum shall be used in calculating such component; <u>provided</u>, <u>further</u>, that if the Class C CP Rate as determined herein shall be less than zero, such rate shall be deemed to be zero for purposes of this Series 2021-A Supplement. As used in this definition, "<u>weighted average cost</u>" for any Series 2021-A Interest Period (or portion thereof) means the sum (without duplication) of (i) the actual interest accrued during such Series 2021-A Interest Period (or portion thereof) on outstanding Class C Commercial Paper issued by such Class C Conduit Investor, (ii) the commissions of placement agents and dealers in respect of such Class C Commercial Paper, (iii) any note issuance costs attributable to such Class C Commercial Paper not constituting dealer fees or commissions, expressed as an annualized percentage of the aggregate principal component thereof, (iv) the actual interest accrued during such Series 2021-A Interest Period (or portion thereof) on other borrowings by such Class C Conduit Investor (as determined by its managing agent), including to fund small or odd dollar amounts that are not easily accommodated in the commercial paper market, which may include loans from Class C Conduit Investor's managing agent or its affiliates and any other costs, fees and expenses associated with the funding or maintenance of the applicable Class C CP Tranche by such Class C Conduit Investor, including any liquidity support, credit enhancement, government sponsored funding programs (including the Federal Reserve Bank's Commercial Paper Funding Facility) so long as such costs, fees and expenses are allocated fairly among all borrowers , and (v) incremental carrying costs incurred with respect to Class C Commercial Paper maturing on dates other than those on which corresponding funds are received by such Class C Conduit Investor, <u>minus</u> any accrual of income net of expenses received from investment of collections received under all receivable purchase facilities funded substantially with Class C Commercial Paper. Notwithstanding anything to the contrary in the preceding provisions of this definition, if any Class C Funding Agent shall fail to notify HVF III and the Administrator of the applicable CP Rate for the Class C Advances made by its Class C Investor Group for the related Series 2021-A Interest Period by 11:00 a.m. (New York City time) on any Determination Date in accordance with <u>Section 3.1(b)(i)</u> (*Notice of Interest Rates*) of this Series 2021-A Supplement, then the Class C CP Rate with respect to such Class C Funding Agent's Class C Investor Group for each day during such Series 2021-A Interest Period shall equal the Class C CP Fallback Rate with respect to such Series 2021-A Interest Period.

"<u>Class C CP Tranche</u>" means that portion of the Class C Principal Amount purchased or maintained with Class C Advances that bear interest by reference to the Class C CP Rate.

"<u>Class C Daily Interest Amount</u>" means, for any day in a Series 2021-A Interest Period, an amount equal to the result of (a) the product of (i) the Class C Note Rate for such Series 2021-A Interest Period and (ii) the Class C Principal Amount as of the close of business on such date divided by (b) 360.

"<u>Class C Decrease</u>" means a Class C Mandatory Decrease or a Class C Voluntary Decrease, as applicable.

Schedule I-29

"<u>Class C Decrease Conditions</u>" means, with respect to any repayment of principal of the Class C Notes, the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Class A Excess Principal Event is continuing or will occur after giving effect to such repayment; <u>provided that</u>, solely for purposes of calculating whether a Class A Excess Principal Event is continuing under this <u>clause (a)</u>, the Class A Principal Amount shall be deemed to be increased by all Class A Delayed Amounts, if any, that any Class A Delayed Funding Purchaser(s) in a Class A Investor Group are required to fund on a Class A Delayed Funding Date that is scheduled to occur after the date of such requested Class A Advance that have not been funded on or prior to the date of such requested Class A Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Class B Excess Principal Event is continuing or will occur after giving effect to such repayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Aggregate Asset Amount Deficiency has occurred and is continuing at the time of such repayment or will occur after giving effect to such repayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Amortization Event, Potential Amortization Event or Series 2021-A Liquidation Event exists or will occur after giving effect to such repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Series 2021-A Required Reserve Account Amount shall be on deposit in the Series 2021-A Reserve Account (after giving effect to the simultaneous use of proceeds of all Series 2021-A Advances on the date of any such repayment of principal of the Class C Notes);

<u>provided</u> that, at any point when no Class A Notes and no Class B Notes are Outstanding, the Class C Decrease Conditions shall be deemed to be satisfied.

"<u>Class C Defaulting Committed Note Purchaser</u>" has the meaning specified in <u>Section 2.2(c)(vi)</u> (*Class C Funding Defaults*).

"<u>Class C Deficiency Amount</u>" has the meaning specified in <u>Section 3.1(c)(ii)</u> (*Payment of Interest; Funding Agent Failure to Provide Rate*).

"<u>Class C Drawn Percentage</u>" means, as of any date of determination, a fraction expressed as a percentage, the numerator of which is the Class C Principal Amount and the denominator of which is the Class C Maximum Principal Amount, in each case as of such date.

"<u>Class C Excess Principal Event</u>" shall be deemed to have occurred if, on any date, the Class C Principal Amount as of such date exceeds the Class C Maximum Principal Amount as of such date.

"<u>Class C Funding Agent</u>" has the meaning specified in the Preamble.

"<u>Class C Funding Conditions</u>" means, with respect to any Class C Advance requested by HVF III pursuant to <u>Section 2.2</u> (*Advances*), the following shall be true and correct both immediately before and immediately after giving effect to such Class C Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties of HVF III set out in Article VIII (*Covenants*) of the Base Indenture and the representations and warranties of HVF III and the Administrator set out in <u>Article VI</u> (*Representations and Warranties; Covenants; Closing Conditions*) of this Series 2021-A Supplement, the representations and warranties of each grantor under the Collateral Agency Agreement and the representations and warranties of the Nominee set out in Article XII of the Nominee Agreement, in each case, shall be true and accurate as of the date of such Class C Advance with the same effect as though made on that date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date);

Schedule I-30

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the related Funding Agent shall have received an executed Class C Advance Request certifying as to the current Aggregate Asset Amount, delivered in accordance with the provisions of <u>Section 2.2</u> (*Advances*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Class C Excess Principal Event is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-A Notes, exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Series 2021-A Required Reserve Account Amount shall be on deposit in the Series 2021-A Reserve Account (after giving effect to simultaneous use of proceeds of such Class C Advance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if such Class C Advance is in connection with any issuance of Class C Additional Series 2021-A Notes or any Class C Investor Group Maximum Principal Increase, then the amount of such issuance or increase shall be equal to or greater than $2,500,000 and integral multiples of $100,000 in excess thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Series 2021-A Revolving Period is continuing.

"<u>Class C Initial Advance Amount</u>" means, with respect to any Class C Noteholder, the amount specified as such on <u>Schedule V</u> hereto with respect to such Class C Noteholder.

"<u>Class C Initial Investor Group Principal Amount</u>" means, with respect to each Class C Investor Group, the amount set forth and specified as such opposite the name of the Class C Committed Note Purchaser included in such Class C Investor Group on <u>Schedule V</u> hereto.

"<u>Class C Investor Group</u>" means, collectively, (i) a Class C Conduit Investor, if any, and the Class C Committed Note Purchaser(s) with respect to such Class C Conduit Investor or, if there is no Class C Conduit Investor with respect to any Class C Investor Group, the Class C Committed Note Purchaser(s) with respect to such Class C Investor Group, in each case, party hereto as of the Class C Notes Closing Date and (ii) any Class C Additional Investor Group.

"<u>Class C Investor Group Maximum Principal Increase</u>" has the meaning specified in <u>Section 2.1(c)(iii)</u> (*Class C Investor Group Maximum Principal Increase*).

"<u>Class C Investor Group Maximum Principal Increase Addendum</u>" means an addendum substantially in the form of <u>Exhibit M-3</u>.

"<u>Class C Investor Group Maximum Principal Increase Amount</u>" means, with respect to each Class C Investor Group Maximum Principal Increase, on the effective date of any Class C Investor Group Maximum Principal Increase with respect to any Class C Investor Group, the amount scheduled to be advanced by such Class C Investor Group on such effective date, which amount may not exceed the product of (a) the Class C Drawn Percentage (immediately prior to the effectiveness of such Class C Investor Group Maximum Principal Increase) and (b) the amount of such Class C Investor Group Maximum Principal Increase.

"<u>Class C Investor Group Principal Amount</u>" means, as of any date of determination with respect to any Class C Investor Group, the result of: (i) if such Class C Investor Group is a Class C Additional Investor Group, such Class C Investor Group's Class C Additional Investor Group Initial Principal Amount, and otherwise, such Class C Investor Group's Class C Initial Investor Group Principal Amount, plus (ii) the Class C Investor Group Maximum Principal Increase Amount with respect to each Class C Investor Group Maximum Principal Increase applicable to such Class C Investor Group, if any, on or prior to such date, plus (iii) the principal amount of the portion of all Class C Advances funded by such Class C Investor Group on or prior to such date (excluding, for the avoidance of doubt, any Class C Initial Advance Amount from the calculation of such Class C Advances), minus (iv) the amount of principal payments (whether pursuant to a Class C Decrease, a redemption or otherwise) made to such Class C Investor Group pursuant to this Series 2021-A Supplement on or prior to such date, plus (v) the amount of principal payments recovered from such Class C Investor Group by a trustee as a preference payment in a bankruptcy proceeding of HVF III or otherwise on or prior to such date.

Schedule I-31

"<u>Class C Mandatory Decrease</u>" has the meaning specified in <u>Section 2.3(b)(i)(C)</u> (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes)*.

"<u>Class C Mandatory Decrease Amount</u>" has the meaning specified in <u>Section 2.3(b)(i)(C)</u> (*Obligation to Decrease Class A Notes, Class B Notes and Class C Notes)*.

"<u>Class C Maximum Investor Group Principal Amount</u>" means, with respect to each Class C Investor Group as of any date of determination, the amount specified as such for such Class C Investor Group on <u>Schedule V</u> hereto for such date of determination, as such amount may be increased or decreased from time to time in accordance with the terms hereof; <u>provided</u> that, on any day after the occurrence and during the continuance of an Amortization Event with respect to the Series 2021-A Notes, the Class C Maximum Investor Group Principal Amount with respect to each Class C Investor Group shall not exceed the Class C Investor Group Principal Amount for such Class C Investor Group.

"<u>Class C Maximum Principal Amount</u>" means $0; <u>provided</u> that such amount may be (i) reduced at any time and from time to time by HVF III upon notice to each Series 2021-A Noteholder, the Program Agent, each Conduit Investor and each Committed Note Purchaser in accordance with the terms of this Series 2021-A Supplement, or (ii) increased at any time and from time to time upon (a) a Class C Additional Investor Group becoming party to this Series 2021-A Supplement in accordance with the terms hereof or (b) the effective date for any Class C Investor Group Maximum Principal Increase.

"<u>Class C Monthly Default Interest Amount</u>" means, with respect to any Payment Date , an amount equal to the sum of (i) an amount equal to the product of (x) 2.0%, (y) the result of (a) the sum of the Class C Principal Amount as of each day during the related Series 2021-A Interest Period (after giving effect to any increases or decreases to the Class C Principal Amount on such day) during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing divided by (b) the actual number of days in the related Series 2021-A Interest Period during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing, and (z) the result of (a) the actual number of days in the related Series 2021-A Interest Period during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing divided by (b) 360 plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Series 2021-A Interest Periods (together with interest on such unpaid amounts required to be paid in this <u>clause (ii)</u> at the rate specified in <u>clause (i)</u>).

"<u>Class C Monthly Interest Amount</u>" means, with respect to any Payment Date, an amount equal to the sum of: (i) the Class C Daily Interest Amount for each day in the Series 2021-A Interest Period ending on the Determination Date related to such Payment Date; plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Series 2021-A Interest Periods (together with interest on such unpaid amounts required to be paid in this <u>clause (ii)</u> at the Class C Note Rate); plus (iii) the Class C Undrawn Fee with respect to each Class C Investor Group for such Payment Date; plus (iv) the Class C Program Fee, if any, with respect to each Class C Investor Group for such Payment Date.

"<u>Class C MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

Schedule I-32

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2021-A Failure Percentage as of such date and (ii) the Class C Concentration Adjusted Advance Rate with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2021-A Failure Percentage as of such date and (ii) the Class C Concentration Adjusted Advance Rate with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any other Series 2021-A AAA Component, zero.

"<u>Class C Non-Consenting Purchaser</u>" has the meaning specified in <u>Section 9.2(c)(i)(E)</u> (*Replacement of Class C Investor Group*).

"<u>Class C Non-Defaulting Committed Note Purchaser</u>" has the meaning specified in <u>Section 2.2(c)(</u><u>v</u><u>vi</u><u>)</u> (*Class C Funding Defaults*).

"<u>Class C Note Rate</u>" means, for any Series 2021-A Interest Period for the Class C Notes, a rate agreed to in writing between HVF III and each Class C Noteholder.

"<u>Class C Noteholder</u>" means each Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2021-A Variable Funding Rental Car Asset Backed Notes, Class C executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-3</u> hereto.

"<u>Class C Notes Closing Date</u>" means the date on which the initial Class C Notes are issued.

"<u>Class C Potential Terminated Purchaser</u>" has the meaning specified in <u>Section 9.2(c)(i)</u> (*Replacement of Class C Investor Group*).

"<u>Class C Principal Amount</u>" means, when used with respect to any date, an amount equal to the sum of the Class C Investor Group Principal Amount as of such date with respect to each Class C Investor Group as of such date; <u>provided</u> that, during the Series 2021-A Revolving Period, for purposes of determining the "Required Series Noteholders" under the Base Indenture, the "Majority Indenture Investors" under the Base Indenture or whether or not the Series 2021-A Required Noteholders have given any consent, waiver, direction or instruction, the Class C Principal Amount held by each Class C Noteholder shall be deemed to include, without double counting, such Class C Noteholder's undrawn portion of the "Class C Maximum Investor Group Principal Amount" (*i.e*., the unutilized purchase commitments with respect to the Class C Notes under this Series 2021-A Supplement) for such Class C Noteholder's Class C Investor Group.

"<u>Class C Program Fee</u>" means, with respect to each Payment Date and each Class C Investor Group, an amount equal to the sum with respect to each day in the related Series 2021-A Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class C Program Fee Rate for such Class C Investor Group (or, if applicable, Class C Program Fee Rate for the related Class C Conduit Investor and Class C Committed Note Purchaser in such Class C Investor Group, respectively, if each of such Class C Conduit Investor and Class C Committed Note Purchaser is funding a portion of such Class C Investor Group's Class C Investor Group Principal Amount) for such day, and

Schedule I-33

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class C Investor Group Principal Amount for such Class C Investor Group (or, if applicable, the portion of the Class C Investor Group Principal Amount for the related Class C Conduit Investor and Class C Committed Note Purchaser in such Class C Investor Group, respectively, if each of such Class C Conduit Investor and Class C Committed Note Purchaser is funding a portion of such Class C Investor Group's Class C Investor Group Principal Amount) for such day (after giving effect to all Class C Advances and Class C Decreases on such day), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1/360.

"<u>Class C Program Fee Letter</u>" means, any fee letter by and among HVF III and each Class C Conduit Investor or Class C Committed Note Purchaser party thereto and designated in writing by such parties as a "Class C Program Fee Letter", in each case setting forth the definition of Class C Program Fee Rate with respect to the related Class C Conduit Investors or Class C Committed Note Purchasers, as applicable.

"<u>Class C Program Fee Rate</u>" has the meaning specified in the applicable Class C Program Fee Letter.

"<u>Class C Program Support Agreement</u>" means any agreement entered into by any Class C Program Support Provider in respect of any Class C Commercial Paper and/or Class C Note providing for the issuance of one or more letters of credit for the account of a Class C Committed Note Purchaser or a Class C Conduit Investor, the issuance of one or more insurance policies for which a Class C Committed Note Purchaser or a Class C Conduit Investor is obligated to reimburse the applicable Class C Program Support Provider for any drawings thereunder, the sale by a Class C Committed Note Purchaser or a Class C Conduit Investor to any Class C Program Support Provider of the Class C Notes (or portions thereof or interests therein) and/or the making of loans and/or other extensions of credit to a Class C Committed Note Purchaser or a Class C Conduit Investor in connection with such Class C Conduit Investor's securitization program, together with any letter of credit, insurance policy or other instrument issued thereunder or guaranty thereof (but excluding any discretionary advance facility provided by a Class C Committed Note Purchaser).

"<u>Class C Program Support Provider</u>" means any financial institutions and any other or additional Person now or hereafter extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, a Class C Committed Note Purchaser or a Class C Conduit Investor in respect of such Class C Committed Note Purchaser's or Class C Conduit Investor's Class C Commercial Paper and/or Class C Note, and/or agreeing to issue a letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such Class C Conduit Investor's securitization program as it relates to any Class C Commercial Paper issued by such Class C Conduit Investor, in each case pursuant to a Class C Program Support Agreement and any guarantor of any such person; <u>provided that</u>, no Disqualified Party shall be a "Class C Program Support Provider" without the prior written consent of an Authorized Officer of HVF III, which consent may be withheld for any reason in HVF III's sole and absolute discretion.

"<u>Class C Replacement Purchaser</u>" has the meaning specified in <u>Section 9.2(c)(i)</u> (*Replacement of Class C Investor Group*).

"<u>Class C Terminated Purchaser</u>" has the meaning specified in <u>Section 9.2(c)(i)</u> (*Replacement of Class C Investor Group*).

Schedule I-34

"<u>Class C Undrawn Fee</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Payment Date on or prior to the Series 2021-A Commitment Termination Date with respect to the Class C Notes and each Class C Investor Group, an amount equal to the sum with respect to each day in the related Series 2021-A Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class C Undrawn Fee Rate for such Class C Investor Group for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the excess, if any, of (i) the Class C Maximum Investor Group Principal Amount for the related Class C Investor Group over (ii) the Class C Investor Group Principal Amount for the related Class C Investor Group (after giving effect to all Class C Advances and Class C Decreases on such day), in each case for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 1/360, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Payment Date following the Series 2021-A Commitment Termination Date for the Class C Notes, zero.

"<u>Class C Undrawn Fee Rate</u>" has the meaning specified in the Class C Upfront Fee Letter.

"<u>Class C Upfront Fee</u>" for each Class C Committed Note Purchaser has the meaning specified in the Class C Upfront Fee Letter, if any, for such Class C Committed Note Purchaser.

"<u>Class C Upfront Fee Letter</u>" means, with respect to a Class C Committed Note Purchaser that certain fee letter, to be dated as of the Class C Notes Closing Date, by and among each Class C Committed Note Purchaser and each Class C Funding Agent party thereto, and HVF III setting forth the definition of Class C Upfront Fee and Class C Undrawn Fee with respect to such Class C Committed Note Purchaser.

"<u>Class C Voluntary Decrease</u>" has the meaning specified in <u>Section 2.3(c)(i)(C)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*).

"<u>Class C Voluntary Decrease Amount</u>" has the meaning specified in <u>Section 2.3(c)(i)(C)</u> (*Procedures for Class A Voluntary Decreases, Class B Voluntary Decreases and Class C Voluntary Decreases*).

"<u>Class RR Acquiring Committed Note Purchaser</u>" has the meaning specified in <u>Section 9.3(d)(i)</u> (*Class RR Assignments*).

"<u>Class RR Additional Series 2021-A Notes</u>" has the meaning specified in <u>Section 2.1(d)(iv)</u> (*Conditions to Issuance of Additional Series 2021-A Notes*).

"<u>Class RR Adjusted Advance Rate</u>" means, as of any date of determination, with respect to any Series 2021-A AAA Select Component, a percentage equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class RR Baseline Advance Rate with respect to such Series 2021-A AAA Select Component as of such date, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class RR Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-A AAA Select Component, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class RR MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-A AAA Select Component; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) zero.

Schedule I-35

"<u>Class RR Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Class RR Principal Amount as of such date over (B) the Series 2021-A Principal Collection Account Amount as of such date.

"<u>Class RR Advance</u>" has the meaning specified in the recitals.

"<u>Class RR Advance Amount</u>" means, with respect to the Class RR Noteholder, the amount specified as such on <u>Schedule VI</u> hereto with respect to the Class RR Noteholder.

"<u>Class RR Asset Coverage Threshold Amount</u>" means, as of any date of determination, an amount equal to the Series 2021-A Adjusted Principal Amount divided by the Class RR Blended Advance Rate, in each case as of such date.

"<u>Class RR Assignment and Assumption Agreement</u>" has the meaning specified in <u>Section 9.3(d)(i)</u> (*Class RR Assignments*).

"<u>Class RR Baseline Advance Rate</u>" means, with respect to each Series 2021-A AAA Select Component, the percentage set forth opposite such Series 2021-A AAA Select Component in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 2021-A AAA Component** | &nbsp;&nbsp;**Class RR<br> Baseline<br> Advance Rate** |
| &nbsp;&nbsp;Series 2021-A Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Cash Amount | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Series 2021-A Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"<u>Class RR Blended Advance Rate</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Class RR Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2021-A Blended Advance Rate Weighting Denominator, in each case as of such date.

"<u>Class RR Blended Advance Rate Weighting Numerator</u>" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Series 2021-A AAA Select Component equal to the product of such Series 2021-A AAA Select Component and the Class RR Adjusted Advance Rate with respect to such Series 2021-A AAA Select Component, in each case as of such date.

"<u>Class RR Committed Note Purchaser</u>" has the meaning specified in the Preamble.

"<u>Class RR Concentration Adjusted Advance Rate</u>" means as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Class RR Baseline Advance Rate with respect to such Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount over the Class RR Concentration Excess Advance Rate Adjustment with respect to such Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

Schedule I-36

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Class RR Baseline Advance Rate with respect to such Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount over the Class RR Concentration Excess Advance Rate Adjustment with respect to such Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

"<u>Class RR Concentration Excess Advance Rate Adjustment</u>" means, with respect to any Series 2021-A AAA Select Component as of any date of determination, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Series 2021-A Concentration Excess Amount, if any, allocated to such Series 2021-A AAA Select Component by HVF III and (B) the Class RR Baseline Advance Rate with respect to such Series 2021-A AAA Select Component, and the denominator of which is (II) such Series 2021-A AAA Select Component, in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class RR Baseline Advance Rate with respect to such Series 2021-A AAA Select Component;

<u>provided that</u>, the portion of the Series 2021-A Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2021-A AAA Select Component that was included in determining whether such Series 2021-A Concentration Excess Amount exists.

"<u>Class RR Daily Interest Amount</u>" means, for any day in a Series 2021-A Interest Period, an amount equal to the result of (a) the product of (i) the Class RR Note Rate for such Series 2021-A Interest Period and (ii) the Class RR Principal Amount as of the close of business on such date divided by (b) 360.

"<u>Class RR Deficiency Amount</u>" has the meaning specified in <u>Section 3.1(c)(ii)</u> (*Payment of Interest; Funding Agent Failure to Provide Rate*).

"<u>Class RR Initial Principal Amount</u>" means, with respect to the Class RR Committed Note Purchaser, the amount set forth and specified as such opposite the name of the Class RR Committed Note Purchaser on <u>Schedule VI</u> hereto.

"<u>Class RR Monthly Default Interest Amount</u>" means, with respect to any Payment Date, an amount equal to the sum of (i) an amount equal to the product of (x) 2.0%, (y) the result of (a) the sum of the Class RR Principal Amount as of each day during the related Series 2021-A Interest Period (after giving effect to any increases or decreases to the Class RR Principal Amount on such day) during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing divided by (b) the actual number of days in the related Series 2021-A Interest Period during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing, and (z) the result of (a) the actual number of days in the related Series 2021-A Interest Period during which an Amortization Event with respect to the Series 2021-A Notes has occurred and is continuing divided by (b) 360 plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Series 2021-A Interest Periods (together with interest on such unpaid amounts required to be paid in this <u>clause (ii)</u> at the rate specified in <u>clause (i)</u>).

"<u>Class RR Monthly Interest Amount</u>" means, with respect to any Payment Date, an amount equal to the sum of: (i) the Class RR Daily Interest Amount for each day in the Series 2021-A Interest Period ending on the Determination Date related to such Payment Date; plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Series 2021-A Interest Periods (together with interest on such unpaid amounts required to be paid in this <u>clause (ii)</u> at the Class RR Note Rate); plus (iii) the Class RR Program Fee for such Payment Date.

Schedule I-37

"<u>Class RR MTM/DT Advance Rate Adjustment</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2021-A Failure Percentage as of such date and (ii) the Class RR Concentration Adjusted Advance Rate with respect to the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the Series 2021-A Failure Percentage as of such date and (ii) the Class RR Concentration Adjusted Advance Rate with respect to the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any other Series 2021-A AAA Component, zero.

"<u>Class RR Note Rate</u>" means, for any Series 2021-A Interest Period, the Class A Note Rate with respect to such Series 2021-A Interest Period.

"<u>Class RR Noteholder</u>" means the Person in whose name the Class RR Note is registered in the Note Register.

"<u>Class RR Notes</u>" means any one of the Series 2021-A Variable Funding Rental Car Asset Backed Notes, Class RR, executed by HVF III and authenticated by or on behalf of the Trustee, substantially in the form of <u>Exhibit A-4</u> hereto.

"<u>Class RR Principal Amount</u>" means $207,500,000; <u>provided</u> that such amount may be (i) reduced at any time and from time to time by HVF III upon notice to each Series 2021-A Noteholder, the Program Agent, each Conduit Investor and each Committed Note Purchaser in accordance with the terms of this Series 2021-A Supplement, or (ii) increased at any time and from time to time upon the effective date for any Class RR Principal Increase.

"<u>Class RR Principal Increase</u>" has the meaning specified in <u>Section 2.1(c)(iv)</u> (*Class RR Principal Increase*).

"<u>Class RR Principal Increase Addendum</u>" means an addendum substantially in the form of <u>Exhibit M-4</u>.

"<u>Class RR Principal Increase Amount</u>" means, with respect to each Class RR Principal Increase, on the effective date of any Class RR Principal Increase, the amount scheduled to be advanced by the Class RR Committed Note Purchaser on such effective date.

"<u>Class RR Program Fee</u>" means, with respect to each Payment Date, an amount equal to the sum with respect to each day in the related Series 2021-A Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class RR Program Fee Rate for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class RR Principal Amount for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1/360.

Schedule I-38

"<u>Class RR Program Fee Letter</u>" means that certain fee letter, dated as of the Series 2021-A Initial Closing Date, by and between the Class RR Committed Note Purchaser and HVF III setting forth the definition of Class RR Program Fee Rate.

"<u>Class RR Program Fee Rate</u>" has the meaning specified in the Class RR Program Fee Letter.

"<u>Class RR Transferee</u>" has the meaning specified in <u>Section 9.3(d)(ii)</u> (*Class RR Assignments*).

"<u>Collateral Agent</u>" has the meaning specified in the Fifth Amended and Restated Collateral Agency Agreement, dated as of June 30, 2021, by and among HVF III, as grantor, HGI, as grantor, DTG Operations, Inc., as grantor, the Administrator, as grantor and collateral servicer, The Bank of New York Mellon Trust Company, N.A., as the collateral agent, and the other parties from time to time party thereto.

"<u>Commitment</u>" means, (i) with respect to the Class A Committed Note Purchasers, the obligation of the Class A Committed Note Purchasers included in each Class A Investor Group to fund Class A Advances pursuant to Section 2.2(a) (Class A Advances) in an aggregate stated amount up to the Class A Maximum Investor Group Principal Amount for such Class A Investor Group, (ii) with respect to the Class B Committed Note Purchasers, the obligation of the Class B Committed Note Purchasers included in each Class B Investor Group to fund Class B Advances pursuant to Section 2.2(b) (Class B Advances) in an aggregate stated amount up to the Class B Maximum Investor Group Principal Amount for such Class B Investor Group, (iii) with respect to the Class C Committed Note Purchasers, the obligation of the Class C Committed Note Purchasers included in each Class C Investor Group to fund Class C Advances pursuant to Section 2.2(c) (Class C Advances) in an aggregate stated amount up to the Class C Maximum Investor Group Principal Amount for such Class C Investor Group and (iv) with respect to the Class RR Committed Note Purchaser, the obligation of the Class RR Committed Note Purchaser to fund the Class RR Advance in an aggregate stated amount up to the Class RR Principal Amount.

"<u>Committed Note Purchaser</u>" has the meaning specified in the Preamble.

"<u>Conduit Investors</u>" has the meaning specified in the Preamble.

"<u>Confidential Information</u>" means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Program Agent, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Program Agent or other Person to which a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Program Agent delivered such information, (ii) that was in the possession of a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Program Agent prior to its being furnished to such Committed Note Purchaser, such Conduit Investor, such Funding Agent or the Program Agent by Hertz or any Affiliate thereof; <u>provided that</u>, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Program Agent from a source other than Hertz or an Affiliate thereof; <u>provided that</u>, such source is not (1) known, or would not reasonably be expected to be known, to a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Program Agent to be bound by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Program Agent to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

Schedule I-39

"<u>Controlled Investment Affiliate</u>" means as to any person, any other person which directly or indirectly is in control of, is controlled by, or is under common control with, such person and is organized by such person (or any person controlling such person) primarily for making equity or debt investments in a company or its direct or indirect parent company or other portfolio companies of such person.

"<u>Corresponding DBRS Rating</u>" means, for each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P** | &nbsp;&nbsp;**Fitch** | &nbsp;&nbsp;**DBRS** |
| &nbsp;&nbsp;Aaa | &nbsp;&nbsp;AAA | &nbsp;&nbsp;AAA | &nbsp;&nbsp;AAA |
| &nbsp;&nbsp;Aa1 | &nbsp;&nbsp;AA+ | &nbsp;&nbsp;AA+ | &nbsp;&nbsp;AA(H) |
| &nbsp;&nbsp;Aa2 | &nbsp;&nbsp;AA | &nbsp;&nbsp;AA | &nbsp;&nbsp;AA |
| &nbsp;&nbsp;Aa3 | &nbsp;&nbsp;AA- | &nbsp;&nbsp;AA- | &nbsp;&nbsp;AA(L) |
| &nbsp;&nbsp;A1 | &nbsp;&nbsp;A+ | &nbsp;&nbsp;A+ | &nbsp;&nbsp;A(H) |
| &nbsp;&nbsp;A2 | &nbsp;&nbsp;A | &nbsp;&nbsp;A | &nbsp;&nbsp;A |
| &nbsp;&nbsp;A3 | &nbsp;&nbsp;A- | &nbsp;&nbsp;A- | &nbsp;&nbsp;A(L) |
| &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ | &nbsp;&nbsp;BBB+ | &nbsp;&nbsp;BBB(H) |
| &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;BBB | &nbsp;&nbsp;BBB |
| &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- | &nbsp;&nbsp;BBB- | &nbsp;&nbsp;BBB(L) |
| &nbsp;&nbsp;Ba1 | &nbsp;&nbsp;BB+ | &nbsp;&nbsp;BB+ | &nbsp;&nbsp;BB(H) |
| &nbsp;&nbsp;Ba2 | &nbsp;&nbsp;BB | &nbsp;&nbsp;BB | &nbsp;&nbsp;BB |
| &nbsp;&nbsp;Ba3 | &nbsp;&nbsp;BB- | &nbsp;&nbsp;BB- | &nbsp;&nbsp;BB(L) |
| &nbsp;&nbsp;B1 | &nbsp;&nbsp;B+ | &nbsp;&nbsp;B+ | &nbsp;&nbsp;B-High |
| &nbsp;&nbsp;B2 | &nbsp;&nbsp;B | &nbsp;&nbsp;B | &nbsp;&nbsp;B |
| &nbsp;&nbsp;B3 | &nbsp;&nbsp;B- | &nbsp;&nbsp;B- | &nbsp;&nbsp;B(L) |
| &nbsp;&nbsp;Caa1 | &nbsp;&nbsp;CCC+ | &nbsp;&nbsp;CCC | &nbsp;&nbsp;CCC(H) |
| &nbsp;&nbsp;Caa2 | &nbsp;&nbsp;CCC | &nbsp;&nbsp;CC | &nbsp;&nbsp;CCC |
| &nbsp;&nbsp;Caa3 | &nbsp;&nbsp;CCC- | &nbsp;&nbsp;C | &nbsp;&nbsp;CCC(L) |

---

"<u>Covered Liabilities</u>" has the meaning specified in <u>Section 1.3</u> (*Acknowledgment and Consent to Bail-In of Affected Financial Institutions*).

"<u>CP Fallback Rate</u>" means any Class A CP Fallback Rate, Class B CP Fallback Rate or Class C CP Fallback Rate, individually or collectively, as the context may require.

"<u>CP Rate</u>" means any Class A CP Rate, Class B CP Rate or Class C CP Rate, individually or collectively, as the context may require.

"<u>CP Tranche</u>" means any Class A CP Tranche, Class B CP Tranche or Class C CP Tranche, individually or collectively, as the context may require.

"<u>CP True-Up Payment Amount</u>" has the meaning set forth in <u>Section 3.1(f)</u> (*CP True-Up Payment Amount*).

"<u>Credit Committee Condition</u>" has the meaning specified in <u>Section</u> <u>2.3(g) (*Credit Committee Condition*).</u>

"<u>Credit Support Annex</u>" has the meaning specified in <u>Section 4.4(c)</u> (*Collateral Posting for Ineligible Interest Rate Cap Providers*).

"<u>Daily Simple SOFR</u>" means, for any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to the greater of (a) SOFR for the day (such day, a "<u>SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website, and (b) the Floor. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to HVF III.

"<u>DBRS Equivalent Rating</u>" means, with respect to any date and any Person with respect to whom DBRS does not maintain a public Relevant DBRS Rating as of such date; (a) if such Person has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies as of such date, then the median of the Corresponding DBRS Ratings for such Person as of such date; (b) if such Person has Equivalent Rating Agency Ratings from only two of the Equivalent Rating Agencies as of such date, then the lower Corresponding DBRS Rating for such Person as of such date; and (c) if such Person has an Equivalent Rating Agency Rating from only one of the Equivalent Rating Agencies as of such date, then the Corresponding DBRS Rating for such Person as of such date.

Schedule I-40

"<u>DBRS Trigger Required Ratings</u>" means, with respect to any entity, rating requirements that are satisfied if such entity has a long-term rating of at least "BBB" by DBRS, "Baa2" by Moody's or "BBB" by S&P.

"<u>Decrease</u>" means a Class A Decrease, a Class B Decrease, or a Class C Decrease.

"<u>Demand Notice</u>" has the meaning specified in <u>Section 5.5(c)</u> (*Principal Deficit Amount – Draws on Series 2021-A Demand Note*).

"<u>Determination Date</u>" means the date five (5) Business Days prior to each Payment Date.

"<u>Disposition Proceeds</u>" means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Eligible Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to any Lease).

"<u>Disqualified Party</u>" means (i) any Person engaged in the business of renting, leasing, financing or disposing of motor vehicles or equipment operating under the name "Advantage", "Alamo", "Amerco", "AutoNation", "Avis", "Budget", "CarMax", "Courier Car Rentals", "Edge Auto Rental", "Enterprise", "EuropCar", "Ford", "Fox", "Google", "Lyft", "Midway Fleet Leasing", "National", "Payless", "Red Dog Rental Services", "Silvercar", "Triangle", "Uber", "Vanguard", "ZipCar", "Angel Aerial", "Studio Services"; "Sixt", "Penske", "Sunbelt Rentals", "United Rentals", "ARI", "LeasePlan", "PHH", "U-Haul", "Virgin" or "Wheels" and (ii) any other Person that HVF III reasonably determines to be a competitor of HVF III or any of its Affiliates, who has been identified in a written notice delivered to the Program Agent, each Funding Agent, each Committed Note Purchaser and each Conduit Investor and (iii) any Affiliate of any of the foregoing.

"<u>Division</u>" means a division under Delaware law (or any comparable event under a different jurisdiction's laws) of the assets, liabilities and/or obligations of a Person (the "Dividing Person") among two or more Persons (whether pursuant to a "plan of division" or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.

"<u>Downgrade Withdrawal Amount</u>" has the meaning specified in <u>Section 5.7(b)</u> (*Series 2021-A Letter of Credit Provider Downgrades*).

<u>"Downgrade Withdrawal Notice</u><u>" has the meaning specified in Section</u> <u>5.7(b) (</u><u>*Series 2021-A Letter of Credit Provider*</u> *<u>Downgrades</u>*<u>).</u>

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition and is subject to the supervision of an EEA Resolution Authority, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision of an EEA Resolution Authority with its parent.

Schedule I-41

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Election Period</u>" has the meaning specified in <u>Section 2.6(b)</u> (*Requests for Extensions*).

"<u>Eligible Interest Rate Cap Provider</u>" means a counterparty to a Series 2021-A Interest Rate Cap that is a bank, other financial institution or Person that as of any date of determination satisfies the DBRS Trigger Required Ratings (or whose present and future obligations under its Series 2021-A Interest Rate Cap are guaranteed pursuant to a guarantee (in form and substance satisfying the requirements set forth in the related Series 2021-A Interest Rate Cap) provided by a guarantor that satisfies the DBRS Trigger Required Ratings); <u>provided that</u>, as of the date of the acquisition, replacement or extension (whether in connection with an extension of the Series 2021-A Commitment Termination Date for any Class of Series 2021-A Notes or otherwise) of any Series 2021-A Interest Rate Cap, the applicable counterparty satisfies the Initial Counterparty Required Ratings (or such counterparty's present and future obligations under its Series 2021-A Interest Rate Cap are guaranteed pursuant to a guarantee (in form and substance satisfying the requirements set forth in the related Series 2021-A Interest Rate Cap) provided by a guarantor that satisfies the Initial Counterparty Required Ratings).

"<u>Equivalent Rating Agency</u>" means each of Fitch, Moody's and S&P.

"<u>Equivalent Rating Agency Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>EU Risk Retention Requirements</u>" means the requirements of Article 6 of the EU Securitisation Regulation, together with any guidance published in relation thereto by the European Banking Authority, including any regulatory and/or implementing technical standards, provided that any reference to the EU Risk Retention Requirements shall be deemed to include any successor or replacement provisions of Article 6 of the EU Securitisation Regulation included in any European Union directive or regulation.

"<u>EU Securitisation Regulation</u>" means Regulation (EU) 2017/2402 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardized securitisation and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012, as amended, varied or substituted from time to time including any implementing regulation, technical standards and official guidance related thereto, in each case as amended, varied or substituted from time to time.

"<u>EU/UK Risk Retention Requirements</u>" means the EU Risk Retention Requirements and the UK Risk Retention Requirements.

"<u>Excluded Liability</u>" means any liability that is excluded under the Bail-In Legislation from the scope of any Bail-In Action including, without limitation, any liability excluded pursuant to Article 44 of the Directive 2014/59/EU of the European Parliament and of the Council of the European Union.

Schedule I-42

"<u>Expected Final Payment Date</u>" means for any Class of Series 2021-A Notes the applicable Series 2021-A Commitment Termination Date.

"<u>Extension Length</u>" has the meaning specified in <u>Section 2.6(b)</u> (*Requests for Extensions*).

"<u>FCA</u>" has the meaning specified in <u>Section 11.22(a)</u> (*Replacing Future Benchmarks*).

"<u>Federal Funds Rate</u>" means for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the overnight federal funds rates as in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Program Agent (or, if such day is not a Business Day, for the next preceding Business Day), or, if, for any reason, such rate is not available on any day, the rate determined, in the sole opinion of the Program Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. (New York City time).

"<u>Floor</u>" means 0.00%.

"<u>Foreign Affected Person</u>" has the meaning set forth in <u>Section 3.8</u> (*Taxes*).

"<u>Fourth Amendment Program Agent Fee Letter</u>" means that certain fee letter, dated as of the Series 2021-A Fourth Amendment Effective Date, between the Program Agent and HVF III setting forth the fees payable to the Program Agent on the Series 2021-A Fourth Amendment Effective Date.

"<u>Funding Agent</u>" has the meaning specified in the Preamble.

"<u>Hertz Senior Facility Default</u>" means the occurrence of an event that results in all amounts under each of Hertz's Senior Facilities becoming immediately due and payable for so long as amounts continue to be due and payable (i.e., not waived or cured).

"<u>Hertz Senior Financial Covenant Breach</u>" means a breach of any financial covenant (howsoever described) under the Credit Agreement, dated as of June 30, 2021, establishing the Senior Facilities, as amended through Amendment No. 10 to the Credit Agreement, dated as of May 6, 2025 (which such financial covenants include, as of such date, those set forth in Sections 8.9(a) (*Liquidity Covenant*) and (b) (*Financial Covenants*) of such Credit Agreement); <u>provided</u> that any waiver or amendment of such financial covenants under such Credit Agreement, or any cure thereof pursuant to Section 8.9 (*Financial Covenants*) or Section 9.2 (*Borrowers' Right to Cure*) of such Credit Agreement, in each case, shall apply to the foregoing. The covenants set forth in Sections 8.9(a) (*Liquidity Covenant*) and (b) (*Financial Covenants*) of the Senior Facilities as of May 6, 2025 are described in <u>Schedule VIII</u> for ease of reference.

"<u>HGI</u>" means Hertz General Interest LLC, and any successor in interest thereto.

"<u>Holdings</u>" means Hertz Global Holdings, Inc., and any successor in interest thereto.

"<u>HVF II Settlement Orders</u>" means (i) the Order Temporarily Resolving Certain Matters Related to the Master Lease Agreement, Setting a Schedule for Further Litigation Related Thereto in 2021 and Adjourning Hearing on The Debtors' Motion for Order Rejecting Certain Unexpired Vehicle Leases Effective Nunc Pro Tunc to June 11, 2020 Pursuant to Sections 105 and 365(a) of the Bankruptcy Code Sine Die, entered on July 24, 2020 Docket No. 805 and (ii) the Second Order Resolving Certain Matters Related to the HVF II Master Lease Agreement, entered on January 20, 2021 Docket No. 2489, in each case, of the United States Bankruptcy Court for the District of Delaware in the Chapter 11 Case No 20-11218 (MFW) In re The Hertz Corporation, et al.

Schedule I-43

"<u>IBA</u>" has the meaning specified in <u>Section 11.22(a)</u> (*Replacing Future Benchmarks*).

"<u>Indemnified Liabilities</u>" has the meaning specified in <u>Section 11.4(b)</u> (*Payment of Costs and Expenses; Indemnification*).

"<u>Indemnified Parties</u>" has the meaning specified in <u>Section 11.4(b)</u> (*Payment of Costs and Expenses; Indemnification*).

"<u>Initial Counterparty Required Ratings</u>" means, with respect to any entity, rating requirements that are satisfied if such entity has a long-term rating of at least "A" by DBRS, "A2" by Moody's or "A" by S&P.

"<u>Interest Rate Cap Provider</u>" means HVF III's counterparty under any Series 2021-A Interest Rate Cap.

"<u>Investor Group</u>" means any Class A Investor Group, Class B Investor Group, Class C Investor Group and Class RR Committed Note Purchaser, individually or collectively, as the context may require.

"<u>JPMorgan</u>" has the meaning specified in <u>Section 3.12</u> (*JPMorgan as Lender*).

"<u>Lease Payment Deficit Notice</u>" has the meaning specified in <u>Section 5.9(b)</u> (*Certain Instructions to the Trustee*).

"<u>Legal Final Payment Date</u>" means, (i) with respect to the Class A Notes, May 8<u>7</u>, 2028<u>2029</u>, (ii) with respect to the Class B Notes and the Class RR Notes, June 28, 2028 and (iii) with respect to the Class C Notes, such date as determined on the Class C Notes Closing Date.

"<u>Management Investors</u>" means the collective reference to the officers, directors, employees and other members of the management of any Parent, Hertz or any of their respective Subsidiaries, or family members or relatives thereof, or trusts, partnerships or limited liability companies for the benefit of any of the foregoing, or any of their heirs, executors, successors and legal representatives, who at any particular date shall beneficially own or have the right to acquire, directly or indirectly, Capital Stock of Hertz or any Parent.

"<u>Material Adverse Effect</u>" means a material adverse effect on (a) the business, operations, property or condition (financial or otherwise) of Hertz and its Subsidiaries taken as a whole or (b) the validity or enforceability as to any of HVF, HVF III, the Nominee or HGI of any Series 2021-A Related Documents or the rights or remedies of the Program Agent, the Collateral Agent, the Trustee or the Series 2021-A Noteholders under the Series 2021-A Related Documents or with respect to the Series 2021-A Collateral, in each case taken as a whole.

"<u>Maximum Weighted Average Strike Rate</u>" means, as of any date of determination, the greatest Weighted Average Strike Rate calculated for a forward-looking period of nine (9) months following such date of determination; <u>provided</u>, <u>however</u>, that the Maximum Weighted Average Strike Rate shall not exceed 7.00%.

"<u>Monthly Blackbook Mark</u>" means, with respect to any Non-Program Vehicle, as of any date Blackbook obtains market values that it intends to return to HVF III (or the Administrator on HVF III's behalf), the market value of such Non-Program Vehicle for the model class and model year of such Non-Program Vehicle based on the average equipment and the average mileage of each Non-Program Vehicle of such model class and model year, as quoted in the Blackbook Guide most recently available as of such date.

"<u>Monthly NADA Mark</u>" means, with respect to any Non-Program Vehicle, as of any date NADA obtains market values that it intends to return to HVF III (or the Administrator on HVF III's behalf), the market value of such Non-Program Vehicle for the model class and model year of such Non-Program Vehicle based on the average equipment and the average mileage of each Non-Program Vehicle of such model class and model year, as quoted in the NADA Guide most recently available as of such date.

Schedule I-44

"<u>NADA Guide</u>" means the National Automobile Dealers Association, Official Used Car Guide, Eastern Edition.

"<u>Non-Extending Class A Noteholder</u>" shall mean each of each of Mizuho Bank, Ltd., Bank of America, N.A. and Natixis, New York Branch; provided that Natixis will no longer be a Non-Extending Class A Noteholder if they satisfy the Credit Committee Condition<u>BNP Paribas</u>.

"<u>Non-Extending Exiting Class A Noteholder</u>" shall mean Citibank, N.A..

"<u>Non-Extending Purchaser</u>" has the meaning specified in <u>Section 2.6(c)</u> (*Procedures for Extension Consents*).

"<u>Noteholder Statement AUP</u>" has the meaning specified in <u>Section 6.2(f)</u> (*Noteholder Statement AUP*).

"<u>Official Body</u>" has the meaning specified in the definition of "Change in Law".

"<u>Outstanding</u>" means with respect to the Series 2021-A Notes, all Series 2021-A Notes theretofore authenticated and delivered under the Base Indenture, except (a) Series 2021-A Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2021-A Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2021-A Distribution Account and are available for payment in full of such Series 2021-A Notes, and Series 2021-A Notes that are considered paid pursuant to Section 8.1 (*Payment of Notes*) of the Base Indenture, and (c) Series 2021-A Notes in exchange for or in lieu of other Series 2021-A Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2021-A Notes are held by a purchaser for value.

"<u>Parent</u>" means any of Holdings, and any Other Parent, and any other Person that is a Subsidiary of Holdings or any Other Parent and of which Hertz is a Subsidiary. As used herein, "Other Parent" means a Person of which Hertz becomes a Subsidiary after the Series 2021-A Initial Closing Date and that is designated by Hertz as an "Other Parent"; <u>provided</u> that, either (x) immediately after Hertz first becomes a Subsidiary of such Person, more than 50% of the Voting Stock of such Person shall be held by one or more Persons that held more than 50% of the Voting Stock of Hertz or a Parent of Hertz immediately prior to Hertz first becoming such Subsidiary or (y) such Person shall be deemed not to be an Other Parent for the purpose of determining whether a Change of Control shall have occurred by reason of Hertz first becoming a Subsidiary of such Person.

"<u>Past Due Rent Payment</u>" means, with respect to any Series 2021-A Lease Payment Deficit and any Lessee, any payment of Rent or other amounts payable by such Lessee under any Lease with respect to which such Series 2021-A Lease Payment Deficit applied, which payment occurred on or prior to the fifth (5<sup>th</sup>) Business Day after the occurrence of such Series 2021-A Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Series 2021-A Lease Payment Deficit.

"<u>Past Due Rental Payments Priorities</u>" means the priorities of payments set forth in <u>Section 5.6</u> (*Past Due Rental Payments*).

"<u>Patriot Act</u>" has the meaning specified in <u>Section 11.21</u> (*USA Patriot Act Notice*).

"<u>Payment Date</u>" means the twenty-fifth (25<sup>th</sup>) day of each calendar month or, if such day is not a Business Day, on the next succeeding Business Day.

Schedule I-45

"<u>Periodic Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Permitted Holders</u>" means any of the following: (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) whose status as a "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) constitutes or results in a Change of Control that has been consented to by Series 2021-A Noteholders holding more than 66⅔% of the Series 2021-A Principal Amount, and any Affiliate thereof, (ii) any of the Management Investors, (iii) the Plan Sponsors, (iv) any "group" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) of which any of the Persons specified in clause (i) through (iii) above is a member (<u>provided</u> that (without giving effect to the existence of such "group" or any other "group") one or more of such Persons collectively have beneficial ownership, directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Hertz or any Parent held by such "group"), and any other Person that is a member of such "group" and (v) any Person acting in the capacity of an underwriter in connection with a public or private offering of Capital Stock of any Parent or Hertz.

"<u>Permitted Investments</u>" means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered or in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations the full and timely payment of which are to be made by or is fully guaranteed by the United States of America other than financial contracts whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand deposits of, time deposits in, or certificates of deposit issued by, any depositary institution or trust company incorporated under the laws of the United States of America or any state thereof whose short-term debt is rated "Prime-1" by Moody's and "A-1+" by S&P and subject to supervision and examination by Federal or state banking or depositary institution authorities; <u>provided</u>, <u>however</u>, that at the earlier of (x) the time of the investment and (y) the time of the contractual commitment to invest therein, the certificates of deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from S&P of "A-1+" and a credit rating from Moody's of "Prime-1" in the case of certificates of deposit or short-term deposits, or a rating from S&P not lower than "AA" and a rating from Moody's not lower than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper having, at the earlier of (x) the time of the investment and (y) the time of the contractual commitment to invest therein, a rating from S&P of "A-1+" and a rating from Moody's of "Prime-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankers' acceptances issued by any depositary institution or trust company described in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) investments in money market funds rated "AAAm" by S&P and "Aaa-mf" by Moody's, or otherwise approved in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) time deposits having a credit rating from S&P of "A-1+" and a credit rating from Moody's of "Prime-1"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) repurchase agreements involving any of the Permitted Investments described in clauses (i) and (vi) above and the certificates of deposit described in <u>clause (ii)</u> above which are entered into with a depository institution or trust company, having a commercial paper or short-term certificate of deposit rating of "A-1+" by S&P and "Prime-1" by Moody's.

Schedule I-46

"<u>Plan Sponsors</u>" means, collectively, certain funds and accounts managed or advised by Knighthead Capital Management, LLC or one of its Controlled Investment Affiliates and certain funds and accounts managed or advised by Certares Opportunities LLC or one of its Controlled Investment Affiliates and CK Amarillo LP, a Delaware limited partnership formed by Certares and Knighthead.

"<u>Preference Amount</u>" means any amount previously paid by Hertz pursuant to the Series 2021-A Demand Note and distributed to the Series 2021-A Noteholders in respect of amounts owing under the Series 2021-A Notes that is recoverable or that has been recovered (and not subsequently repaid) as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction.

"<u>Prime Rate</u>" means with respect to each Investor Group, the rate announced or designated by the related Reference Lender from time to time as its prime rate in the United States, such rate to change as and when such announced rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by the Reference Lender in connection with extensions of credit to debtors.

"<u>Principal Deficit Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A/B/C Adjusted Principal Amount on such date over (b) the Series 2021-A Asset Amount on such date.

"<u>Pro Rata Share</u>" means, with respect to each Series 2021-A Letter of Credit issued by any Series 2021-A Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Series 2021-A Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Series 2021-A Letters of Credit as of such date; <u>provided</u>, that solely for purposes of calculating the Pro Rata Share with respect to any Series 2021-A Letter of Credit Provider as of any date, if the related Series 2021-A Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Series 2021-A Letter of Credit made prior to such date, the available amount under such Series 2021-A Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Series 2021-A Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount (<u>provided that</u> the foregoing calculation shall not in any manner reduce a Series 2021-A Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Series 2021-A Letters of Credit).

"<u>Pro Rata Trigger Event</u>" means the occurrence of any of the following events: (i) any waiver, amendment or other modification of the requirements set forth in, Section 6.2(w) (*Minimum Advance Amounts*) is effected, approved or otherwise agreed to by the Class B Noteholders, or any breach of such requirements shall have occurred, which event shall continue until waived in writing by Class A Noteholders holding more than 50% of the Class A Principal Amount and (ii) the occurrence of any "Default" under (and as defined in) the Senior Facilities shall have occurred, which event shall continue until such "Default" is waived or cured in accordance with the provisions of the Senior Facilities.

"<u>Program Agent</u>" has the meaning specified in the Preamble.

"<u>Program Agent Fee</u>" has the meaning specified in the Program Agent Fee Letter.

"<u>Program Agent Fee Letter</u>" means that certain fee letter, dated as of June 27, 2025, between the Program Agent and HVF III setting forth the definition of Program Agent Fee.

"<u>Program Agent Indemnified Liabilities</u>" has the meaning specified in <u>Section 11.4(c)</u> (*Indemnification of the Program Agent and each Funding Agent*).

Schedule I-47

"<u>Program Agent Indemnified Parties</u>" has the meaning specified in <u>Section 11.4(c)</u> (*Indemnification of the Program Agent and each Funding Agent*).

"<u>Program Support Agreement</u>" means (a) with respect to any Class A Commercial Paper or Class A Note, the applicable Class A Program Support Agreement, (b) with respect to any Class B Commercial Paper or Class B Note, the applicable Class B Program Support Agreement and (c) with respect to any Class C Commercial Paper or Class C Note, the applicable Class C Program Support Agreement.

"<u>Program Support Provider</u>" means (a) with respect to any Class A Committed Note Purchaser or its related Class A Conduit Investor, its related Class A Program Support Provider, (b) with respect to any Class B Committed Note Purchaser or its related Class B Conduit Investor, its related Class B Program Support Provider and (c) with respect to any Class C Committed Note Purchaser or its related Class C Conduit Investor, its related Class C Program Support Provider.

"<u>Rating Agencies</u>" means any nationally recognized statistical ratings organization rating the Series 2021-A Notes at the request of HVF III.

"<u>Reference Lender</u>" means, with respect to each Investor Group, the related Funding Agent or if such Funding Agent does not have a prime rate, an Affiliate thereof designated by such Funding Agent.

"<u>Related Month</u>" means, with respect to any date of determination, the most recently ended calendar month as of such date.

"<u>Relevant DBRS Rating</u>" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; <u>provided that</u>, if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"<u>Relevant Fitch Rating</u>" means, with respect to any Person, (a) if such Person has both a senior unsecured rating by Fitch and a long term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, (b) if such Person has only one of a senior unsecured rating by Fitch and a long term issuer default rating by Fitch as of such date, then such rating of such Person as of such date; <u>provided that</u>, if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date.

"<u>Relevant Governmental Body</u>" means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

"<u>Relevant Moody's Rating</u>" means, with respect to any Person as of any date of determination, the highest of: (a) if such Person has a long term rating by Moody's as of such date, then such rating as of such date, (b) if such Person has a senior unsecured rating by Moody's as of such date, then such rating as of such date and (c) if such Person has a long term corporate family rating by Moody's as of such date, then such rating as of such date; <u>provided that</u>, if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"<u>Relevant Rating</u>" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating with respect to such Person as of such date and (c) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date.

Schedule I-48

"<u>Relevant S&P Rating</u>" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; <u>provided that</u>, if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"<u>Reportable Event</u>" has the meaning specified in Title IV of ERISA.

"<u>Required Controlling Class Series 2021-A Noteholders</u>" means, as of any date of determination, (i) for so long as the Class A Notes are Outstanding, Class A Noteholders holding more than 50% of the Class A Principal Amount, (ii) if no Class A Notes are Outstanding as of such date of determination, then Class B Noteholders holding more than 50% of the Class B Principal Amount and (iii) if no Class A Notes or Class B Notes are Outstanding as of such date of determination, then Class C Noteholders holding more than 50% of the Class C Principal Amount and (iv) if no Class A Notes, Class B Notes or Class C Notes are Outstanding as of such date of determination, then the Class RR Noteholder.

"<u>Required Supermajority Controlling Class Series 2021-A Noteholders</u>" means, as of any date of determination, (i) for so long as the Class A Notes are Outstanding, Class A Noteholders holding more than 66⅔% of the Class A Principal Amount, (ii) if no Class A Notes are Outstanding as of such date of determination, then Class B Noteholders holding more than 66⅔% of the Class B Principal Amount, (iii) if no Class A Notes or Class B Notes are Outstanding <u>as</u> of such date of determination, then Class C Noteholders holding more than 66⅔% of the Class C Principal Amount and (iv) if no Class A Notes, Class B Notes or Class C Notes are Outstanding <u>as</u> of such date of determination, then the Class RR Noteholder.

"<u>Required Unanimous Controlling Class Series 2021-A Noteholders</u>" means (i) for so long as the Class A Notes are Outstanding, Class A Noteholders holding 100% of the Class A Principal Amount, (ii) if no Class A Notes are Outstanding, then Class B Noteholders holding 100% of the Class B Principal Amount, (iii) if no Class A Notes or Class B Notes are Outstanding, then Class C Noteholders holding 100% of the Class C Principal Amount and (iv) if no Class A Notes, Class B Notes or Class C Notes are Outstanding, then the Class RR Noteholder.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Rule 17g-5</u>" means Rule 17g-5 under the Securities Exchange Act of 1934, as amended, as such rule may be amended from time to time, and subject to the interpretations provided by the Securities and Exchange Commission or its staff from time to time.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Intermediary</u>" has the meaning specified in the Preamble.

"<u>Securitisation Regulations</u>" means the EU Securitisation Regulation and the UK Securitisation Framework.

"<u>Senior Facilities</u>" means one or more of Hertz's (a) senior secured asset based revolving loan and term loan facility, under the Credit Agreement, dated as of June 30, 2021, among Hertz together with certain of Hertz's subsidiaries, as borrower, the several banks and financial institutions from time to time party thereto, as lenders, Barclays Bank PLC, as Program Agent and collateral agent, and the other financial institutions party thereto from time to time, as may be amended, modified or supplemented from time to time; and (b) any successor or replacement revolving credit facility or facilities to the senior secured asset based revolving loan and term loan facility described in <u>clause (a)</u>.

Schedule I-49

"<u>Senior Interest Waterfall Shortfall Amount</u>" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(d)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) (excluding any amounts payable pursuant to <u>Section 5.3(d)(iii)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*)) on such Payment Date over (b) the sum of (i) the Series 2021-A Payment Date Available Interest Amount with respect to the Series 2021-A Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2021-A Interest Collection Account with proceeds of the Series 2021-A Reserve Account, each Series 2021-A Demand Note, each Series 2021-A Letter of Credit and each Series 2021-A L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; <u>provided that</u>, the amount calculated pursuant to the preceding <u>clause (b)(ii)</u> shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2021-A Principal Collection Account for deposit into the Series 2021-A Interest Collection Account on such Payment Date.

"<u>Series 2021-A AAA Component</u>" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Series 2021-A Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Series 2021-A Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series 2021-A Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Series 2021-A Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Series 2021-A Medium-Duty Truck Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Due and Unpaid Lease Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Series 2021-A Remainder AAA Amount.

"<u>Series 2021-A AAA Select Component</u>" means each Series 2021-A AAA Component other than the Due and Unpaid Lease Payment Amount.

"<u>Series 2021-A Accounts</u>" has the meaning specified in <u>Section 4.2(a)</u> (*Establishment of Series 2021-A Accounts*).

"<u>Series 2021-A Accrued Amounts</u>" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to <u>Sections 5.3(a)</u> through <u>(i)</u>, (<u>k</u>) and (l) (*Application of Funds in the Series 2021-A Interest Collection Account*) that have accrued and remain unpaid as of such date. The Series 2021-A Accrued Amounts shall be the "Accrued Amounts" with respect to the Series 2021-A Notes.

"<u>Series 2021-A Adjusted Asset Coverage Threshold Amount</u>" means, as of any date of determination, the greater of (a) the excess, if any, of (i) the Series 2021-A Asset Coverage Threshold Amount over (ii) the sum of (A) the Series 2021-A Letter of Credit Amount and (B) the Series 2021-A Available Reserve Account Amount and (b) the Series 2021-A Adjusted Principal Amount, in each case, as of such date. The Series 2021-A Adjusted Asset Coverage Threshold Amount shall be the "Asset Coverage Threshold Amount" with respect to the Series 2021-A Notes.

Schedule I-50

"<u>Series 2021-A Adjusted Liquid Enhancement Amount</u>" means, as of any date of determination, the Series 2021-A Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Series 2021-A Defaulted Letter of Credit, as of such date.

"<u>Series 2021-A Adjusted Principal Amount</u>" means, as of any date of determination, the excess, if any, of (A) the Series 2021-A Principal Amount as of such date over (B) the Series 2021-A Principal Collection Account Amount as of such date.

"<u>Series 2021-A Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2021-A Percentage of fees payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

"<u>Series 2021-A Amortization Event</u>" means an Amortization Event with respect to the Series 2021-A Notes.

"<u>Series 2021-A Asset Amount</u>" means, as of any date of determination, the product of (i) the Series 2021-A Floating Allocation Percentage as of such date and (ii) the Aggregate Asset Amount as of such date.

"<u>Series 2021-A Asset Coverage Threshold Amount</u>" means, as of any date of determination, an amount equal to the greatest of the Class A Asset Coverage Threshold Amount, the Class B Asset Coverage Threshold Amount, if any Class C Notes are Outstanding, the Class C Asset Coverage Threshold Amount, and the Class RR Asset Coverage Threshold Amount, in each case, as of such date.

"<u>Series 2021-A Available L/C Cash Collateral Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2021-A L/C Cash Collateral Account as of such date.

"<u>Series 2021-A Available Reserve Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2021-A Reserve Account as of such date.

"<u>Series 2021-A Blended Advance Rate Weighting Denominator</u>" means, as of any date of determination, an amount equal to the sum of each Series 2021-A AAA Select Component, in each case as of such date.

"<u>Series 2021-A Capped Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2021-A Administrator Fee Amount with respect to such Payment Date and (ii) $500,000.

"<u>Series 2021-A Capped HVF III Operating Expense Amount</u>" means, with respect to any Payment Date the lesser of (i) the Series 2021-A HVF III Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $500,000 over (y) the sum of the Series 2021-A Administrator Fee Amount and the Series 2021-A Trustee Fee Amount, in each case with respect to such Payment Date.

"<u>Series 2021-A Capped Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2021-A Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $500,000 over the Series 2021-A Administrator Fee Amount with respect to such Payment Date.

Schedule I-51

"<u>Series 2021-A Carrying Charges</u>" means, as of any day, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee (other than Series 2021-A Trustee Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator (other than Series 2021-A Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Program Agent (other than Program Agent Fees),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Series 2021-A Noteholders (other than Class A Monthly Interest Amounts, Class A Monthly Default Interest Amounts, Class B Monthly Interest Amounts, Class B Monthly Default Interest Amounts, Class C Monthly Interest Amounts, Class C Monthly Default Interest Amounts, Class RR Monthly Interest Amounts or Class RR Monthly Default Interest Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Back-Up Disposition Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other party to a Series 2021-A Related Documents, in each case under and in accordance with such Series 2021-A Related Documents, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating to the Series 2021-A Notes (in each case, exclusive of any Series 2021-A Carrying Charges).

"<u>Series 2021-A Certificate of Credit Demand</u>" means a certificate substantially in the form of Annex A to a Series 2021-A Letter of Credit.

"<u>Series 2021-A Certificate of Preference Payment Demand</u>" means a certificate substantially in the form of Annex C to a Series 2021-A Letter of Credit.

"<u>Series 2021-A Certificate of Termination Demand</u>" means a certificate substantially in the form of Annex D to a Series 2021-A Letter of Credit.

"<u>Series 2021-A Certificate of Unpaid Demand Note Demand</u>" means a certificate substantially in the form of Annex B to Series 2021-A Letter of Credit.

"<u>Series 2021-A Collateral</u>" means the Base Indenture Collateral, the Series 2021-A Interest Rate Caps, each Series 2021-A Letter of Credit, the Series 2021-A Account Collateral with respect to each Series 2021-A Account and each Series 2021-A Demand Note.

"<u>Series 2025-1 Commercial Paper</u>" means any Class A Commercial Paper, Class B Commercial Paper or Class C Commercial Paper, as applicable.

"<u>Series 2021-A Commitment Termination Date</u>" means (a) with respect to the Class A Notes, May 7<u>5</u>, 2027<u>2028</u> (or, if such day is not a Business Day, the Business Day immediately preceding such day) or such later date designated in accordance with <u>Section 2.6</u> (*Commitment Terms and Extensions of Commitments*), (b) with respect to the Class B Notes, August 31, 2027 or such later date designated in accordance with <u>Section 2.6</u> (*Commitment Terms and Extensions of Commitments*), (c) with respect to the Class RR Notes, August 31, 2027 or such later date designated in accordance with <u>Section 2.6</u> (*Commitment Terms and Extensions of Commitments*) and (d) with respect to the Class C Notes, such date as determined on the Class C Notes Closing Date.

Schedule I-52

"<u>Series 2021-A Concentration Excess Amount</u>" means, as of any date of determination, the sum of (i) the Series 2021-A Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2021-A Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2021-A Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; <u>provided that</u>, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2021-A Eligible Manufacturer Receivables, in each case, included in the Series 2021-A Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-A Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2021-A Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2021-A Non-Liened Vehicle Amount for purposes of calculating the Series 2021-A Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2021-A Medium-Duty Truck Amount for purposes of calculating the Series 2021-A Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2021-A Non-Liened Vehicle Amount for purposes of calculating the Series 2021-A Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2021-A Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2021-A Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-A Manufacturer Concentration Excess Amount, as of such date or the Series 2021-A Medium-Duty Truck Amount for purposes of calculating the Series 2021-A Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2021-A Medium-Duty Truck Amount for purposes of calculating the Series 2021-A Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2021-A Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2021-A Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-A Manufacturer Concentration Excess Amount, as of such date or the Series 2021-A Non-Liened Vehicle Amount for purposes of calculating the Series 2021-A Non-Liened Vehicle Concentration Excess Amount as of such date, (iv) the amount of any Series 2021-A Eligible Manufacturer Receivables included in the Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2021-A Manufacturer Amount for the Manufacturer with respect to such Series 2021-A Eligible Manufacturer Receivable for purposes of calculating the Series 2021-A Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2021-A Eligible Manufacturer Receivables are designated as constituting (A) Series 2021-A Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2021-A Medium-Duty Truck Concentration Excess Amounts, (C) Series 2021-A Manufacturer Concentration Excess Amounts and (D) Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2021-A Controlled Amortization Period</u>" means the period commencing upon the close of business on<u>, with respect to the Class B Notes,</u> June 28, 2027 (or<u>, in each case,</u> if such day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the commencement of the Series 2021-A Rapid Amortization Period, (ii) the date on which the Class B Notes are fully paid and (iii) the termination of this Series 2021-A Supplement.

Schedule I-53

"<u>Series 2021-A Daily Interest Allocation</u>" means, on each Series 2021-A Deposit Date, an amount equal to the sum of (i) the Series 2021-A Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date and (ii) all amounts received by the Trustee in respect of the Series 2021-A Interest Rate Caps on such date.

"<u>Series 2021-A Daily Principal Allocation</u>" means, on each Series 2021-A Deposit Date, an amount equal to the Series 2021-A Invested Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

"<u>Series 2021-A Defaulted Letter of Credit</u>" means, as of any date of determination, each Series 2021-A Letter of Credit that, as of such date, an Authorized Officer of the Administrator has actual knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) such Series 2021-A Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly permitted in such Series 2021-A Letter of Credit),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an Event of Bankruptcy has occurred with respect to the Series 2021-A Letter of Credit Provider of such Series 2021-A Letter of Credit and is continuing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) such Series 2021-A Letter of Credit Provider has repudiated such Series 2021-A Letter of Credit or such Series 2021-A Letter of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a Series 2021-A Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Series 2021-A Letter of Credit Provider of such Series 2021-A Letter of Credit.

"<u>Series 2021-A Demand Note</u>" means each demand note made by Hertz, substantially in the form of <u>Exhibit B-1</u>.

"<u>Series 2021-A Demand Note Payment Amount</u>" means, as of any date of determination, the excess, if any, of (a) the aggregate amount of all proceeds of demands made on the Series 2021-A Demand Note that were deposited into the Series 2021-A Distribution Account and paid to the Series 2021-A Noteholders during the one year period ending on such date of determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds of any Series 2021-A L/C Preference Payment Disbursement (or any withdrawal from any Series 2021-A L/C Cash Collateral Account); <u>provided</u>, <u>however</u>, that if an Event of Bankruptcy (or the occurrence of an event described in <u>clause (a)</u> of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or before such date of determination, the Series 2021-A Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become unavailable to the bankruptcy estate), the Series 2021-A Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0.

"<u>Series 2021-A Deposit Date</u>" means each Business Day on which any Collections are deposited into the Collection Account.

"<u>Series 2021-A Disbursement</u>" shall mean any Series 2021-A L/C Credit Disbursement, any Series 2021-A L/C Preference Payment Disbursement, any Series 2021-A L/C Termination Disbursement or any Series 2021-A L/C Unpaid Demand Note Disbursement under the Series 2021-A Letters of Credit or any combination thereof, as the context may require.

Schedule I-54

"<u>Series 2021-A Disposed Vehicle Threshold Number</u>" means (a) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000, 13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000, 10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

"<u>Series 2021-A Distribution Account</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> (*Establishment of Series 2021-A Accounts*).

"<u>Series 2021-A Downgrade Event</u>" has the meaning specified in <u>Section 5.7(b)</u> (*Series 2021-A Letter of Credit Provider Downgrades*).

"<u>Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2021-A Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2021-A Eligible Investment Grade Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2021-A Eligible Manufacturer Receivables payable to any Leasing Company or the Intermediary, in each case, as of such date by all Series 2021-A Investment Grade Manufacturers.

"<u>Series 2021-A Eligible Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2021-A Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2021-A Eligible Letter of Credit Provider</u>" means a Person having, at the time of the issuance of the related Series 2021-A Letter of Credit and as of the date of any amendment or extension of the Series 2021-A Commitment Termination Date for the Class A Notes, a long-term senior unsecured debt rating (or the equivalent thereof) of at least "BBB" from DBRS (or if such Person is not rated by DBRS, "Baa2" by Moody's or "BBB" by S&P); <u>provided that</u>, for the avoidance of doubt, with respect to any determination as to whether Deutsche Bank AG, New York Branch satisfies the Initial Counterparty Required Ratings or is a Series 2021-A Eligible Letter of Credit Provider, the rating of "Deutsche Bank AG, New York Branch" shall be determined by reference to the rating of "Deutsche Bank AG."

"<u>Series 2021-A Eligible Manufacturer Receivable</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Manufacturer Receivable payable to HVF III by any Manufacturer that has a Relevant DBRS Rating as of such date of at least "A(L)" from DBRS (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of at least "A(L)") as of such date pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Manufacturer Receivable payable to HVF III by any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "A(L)" from DBRS as of such date and (ii) at least "BBB(L)" from DBRS as of such date or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating of (i) less than "A(L)" as of such date and (ii) at least "BBB(L)" as of such date, in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

Schedule I-55

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Manufacturer Receivable payable to HVF III by a Series 2021-A Non-Investment Grade (High) Manufacturer or a Series 2021-A Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"<u>Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2021-A Eligible Manufacturer Receivables payable to any Leasing Company or the Intermediary, in each case, as of such date by all Series 2021-A Non-Investment Grade (High) Manufacturers.

"<u>Series 2021-A Eligible Non-Investment Grade (Low) Program Receivable Amount</u>" means, as of any date of determination, the sum of all Series 2021-A Eligible Manufacturer Receivables payable to any Leasing Company or the Intermediary, in each case, as of such date by all Series 2021-A Non-Investment Grade (Low) Manufacturers.

"<u>Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value of each Series 2021-A Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"<u>Series 2021-A Eligible Non-Investment Grade Program Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Series 2021-A Non-Investment Grade (High) Program Vehicle and each Series 2021-A Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"<u>Series 2021-A Excess Administrator Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2021-A Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2021-A Capped Administrator Fee Amount with respect to such Payment Date.

"<u>Series 2021-A Excess HVF III Operating Expense Amount</u>" means, with respect to any Payment Date the excess, if any, of (i) the Series 2021-A HVF III Operating Expense Amount with respect to such Payment Date over (ii) the Series 2021-A Capped HVF III Operating Expense Amount with respect to such Payment Date.

"<u>Series 2021-A Excess Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2021-A Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2021-A Capped Trustee Fee Amount with respect to such Payment Date.

"<u>Series 2021-A Failure Percentage</u>" means, as of any date of determination, a percentage equal to 100% minus the lower of (x) the lowest Series 2021-A Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months and (y) the lowest Series 2021-A Market Value Average as of any Determination Date within the preceding three (3) calendar months.

"<u>Series 2021-A Floating Allocation Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2021-A Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate Asset Coverage Threshold Amount as of such date.

"<u>Series 2021-A Fourth Amendment Effective Date</u>" means June 27, 2025.

"<u>Series 2021-A HVF III Operating Expense Amount</u>" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Series 2021-A Carrying Charges on such Payment Date (excluding any Series 2021-A Carrying Charges payable to the Series 2021-A Noteholders, the Program Agent or the Funding Agents) and (b) the Series 2021-A Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding any Series 2021-A Carrying Charges payable to the Series 2021-A Noteholders).

"<u>Series 2021-A Initial Closing Date</u>" means June 29, 2021.

Schedule I-56

"<u>Series 2021-A Interest Collection Account</u>" has the meaning specified in <u>Section 4.2(a)(i)</u> (*Establishment of Series 2021-A Accounts*).

"<u>Series 2021-A Interest Period</u>" means a period commencing on and including the second Business Day preceding a Determination Date and ending on and including the day preceding the second Business Day preceding the next succeeding Determination Date; <u>provided</u>, <u>however</u>, that the initial Series 2021-A Interest Period for (i) the Class A Notes and the Class RR Notes shall commence on and include the Series 2021-A Initial Closing Date and end on and include July 15, 2021, (ii) the Class B Notes shall commence on and include the Series 2021-A Fourth Amendment Effective Date and end on and include July 15, 2025 and (iii) the Class C Notes shall commence on and include the Class C Notes Closing Date and end on and include a date determined on the Class C Notes Closing Date.

"<u>Series 2021-A Interest Rate Cap</u>" means any interest rate cap entered into in accordance with the provisions of <u>Section 4.4</u> (*Series 2021-A Interest Rate Caps*), including, the Series 2021-A Interest Rate Cap Documents with respect thereto.

"<u>Series 2021-A Interest Rate Cap Documents</u>" means, with respect to any Series 2021-A Interest Rate Cap, the documentation that governs such Series 2021-A Interest Rate Cap.

"<u>Series 2021-A Invested Percentage</u>" means, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) during the Series 2021-A Revolving Period, the Series 2021-A Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2021-A Initial Closing Date, on the Series 2021-A Initial Closing Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) during any Series 2021-A Controlled Amortization Period and the Series 2021-A Rapid Amortization Period, but prior to the first date on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the greater of (1) the amount calculated under clause (x) above and (2) the Series 2021-A Adjusted Asset Coverage Threshold Amount as of the close of business on the day prior to the commencement of the Series 2021-A Controlled Amortization Period or the Series 2021-A Rapid Amortization Period, as applicable, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) on and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, the Series 2021-A Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes, and

Schedule I-57

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in clause (i); <u>provided that</u>, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after the date used to determine the numerator in clause (i)(z), then the Asset Coverage Threshold Amount with respect to such Series of Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this <u>clause (ii)</u> for any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2021-A Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.

"<u>Series 2021-A Investment Grade Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of at least "BBB(L)" from DBRS (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of "BBB(L)") as of such date; <u>provided that</u>, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, any Leasing Company or any Collateral Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2021-A Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2021-A Investment Grade Manufacturer that is not a Series 2021-A Investment Grade Program Vehicle as of such date.

"<u>Series 2021-A Investment Grade Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2021-A Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 of the HVF Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2021-A L/C Cash Collateral Account</u>" has the meaning specified in <u>Section 4.2(a)</u> (*Establishment of Series 2021-A Accounts*).

"<u>Series 2021-A L/C Cash Collateral Account Collateral</u>" means the Series 2021-A Account Collateral with respect to the Series 2021-A L/C Cash Collateral Account.

"<u>Series 2021-A L/C Cash Collateral Account Surplus</u>" means, with respect to any Payment Date, the lesser of (a) the Series 2021-A Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Series 2021-A Adjusted Liquid Enhancement Amount over the Series 2021-A Required Liquid Enhancement Amount on such Payment Date.

Schedule I-58

"<u>Series 2021-A L/C Cash Collateral Percentage</u>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2021-A Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Series 2021-A Letter of Credit Liquidity Amount as of such date.

"<u>Series 2021-A L/C Credit Disbursement</u>" means an amount drawn under a Series 2021-A Letter of Credit pursuant to a Series 2021-A Certificate of Credit Demand.

"<u>Series 2021-A L/C Preference Payment Disbursement</u>" means an amount drawn under a Series 2021-A Letter of Credit pursuant to a Series 2021-A Certificate of Preference Payment Demand.

"<u>Series 2021-A L/C Termination Disbursement</u>" means an amount drawn under a Series 2021-A Letter of Credit pursuant to a Series 2021-A Certificate of Termination Demand.

"<u>Series 2021-A L/C Unpaid Demand Note Disbursement</u>" means an amount drawn under a Series 2021-A Letter of Credit pursuant to a Series 2021-A Certificate of Unpaid Demand Note Demand.

"<u>Series 2021-A Lease Interest Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections that pursuant to <u>Section 5.1</u> (*Collections Allocation*) would have been deposited into the Series 2021-A Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest Collections that pursuant to <u>Section 5.1(b)</u> (*Collections Allocation*) have been received for deposit into the Series 2021-A Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"<u>Series 2021-A Lease Payment Deficit</u>" means either a Series 2021-A Lease Interest Payment Deficit or a Series 2021-A Lease Principal Payment Deficit.

"<u>Series 2021-A Lease Principal Payment Carryover Deficit</u>" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2021-A Lease Principal Payment Deficit, if any, on the preceding Payment Date <u>over</u> (y) all amounts deposited into the Series 2021-A Principal Collection Account on or prior to such Payment Date on account of such Series 2021-A Lease Principal Payment Deficit.

"<u>Series 2021-A Lease Principal Payment Deficit</u>" means on any Payment Date the sum of (a) the Series 2021-A Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Series 2021-A Lease Principal Payment Carryover Deficit for such Payment Date.

"<u>Series 2021-A Letter of Credit</u>" means an irrevocable letter of credit, substantially in the form of <u>Exhibit I</u> to this Series 2021-A Supplement issued by a Series 2021-A Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2021-A Noteholders; <u>provided that</u>, any Series 2021-A Letter of Credit issued after the Series 2021-A Initial Closing Date not substantially in the form of <u>Exhibit I</u> to this Series 2021-A Supplement shall be subject to the written consent of the Required Controlling Class Series 2021-A Noteholders.

"<u>Series 2021-A Letter of Credit Amount</u>" means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn as of such date under the Series 2021-A Letters of Credit, as specified therein, and (ii) if the Series 2021-A L/C Cash Collateral Account has been established and funded pursuant to <u>Section 4.2(a)(ii)</u> (*Establishment of Series 2021-A Accounts*), the Series 2021-A Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Series 2021-A Demand Note as of such date.

Schedule I-59

"<u>Series 2021-A Letter of Credit Expiration Date</u>" means, with respect to any Series 2021-A Letter of Credit, the expiration date set forth in such Series 2021-A Letter of Credit, as such date may be extended in accordance with the terms of such Series 2021-A Letter of Credit.

"<u>Series 2021-A Letter of Credit Liquidity Amount</u>" means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn as of such date under each Series 2021-A Letter of Credit, as specified therein, and (b) if a Series 2021-A L/C Cash Collateral Account has been established pursuant to <u>Section 4.2(a)(ii)</u> (*Establishment of Series 2021-A Accounts*), the Series 2021-A Available L/C Cash Collateral Account Amount as of such date.

"<u>Series 2021-A Letter of Credit Provider</u>" means each issuer of a Series 2021-A Letter of Credit.

"<u>Series 2021-A Liquid Enhancement Amount</u>" means, as of any date of determination, the sum of (a) the Series 2021-A Letter of Credit Liquidity Amount and (b) the Series 2021-A Available Reserve Account Amount as of such date.

"<u>Series 2021-A Liquid Enhancement Deficiency</u>" means, as of any date of determination, the Series 2021-A Adjusted Liquid Enhancement Amount is less than the Series 2021-A Required Liquid Enhancement Amount as of such date.

"<u>Series 2021-A Liquidation Event</u>" means, so long as such event or condition continues, (a) any Amortization Event with respect to the Series 2021-A Notes described in <u>clauses (a)</u>, <u>(b)</u>, <u>(d)</u>, <u>(g)</u> through <u>(i)</u>, <u>(l)</u>, <u>(m)</u>, <u>(n)</u> (with respect to a failure to comply by the Administrator), <u>(p)</u> or <u>(q)</u> of <u>Section 7.1</u> (*Amortization Events*) of this Series 2021-A Supplement that continues for thirty (30) consecutive days (without double counting the cure period, if any, provided therein) after declaration thereof (whether by notice or automatic) or (b) any Amortization Event with respect to the Series 2021-A Notes described in <u>Section 7.1(c)</u> (*Amortization Events*) of this Series 2021-A Supplement or any Amortization Event specified in clauses <u>(a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u> or <u>(g)</u> of <u>Article IX</u> (*Amortization Events and Remedies*) of the Base Indenture. Each Series 2021-A Liquidation Event shall be a "Limited Liquidation Event of Default" with respect to the Series 2021-A Notes.

"<u>Series 2021-A Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, the sum of: the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and the aggregate amount of all Series 2021-A Eligible Manufacturer Receivables with respect to such Manufacturer.

"<u>Series 2021-A Manufacturer Concentration Excess Amount</u>" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Series 2021-A Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2021-A Maximum Manufacturer Amount with respect to such Manufacturer as of such date; <u>provided that</u>, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2021-A Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-A Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2021-A Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2021-A Non-Liened Vehicle Amount for purposes of calculating the Series 2021-A Non-Liened Vehicle Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2021-A Non-Liened Vehicle Amount for purposes of calculating the Series 2021-A Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2021-A Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in the Series 2021-A Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-A Manufacturer Concentration Excess Amount, as of such date, (iii) the amount of any Series 2021-A Eligible Manufacturer Receivables included in the Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2021-A Manufacturer Amount for the Manufacturer with respect to such Series 2021-A Eligible Manufacturer Receivable for purposes of calculating the Series 2021-A Manufacturer Concentration Excess Amount, as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2021-A Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2021-A Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2021-A Manufacturer Concentration Excess Amounts and (C) Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

Schedule I-60

"<u>Series 2021-A Manufacturer Percentage</u>" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table. In addition, the portfolio of vehicles will include a maximum of 5.0% of medium-duty trucks.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Manufacturer** | &nbsp;&nbsp;**Series 2021-A Manufacturer Limit** |
| &nbsp;&nbsp;Audi | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Chrysler | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Fiat | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Jaguar | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Land Rover | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Lexus | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;17.50% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Hyundai & Kia combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Chrysler & Fiat combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Volkswagen & Audi combined | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;10.00% |

---

Schedule I-61

"<u>Series 2021-A Market Value Average</u>" means, as of any date of determination, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the average of the Series 2021-A Non-Program Fleet Market Value as of the three preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three preceding Determination Dates.

"<u>Series 2021-A Maximum Manufacturer Amount</u>" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Series 2021-A Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of such date.

"<u>Series 2021-A Maximum Non-Investment Grade (High) Program Receivable Amount</u>" means, as of any date of determination and with respect to any Series 2021-A Non-Investment Grade (High) Manufacturer, an amount equal to 7.50% of the Aggregate Asset Amount as of such date.

"<u>Series 2021-A Maximum Non-Liened Vehicle Amount</u>" means, as of any date of determination, 10.00% of the Aggregate Asset Amount as of such date.

"<u>Series 2021-A Maximum Principal Amount</u>" means, as of any date of determination, the sum of the Class A Maximum Principal Amount, the Class B Maximum Principal Amount, the Class C Maximum Principal Amount and the Class RR Principal Amount, in each case as of such date.

"<u>Series 2021-A Measurement Month</u>" on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete calendar months preceding such Determination Date, in which at least the Series 2021-A Disposed Vehicle Threshold Number Vehicles were sold to unaffiliated third parties (<u>provided that</u>, HVF III, in its sole discretion, may exclude salvage sales); <u>provided</u>, <u>however</u>, that no calendar month included in a single Series 2021-A Measurement Month shall be included in any other Series 2021-A Measurement Month.

"<u>Series 2021-A Medium-Duty Truck Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Non-Program Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

"<u>Series 2021-A Medium-Duty Truck Concentration Excess Amount</u>" means, as of any date of determination, the excess of the Series 2021-A Medium-Duty Truck Amount over 5.0% of the Aggregate Asset Amount as of such date.

"<u>Series 2021-A Monthly Lease Principal Payment Deficit</u>" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections that pursuant to <u>Section 5.1</u> (*Collections Allocation*) would have been deposited into the Series 2021-A Principal Collection Account if all payments required to have been made under the Leases from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections that pursuant to <u>Section 5.1</u> (*Collections Allocation*) have been received for deposit into the Series 2021-A Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

Schedule I-62

"<u>Series 2021-A Non-Investment Grade (High) Manufacturer</u>" means, as of any date of determination, any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than "BBB(L)" from DBRS and (ii) at least "BB(L)" from DBRS, or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; <u>provided that</u>, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, any Leasing Company or any Collateral Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

"<u>Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amount</u>" means, with respect to any Series 2021-A Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2021-A Non-Investment Grade (High) Manufacturer as of such date over the Series 2021-A Maximum Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2021-A Non-Investment Grade (High) Manufacturer as of such date; <u>provided that</u>, for purposes of calculating such excess as of any such date (i) the amount of any Series 2021-A Eligible Manufacturer Receivables with respect to any Series 2021-A Non-Investment Grade (High) Manufacturer included in the Series 2021-A Manufacturer Amount for purposes of calculating the Series 2021-A Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2021-A Manufacturer Concentration Excess Amounts as of such date, shall not be included in the Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2021-A Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2021-A Manufacturer Concentration Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2021-A Non-Investment Grade (High) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2021-A Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the HVF Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2021-A Non-Investment Grade (Low) Manufacturer</u>" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of less than "BB(L)" from DBRS (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, a DBRS Equivalent Rating of "BB(L)") as of such date; <u>provided that</u>, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any DBRS Equivalent Rating), such Manufacturer may, in HVF III's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any of the Administrator, any Leasing Company or any Collateral Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

Schedule I-63

"<u>Series 2021-A Non-Investment Grade (Low) Program Vehicle</u>" means, as of any date of determination, any Program Vehicle manufactured by a Series 2021-A Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5 (*Redesignation of Vehicles*) of the HVF Lease (or such other similar section of another Lease, as applicable) as of such date.

"<u>Series 2021-A Non-Investment Grade Non-Program Vehicle</u>" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2021-A Non-Investment Grade (High) Manufacturer or a Series 2021-A Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2021-A Non-Investment Grade (High) Program Vehicle or a Series 2021-A Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"<u>Series 2021-A Non-Liened Vehicle Amount</u>" means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate state authorities for such notation or the fees due in respect of such notation have not yet been paid).

"<u>Series 2021-A Non-Liened Vehicle Concentration Excess Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2021-A Non-Liened Vehicle Amount as of such date over either (x) the Series 2021-A Maximum Non-Liened Vehicle Amount as of such date or (y) if HVF III receives a "30-day letter" issued by the U.S. Internal Revenue Service asserting that HVF III owes tax as a result of being a "publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, then, on and after the thirtieth (30<sup>th</sup>) day following receipt of such letter and until a "final determination" within the meaning of Section 1313(a) of the Code that HVF III is not a "publicly traded partnership" treated as a corporation for U.S. federal income tax purposes, 0.00% of the Aggregate Asset Amount as of such date; provided that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2021-A Non-Liened Vehicle Amount for purposes of calculating the Series 2021-A Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2021-A Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the Series 2021-A Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-A Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2021-A Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-A Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2021-A Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2021-A Non-Liened Vehicle Amount for purposes of calculating the Series 2021-A Non-Liened Vehicle Concentration Excess Amount as of such date, and (iii) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2021-A Non-Liened Vehicle Concentration Excess Amounts and (B) Series 2021-A Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

"<u>Series 2021-A Non-Program Fleet Market Value</u>" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Series 2021-A Third-Party Market Values of each such Non-Program Vehicle as of such date.

Schedule I-64

"<u>Series 2021-A Non-Program Vehicle Disposition Proceeds Percentage Average</u>" means, with respect to any Series 2021-A Measurement Month the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2021-A Measurement Month and the two Series 2021-A Measurement Months preceding such Series 2021-A Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent with respect such Non-Program Vehicles.

"<u>Series 2021-A Noteholder</u>" means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class RR Noteholders, collectively.

"<u>Series 2021-A Notes</u>" means the Class A Notes, the Class B Notes, the Class C Notes and the Class RR Notes, collectively.

"<u>Series 2021-A Notice of Reduction</u>" means a notice in the form of Annex G to a Series 2021-A Letter of Credit.

"<u>Series 2021-A Past Due Rent Payment</u>" means, (a) with respect to any Past Due Rent Payment in respect of a Series 2021-A Lease Principal Payment Deficit, an amount equal to the Series 2021-A Invested Percentage with respect to Principal Collections (as of the Payment Date on which such Series 2021-A Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past Due Rent Payment in respect of a Series 2021-A Lease Interest Payment Deficit, an amount equal to the Series 2021-A Invested Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2021-A Lease Payment Deficit occurred) of such Past Due Rent Payment.

"<u>Series 2021-A Payment Date Available Interest Amount</u>" means, with respect to each Series 2021-A Interest Period, the sum of the Series 2021-A Daily Interest Allocations for each Series 2021-A Deposit Date in such Series 2021-A Interest Period.

"<u>Series 2021-A Payment Date Interest Amount</u>" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to <u>Sections 5.3(a)</u> through <u>(e)</u> (*Application of Funds in the Series 2021-A Interest Collection Account*) (excluding any amounts payable to the Class RR Noteholder).

"<u>Series 2021-A Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2021-A Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

"<u>Series 2021-A Permitted Liens</u>" means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Liens, and other Liens imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP and (iii) Liens in favor of the Trustee pursuant to any Series 2021-A Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement. Series 2021-A Permitted Liens shall be "Series Permitted Liens" with respect to the Series 2021-A Notes.

"<u>Series 2021-A Principal Amount</u>" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount, the Class C Principal Amount and the Class RR Principal Amount, in each case as of such date. The Series 2021-A Principal Amount shall be the "Principal Amount" with respect to the Series 2021-A Notes.

Schedule I-65

"<u>Series 2021-A Principal Collection Account</u>" has the meaning specified in <u>Section 4.2(a)</u> (*Establishment of Series 2021-A Accounts*) of this Series 2021-A Supplement.

"<u>Series 2021-A Principal Collection Account Amount</u>" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Series 2021-A Principal Collection Account as of such date.

"<u>Series 2021-A Rapid Amortization Period</u>" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event is deemed to have occurred with respect to the Series 2021-A Notes, and ending upon the earlier to occur of (i) the date on which (A) the Series 2021-A Notes are paid in full and (B) the termination of this Series 2021-A Supplement.

"<u>Series 2021-A Related Documents</u>" means the Related Documents, this Series 2021-A Supplement, each Series 2021-A Demand Note, the Series 2021-A Interest Rate Cap Documents, the Back-Up Administration Agreement and the Back-Up Disposition Agent Agreement.

"<u>Series 2021-A Remainder AAA Amount</u>" means, as of any date of determination, the excess, if any, of: (a) the Aggregate Asset Amount as of such date over (b) the sum of: (i) the Series 2021-A Eligible Investment Grade Program Vehicle Amount as of such date, (ii) the Series 2021-A Eligible Investment Grade Program Receivable Amount as of such date, (iii), the Series 2021-A Eligible Non-Investment Grade Program Vehicle Amount as of such date, (iv) the Series 2021-A Eligible Non-Investment Grade (High) Program Receivable Amount as of such date, (v) the Series 2021-A Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date, (vi) the Series 2021-A Eligible Investment Grade Non-Program Vehicle Amount as of such date, (vii) the Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date, (viii) the Cash Amount as of such date and (ix) the Due and Unpaid Lease Payment Amount as of such date.

"<u>Series 2021-A Required Liquid Enhancement Amount</u>" means, as of any date of determination, the product of (1<u>A</u>) the sum of (a) 50.0% *multiplied* by the sum of (i<u>1</u>) the Maximum<u>Series 2021-A</u> Weighted Average Strike Rate, (ii) the Class A Program Fee, (iii) the Class B Program Fee and (iv) the Class C Program Fee and (b<u>Program Rate multiplied by 50.0%, plus (2</u>) 0.50%, with the result of the calculation of clause (1<u>A</u>) rounded up to the nearest 0.25% and (2<u>B</u>) the Class A/B/C Adjusted Principal Amount as of such date.

"<u>Series 2021-A Required Noteholders</u>" means Series 2021-A Noteholders holding more than 50% of the Series 2021-A Principal Amount (excluding any Series 2021-A Notes held by HVF III or any Affiliate of HVF III (other than Series 2021-A Notes held by an Affiliate Issuer)).

"<u>Series 2021-A Required Reserve Account Amount</u>" means, with respect to any date of determination, an amount equal to the greater of: (a) the excess, if any, of (i) the Series 2021-A Required Liquid Enhancement Amount <u>over</u> (ii) the Series 2021-A Letter of Credit Liquidity Amount, in each case, as of such date, excluding from the calculation of such excess the amount available to be drawn under any Series 2021-A Defaulted Letter of Credit as of such date, and: (b) the excess, if any, of: (i) the Series 2021-A Asset Coverage Threshold Amount (excluding therefrom the Series 2021-A Available Reserve Account Amount) <u>over</u> (ii) the Series 2021-A Asset Amount, in each case as of such date.

"<u>Series 2021-A Reserve Account</u>" has the meaning specified in <u>Section 4.2(a)</u> (*Establishment of Series 2021-A Accounts*) of this Series 2021-A Supplement.

"<u>Series 2021-A Reserve Account Collateral</u>" means the Series 2021-A Account Collateral with respect to the Series 2021-A Reserve Account.

Schedule I-66

"<u>Series 2021-A Reserve Account Deficiency Amount</u>" means, as of any date of determination, the excess, if any, of the Series 2021-A Required Reserve Account Amount for such date over the Series 2021-A Available Reserve Account Amount for such date.

"<u>Series 2021-A Reserve Account Interest Withdrawal Shortfall</u>" has the meaning specified in <u>Section 5.4(a)</u> (*Series 2021-A Reserve Account Withdrawals*).

"<u>Series 2021-A Reserve Account Surplus</u>" means, as of any date of determination, the excess, if any, of the Series 2021-A Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Series 2021-A Required Reserve Account Amount, in each case, as of such date.

"<u>Series 2021-A Restatement Date</u>" means August 29, 2025.

"<u>Series 2021-A Revolving Period</u>" means the period from and including the Series 2021-A Initial Closing Date to but excluding the earlier of (i) the Expected Final Payment Date and (ii) the first day of the Series 2021-A Rapid Amortization Period.

"<u>Series 2021-A Supplement</u>" has the meaning specified in the Preamble.

"<u>Series 2021-A Supplemental Indenture</u>" means a supplement to the Series 2021-A Supplement complying (to the extent applicable) with the terms of <u>Section 11.10</u> (*Amendments*) of this Series 2021-A Supplement.

"<u>Series 2021-A Third Amendment Effective Date</u>" means May 8, 2025.

"<u>Series 2021-A Third-Party Market Value</u>" means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar month: if the Series 2021-A Third-Party Market Value Procedures have been completed for such month, then the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2021-A Third-Party Market Value Procedures; if, pursuant to the Series 2021-A Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2021-A Third-Party Market Value Procedures; and if, pursuant to the Series 2021-A Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2021-A Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month), then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and until the Series 2021-A Third-Party Market Value Procedures have been completed for such calendar month: if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the Series 2021-A Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2021-A Third-Party Market Value Procedures for such immediately preceding calendar month, and if such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then the Administrator's reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination; <u>provided</u> that, if the Administrator's reasonable estimation of the fair market value is used as the "Series 2021-A Third-Party Market Value" for any Non-Program Vehicle as of any date of determination, then the Administrator shall, at the request of the Trustee or the Program Agent, provide the Trustee or the Program Agent supporting evidence for such estimate, which may be in the form of a summary displaying in reasonable detail the basis and assumptions used in making such estimate.

Schedule I-67

"<u>Series 2021-A Third-Party Market Value Procedures</u>" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month: HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle that was a Non-Program Vehicle as of the first day of such calendar month, and if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in <u>clause (a)</u> above upon such attempt, then HVF III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program Vehicle.

"<u>Series 2021-A Trustee Fee Amount</u>" means, with respect to any Payment Date, an amount equal to the Series 2021-A Percentage of fees payable to the Trustee with respect to the Series 2021-A Notes on such Payment Date.

<u>"Series 2021-A Weighted Average Program Rate" means, as of any date of determination, the sum of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) the product of (x) the Class A Program Fee Rate plus the Maximum Weighted Average Strike Rate as of such date multiplied by (y) the quotient of (i) the Class A Adjusted Principal Amount divided by (ii) the Class A/B/C Adjusted Principal Amount, plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) the product of (x) the Class B Program Fee Rate multiplied by (y) the quotient of (i) the Class A/B Adjusted Principal Amount minus the Class A Adjusted Principal Amount divided by (ii) the Class A/B/C Adjusted Principal Amount, plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c) the product of (x) the Class C Program Fee Rate multiplied by (y) the quotient of (i) the Class A/B/C Adjusted Principal Amount minus the Class A/B Adjusted Principal Amount divided by (ii) the Class A/B/C Adjusted Principal Amount, in each case, as of such date.</u>

"<u>Series-Specific 2021-A Collateral</u>" means each Series 2021-A Interest Rate Caps, each Series 2021-A Letter of Credit, the Series 2021-A Account Collateral with respect to each Series 2021-A Account and each Series 2021-A Demand Note.

"<u>SOFR</u>" means a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator's Website.

"<u>SOFR Adjustment</u>" means (a) with respect to Term SOFR a percentage equal to 0.10% (10 basis points) per annum and (b) with respect to Daily Simple SOFR a percentage equal to 0.10% (10 basis points) per annum.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the NYFRB's website, currently at http://www.newyorkfed.org<u>http://www.newyorkfed.org</u>, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Advance</u>" means a Class A Advance that bears interest at all times during the SOFR Interest Period applicable thereto at a fixed rate of interest determined by reference to the Adjusted Term SOFR.

"<u>SOFR Determination Day</u>" has the meaning specified in the definition of "Daily Simple SOFR".

"<u>SOFR Interest Period</u>" means, with respect to any SOFR Advance, (a) initially, the period commencing on and including the date of such SOFR Advance and ending on but excluding the next Payment Date and (b) for each period thereafter, the period commencing on and including the Payment Date on which the immediately preceding SOFR Interest Period ended and ending on but excluding the next Payment Date; <u>provided</u>, <u>however</u>, that no SOFR Interest Period may end subsequent to the Legal Final Payment Date for the Class A Notes.

Schedule I-68

"<u>SOFR Rate Day</u>" has the meaning specified in the definition of "Daily Simple SOFR".

"<u>Specified Bankruptcy Opinion Provisions</u>" means the provisions contained in the legal opinions delivered in connection with the issuance of the Series 2021-A Notes or, if applicable, amendments to any Series 2021-A Related Documents, in each case relating to the non-substantive consolidation of Hertz and HGI on the one hand, and each Leasing Company, HVF III and Hertz Vehicles LLC, on the other hand.

"<u>Specified Cost Section</u>" means <u>Sections 3.5</u> (*Increased or Reduced Costs, etc*), <u>3.6</u> (*Funding Losses*), <u>3.7</u> (*Increased Capital Costs*) and/or <u>3.8</u> (*Taxes*).

"<u>Subsidiary</u>" of any Person means any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other equity interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person or (ii) one or more Subsidiaries of such Person.

"<u>Taxes</u>" has the meaning specified in <u>Section 3.8(a)</u> (*Taxes*).

"<u>Term</u>" has the meaning specified in <u>Section 2.6(a)</u> (*Term*).

"<u>Term SOFR</u>" means, for any calculation with respect to any Series 2021-A Notes, the Term SOFR Reference Rate for a tenor comparable to the applicable SOFR Interest Period (or, for each SOFR Advance initially, for a tenor of one month's duration) on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Series 2021-A Interest Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day.

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Program Agent in its reasonable discretion).

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

Schedule I-69

"<u>UK Risk Retention Requirements</u>" means the requirements of Article 6 of the UK Securitisation Framework, together with any guidance published in relation thereto by the PRA and/or FCA, including any regulatory and/or implementing technical standards, provided that any reference to the UK Risk Retention Requirements shall be deemed to include any successor or replacement provisions of SECN 5 of the UK Securitisation Framework included in any UK law or regulation.

"<u>UK Securitisation Framework</u>" means, collectively, the UK's Securitisation Regulations 2024 (SI 2024/102), as amended ("**SR 2024**"), the securitisation sourcebook of the handbook of rules and guidance adopted by the FCA ("**SECN**"), and the Securitisation Part of the rulebook of published policy of the PRA ("**PRASR**"), together with the relevant provisions of the UK's Financial Services and Markets Act 2000 (in each case, unless the context suggests otherwise, as amended, varied or substituted from time to time).

"<u>Upfront Fee</u>" has the meaning specified in the Upfront Fee Letter.

"<u>Upfront Fee Letter</u>" means that certain fee letter, dated as of the May 8, 2025, between HVF III and the Class A Committed Note Purchasers, setting forth the definition of Upfront Fee.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>Volcker Rule</u>" means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.

"<u>Voting Stock</u>" means, with respect to any Person, shares of Capital Stock entitled to vote generally in the election of directors to the board of directors or equivalent governing body of such Person.

"<u>Weighted Average Strike Rate</u>" means, as of any date of determination, the weighted average strike rate of the Series 2021-A Interest Rate Caps, weighted on the basis of the notional amount for the given month in each Series 2021-A Interest Rate Cap's notional schedule.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-in Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Schedule I-70

Schedule VI<br> TO THE SERIES 2021-A SUPPLEMENT

<u>MONTHLY NOTEHOLDERS' STATEMENT INFORMATION</u>

● Aggregate Principal Amount

● Class A Monthly Interest Amount

● Class A Principal Amount

● Class A Adjusted Principal Amount

● Class A/B/C Adjusted Principal Amount

● Class RR Adjusted Principal Amount

● Class A Asset Coverage Threshold Amount

● Class B Asset Coverage Threshold Amount

● Class C Asset Coverage Threshold Amount

● Class B Monthly Interest Amount

● Class B Principal Amount

● Class C Monthly Interest Amount

● Class C Principal Amount

● Class RR Monthly Interest Amount

● Class RR Monthly Interest Amount

● Series 2021-A Available L/C Cash Collateral Account Amount

● Series 2021-A Available Reserve Account Amount

● Series 2021-A Letter of Credit Amount

● Series 2021-A Letter of Credit Liquidity Amount

● Series 2021-A Liquid Enhancement Amount

● Series 2021-A Principal Amount

● Series 2021-A Required Liquid Enhancement Amount

● Series 2021-A Required Reserve Account Amount

● Series 2021-A Reserve Account Deficiency Amount

● Determination Date

● Aggregate Asset Amount

● Aggregate Asset Amount Deficiency

Schedule VI-1

● Aggregate Asset Coverage Threshold Amount

● Asset Coverage Threshold Amount

● Series 2021-A Carrying Charges

● Cash Amount

● Collections

● Due and Unpaid Lease Payment Amount

● Interest Collections

● Percentage

● Principal Collections

● Payment Date

● Series 2021-A Accrued Amounts

● Series 2021-A Adjusted Asset Coverage Threshold Amount

● Series 2021-A Asset Amount

● Series 2021-A Asset Coverage Threshold Amount

● Class A Blended Advance Rate

● Class B Blended Advance Rate

● Class C Blended Advance Rate

● Class RR Blended Advance Rate

● Series 2021-A Capped Administrator Fee Amount

● Series 2021-A Capped HVF III Operating Expense Amount

● Series 2021-A Capped Trustee Fee Amount

● Class A Adjusted Advance Rate

● Class B Adjusted Advance Rate

● Class C Adjusted Advance Rate

● Class A Blended Advance Rate Weighting Numerator

● Class B Blended Advance Rate Weighting Numerator

● Class C Blended Advance Rate Weighting Numerator

● Class RR Adjusted Advance Rate

● Class A Concentration Adjusted Advance Rate

● Class B Concentration Adjusted Advance Rate

● Class C Concentration Adjusted Advance Rate

Schedule VI-2

● Class RR Concentration Adjusted Advance Rate

● Class A Concentration Excess Advance Rate Adjustment

● Class B Concentration Excess Advance Rate Adjustment

● Class C Concentration Excess Advance Rate Adjustment

● Class RR Concentration Excess Advance Rate Adjustment

● Class A MTM/DT Advance Rate Adjustment

● Class B MTM/DT Advance Rate Adjustment

● Class C MTM/DT Advance Rate Adjustment

● Class RR MTM/DT Advance Rate Adjustment

● Series 2021-A Concentration Excess Amount

● Series 2021-A Eligible Investment Grade Non-Program Vehicle
 Amount

● Series 2021-A Eligible Investment Grade Program Receivable
 Amount

● Series 2021-A Eligible Investment Grade Program Vehicle Amount

● Series 2021-A Eligible Non-Investment Grade (High) Program
 Receivable Amount

● Series 2021-A Eligible Non-Investment Grade (Low) Program Receivable
 Amount

● Series 2021-A Eligible Non-Investment Grade Non-Program Vehicle
 Amount

● Series 2021-A Eligible Non-Investment Grade Program Vehicle
 Amount

● Series 2021-A Manufacturer Concentration Excess Amount

● Series 2021-A Non-Investment Grade (High) Program Receivable
 Concentration Excess Amount

● Series 2021-A Non-Liened Vehicle Concentration Excess Amount

● Series 2021-A Remainder AAA Amount

● Series 2021-A Excess Administrator Fee Amount

● Series 2021-A Excess HVF III Operating Expense Amount

● Series 2021-A Excess Trustee Fee Amount

● Series 2021-A Failure Percentage

● Series 2021-A Floating Allocation Percentage

● Series 2021-A Administrator Fee Amount

● Series 2021-A Trustee Fee Amount

● Series 2021-A Interest Period

● Series 2021-A Invested Percentage

Schedule VI-3

● Series 2021-A Market Value Average

● Series 2021-A Non-Liened Vehicle Amount

● Series 2021-A Non-Program Fleet Market Value

● Series 2021-A Non-Program Vehicle Disposition Proceeds Percentage
 Average

● Series 2021-A Percentage

● Series 2021-A Principal Amount

● Series 2021-A Principal Collection Account Amount

● Series 2021-A Rapid Amortization Period

● Normal Base Rent calculations

● Manufacturer Limits and actual percentages

● Daily Summary worksheet with ABS NBV and Fair Market Value advance
 rate calculations

● Fair Market Value Report including break-out by Original Equipment
 Manufacturer

● Series 2021-A Third-Party Market Value break-out by medium
 duty trucks

● Mark to Market Disposition testing break-out by medium duty trucks

The Trustee shall provide to the Series 2021-A Noteholders, or their designated agent, copies of each Monthly Noteholders' Statement.

Upon request to the Trustee, any Series 2021-A Noteholders shall receive the following, in addition to the above:

● Copies of the VIN-level data tapes that will be provided to the
 Back-Up Disposition Agent

● Following and during the continuation of a Series 2021-A Amortization
 Event, a monthly VIN-level disposition data tape

● Following and during the continuation of a Series 2021-A Amortization
 Event, a monthly fleet inventory report with utilization metrics

● A copy of the Monthly Casualty Report required under the Lease

Schedule VI-4

Schedule VII<br> TO THE SERIES 2021-A SUPPLEMENT

**<u>Financial Covenants included in the Hertz Senior Financial Covenant Breach</u>**

(a) <u>Liquidity Covenant</u>. Solely for the
 benefit of the 2025 Extending Revolving Lenders (as the same may be amended or waived with
 the consent of the 2025 Required Extending Revolving Lenders), the Parent Borrower and its
 Restricted Subsidiaries shall maintain minimum Specified Relief Period Liquidity (as defined
 below) of at least (i) $400,000,000 for each calendar month falling within each fiscal
 quarter ending on June 30th or September 30th of each fiscal year, calculated in
 accordance with <u>Section 8.9(d)(i)</u>, and (ii) $500,000,000 for each calendar
 month falling within each fiscal quarter ending on December 31st or March 31st
 of each fiscal year, calculated in accordance with <u>Section 8.9(d)(i), in each case ending during the Relief Period</u> (the " <u>Liquidity Covenant</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Financial Maintenance Covenant</u>. Solely for the benefit of the 2025 Extending Revolving Lenders (as the same may be amended or waived with the consent of the 2025 Required Extending Revolving Lenders), commencing with the fiscal quarter ending December 31, 2021, the Parent Borrower and its Restricted Subsidiaries shall not permit the Consolidated First Lien Leverage Ratio as at the last day of the Most Recent Four Quarter Period ending during any period set forth below to exceed the ratio set forth below opposite such period below (the "<u>Financial Maintenance Covenant</u>"):

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Fiscal Quarter Ending</u> | &nbsp;&nbsp;<u>Consolidated First Lien <br> Leverage Ratio</u> |
| &nbsp;&nbsp;December 31, 2021 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;March 31, 2022 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;June 30, 2022 | &nbsp;&nbsp;3.50:1.00 |
| &nbsp;&nbsp;September 30, 2022 | &nbsp;&nbsp;3.50:1.00 |
| &nbsp;&nbsp;December 31, 2022 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;March 31, 2023 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;June 30, 2023 | &nbsp;&nbsp;3.50:1.00 |
| &nbsp;&nbsp;September 30, 2023 | &nbsp;&nbsp;3.50:1.00 |
| &nbsp;&nbsp;December 31, 2023 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;March 31, 2024 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;June 30, 2024 | &nbsp;&nbsp;5.00:1.00 |
| &nbsp;&nbsp;September 30, 2024 | &nbsp;&nbsp;5.00:1.00 |
| &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp;4.75:1.00 |
| &nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;4.75:1.00 |
| &nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;3.50:1.00 |
| &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;3.50:1.00 |
| &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;March 31, 2026 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;June 30, 2026 | &nbsp;&nbsp;3.50:1.00 |
| &nbsp;&nbsp;September 30, 2026 | &nbsp;&nbsp;3.50:1.00 |
| &nbsp;&nbsp;December 31, 2026 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;March 31, 2027 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;June 30, 2027 | &nbsp;&nbsp;3.50:1.00 |
| &nbsp;&nbsp;September 30, 2027 | &nbsp;&nbsp;3.50:1.00 |
| &nbsp;&nbsp;December 31, 2027 | &nbsp;&nbsp;3.00:1.00 |
| &nbsp;&nbsp;March 31, 2028 | &nbsp;&nbsp;3.00:1.00 |

---

Schedule VII-1

<u>Provided</u>, that any Second-Out Indebtedness shall be excluded from the calculation of Consolidated First Lien Leverage Ratio for purposes of this <u>Section 8.9(b)</u>.

*Definitions*

The covenants set forth above are in Section 8.9(a) (*Liquidity Covenant*) and Section 8.9(b) (*Financial Maintenance Covenant*) of the Credit Agreement, dated as of June 30, 2021, establishing the Senior Facilities, as amended through Amendment No. 10 to the Credit Agreement, dated as of May 6, 2025. Capitalized terms used in the above description are set forth the Credit Agreement, dated as of June 30, 2021, among Hertz together with certain of Hertz's subsidiaries, as borrower, the several banks and financial institutions from time to time party thereto, as lenders, Barclays Bank PLC, as Program Agent and collateral agent, and the other financial institutions party thereto from time to time, as may be amended, modified or supplemented from time to time.

Schedule VII-2

## Exhibit 10.13

**Exhibit 10.13**

**The symbol "[\*]" denotes places where certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential**

---

| | |
|:---|:---|
| ![](tm2612882d1_ex10-13sp01img01.jpg) | **CLIFFORD CHANCE LLP** |

---

AMENDED AND RESTATED

**ORIGINALLY DATED 25 SEPTEMBER 2018, AS AMENDED ON 8 NOVEMBER 2019 AND 23 DECEMBER 2020, 29 APRIL 2021, 21 DECEMBER 2021, 21 JUNE 2022, 20 DECEMBER 2022, AS AMENDED AND RESTATED ON 22 SEPTEMBER 2023, AS FURTHER AMENDED ON 16 APRIL 2024, AS AMENDED AND RESTATED ON 26 JUNE 2024, 9 MAY 2025, 17 JULY 2025 AND <u>24</u> APRIL 2026**

**Issuer Facility Agreement**

**between**

**INTERNATIONAL FLEET FINANCING NO.2 B.V.<br> as Issuer**

**HERTZ EUROPE LIMITED<br> as Issuer Administrator**

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK<br> as Administrative Agent**

**CERTAIN COMMITTED NOTE PURCHASERS**

**CERTAIN CONDUIT INVESTORS**

**CERTAIN FUNDING AGENTS FOR THE INVESTOR GROUPS**

**and**

**BNP PARIBAS TRUST CORPORATION UK LIMITED<br> as Issuer Security Trustee**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| 1 | DEFINITIONS AND CONSTRUCTION | 2 |
| 2 | INITIAL ISSUANCE; INCREASES AND DECREASES OF PRINCIPAL AMOUNT OF ISSUER NOTES | 2 |
| 3 | INTEREST, FEES AND COSTS | 35 |
| 4 | ISSUER ACCOUNTS | 43 |
| 5 | PRIORITY OF PAYMENTS | 47 |
| 6 | REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS | 60 |
| 7 | AMORTIZATION EVENTS AND REMEDIES | 61 |
| 8 | [RESERVED] | 72 |
| 9 | TRANSFERS, REPLACEMENTS AND ASSIGNMENTS | 72 |
| 10 | THE ADMINISTRATIVE AGENT | 90 |
| 11 | GENERAL | 95 |
| SCHEDULE 1 DEFINITIONS LIST | SCHEDULE 1 DEFINITIONS LIST | 125 |
| SCHEDULE 2 CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS | SCHEDULE 2 CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS | 126 |
| SCHEDULE 3 INTEREST RATE CAP AMORTIZATION SCHEDULE | SCHEDULE 3 INTEREST RATE CAP AMORTIZATION SCHEDULE | 148 |
| ANNEX 1 REPRESENTATIONS AND WARRANTIES | ANNEX 1 REPRESENTATIONS AND WARRANTIES | 149 |
| ANNEX 2 COVENANTS | ANNEX 2 COVENANTS | 154 |
| ANNEX 3 CONDITIONS PRECEDENT | ANNEX 3 CONDITIONS PRECEDENT | 169 |
| ANNEX 4 SELLING RESTRICTIONS | ANNEX 4 SELLING RESTRICTIONS | 173 |

---

**THIS AGREEMENT** is originally dated 25 September 2018, as amended on 8 November 2019, 23 December 2020 and 16 April 2024 and as further amended and restated on 29 April 2021, 21 December 2021, 21 June 2022, 20 December 2022, 22 September 2023, 26 June 2024, 9 May 2025, 17 July 2025 and 28 April 2026 between the following parties:

**(1)** **INTERNATIONAL FLEET FINANCING NO.2 B.V.**, a private company with limited liability (*besloten vernootschap met beperkte aansprakelijkheid*) incorporated in The Netherlands and registered
 with the Dutch Trade Register of the Dutch Chamber of Commerce under number 34394429, with
 corporate seat in Amsterdam, the Netherlands and having its registered address at Fourth
 Floor, 3 George's IFSC, Dublin 1, Ireland, as Issuer (the "**Issuer** ");

**(2)** **HERTZ EUROPE LIMITED** (in its capacity as Issuer administrator, the "**Issuer Administrator** ");

**(3)** The
 several financial institutions that serve as committed note purchasers set forth on Schedule
 2 hereto (each a "**Committed Note Purchaser** "), the several commercial paper
 conduits listed on Schedule 2 hereto (each a "**Conduit Investor** "), the
 financial institution set forth opposite the name of each Conduit Investor, or the Committed
 Note Purchaser with respect to such Investor Group, on Schedule 2 hereto (the "**Funding Agent**" with respect to such Conduit Investor or Committed Note Purchaser);

**(4)** **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK**, in its capacity as administrative agent
 for the Conduit Investors, the Committed Note Purchasers and the Funding Agents (the "**Administrative Agent** "); and

**(5)** **BNP PARIBAS TRUST CORPORATION UK LIMITED**, as issuer security trustee (together with
 its successors in trust thereunder, the "**Issuer Security Trustee** ").

**WHEREAS**

**(A)** the
 Issuer wishes to issue:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the Closing Date, the Class A
 Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time subsequent to the Closing Date, the Class B Notes and the Class C Notes,

in each case in favor of the Committed Note Purchasers or, if there is a Conduit Investor with respect to any Committed Note Purchaser's Investor Group, the Conduit Investor with respect to such Investor Group, as applicable, and obtain the agreement of the Committed Note Purchasers or the Conduit Investors, as applicable, to make Advances from time to time for the purchase of Principal Amounts, all of which Advances will be evidenced by the Issuer Notes purchased in connection therewith and will constitute purchases of Principal Amounts corresponding to the amount of such Advances;

**(B)** subject
 to the terms and conditions of this Agreement, each Conduit Investor may make Advances from
 time to time and each Committed Note Purchaser is willing to commit to make Advances from
 time to time, to fund purchases of Principal Amounts in an aggregate outstanding amount up
 to the Maximum Investor Group Principal Amount for the related Investor Group during the
 Revolving Period; and

**(C)** Hertz
 Europe Limited, in its capacity as Issuer Administrator, has joined in this Agreement to
 confirm certain representations, warranties and covenants made by it in such capacity for
 the benefit of each Conduit Investor and each Committed Note Purchaser.

**IT IS AGREED** by the parties hereto, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, as follows:

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| | |
|:---|:---|
| **1** | **DEFINITIONS AND CONSTRUCTION** |

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**1.1** **Defined Terms and References** 

Capitalized terms used herein shall have the meanings assigned to such terms in the master definitions and constructions agreement signed by, amongst others, the parties hereto dated on the Signing Date as amended, modified or supplemented from time to time (the "**Master Definitions and Constructions Agreement**"). All Clause, Sub-Clause or paragraph references herein shall refer to clauses, sub-clauses or paragraphs of this Agreement, except as otherwise provided herein.

**1.2** **Rules of Construction** 

In this Agreement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto unless the context otherwise requires, words and expressions used in this Agreement have the constructions ascribed to them in Clause 2 (*Principles of Interpretation and Construction*) of the Master Definitions and Constructions Agreement.

**1.3** **Effectiveness** 

The parties hereto acknowledge and agree that the rights and obligations under this Agreement shall become effective at the Effective Time.

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| | |
|:---|:---|
| **2** | **INITIAL ISSUANCE; INCREASES AND DECREASES OF PRINCIPAL AMOUNT OF ISSUER NOTES** |

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For the avoidance of doubt and notwithstanding any other term of this Agreement, this Clause 2 (*Initial Issuance; Increases and Decreases of Principal Amount Of Issuer Notes*) shall be subject to the terms of the Refinancing Deed of Covenant.

**2.1** **Initial Purchase; Additional Issuer Notes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Initial Purchase*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Class A Notes*. On the terms set forth in this Agreement, the Issuer shall issue the initial Class A
 Notes on the Closing Date. Such Class A Notes for each Class A Investor Group shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** bear
 a face amount as of the Closing Date of up to the Class A Maximum Investor Group Principal
 Amount with respect to such Class A Investor Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** have
 an initial principal amount equal to the Class A Initial Investor Group Principal Amount
 with respect to such Class A Investor Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** be
 equal to or greater than EUR 5,000,000 and integral multiples of EUR 100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** be
 dated the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** be
 registered in the name of the related Class A Funding Agent or its nominee, as agent
 for the related Class A Conduit Investor, if any, and the related Class A Committed
 Note Purchaser, or in the name of the Class A Conduit Investor, the Class A Committed
 Note Purchaser or in such other name as the related Class A Funding Agent may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Class B Notes*. On the terms set forth in this Agreement, the Issuer shall have the right to issue
 the initial Class B Notes at any time subsequent to the Closing Date. Such Class B
 Notes for each Class B Investor Group shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** bear
 a face amount as of the issuance date of up to the Class B Maximum Investor Group Principal
 Amount with respect to such Class B Investor Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** have
 an initial principal amount equal to the Class B Initial Investor Group Principal Amount
 with respect to such Class B Investor Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** be
 equal to or greater than EUR 5,000,000 and integral multiples of EUR 100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** be
 dated the applicable issuance date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** be
 registered in the name of the related Class B Funding Agent or its nominee, as agent
 for the related Class B Conduit Investor, if any, and the related Class B Committed
 Note Purchaser, or in the name of the Class B Conduit Investor, the Class B Committed
 Note Purchaser or in such other name as the related Class B Funding Agent may request,

*provided that*, notwithstanding each of the foregoing and any other provision of this Agreement, the outstanding principal amount, together with any commitments, of all Class B Notes from time to time shall not exceed EUR 50,000,000 unless Class A Noteholders holding 100% of the Class A Principal Amount and Class B Noteholders holding 100% of the Class B Principal Amount have given their prior consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Class C Notes*. On the terms set forth in this Agreement, the Issuer shall have the right to issue
 the initial Class C Notes at any time subsequent to the Closing Date. Such Class C
 Notes for each Class C Investor Group shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** bear
 a face amount as of the issuance date of up to the Class C Maximum Investor Group Principal
 Amount with respect to such Class C Investor Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** have
 an initial principal amount equal to the Class C Initial Investor Group Principal Amount
 with respect to such Class C Investor Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** be
 equal to or greater than EUR 5,000,000 and integral multiples of EUR 100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** be
 dated the applicable issuance date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** be
 registered in the name of the related Class C Funding Agent or its nominee, as agent
 for the related Class C Committed Note Purchaser, or in the name of the Class C
 Committed Note Purchaser or in such other name as the related Class C Funding Agent
 may request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(F)** be
 (i) listed and admitted to trading on the Vienna MTF; or on such other exchange as is
 consented to by the Required Noteholders based on the advice of Irish counsel,

*provided that*, notwithstanding each of the foregoing and any other provision of this Agreement, (i) any additional or existing Class C Notes shall always bear a fixed rate of interest; and (ii) the outstanding principal amount, together with any commitments, of all Class C Notes from time to time shall not exceed EUR 100,000,000, unless in each case Class A Noteholders holding 100% of the Class A Principal Amount, Class B Noteholders holding 100% of the Class B Principal Amount and Class C Noteholders holding 100% of the Class C Principal Amount have given their prior consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** [ **RESERVED** ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Additional Investor Groups* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Class A Notes*. Subject only to compliance with this Sub-Clause 2.1(c)(i) (*Class A Notes*), Sub-Clause 2.1(e)(i) (*Conditions to Issuance of Additional Issuer Notes*)
 and Sub-Clause 2.1(f)(i) (*Additional Issuer Notes Face and Principal Amount*),
 on any Business Day during the Revolving Period prior to the Second Amendment Date, the Issuer
 from time to time, upon one (1) month's prior written notice to the Class A
 Funding Agents (or such shorter period as may be agreed between the Issuer and the Class A
 Funding Agents), may increase the Class A Maximum Principal Amount by entering into
 a Class A Addendum with each member of a Class A Additional Investor Group and
 its related Class A Funding Agent, and upon execution of any such Class A Addendum,
 such related Class A Funding Agent, the Class A Conduit Investors, if any, and
 the Class A Committed Note Purchasers in such Class A Additional Investor Group
 shall become parties to this Agreement from and after the date of such execution. The Issuer
 shall provide at least three (3) Business Day's prior written notice to each Class A
 Funding Agent party hereto as of the date of such notice and the Administrative Agent, of
 any such addition, setting forth (i) the names of the Class A Conduit Investors,
 if any, and the Class A Committed Note Purchasers that are members of such Class A
 Additional Investor Group and their related Class A Funding Agent, (ii) the Class A
 Maximum Investor Group Principal Amount and the Class A Additional Investor Group Initial
 Principal Amount, in each case with respect to such Class A Additional Investor Group,
 (iii) the Class A Maximum Principal Amount and each Class A Committed Note
 Purchaser's Class A Committed Note Purchaser Percentage in each case after giving
 effect to such addition and (iv) the desired effective date of such addition. On the
 effective date of each such addition, the Administrative Agent shall revise Schedule 2 (*Conduit Investors and Committed Note Purchasers*) hereto in accordance with the information provided
 in the notice described above relating to such addition, which revision, for the avoidance
 of doubt, shall not require the consent of the Issuer Security Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Class B Notes*. Subject only to compliance with this Sub-Clause 2.1(c)(ii) (*Class B Notes*), Sub-Clause 2.1(e)(ii) (*Conditions to Issuance of Additional Issuer Notes*)
 and Sub-Clause 2.1(f)(i) (*Additional Issuer Notes Face and Principal Amount*),
 on any Business Day during the Revolving Period, the Issuer from time to time, upon one (1) month's
 prior written notice to the Class B Funding Agents (or such shorter period as may be
 agreed between the Issuer and the Class B Funding Agents), may increase the Class B
 Maximum Principal Amount by entering into a Class B Addendum with each member of a Class B
 Additional Investor Group and its related Class B Funding Agent, and upon execution
 of any such Class B Addendum, such related Class B Funding Agent, the Class B
 Conduit Investors, if any, and the Class B Committed Note Purchasers in such Class B
 Additional Investor Group shall become parties to this Agreement from and after the date
 of such execution. The Issuer shall provide at least three (3) Business Days prior written
 notice to each Class B Funding Agent party hereto as of the date of such notice and
 the Administrative Agent, of any such addition, setting forth (i) the names of the Class B
 Conduit Investors, if any, and the Class B Committed Note Purchasers that are members
 of such Class B Additional Investor Group and their related Class B Funding Agent,
 (ii) the Class B Maximum Investor Group Principal Amount and the Class B Additional
 Investor Group Initial Principal Amount, in each case with respect to such Class B Additional
 Investor Group, (iii) the Class B Maximum Principal Amount and each Class B
 Committed Note Purchaser's Class B Committed Note Purchaser Percentage in each
 case after giving effect to such addition and (iv) the desired effective date of such
 addition. On the effective date of each such addition, the Administrative Agent shall revise
 Schedule 2 (*Conduit Investors and Committed Note Purchasers*) hereto in accordance
 with the information provided in the notice described above relating to such addition, which
 revision, for the avoidance of doubt, shall not require the consent of the Issuer Security
 Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Class C Notes*. Subject only to compliance with this Sub-Clause 2.1(c)(iii) (*Class C Notes*), Sub-Clause 2.1(e)(iii) (*Conditions to Issuance of Additional Issuer Notes*)
 and Sub-Clause 2.1(f)(iii) (*Additional Issuer Notes Face and Principal Amount*),
 on any Business Day during the Revolving Period, the Issuer from time to time, upon one (1) month's
 prior written notice to the Class C Funding Agents (or such shorter period as may be
 agreed between the Issuer and the Class C Funding Agents), may increase the Class C
 Maximum Principal Amount by entering into a Class C Addendum with each member of a Class C
 Additional Investor Group and its related Class C Funding Agent, and upon execution
 of any such Class C Addendum, such related Class C Funding Agent and the Class C
 Committed Note Purchasers in such Class C Additional Investor Group shall become parties
 to this Agreement from and after the date of such execution. The Issuer shall provide at
 least three (3) Business Days prior written notice to each Class C Funding Agent
 party hereto as of the date of such notice and the Administrative Agent, of any such addition,
 setting forth (i) the names of the Class C Committed Note Purchasers that are members
 of such Class C Additional Investor Group and their related Class C Funding Agent,
 (ii) the Class C Maximum Investor Group Principal Amount and the Class C Additional
 Investor Group Initial Principal Amount, in each case with respect to such Class C Additional
 Investor Group, (iii) the Class C Maximum Principal Amount and each Class C
 Committed Note Purchaser's Class C Committed Note Purchaser Percentage in each
 case after giving effect to such addition and (iv) the desired effective date of such
 addition. On the effective date of each such addition, the Administrative Agent shall revise
 Schedule 2 (*Conduit Investors and Committed Note Purchasers*) hereto in accordance
 with the information provided in the notice described above relating to such addition, which
 revision, for the avoidance of doubt, shall not require the consent of the Issuer Security
 Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *Investor Group Maximum Principal Increase* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Class A Investor Group Maximum Principal Increase*. Subject only to compliance with this Sub-Clause
 2.1(d)(i) (*Class A Investor Group Maximum Principal Increase*), Sub-Clause
 2.1(e) (*Conditions to Issuance of Additional Issuer Notes*) and Sub-Clause 2.1(f) (*Additional Issuer Notes Face and Principal Amount*) on any Business Day during the Revolving Period
 prior to the Second Amendment Date, the Issuer and any Class A Investor Group and its
 related Class A Funding Agent, Class A Conduit Investors, if any, and Class A
 Committed Note Purchasers may increase such Class A Investor Group's Class A
 Maximum Investor Group Principal Amount and effect a corresponding increase to the Class A
 Maximum Principal Amount (any such increase, a "**Class A Investor Group Maximum Principal Increase**") by entering into a Class A Investor Group Maximum Principal
 Increase Addendum. The Issuer shall provide at least one (1) month's prior written
 notice (or such shorter period as may be agreed between the Issuer and the Class A Funding
 Agents) to each Class A Funding Agent party hereto as of the date of such notice and
 the Administrative Agent of any such increase, setting forth (i) the names of the Class A
 Funding Agent, the Class A Conduit Investors, if any, and the Class A Committed
 Note Purchasers that are members of such Class A Investor Group, (ii) the Class A
 Maximum Investor Group Principal Amount with respect to such Class A Investor Group,
 the Class A Maximum Principal Amount, and each Class A Committed Note Purchaser's
 Class A Committed Note Purchaser Percentage, in each case after giving effect to such
 Class A Investor Group Maximum Principal Increase, (iii) the Class A Investor
 Group Maximum Principal Increase Amount in connection with such Class A Investor Group
 Maximum Principal Increase, if any, and (iv) the desired effective date of such Class A
 Investor Group Maximum Principal Increase. For the avoidance of doubt, no Class A Investor
 Group, its related Class A Funding Agent, Class A Conduit Investors nor, if any,
 Class A Committed Note Purchasers shall be obliged to agree to any Class A Investor
 Group Maximum Principal Increase. On the effective date of each Class A Investor Group
 Maximum Principal Increase, the Administrative Agent shall revise Schedule 2 (*Conduit Investors and Committed Note Purchasers*) hereto in accordance with the information provided
 in the notice described above relating to such Class A Investor Group Maximum Principal
 Increase, which revision, for the avoidance of doubt, shall not require the consent of the
 Issuer Security Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Class B Investor Group Maximum Principal Increase*. Subject only to compliance with this Sub-Clause
 2.1(d)(ii) (*Class B Investor Group Maximum Principal Increase*), Sub-Clause
 2.1(e)(ii) (*Conditions to Issuance of Additional Issuer Notes*) and Sub-Clause
 2.1(f)(ii) (*Additional Issuer Notes Face and Principal Amount*) on any Business
 Day during the Revolving Period, the Issuer and any Class B Investor Group and its related
 Class B Funding Agent, Class B Conduit Investors, if any, and Class B Committed
 Note Purchasers may increase such Class B Investor Group's Class B Maximum
 Investor Group Principal Amount and effect a corresponding increase to the Class B Maximum
 Principal Amount (any such increase, a "**Class B Investor Group Maximum Principal Increase**") by entering into a Class B Investor Group Maximum Principal Increase
 Addendum. The Issuer shall provide at least one (1) month's prior written notice
 (or such shorter period as may be agreed between the Issuer and the Class B Funding
 Agents) to each Class B Funding Agent party hereto as of the date of such notice and
 the Administrative Agent of any such increase, setting forth (i) the names of the Class B
 Funding Agent, the Class B Conduit Investors, if any, and the Class B Committed
 Note Purchasers that are members of such Class B Investor Group, (ii) the Class B
 Maximum Investor Group Principal Amount with respect to such Class B Investor Group,
 the Class B Maximum Principal Amount, and each Class B Committed Note Purchaser's
 Class B Committed Note Purchaser Percentage, in each case after giving effect to such
 Class B Investor Group Maximum Principal Increase, (iii) the Class B Investor
 Group Maximum Principal Increase Amount in connection with such Class B Investor Group
 Maximum Principal Increase, if any, and (iv) the desired effective date of such Class B
 Investor Group Maximum Principal Increase. On the effective date of each Class B Investor
 Group Maximum Principal Increase, the Administrative Agent shall revise Schedule 2 (*Conduit Investors and Committed Note Purchasers*) hereto in accordance with the information provided
 in the notice described above relating to such Class B Investor Group Maximum Principal
 Increase, which revision, for the avoidance of doubt, shall not require the consent of the
 Issuer Security Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Class C Investor Group Maximum Principal Increase*. Subject only to compliance with this Sub-Clause
 2.1(d)(iii) (*Class C Investor Group Maximum Principal Increase*), Sub-Clause
 2.1(e)(iii) (*Conditions to Issuance of Additional Issuer Notes*) and Sub-Clause
 2.1(f)(iii) (*Additional Issuer Notes Face and Principal Amount*) on any Business
 Day during the Revolving Period, the Issuer and any Class C Investor Group and its related
 Class C Funding Agent and Class C Committed Note Purchasers may increase such Class C
 Investor Group's Class C Maximum Investor Group Principal Amount and effect a
 corresponding increase to the Class C Maximum Principal Amount (any such increase, a
 "**Class C Investor Group Maximum Principal Increase**") by entering
 into a Class C Investor Group Maximum Principal Increase Addendum. The Issuer shall
 provide at least one (1) month's prior written notice (or such shorter period
 as may be agreed between the Issuer and the Class C Funding Agents) to each Class C
 Funding Agent party hereto as of the date of such notice and the Administrative Agent of
 any such increase, setting forth (i) the names of the Class C Funding Agent and
 the Class C Committed Note Purchasers that are members of such Class C Investor
 Group, (ii) the Class C Maximum Investor Group Principal Amount with respect to
 such Class C Investor Group, the Class C Maximum Principal Amount, and each Class C
 Committed Note Purchaser's Class C Committed Note Purchaser Percentage, in each
 case after giving effect to such Class C Investor Group Maximum Principal Increase,
 (iii) the Class C Investor Group Maximum Principal Increase Amount in connection
 with such Class C Investor Group Maximum Principal Increase, if any, and (iv) the
 desired effective date of such Class C Investor Group Maximum Principal Increase. On
 the effective date of each Class C Investor Group Maximum Principal Increase, the Administrative
 Agent shall revise Schedule 2 (*Conduit Investors and Committed Note Purchasers*) hereto
 in accordance with the information provided in the notice described above relating to such
 Class C Investor Group Maximum Principal Increase, which revision, for the avoidance
 of doubt, shall not require the consent of the Issuer Security Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** *Conditions to Issuance of Additional Issuer Notes* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** In
 connection with the addition of a Class A Additional Investor Group or a Class A
 Investor Group Maximum Principal Increase, additional Class A Notes ()"**Additional Class A Notes**") may be issued (and in the case of a Class A Investor
 Group Maximum Principal Increase the relevant Class A Investor Group shall surrender
 to the Registrar for cancellation any Class A Note certificates previously issued to
 the relevant Class A Investor Group and such certificates shall be replaced with new
 Class A Note certificates) subsequent to the Closing Date subject to the satisfaction
 of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** the
 amount of such issuance of Additional Class A Notes, if applicable, shall be equal to
 or greater than EUR 5,000,000, and in integral multiples of EUR 100,000 per Class A
 Investor Group in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** other
 than where Additional Class A Notes are to be issued to fund the Issuer Reserve Account,
 the Rapid Amortization Period is not continuing and no Amortization Event or Potential Amortization
 Event, in each case with respect to the Issuer Notes has occurred and is continuing and such
 issuance and the application of any proceeds thereof, will not cause an Amortization Event
 or Potential Amortization Event, in each case with respect to the Issuer Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** all
 representations and warranties of the Issuer set forth in Clause 5 (*Representations and Warranties*) of the Issuer Note Framework Agreement and Clause 6 (*Representations and Warranties; Covenants; Closing Conditions*) of this Agreement shall be true and correct
 with the same effect as if made on and as of such date (except to the extent such representations
 expressly relate to an earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** [Reserved];
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** In
 connection with the addition of a Class B Additional Investor Group or a Class B
 Investor Group Maximum Principal Increase, additional Class B Notes ()"**Additional Class B Notes**") may be issued (and in the case of a Class B Investor
 Group Maximum Principal Increase the relevant Class B Investor Group shall surrender
 to the Registrar for cancellation any Class B Note certificates previously issued to
 the relevant Class B Investor Group and such certificates shall be replaced with new
 Class B Note certificates) subsequent to the Closing Date subject to the satisfaction
 of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** the
 amount of such issuance of Additional Class B Notes, if applicable, shall be equal to
 or greater than EUR 5,000,000 and in integral multiples of EUR 100,000 per Class B Investor
 Group in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** other
 than where Additional Class B Notes are to be issued to fund the Issuer Reserve Account,
 the Rapid Amortization Period is not continuing and no Amortization Event or Potential Amortization
 Event, in each case with respect to the Issuer Notes has occurred and is continuing and such
 issuance and the application of any proceeds thereof, will not cause an Amortization Event
 or Potential Amortization Event, in each case with respect to the Issuer Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** all
 representations and warranties of the Issuer set forth in Clause 5 (*Representations and Warranties*) of the Issuer Note Framework Agreement and Clause 6 (*Representations and Warranties; Covenants; Closing Conditions*) of this Agreement shall be true and correct
 with the same effect as if made on and as of such date (except to the extent such representations
 expressly relate to an earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** [Reserved];
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(F)** [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** In
 connection with the addition of a Class C Additional Investor Group or a Class C
 Investor Group Maximum Principal Increase, additional Class C Notes ()"**Additional Class C Notes**") may be issued (and in the case of a Class C Investor
 Group Maximum Principal Increase the relevant Class C Investor Group shall surrender
 to the Registrar for cancellation any Class C Note certificates previously issued to
 the relevant Class C Investor Group and such certificates shall be replaced with new
 Class C Note certificates) subsequent to the Closing Date subject to the satisfaction
 of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** the
 amount of such issuance of Additional Class C Notes, if applicable, shall be equal to
 or greater than EUR 5,000,000 and in integral multiples of EUR 100,000 per Class C Investor
 Group in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** other
 than where Additional Class C Notes are to be issued to fund the Issuer Reserve Account,
 the Rapid Amortization Period is not continuing and no Amortization Event or Potential Amortization
 Event, in each case with respect to the Issuer Notes has occurred and is continuing and such
 issuance and the application of any proceeds thereof, will not cause an Amortization Event
 or Potential Amortization Event, in each case with respect to the Issuer Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** all
 representations and warranties of the Issuer set forth in Clause 5 (*Representations and Warranties*) of the Issuer Note Framework Agreement and Clause 6 (*Representations and Warranties; Covenants; Closing Conditions*) of this Agreement shall be true and correct
 with the same effect as if made on and as of such date (except to the extent such representations
 expressly relate to an earlier date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** in
 the case of the addition of a Class C Additional Investor Group or a Class C Investor
 Group Maximum Principal Increase for a Class C Investor Group other than the Original
 Class C Investor Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** the
 Issuer has first offered the right to participate in the Class C Investor Group Maximum
 Principal Increase and that offer has not been accepted by the Original Class C Investor
 Group within 20 Business Days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** the
 Original Class C Investor Group will continue to hold 66<sup>2/3</sup>% of the Class C
 Maximum Principal Amount and the Class C Principal Amount,

provided that, for the avoidance of doubt, no Class C Addendum shall be entered into with any Class C Additional Investor Group prior to the satisfaction of the condition in this paragraph (D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** *Additional Issuer Notes Face and Principal Amount* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Additional Class A Notes Face and Principal Amount*. Additional Class A Notes shall bear
 a face amount equal to up to the Class A Maximum Investor Group Principal Amount with
 respect to the Class A Additional Investor Group or, in the case of a Class A Investor
 Group Maximum Principal Increase, the Class A Maximum Investor Group Principal Amount
 with respect to the related Class A Investor Group (after giving effect to such Class A
 Investor Group Maximum Principal Increase with respect to such Class A Investor Group),
 and initially shall be issued in a principal amount equal to the Class A Additional
 Investor Group Initial Principal Amount, if any, with respect to such Class A Additional
 Investor Group and, in the case of a Class A Investor Group Maximum Principal Increase,
 the sum of the amount of the related Class A Investor Group Maximum Principal Increase
 and the Class A Investor Group Principal Amount of such Class A Investor Group's
 Class A Notes surrendered for cancellation in connection with such Class A Investor
 Group Maximum Principal Increase. Upon the issuance of any such Additional Class A Notes,
 the Class A Maximum Principal Amount shall be increased by the Class A Maximum
 Investor Group Principal Amount for any such Class A Investor Group or the amount of
 any such Class A Investor Group Maximum Principal Increase, as applicable. No later
 than one Business Day following any such Class A Investor Group Maximum Principal Increase,
 the Administrative Agent shall revise Schedule 2 (*Conduit Investors and Committed Note Purchasers*) to reflect such Class A Investor Group Maximum Principal Increase, which
 revision, for the avoidance of doubt, shall not require the consent of the Issuer Security
 Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Additional Class B Notes Face and Principal Amount*. Additional Class B Notes shall bear
 a face amount equal to up to the Class B Maximum Investor Group Principal Amount with
 respect to the Class B Additional Investor Group or, in the case of a Class B Investor
 Group Maximum Principal Increase, the Class B Maximum Investor Group Principal Amount
 with respect to the related Class B Investor Group (after giving effect to such Class B
 Investor Group Maximum Principal Increase with respect to such Class B Investor Group),
 and initially shall be issued in a principal amount equal to the Class B Additional
 Investor Group Initial Principal Amount, if any, with respect to such Class B Additional
 Investor Group and, in the case of a Class B Investor Group Maximum Principal Increase,
 the sum of the amount of the related Class B Investor Group Maximum Principal Increase
 and the Class B Investor Group Principal Amount of such Class B Investor Group's
 Class B Notes surrendered for cancellation in connection with such Class B Investor
 Group Maximum Principal Increase. Upon the issuance of any such Additional Class B Notes,
 the Class B Maximum Principal Amount shall be increased by the Class B Maximum
 Investor Group Principal Amount for any such Class B Investor Group or the amount of
 any such Class B Investor Group Maximum Principal Increase, as applicable. No later
 than one Business Day following any such Class B Investor Group Maximum Principal Increase,
 the Administrative Agent shall revise Schedule 2 (*Conduit Investors and Committed Note Purchasers*) to reflect such Class B Investor Group Maximum Principal Increase, which
 revision, for the avoidance of doubt, shall not require the consent of the Issuer Security
 Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Additional Class C Notes Face and Principal Amount*. Additional Class C Notes shall bear
 a face amount equal to up to the Class C Maximum Investor Group Principal Amount with
 respect to the Class C Additional Investor Group or, in the case of a Class C Investor
 Group Maximum Principal Increase, the Class C Maximum Investor Group Principal Amount
 with respect to the related Class C Investor Group (after giving effect to such Class C
 Investor Group Maximum Principal Increase with respect to such Class C Investor Group),
 and initially shall be issued in a principal amount equal to the Class C Additional
 Investor Group Initial Principal Amount, if any, with respect to such Class C Additional
 Investor Group and, in the case of a Class C Investor Group Maximum Principal Increase,
 the sum of the amount of the related Class C Investor Group Maximum Principal Increase
 and the Class C Investor Group Principal Amount of such Class C Investor Group's
 Class C Notes surrendered for cancellation in connection with such Class C Investor
 Group Maximum Principal Increase. Upon the issuance of any such Additional Class C Notes,
 the Class C Maximum Principal Amount shall be increased by the Class C Maximum
 Investor Group Principal Amount for any such Class C Investor Group or the amount of
 any such Class C Investor Group Maximum Principal Increase, as applicable. No later
 than one Business Day following any such Class C Investor Group Maximum Principal Increase,
 the Administrative Agent shall revise Schedule 2 (*Conduit Investors and Committed Note Purchasers*) to reflect such Class C Investor Group Maximum Principal Increase, which
 revision, for the avoidance of doubt, shall not require the consent of the Issuer Security
 Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** *Proceeds*.
 Proceeds from the initial issuance of the Class A Notes, the Class B Notes, the
 Class C Notes and from any Additional Issuer Notes shall be deposited into the Issuer
 Principal Collection Account and allocated in accordance with Clause 5 (*Priority of Payments*)
 hereof.

**2.2** **Advances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Class A Advances* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Class A Advance Requests*. Subject to the terms of this Agreement, including, with respect to
 any Class A Advance, satisfaction of the Class A Funding Conditions, the aggregate
 principal amount of the Class A Notes may be increased from time to time. On any Business
 Day (provided, with respect to any Class A Ordinary Advance only, such Business Day
 is during the Revolving Period), the Issuer, subject to this Sub-Clause 2.2 (*Advances*),
 may increase the Class A Principal Amount (such increase, including any increase resulting
 from a Class A Investor Group Maximum Principal Increase Amount, is referred to as a
 "**Class A Advance** "), by increasing the principal amounts of the Class A
 Notes allocated ratably by their respective Class A Commitment Percentages in accordance
 with Sub-Clause 2.2(a)(iv) (*Class A Advance Allocations*); *provided that* the aggregate amount of all outstanding Class A Reserve Advances and Class A Ordinary
 Advances may not exceed the aggregate Class A Commitment of each Class A Investor
 Group; and *further provided that* such Class A Advance shall not cause the total
 amount of Class A Advances in any calendar month to exceed five (5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** Whenever
 the Issuer wishes a Class A Conduit Investor, or if there is no Class A Conduit
 Investor with respect to any Class A Investor Group, the Class A Committed Note
 Purchaser with respect to such Class A Investor Group, to make a Class A Advance,
 the Issuer shall notify the Administrative Agent, the related Class A Funding Agent
 and the Issuer Security Trustee by providing written notice substantially in the form of <u>Exhibit J-1</u> (*Class A Form of Advance Notice*) hereto delivered
 to the Administrative Agent, the Issuer Security Trustee and such Class A Funding Agent
 (with a copy of such notice delivered to the Class A Committed Note Purchasers) no later
 than 11:30 a.m. (London time) on the third Business Day prior to the proposed Class A
 Advance (which notice may be combined with the notice delivered pursuant to Sub-Clause 2.1(c) (*Additional Investor Groups*) in the case of a Class A Ordinary Advance in connection with a
 Class A Additional Investor Group Initial Principal Amount, or pursuant to Sub-Clause
 2.1(d) (*Investor Group Maximum Principal Increase*), in the case of a Class A
 Ordinary Advance in connection with a Class A Investor Group Maximum Principal Increase
 Amount). Each such notice shall be irrevocable and shall in each case refer to this Agreement
 and specify (i) whether such Class A Advance is a Class A Ordinary Advance
 or a Class A Reserve Advance, (ii) the expected repayment date of such Class A
 Advance and (iii) the aggregate amount of the requested Class A Advance to be made
 on such date; *provided*, *however*, if, with respect to any Class A Ordinary
 Advance, the Issuer receives a Class A Delayed Funding Notice in accordance with Sub-Clause
 2.2(a)(v) (*Delayed Funding Procedures*) by 6:00 p.m. (London time) on the
 third Business Day prior to the date of any proposed Class A Ordinary Advance, the Issuer
 shall have the right to revoke the Class A Advance Request for such Class A Ordinary
 Advance by providing the Administrative Agent and each Class A Funding Agent (with a
 copy to the Issuer Security Trustee and each Class A Committed Note Purchaser) written
 notice, by telecopy or electronic mail, of such revocation no later than 10:00 a.m. (London
 time) on the second Business Day prior to the proposed date of such Class A Ordinary
 Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** Each
 Class A Funding Agent shall promptly advise its related Class A Conduit Investor,
 or if there is no Class A Conduit Investor with respect to any Class A Investor
 Group, its related Class A Committed Note Purchaser, of any notice given pursuant to
 Sub-Clause 2.2(a)(i) (*Class A Advance Requests*) and, with respect to any
 Class A Ordinary Advance, if there is a Class A Conduit Investor with respect to
 any Class A Investor Group, shall promptly thereafter (but in no event later than 11:00
 a.m. (London time) on the second Business Day preceding the date of such proposed Class A
 Advance), notify the Issuer and the related Class A Committed Note Purchaser(s), whether
 such Class A Conduit Investor has determined to make such Class A Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Party Obligated to Fund Class A Advances*. Upon the Issuer's request in accordance
 with Sub-Clause 2.2(a)(i) (*Class A Advance Request*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** each
 Class A Conduit Investor, if any, may fund Class A Ordinary Advances (whether as
 a Class A Non-Delayed Amount or a Class A Delayed Amount) from time to time during
 the Revolving Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** if
 any Class A Conduit Investor determines that it will not make a Class A Ordinary
 Advance (whether as a Class A Non-Delayed Amount or a Class A Delayed Amount) or
 any portion of a Class A Advance (whether as a Class A Non-Delayed Amount or a
 Class A Delayed Amount), then such Class A Conduit Investor shall notify the Administrative
 Agent and the Class A Funding Agent with respect to such Class A Conduit Investor,
 and each Class A Committed Note Purchaser with respect to such Class A Conduit
 Investor, subject to Sub-Clause 2.2(a)(v) (*Class A Delayed Funding Procedures*)
 shall fund its *pro rata* portion (by Class A Committed Note Purchaser Percentage)
 of the Class A Commitment Percentage with respect to such Class A Investor Group
 of such Class A Ordinary Advance (whether as a Class A Non-Delayed Amount or a
 Class A Delayed Amount) not funded by such Class A Conduit Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** if
 there is no Class A Conduit Investor with respect any Class A Investor Group, then
 the Class A Committed Note Purchaser(s) with respect to such Class A Investor
 Group, subject to Sub-Clause 2.2(a)(v) (*Class A Delayed Funding Procedures*),
 shall fund Class A Ordinary Advances (whether as a Class A Non-Delayed Amount or
 a Class A Delayed Amount) from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** each
 Class A Conduit Investor, or each Class A Committed Note Purchaser if there is
 no Class A Conduit Investor with respect to any Class A Investor Group, shall fund
 any Class A Reserve Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Class A Conduit Investor Funding*. Each Class A Conduit Investor hereby agrees with respect
 to itself that it will use commercially reasonable efforts to fund Class A Advances
 made by its Class A Investor Group through the issuance of Class A Commercial Paper; *provided that*, (i) no Class A Conduit Investor will have any obligation
 to use commercially reasonable efforts to fund Class A Advances made by its Class A
 Investor Group through the issuance of Class A Commercial Paper at any time that the
 funding of such Class A Advance through the issuance of Class A Commercial Paper
 would be prohibited by the program documents governing such Class A Conduit Investor's
 commercial paper program, (ii) nothing herein is (or shall be construed) as a commitment
 by any Class A Conduit Investor to fund any Class A Advance through the issuance
 of Class A Commercial Paper; *provided further* that, the Class A Conduit
 Investors shall not, and shall not be obligated to, fund or pay any Class A Ordinary
 Advance pursuant to this Agreement unless (i) the respective Class A Conduit Investor
 has received funds that may be used to make such funding or other payment and which funds
 are not required to repay any of the commercial paper notes ()"**Class A CP Notes** ")
 issued by such Class A Conduit Investor when due and (ii) after giving effect to
 such funding or payment, either (x) such Class A Conduit Investor could issue Class A
 CP Notes to refinance all of its outstanding Class A CP Notes (assuming such outstanding
 Class A CP Notes matured at such time) in accordance with the program documents governing
 its commercial paper program or (y) all of the Class A CP Notes are paid in full.
 Any amount that a Class A Conduit Investor does not pay pursuant to the operation of
 the second proviso of the preceding sentence shall not constitute a claim (as defined in
 Section 101 of the Bankruptcy Code) against or obligation of such Class A Conduit
 Investor for any such insufficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** *Class A Advance Allocations*. The Issuer shall allocate the proposed Class A Advance among
 the Class A Investor Groups ratably by their respective Class A Commitment Percentages; *provided that*, in the event that one or more Class A Additional Investor Groups
 becomes party to this Agreement in accordance with Sub-Clause 2.1(c) (*Additional Investor Groups*) or one or more Class A Investor Group Maximum Principal Increases
 are effected in accordance with Sub-Clause 2.1(d) (*Investor Group Maximum Principal Increase*), any Class A Additional Investor Group Initial Principal Amount in connection
 with the addition of each such Class A Additional Investor Group, any Class A Investor
 Group Maximum Principal Increase Amount in connection with each such Class A Investor
 Group Maximum Principal Increase and each Class A Advance subsequent to either of the
 foregoing shall be allocated solely to such Class A Additional Investor Groups and/or
 such Class A Investor Groups, as applicable, until (and only until) the Class A
 Principal Amount is allocated ratably among all Class A Investor Groups (based upon
 each such Class A Commitment Percentage after giving effect to each such Class A
 Additional Investor Group becoming party hereto and/or each such Class A Investor Group
 Maximum Principal Increase, as applicable); *provided further* that on or prior to the
 Payment Date immediately following the date on which any such Class A Additional Investor
 Group becomes party hereto or a Class A Investor Group Maximum Principal Increase occurs,
 the Issuer shall use commercially reasonable efforts to request Class A Advances and/or
 effect Class A Voluntary Decreases in relation to the Class A Notes to the extent
 necessary to cause (after giving effect to such Class A Advances and Class A Voluntary
 Decreases in relation to the Class A Notes) the Class A Principal Amount to be
 allocated ratably among all Class A Investor Groups (based upon each such Class A
 Investor Group's Class A Commitment Percentage after giving effect to such Class A
 Additional Investor Group becoming party hereto or such Class A Investor Group Maximum
 Principal Increase, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** *Class A Delayed Funding Procedures*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** A
 Class A Delayed Funding Purchaser, upon receipt of any notice of a Class A Ordinary
 Advance pursuant to Sub-Clause 2.2(a), promptly (but in no event later than 6:00 p.m. (London
 time) on the third Business Day prior to the proposed date of such Class A Ordinary
 Advance) may notify the Issuer in writing (a "**Class A Delayed Funding Notice** ")
 of its election to designate such Class A Ordinary Advance as a delayed Class A
 Ordinary Advance (such Class A Ordinary Advance, a "**Class A Designated Delayed Advance** "). If such Class A Delayed Funding Purchaser's ratable
 portion of such Class A Ordinary Advance exceeds its Class A Required Non-Delayed
 Amount (such excess amount, the "**Class A Permitted Delayed Amount** "),
 then the Class A Delayed Funding Purchaser shall also include in the Class A Delayed
 Funding Notice the portion of such Class A Ordinary Advance (such amount as specified
 in the Class A Delayed Funding Notice, not to exceed such Class A Delayed Funding
 Purchaser's Class A Permitted Delayed Amount, the "**Class A Delayed Amount**") that the Class A Delayed Funding Purchaser has elected to fund on
 a Business Day that is on or prior to the thirty-fifth (35th) day following the proposed
 date of such Class A Ordinary Advance (such date as specified in the Class A Delayed
 Funding Notice, the "**Class A Delayed Funding Date**") rather than on
 the date for such Class A Ordinary Advance specified in the related Class A Advance
 Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** If
 (A) one or more Class A Delayed Funding Purchasers provide a Class A Delayed
 Funding Notice to the Issuer specifying a Class A Delayed Amount in respect of any Class A
 Ordinary Advance and (B) the Issuer shall not have revoked the notice of the Class A
 Ordinary Advance by 10:00 a.m. (London time) two Business Days preceding the proposed
 date of such Class A Ordinary Advance, then the Issuer, by no later than 11:30 a.m. (London
 time) two Business Days preceding the date of such proposed Class A Ordinary Advance,
 may (but shall have no obligation to) direct each Class A Available Delayed Amount Committed
 Note Purchaser to fund an additional portion of such Class A Ordinary Advance on the
 proposed date of such Class A Ordinary Advance equal to such Class A Available
 Delayed Amount Committed Note Purchaser's proportionate share (based upon the relative
 Class A Committed Note Purchaser Percentage of such Class A Available Delayed Amount
 Committed Note Purchasers) of the aggregate Class A Delayed Amount with respect to the
 proposed Advance; *provided that*, (i) no Class A Available Delayed Amount
 Committed Note Purchaser shall be required to fund any portion of its proportionate share
 of such aggregate Class A Delayed Amount that would cause its Class A Investor
 Group Principal Amount to exceed its Class A Maximum Investor Group Principal Amount
 and (ii) any Class A Conduit Investor, if any, in the Class A Available Delayed
 Amount Committed Note Purchaser's Investor Group may, in its sole discretion, agree
 to fund such proportionate share of such aggregate Class A Delayed Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** Upon
 receipt of any notice of a Class A Delayed Amount in respect of a Class A Advance
 pursuant to Sub-Clause 2.2(v)(B) (*Class A Delayed Funding Procedures*), a
 Class A Available Delayed Amount Committed Note Purchaser, promptly (but in no event
 later than 6:00 p.m. (London time) on the Business Day prior to the proposed date of
 such Class A Advance) may notify the Issuer in writing (a "**Class A Second Delayed Funding Notice**") of its election to decline to fund a portion of its proportionate
 share of such Class A Delayed Amount (such portion, the "**Class A Second Delayed Funding Notice Amount** "); *provided that*, the Class A Second
 Delayed Funding Notice Amount shall not exceed the excess, if any, of (A) such Class A
 Available Delayed Amount Committed Note Purchaser's proportionate share of such Class A
 Delayed Amount over (B) such Class A Available Delayed Amount Committed Note Purchaser's
 Class A Required Non-Delayed Amount (after giving effect to the funding of any amount
 in respect of such Class A Advance to be made by such Class A Available Delayed
 Amount Committed Note Purchaser or the Class A Conduit Investor in such Class A
 Available Delayed Amount Committed Note Purchaser's Class A Investor Group) (such
 excess amount, the "**Class A Second Permitted Delayed Amount** "), and
 upon any such election, such Class A Available Delayed Amount Committed Note Purchaser
 shall include in the Class A Second Delayed Funding Notice the Class A Second Delayed
 Funding Notice Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** *Funding Class A Advances* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** Subject
 to the other conditions set forth in this Sub-Clause 2.2(a) (*Class A Advances*),
 on the date of each Class A Ordinary Advance, each Class A Conduit Investor and
 Class A Committed Note Purchaser(s) funding such Class A Ordinary Advance
 shall make available to the Issuer its portion of the amount of such Class A Ordinary
 Advance (other than any Class A Delayed Amount) by wire transfer in Euros in same day
 funds to the Issuer Principal Collection Account no later than 2:00 p.m. (London time)
 on the date of such Class A Ordinary Advance. Proceeds from any Class A Ordinary
 Advance shall be deposited into the Issuer Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** Subject
 to the other conditions set forth in this Sub-Clause 2.2(a) (*Class A Advances*),
 on the date of each Class A Reserve Advance, each Class A Conduit Investor and
 Class A Committed Note Purchaser(s) funding such Class A Reserve Advance shall
 make available to the Issuer its portion of the amount of such Class A Reserve Advance
 by wire transfer in Euros in same day funds to the Issuer Reserve Account no later than 2:00
 p.m. (London time) on the date of such Class A Reserve Advance. Proceeds from any
 Class A Reserve Advance shall be deposited into the Issuer Reserve Account and may only
 be drawn in accordance with the provisions of Sub-Clause 5.4(a) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** A
 Class A Delayed Funding Purchaser that delivered a Class A Delayed Funding Notice
 in respect of a Class A Delayed Amount shall be obligated to fund such Class A
 Delayed Amount on the related Class A Delayed Funding Date in the manner set forth in
 the next succeeding sentence, irrespective of whether the Commitment Termination Date shall
 have occurred on or prior to such Class A Delayed Funding Date or the Issuer would be
 able to satisfy the Class A Funding Conditions on such Class A Delayed Funding
 Date. Such Class A Delayed Funding Purchaser shall (i) (if applicable) pay the
 sum of the Class A Second Delayed Funding Notice Amount related to such Class A
 Delayed Amount, if any, to the Issuer no later than 2:00 p.m. (London time) on the related
 Class A Delayed Funding Date by wire transfer in Euros in same day funds to the Issuer
 Principal Collection Account, and (ii) pay the Class A Delayed Funding Reimbursement
 Amount related to such Class A Delayed Amount, if any, on such related Class A
 Delayed Funding Date to each applicable Class A Funding Agent in immediately available
 funds for the ratable benefit of the related Class A Available Delayed Amount Purchasers
 that funded the Class A Delayed Amount on the date of the Class A Advance related
 to such Class A Delayed Amount in accordance with Sub-Clause 2.2(a)(v)(C) (*Class A Delayed Funding Procedures*), based on the relative amount of such Class A Delayed
 Amount funded by such Class A Available Delayed Amount Purchaser on the date of such
 Class A Advance pursuant to Sub-Clause 2.2(a)(v)(C) *(Class A Delayed Funding Procedures)*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** *Class A Funding Defaults*. If, by 2:00 p.m. (London time) on the date of any Class A
 Advance, one or more Class A Committed Note Purchasers in a Class A Investor Group
 (each, a "**Class A Defaulting Committed Note Purchaser,**" and each
 Class A Committed Note Purchaser in the related Class A Investor Group that is
 not a Class A Defaulting Committed Note Purchaser, a "**Class A Non-Defaulting Committed Note Purchaser**") fails to make its portion of such Class A Advance,
 available to the Issuer pursuant to Sub-Clause 2.2(a)(vi) (*Funding Class A Advances*)
 (the aggregate amount unavailable to the Issuer as a result of any such failure being herein
 called an "**Class A Advance Deficit** "), then the Class A Funding
 Agent for such Class A Investor Group, by no later than 2:30 p.m. (London time)
 on the applicable date of such Class A Advance, shall instruct each Class A Non-Defaulting
 Committed Note Purchaser in the same Class A Investor Group as the Class A Defaulting
 Committed Note Purchaser to pay, by no later than 3:00 p.m. (London time), in immediately
 available funds, to the Issuer Principal Collection Account, an amount equal to the lesser
 of (i) such Class A Non-Defaulting Committed Note Purchaser's *pro rata* portion (based upon the relative Class A Committed Note Purchaser Percentage of such
 Class A Non-Defaulting Committed Note Purchasers) of the Class A Advance Deficit
 and (ii) the amount by which such Class A Non-Defaulting Committed Note Purchaser's *pro rata* portion (by Class A Committed Note Purchaser Percentage) of the Class A
 Maximum Investor Group Principal Amount for such Class A Investor Group exceeds the
 portion of the Class A Investor Group Principal Amount, respectively for such Class A
 Investor Group funded by such Class A Non-Defaulting Committed Note Purchaser (determined
 after giving effect to all Advances already made by such Class A Investor Group on such
 date). A Class A Defaulting Committed Note Purchaser shall forthwith, upon demand, pay
 to the applicable Funding Agent for the ratable benefit of the Class A Non-Defaulting
 Committed Note Purchasers all amounts paid by each such Class A Non-Defaulting Committed
 Note Purchaser on behalf of such Class A Defaulting Committed Note Purchaser, together
 with interest thereon, for each day from the date a payment was made by a Class A Non-Defaulting
 Committed Note Purchaser until the date such Class A Non-Defaulting Committed Note Purchaser
 has been paid such amounts in full, at a rate per annum equal to the sum of the Reference
 Rate plus 0.50% per annum. For the avoidance of doubt, no Class A Delayed Funding Purchaser
 that has provided a Class A Delayed Funding Notice in respect of a Class A Advance
 shall be considered to be in default of its obligation to fund its Class A Delayed Amount
 or be treated as a Class A Defaulting Committed Note Purchaser hereunder unless and
 until it has failed to fund the Class A Delayed Funding Reimbursement Amount or the
 Class A Second Delayed Funding Notice Amount on the related Class A Delayed Funding
 Date in accordance with Sub-Clause 2.2(a)(vi)(B) (*Funding Class A Advances*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Class B Advances* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Class B Advance Requests*. Subject to the terms of this Agreement, including satisfaction of the
 Class B Funding Conditions, the aggregate principal amount of the Class B Notes
 may be increased from time to time. On any Business Day during the Revolving Period, the
 Issuer, subject to this Sub-Clause 2.2(b) (*Class B Advances*), may increase
 the Class B Principal Amount (such increase, including any increase resulting from a
 Class B Investor Group Maximum Principal Increase Amount, is referred to as a "**Class B Advance** "), by increasing the principal amounts of the Class B Notes allocated
 ratably by their respective Class B Commitment Percentages in accordance with Sub-Clause
 2.2(b)(iv) (*Class B Advance Allocations*), provided that such Class B
 Advance shall not cause the total amount of Class B Advances in any calendar month to
 exceed five (5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** Whenever
 the Issuer wishes a Class B Conduit Investor, or if there is no Class B Conduit
 Investor with respect to any Class B Investor Group, the Class B Committed Note
 Purchaser with respect to such Class B Investor Group, to make a Class B Advance,
 the Issuer shall notify the Administrative Agent, the related Class B Funding Agent
 and the Issuer Security Trustee by providing written notice substantially in the form of <u>Exhibit J-2</u> (*Class B Form of Advance Notice*) delivered to the
 Administrative Agent, the Issuer Security Trustee and such Class B Funding Agent (with
 a copy of such notice delivered to the Class B Committed Note Purchasers) no later than
 11:30 a.m. (London time) on the third Business Day prior to the proposed Class B
 Advance (which notice may be combined with the notice delivered pursuant to Sub-Clause 2.1(c) (*Additional Investor Groups*) in the case of a Class B Advance in connection with a Class B
 Additional Investor Group Initial Principal Amount, or pursuant to Sub-Clause 2.1(d) (*Investor Group Maximum Principal Increase*), in the case of a Class B Advance in connection
 with a Class B Investor Group Maximum Principal Increase Amount). Each such notice shall
 be irrevocable and shall in each case refer to this Agreement and specify the aggregate amount
 of the requested Class B Advance to be made on such date; *provided*, *however*,
 if the Issuer receives a Class B Delayed Funding Notice in accordance with Sub-Clause
 2.2(b)(v) (*Class B Delayed Funding Procedures*) by 6:00 p.m. (London
 time) on the third Business Day prior to the date of any proposed Class B Advance, the
 Issuer shall have the right to revoke the Class B Advance Request by providing the Administrative
 Agent and each Class B Funding Agent (with a copy to the Issuer Security Trustee and
 each Class B Committed Note Purchaser) written notice, by telecopy or electronic mail,
 of such revocation no later than 10:00 a.m. (London time) on the second Business Day
 prior to the proposed date of such Class B Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** Each
 Class B Funding Agent shall promptly advise its related Class B Conduit Investor,
 or if there is no Class B Conduit Investor with respect to any Class B Investor
 Group, its related Class B Committed Note Purchaser, of any notice given pursuant to
 Sub-Clause 2.2(b)(i) (*Class B Advance Requests*) and, if there is a Class B
 Conduit Investor with respect to any Class B Investor Group, shall promptly thereafter
 (but in no event later than 11:00 a.m. (London time) on the second Business Day preceding
 the date of such proposed Class B Advance), notify the Issuer and the related Class B
 Committed Note Purchaser(s), whether such Class B Conduit Investor has determined to
 make such Class B Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Party Obligated to Fund Class B Advances*. Upon the Issuer's request in accordance
 with Sub-Clause 2.2(b)(i) (*Class B Advances*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** each
 Class B Conduit Investor, if any, may fund Class B Advances (whether as a Class B
 Non-Delayed Amount or a Class B Delayed Amount) from time to time during the Revolving
 Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** if
 any Class B Conduit Investor determines that it will not make a Class B Advance
 (whether as a Class B Non-Delayed Amount or a Class B Delayed Amount) or any portion
 of a Class B Advance (whether as a Class B Non-Delayed Amount or a Class B
 Delayed Amount), then such Class B Conduit Investor shall notify the Administrative
 Agent and the Class B Funding Agent with respect to such Class B Conduit Investor,
 and each Class B Committed Note Purchaser with respect to such Class B Conduit
 Investor, subject to Sub-Clause 2.2(b)(v) (*Class B Delayed Funding Procedures*)
 shall fund its *pro rata* portion (by Class B Committed Note Purchaser Percentage)
 of the Class B Commitment Percentage with respect to such Class B Investor Group
 of such Class B Advance (whether as a Class B Non-Delayed Amount or a Class B
 Delayed Amount) not funded by such Class B Conduit Investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** if
 there is no Class B Conduit Investor with respect any Class B Investor Group, then
 the Class B Committed Note Purchaser(s) with respect to such Class B Investor
 Group, subject to Sub-Clause 2.2(b)(v) (*Class B Delayed Funding Procedures*),
 shall fund Class B Advances (whether as a Class B Non-Delayed Amount or a Class B
 Delayed Amount) from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Class B Conduit Investor Funding*. Each Class B Conduit Investor hereby agrees with respect
 to itself that it will use commercially reasonable efforts to fund Class B Advances
 made by its Class B Investor Group through the issuance of Class B Commercial Paper; *provided that*, (i) no Class B Conduit Investor will have any obligation
 to use commercially reasonable efforts to fund Class B Advances made by its Class B
 Investor Group through the issuance of Class B Commercial Paper at any time that the
 funding of such Class B Advance through the issuance of Class B Commercial Paper
 would be prohibited by the program documents governing such Class B Conduit Investor's
 commercial paper program, (ii) nothing herein is (or shall be construed) as a commitment
 by any Class B Conduit Investor to fund any Class B Advance through the issuance
 of Class B Commercial Paper; *provided further* that, the Class B Conduit
 Investors shall not, and shall not be obligated to, fund or pay any amount pursuant to this
 Agreement unless (i) the respective Class B Conduit Investor has received funds
 that may be used to make such funding or other payment and which funds are not required to
 repay any of the commercial paper notes ()"**Class B CP Notes**") issued
 by such Class B Conduit Investor when due and (ii) after giving effect to such
 funding or payment, either (x) such Class B Conduit Investor could issue Class B
 CP Notes to refinance all of its outstanding Class B CP Notes (assuming such outstanding
 Class B CP Notes matured at such time) in accordance with the program documents governing
 its commercial paper program or (y) all of the Class B CP Notes are paid in full.
 Any amount that a Class B Conduit Investor does not pay pursuant to the operation of
 the second proviso of the preceding sentence shall not constitute a claim (as defined in
 Section 101 of the Bankruptcy Code) against or obligation of such Class B Conduit
 Investor for any such insufficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** *Class B Advance Allocations*. The Issuer shall allocate the proposed Class B Advance among
 the Class B Investor Groups ratably by their respective Class B Commitment Percentages; *provided that*, in the event that one or more Class B Additional Investor Groups
 becomes party to this Agreement in accordance with Sub-Clause 2.1(c) (*Additional Investor Groups*) or one or more Class B Investor Group Maximum Principal Increases
 are effected in accordance with Sub-Clause 2.1(d) (*Investor Group Maximum Principal Increase*), any Class B Additional Investor Group Initial Principal Amount in connection
 with the addition of each such Class B Additional Investor Group, any Class B Investor
 Group Maximum Principal Increase Amount in connection with each such Class B Investor
 Group Maximum Principal Increase and each Class B Advance subsequent to either of the
 foregoing shall be allocated solely to such Class B Additional Investor Groups and/or
 such Class B Investor Groups, as applicable, until (and only until) the Class B
 Principal Amount is allocated ratably among all Class B Investor Groups (based upon
 each such Class B Commitment Percentage after giving effect to each such Class B
 Additional Investor Group becoming party hereto and/or each such Class B Investor Group
 Maximum Principal Increase, as applicable); *provided further* that on or prior to the
 Payment Date immediately following the date on which any such Class B Additional Investor
 Group becomes party hereto or a Class B Investor Group Maximum Principal Increase occurs,
 the Issuer shall use commercially reasonable efforts to request Class B Advances and/or
 effect Class B Voluntary Decreases to the extent necessary to cause (after giving effect
 to such Class B Advances and Class B Voluntary Decreases) the Class B Principal
 Amount to be allocated ratably among all Class B Investor Groups (based upon each such
 Class B Investor Group's Class B Commitment Percentage after giving effect
 to such Class B Additional Investor Group becoming party hereto or such Class B
 Investor Group Maximum Principal Increase, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** *Class B Delayed Funding Procedures*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** A
 Class B Delayed Funding Purchaser, upon receipt of any notice of a Class B Advance
 pursuant to Sub-Clause 2.2(b)(i), promptly (but in no event later than 6:00 p.m. (London
 time) on the third Business Day prior to the proposed date of such Class B Advance)
 may notify the Issuer in writing (a "**Class B Delayed Funding Notice** ")
 of its election to designate such Class B Advance as a delayed Class B Advance
 (such Class B Advance, a "**Class B Designated Delayed Advance** ").
 If such Class B Delayed Funding Purchaser's ratable portion of such Class B
 Advance exceeds its Class B Required Non-Delayed Amount (such excess amount, the "**Class B Permitted Delayed Amount** "), then the Class B Delayed Funding Purchaser shall
 also include in the Class B Delayed Funding Notice the portion of such Class B
 Advance (such amount as specified in the Class B Delayed Funding Notice, not to exceed
 such Class B Delayed Funding Purchaser's Class B Permitted Delayed Amount,
 the "**Class B Delayed Amount**") that the Class B Delayed Funding
 Purchaser has elected to fund on a Business Day that is on or prior to the thirty-fifth (35th)
 day following the proposed date of such Class B Advance (such date as specified in the
 Class B Delayed Funding Notice, the "**Class B Delayed Funding Date** ")
 rather than on the date for such Class B Advance specified in the related Class B
 Advance Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** If
 (A) one or more Class B Delayed Funding Purchasers provide a Class B Delayed
 Funding Notice to the Issuer specifying a Class B Delayed Amount in respect of any Class B
 Advance and (B) the Issuer shall not have revoked the notice of the Class B Advance
 by 10:00 a.m. (London time) two Business Days preceding the proposed date of such Class B
 Advance, then the Issuer, by no later than 11:30 a.m. (London time) two Business Days
 preceding the date of such proposed Class B Advance, may (but shall have no obligation
 to) direct each Class B Available Delayed Amount Committed Note Purchaser to fund an
 additional portion of such Class B Advance on the proposed date of such Class B
 Advance equal to such Class B Available Delayed Amount Committed Note Purchaser's
 proportionate share (based upon the relative Class B Committed Note Purchaser Percentage
 of such Class B Available Delayed Amount Committed Note Purchasers) of the aggregate
 Class B Delayed Amount with respect to the proposed Advance; *provided that*, (i) no
 Class B Available Delayed Amount Committed Note Purchaser shall be required to fund
 any portion of its proportionate share of such aggregate Class B Delayed Amount that
 would cause its Class B Investor Group Principal Amount to exceed its Class B Maximum
 Investor Group Principal Amount and (ii) any Class B Conduit Investor, if any,
 in the Class B Available Delayed Amount Committed Note Purchaser's Investor Group
 may, in its sole discretion, agree to fund such proportionate share of such aggregate Class B
 Delayed Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** Upon
 receipt of any notice of a Class B Delayed Amount in respect of a Class B Advance
 pursuant to Sub-Clause 2.2(b)(v)(B) (*Class B Delayed Funding Procedures*),
 a Class B Available Delayed Amount Committed Note Purchaser, promptly (but in no event
 later than 6:00 p.m. (London time) on the Business Day prior to the proposed date of
 such Class B Advance) may notify the Issuer in writing (a "**Class B Second Delayed Funding Notice**") of its election to decline to fund a portion of its proportionate
 share of such Class B Delayed Amount (such portion, the "**Class B Second Delayed Funding Notice Amount** "); *provided that*, the Class B Second
 Delayed Funding Notice Amount shall not exceed the excess, if any, of (A) such Class B
 Available Delayed Amount Committed Note Purchaser's proportionate share of such Class B
 Delayed Amount over (B) such Class B Available Delayed Amount Committed Note Purchaser's
 Class B Required Non-Delayed Amount (after giving effect to the funding of any amount
 in respect of such C Class B Advance to be made by such Class B Available Delayed
 Amount Committed Note Purchaser or the Class B Conduit Investor in such Class B
 Available Delayed Amount Committed Note Purchaser's Class B Investor Group) (such
 excess amount, the "**Class B Second Permitted Delayed Amount** "), and
 upon any such election, such Class B Available Delayed Amount Committed Note Purchaser
 shall include in the Class B Second Delayed Funding Notice the Class B Second Delayed
 Funding Notice Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** *Funding Class B Advances* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** Subject
 to the other conditions set forth in this Sub-Clause 2.2(b) (*Class B Advances*),
 on the date of each Class B Advance, each Class B Conduit Investor and Class B
 Committed Note Purchaser(s) funding such Class B Advance shall make available to
 the Issuer its portion of the amount of such Class B Advance (other than any Class B
 Delayed Amount) by wire transfer in Euros in same day funds to the Issuer Principal Collection
 Account no later than 2:00 p.m. (London time) on the date of such Class B Advance.
 Proceeds from any Class B Advance shall be deposited into the Issuer Principal Collection
 Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** A
 Class B Delayed Funding Purchaser that delivered a Class B Delayed Funding Notice
 in respect of a Class B Delayed Amount shall be obligated to fund such Class B
 Delayed Amount on the related Class B Delayed Funding Date in the manner set forth in
 the next succeeding sentence, irrespective of whether the Commitment Termination Date shall
 have occurred on or prior to such Class B Delayed Funding Date or the Issuer would be
 able to satisfy the Class B Funding Conditions on such Class B Delayed Funding
 Date. Such Class B Delayed Funding Purchaser shall (i) (if applicable) pay the
 sum of the Class B Second Delayed Funding Notice Amount related to such Class B
 Delayed Amount, if any, to the Issuer no later than 2:00 p.m. (London time) on the related
 Class B Delayed Funding Date by wire transfer in Euros in same day funds to the Issuer
 Principal Collection Account, and (ii) pay the Class B Delayed Funding Reimbursement
 Amount related to such Class B Delayed Amount, if any, on such related Class B
 Delayed Funding Date to each applicable Class B Funding Agent in immediately available
 funds for the ratable benefit of the related Class B Available Delayed Amount Purchasers
 that funded the Class B Delayed Amount on the date of the Class B Advance related
 to such Class B Delayed Amount in accordance with Sub-Clause 2.2(b)(v)(C) (*Class B Delayed Funding Procedures*), based on the relative amount of such Class B Delayed
 Amount funded by such Class B Available Delayed Amount Purchaser on the date of such
 Class B Advance pursuant to Sub-Clause 2.2(b)(v)(C) *(Class B Delayed Funding Procedures)*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Class C Advances* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Class C Advance Requests*. Subject to the terms of this Agreement, including satisfaction of the
 Class C Funding Conditions, the aggregate principal amount of the Class C Notes
 may be increased from time to time. On any Business Day during the Revolving Period, the
 Issuer, subject to this Sub-Clause 2.2(c) (*Class C Advances*), may increase
 the Class C Principal Amount (such increase, including any increase resulting from a
 Class C Investor Group Maximum Principal Increase Amount, is referred to as a "**Class C Advance** "), by increasing the principal amounts of the Class C Notes allocated
 ratably by their respective Class C Commitment Percentages in accordance with Sub-Clause
 2.2(c)(iii) (*Class C Advance Allocations*), provided that such Class C
 Advance shall not cause the total amount of Class C Advances in any calendar month to
 exceed one (1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** Whenever
 the Issuer wishes a Class C Committed Note Purchaser with respect to such Class C
 Investor Group, to make a Class C Advance, the Issuer shall notify the Administrative
 Agent, the related Class C Funding Agent and the Issuer Security Trustee by providing
 written notice substantially in the form of <u>Exhibit J-3</u> (*Class C Form of Advance Notice*) delivered to the Administrative Agent, the Issuer Security Trustee and
 such Class C Funding Agent (with a copy of such notice delivered to the Class C
 Committed Note Purchasers) no later than 11:30 a.m. (London time) on the fifth Business
 Day prior to the proposed Class C Advance (which notice may be combined with the notice
 delivered pursuant to Sub-Clause 2.1(c) (*Additional Investor Groups*) in the case
 of a Class C Advance in connection with a Class C Additional Investor Group Initial
 Principal Amount, or pursuant to Sub-Clause 2.1(d) (*Investor Group Maximum Principal Increase*), in the case of a Class C Advance in connection with a Class C Investor
 Group Maximum Principal Increase Amount). Each such notice shall be irrevocable and shall
 in each case refer to this Agreement and specify the aggregate amount of the requested Class C
 Advance to be made on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Party Obligated to Fund Class C Advances*. Upon the Issuer's request in accordance
 with Sub-Clause 2.2(c)(i) (*Class C Advances*) the Class C Committed
 Note Purchaser(s) with respect to such Class C Investor Group shall fund Class C
 Advances from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Class C Advance Allocations*. The Issuer shall allocate the proposed Class C Advance among
 the Class C Investor Groups ratably by their respective Class C Commitment Percentages; *provided that*, in the event that one or more Class C Additional Investor Groups
 becomes party to this Agreement in accordance with Sub-Clause 2.1(c) (*Additional Investor Groups*) or one or more Class C Investor Group Maximum Principal Increases
 are effected in accordance with Sub-Clause 2.1(d) (*Investor Group Maximum Principal Increase*), any Class C Additional Investor Group Initial Principal Amount in connection
 with the addition of each such Class C Additional Investor Group, any Class C Investor
 Group Maximum Principal Increase Amount in connection with each such Class C Investor
 Group Maximum Principal Increase and each Class C Advance subsequent to either of the
 foregoing shall be allocated solely to such Class C Additional Investor Groups and/or
 such Class C Investor Groups, as applicable, until (and only until) the Class C
 Principal Amount is allocated ratably among all Class C Investor Groups (based upon
 each such Class C Commitment Percentage after giving effect to each such Class C
 Additional Investor Group becoming party hereto and/or each such Class C Investor Group
 Maximum Principal Increase, as applicable); *provided further* that on or prior to the
 Payment Date immediately following the date on which any such Class C Additional Investor
 Group becomes party hereto or a Class C Investor Group Maximum Principal Increase occurs,
 the Issuer shall use commercially reasonable efforts to request Class C Advances and/or
 effect Class C Voluntary Decreases to the extent necessary to cause (after giving effect
 to such Class C Advances and Class C Voluntary Decreases) the Class C Principal
 Amount to be allocated ratably among all Class C Investor Groups (based upon each such
 Class C Investor Group's Class C Commitment Percentage after giving effect
 to such Class C Additional Investor Group becoming party hereto or such Class C
 Investor Group Maximum Principal Increase, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** *Funding Class C Advances*: Subject to the other conditions set forth in this Sub-Clause 2.2(c) (*Class C Advances*), on the date of each Class C Advance, each Class C Committed Note
 Purchaser(s) funding such Class C Advance shall make available to the Issuer its
 portion of the amount of such Class C Advance by wire transfer in Euros in same day
 funds to the Issuer Principal Collection Account no later than 2:00 p.m. (London time)
 on the date of such Class C Advance. Proceeds from any Class C Advance shall be
 deposited into the Issuer Principal Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *No obligation to make Class A Advance Requests, Class B Advance Requests or Class C Advance Requests*. For the avoidance of doubt, the Issuer is not obliged to make any Class A
 Advance Requests, Class B Advance Requests or Class C Advance Requests, save that
 the Issuer shall deliver a Class A Advance Request to the Administrative Agent, the
 Class A Funding Agents and the Issuer Security Trustee (i) on the third Business
 Day prior to the Payment Date immediately preceding the Commitment Termination Date, in an
 amount equal to (x) the Required Reserve Advance Amount, minus (y) the Class B
 Required Letter of Credit/Cash Liquid Enhancement Amount if any, and minus (z) the Class C
 Required Letter of Credit/Cash Liquid Enhancement Amount, and (ii) upon the occurrence
 of a Liquidation Event, in an amount equal to (x) the Required Reserve Advance Amount,
 minus (y) the Class B Required Letter of Credit/Cash Liquid Enhancement Amount
 if any, and minus (z) the Class C Required Letter of Credit/Cash Liquid Enhancement
 Amount; *provided that*, if the Issuer obtains actual knowledge of the occurrence of
 a Liquidation Event after 10:30 a.m. (London time) on any Business Day, the Class A
 Advance Request required to be delivered in accordance with item (ii) of this Sub-Clause
 2.2(c) shall be delivered no later than 11:30 a.m. (London time) on the next succeeding
 Business Day; *provided further that*, no Class A Advance Request shall be required
 in accordance with item (ii) of this Sub-Clause 2.2(c) if a Class A Advance
 Request shall have previously been delivered in accordance with item (i) of this Sub-Clause
 2.2(c).

**2.3** **Procedure for Decreasing the Principal Amount** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Principal Decreases*. Subject to the terms of this Agreement, the aggregate principal amount of
 the Issuer Notes may be decreased from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Expected Decrease* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Class A Expected Decrease* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** The
 expected repayment date of each Class A Advance shall be specified in the Class A
 Advance Request, which shall be a Payment Date or an Alternative Payment Date (such date,
 the "**Class A Expected Payment Date** "); *provided that*, with
 respect to the Class A Initial Advance Amount with respect to each Class A Noteholder
 as of the Closing Date, the Class A Expected Payment Date shall be the first Alternative
 Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** Should
 the Issuer wish to repay a Class A Advance on its Class A Expected Payment Date
 (the amount of such Class A Advance to be repaid, the "**Class A Expected Decrease Amount** "), then the Issuer shall provide notice to each Class A Noteholder,
 each Class A Conduit Investor, each Class A Committed Note Purchaser, the Administrative
 Agent and the Issuer Security Trustee at least 3 Business Days prior to such Class A
 Expected Payment Date. Each such notice shall set forth the date of such Class A Expected
 Decrease, the related Class A Expected Decrease Amount, whether the Issuer is electing
 to pay any Class A Terminated Purchaser in connection with such Class A Expected
 Decrease, and the amount to be paid to such Class A Terminated Purchaser (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** Any
 Class A Advance which is repaid on a Payment Date or an Alternative Payment Date shall
 be payable in accordance with Clause 5 (*Priority of Payments*) (such repayment, a "**Class A Expected Decrease** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** If
 the Issuer does not provide notice in accordance with Sub-Clause 2.3(b)(i)(B) above,
 then the relevant Class A Advance shall not be due and payable on its Class A Expected
 Payment Date but instead will become due and payable on the earlier of the next Alternative
 Payment Date and the next Payment Date, in each case immediately after such Class A
 Expected Payment Date. For the avoidance of doubt, and subject to all Class A Advances
 being due and payable on the Expected Final Payment Date, there is no limit on the number
 of times which the Class A Expected Payment Date may be extended in accordance with
 this Sub-Clause 2.3(b)(i)(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Class B Expected Decrease* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** The
 expected repayment date of each Class B Advance shall be specified in the Class B
 Advance Request, which shall be a Payment Date or an Alternative Payment Date (such date,
 the "**Class B Expected Payment Date** "); *provided that*, with
 respect to the Class B Initial Advance Amount with respect to each Class B Noteholder
 as of the Ninth Amendment Date, the Class B Expected Payment Date shall be the first
 Alternative Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** Should
 the Issuer wish to repay a Class B Advance on its Class B Expected Payment Date
 (the amount of such Class B Advance to be repaid, the "**Class B Expected Decrease Amount** "), then the Issuer shall provide notice to each Class B Noteholder,
 each Class B Conduit Investor, each Class B Committed Note Purchaser, the Administrative
 Agent and the Issuer Security Trustee at least 3 Business Days prior to such Class B
 Expected Payment Date. Each such notice shall set forth the date of such Class B Expected
 Decrease, the related Class B Expected Decrease Amount, whether the Issuer is electing
 to pay any Class B Terminated Purchaser in connection with such Class B Expected
 Decrease, and the amount to be paid to such Class B Terminated Purchaser (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** Any
 Class B Advance which is repaid on a Payment Date or an Alternative Payment Date shall
 be payable in accordance with Clause 5 (*Priority of Payments*) (such repayment, a "**Class B Expected Decrease** "), provided that the Rapid Amortization Period is not continuing
 and no Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency
 is continuing or would result from such Class B Expected Decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** If
 the Issuer does not provide notice in accordance with Sub-Clause 2.3(b)(ii)(B) above,
 then the relevant Class B Advance shall not be due and payable on its Class B Expected
 Payment Date but instead will become due and payable on the earlier of the next Alternative
 Payment Date and the next Payment Date, in each case immediately after such Class B
 Expected Payment Date. For the avoidance of doubt, and subject to all Class B Advances
 being due and payable on the Expected Final Payment Date, there is no limit on the number
 of times which the Class B Expected Payment Date may be extended in accordance with
 this Sub-Clause 2.3(b)(ii)(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Class C Expected Decrease* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** The
 expected repayment date of each Class C Advance shall be specified in the Class C
 Advance Request, which shall be a Payment Date or an Alternative Payment Date (such date,
 the "**Class C Expected Payment Date** "); *provided that*, with
 respect to the Class C Initial Advance Amount with respect to each Class C Noteholder
 as of the Tenth Amendment Date, the Class C Expected Payment Date shall be the first
 Alternative Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** Should
 the Issuer wish to repay a Class C Advance on its Class C Expected Payment Date
 (the amount of such Class C Advance to be repaid, the "**Class C Expected Decrease Amount** "), then the Issuer shall provide notice to each Class C Noteholder,
 each Class C Committed Note Purchaser, the Administrative Agent and the Issuer Security
 Trustee at least 3 Business Days prior to such Class C Expected Payment Date. Each such
 notice shall set forth the date of such Class C Expected Decrease, the related Class C
 Expected Decrease Amount, whether the Issuer is electing to pay any Class C Terminated
 Purchaser in connection with such Class C Expected Decrease, and the amount to be paid
 to such Class C Terminated Purchaser (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** Any
 Class C Advance which is repaid on a Payment Date or an Alternative Payment Date shall
 be payable in accordance with Clause 5 (*Priority of Payments*) (such repayment, a "**Class C Expected Decrease**") provided that the Rapid Amortization Period is not continuing
 and no Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency
 is continuing or would result from such Class C Expected Decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** If
 the Issuer does not provide notice in accordance with Sub-Clause 2.3(b)(iii)(B) above,
 then the relevant Class C Advance shall not be due and payable on its Class C Expected
 Payment Date but instead will become due and payable on the earlier of the next Alternative
 Payment Date and the next Payment Date, in each case immediately after such Class C
 Expected Payment Date. For the avoidance of doubt, and subject to all Class C Advances
 being due and payable on the Expected Final Payment Date, there is no limit on the number
 of times which the Class C Expected Payment Date may be extended in accordance with
 this Sub-Clause 2.3(b)(iii)(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Mandatory Decrease* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Obligation to Decrease Class A Notes*. If any Class A Excess Principal Event shall have
 occurred and be continuing, then, within five (5) Business Days following the Issuer's
 discovery of such Class A Excess Principal Event, the Issuer shall withdraw from the
 Issuer Principal Collection Account an amount equal to the lesser of (x) the amount
 then on deposit in such account and available for distribution to effect a reduction in the
 Class A Principal Amount pursuant to Sub-Clause 5.2(c) (*Application of Funds in the Issuer Principal Collection Account*), and (y) the amount necessary so that,
 after giving effect to all Class A Voluntary Decreases prior to such date, no such Class A
 Excess Principal Event shall exist, and distribute the lesser of such (x) and (y) to
 the Class A Noteholders in respect of principal of the Class A Notes to make a
 reduction in the Class A Principal Amount in accordance with Sub-Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*) (each reduction of the Principal
 Amount pursuant to this paragraph (i), a "**Class A Excess Principal Mandatory Decrease**" and the amount of each such reduction, the "**Class A Excess Principal Mandatory Decrease Amount** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Obligation to Decrease Class B Notes.* If any Class B Excess Principal Event shall have
 occurred and be continuing, then, within five (5) Business Days following the Issuer's
 discovery of such Class B Excess Principal Event, the Issuer shall, provided that the
 Rapid Amortization Period is not continuing and no Amortization Event, Potential Amortization
 Event or Aggregate Asset Amount Deficiency is continuing or would result from such Class B
 Excess Principal Mandatory Decrease, withdraw from the Issuer Principal Collection Account
 an amount equal to the lesser of (x) the amount then on deposit in such account and
 available for distribution to effect a reduction in the Class B Principal Amount pursuant
 to Sub-Clause 5.2(c) (*Application of Funds in the Issuer Principal Collection Account*),
 and (y) the amount necessary so that, after giving effect to all Class B Voluntary
 Decreases prior to such date, no such Class B Excess Principal Event shall exist, and
 distribute the lesser of such (x) and (y) to the Class B Noteholders in respect
 of principal of the Class B Notes to make a reduction in the Class B Principal
 Amount in accordance with Sub-Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*) (each reduction of the Principal Amount pursuant to this paragraph
 (i), a "**Class B Excess Principal Mandatory Decrease**" and the amount
 of each such reduction, the "**Class B Excess Principal Mandatory Decrease Amount** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Obligation to Decrease Class C Notes.* If any Class C Excess Principal Event shall have
 occurred and be continuing, then, within five (5) Business Days following the Issuer's
 discovery of such Class C Excess Principal Event, the Issuer shall, provided that the
 Rapid Amortization Period is not continuing and no Amortization Event, Potential Amortization
 Event or Aggregate Asset Amount Deficiency is continuing or would result from such Class C
 Excess Principal Mandatory Decrease, withdraw from the Issuer Principal Collection Account
 an amount equal to the lesser of (x) the amount then on deposit in such account and
 available for distribution to effect a reduction in the Class C Principal Amount pursuant
 to Sub-Clause 5.2(c) (*Application of Funds in the Issuer Principal Collection Account*),
 and (y) the amount necessary so that, after giving effect to all Class C Voluntary
 Decreases prior to such date, no such Class C Excess Principal Event shall exist, and
 distribute the lesser of such (x) and (y) to the Class C Noteholders in respect
 of principal of the Class C Notes to make a reduction in the Class C Principal
 Amount in accordance with Sub-Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*) (each reduction of the Principal Amount pursuant to this paragraph
 (i), a "**Class C Excess Principal Mandatory Decrease**" and the amount
 of each such reduction, the "**Class C Excess Principal Mandatory Decrease Amount** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** *Illegality in respect of Class A Notes*. If, in any applicable jurisdiction, it becomes unlawful
 for a Class A Noteholder to perform any of its obligations as contemplated by this Agreement
 or to fund, issue or maintain its participation in any Class A Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** that
 Class A Noteholder shall promptly notify the relevant Class A Funding Agent and
 the Administrative Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** upon
 the relevant Class A Funding Agent notifying the Issuer, the Class A Commitment
 of that Class A Noteholder will be immediately cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** to
 the extent that the Class A Noteholder's Class A Note has not been transferred
 pursuant to Clause 9 (*Transfers, Replacements and Assignments*), the Issuer shall withdraw
 from the Issuer Principal Collection Account an amount equal to the amount necessary to reduce
 the Principal Amount Outstanding of such Class A Note to zero (such reduction, a "**Class A Illegality Mandatory Decrease**" and the amount of each such reduction, the "**Class A Illegality Mandatory Decrease Amount** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** *Illegality in respect of Class B Notes*. If, in any applicable jurisdiction, it becomes unlawful
 for a Class B Noteholder to perform any of its obligations as contemplated by this Agreement
 or to fund, issue or maintain its participation in any Class B Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** that
 Class B Noteholder shall promptly notify the relevant Class B Funding Agent and
 the Administrative Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** upon
 the relevant Class B Funding Agent notifying the Issuer, the Class B Commitment
 of that Class B Noteholder will be immediately cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** to
 the extent that the Class B Noteholder's Class B Note has not been transferred
 pursuant to Clause 9 (*Transfers, Replacements and Assignments*), the Issuer shall,
 provided that the Rapid Amortization Period is not continuing and no Amortization Event,
 Potential Amortization Event or Aggregate Asset Amount Deficiency is continuing or would
 result from such Class B Illegality Mandatory Decrease, withdraw from the Issuer Principal
 Collection Account an amount equal to the amount necessary to reduce the Principal Amount
 Outstanding of such Class B Note to zero (such reduction, a "**Class B Illegality Mandatory Decrease**" and the amount of each such reduction, the "**Class B Illegality Mandatory Decrease Amount** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** *Illegality in respect of Class C Notes*. If, in any applicable jurisdiction, it becomes unlawful
 for a Class C Noteholder to perform any of its obligations as contemplated by this Agreement
 or to fund, issue or maintain its participation in any Class C Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** that
 Class C Noteholder shall promptly notify the relevant Class C Funding Agent and
 the Administrative Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** upon
 the relevant Class C Funding Agent notifying the Issuer, the Class C Commitment
 of that Class C Noteholder will be immediately cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** to
 the extent that the Class C Noteholder's Class C Note has not been transferred
 pursuant to Clause 9 (*Transfers, Replacements and Assignments*), the Issuer shall,
 provided that the Rapid Amortization Period is not continuing and no Amortization Event,
 Potential Amortization Event or Aggregate Asset Amount Deficiency is continuing or would
 result from such Class C Illegality Mandatory Decrease, withdraw from the Issuer Principal
 Collection Account an amount equal to the amount necessary to reduce the Principal Amount
 Outstanding of such Class C Note to zero (such reduction, a "**Class C Illegality Mandatory Decrease**" and the amount of each such reduction, the "**Class C Illegality Mandatory Decrease Amount** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** *Breakage*.
 Subject to and in accordance with Sub-Clause 3.5 (*Funding Losses*), (x) with respect
 to each Class A Excess Principal Mandatory Decrease or Class A Illegality Mandatory
 Decrease, the Issuer shall reimburse each Class A Investor Group or Class A Noteholder
 (as the case may be) on the next succeeding Payment Date for any associated breakage costs
 payable as a result of such Class A Excess Principal Mandatory Decrease or Class A
 Illegality Mandatory Decrease, (y) with respect to each Class B Excess Principal
 Mandatory Decrease or Class B Illegality Mandatory Decrease, the Issuer shall, provided
 no Rapid Amortization Period is continuing and to the extent such payment would not result
 in an Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency,
 and no such event is continuing, reimburse each Class B Investor Group or Class B
 Noteholder (as the case may be) on the next succeeding Payment Date for any associated breakage
 costs payable as a result of such Class B Excess Principal Mandatory Decrease or Class B
 Illegality Mandatory Decrease and (z) with respect to each Class C Excess Principal
 Mandatory Decrease or Class C Illegality Mandatory Decrease, the Issuer shall, provided
 no Rapid Amortization Period is continuing and to the extent such payment would not result
 in an Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency,
 and no such event is continuing, reimburse each Class C Investor Group or Class C
 Noteholder (as the case may be) on the next succeeding Payment Date for any associated breakage
 costs payable as a result of such Class C Excess Principal Mandatory Decrease or Class C
 Illegality Mandatory Decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** *Notice of Mandatory Decrease*. Upon discovery of any Class A Excess Principal Event, the
 Issuer, within two (2) Business Days of such discovery, shall deliver written notice
 of any related Class A Excess Principal Mandatory Decreases, any related Class A
 Excess Principal Mandatory Decrease Amount and the date of any such Class A Excess Principal
 Mandatory Decrease to the Administrative Agent, the Issuer Security Trustee and each Class A
 Noteholder. Upon discovery of any Class B Excess Principal Event, the Issuer, within
 two (2) Business Days of such discovery, shall deliver written notice of any related
 Class B Excess Principal Mandatory Decreases, any related Class B Excess Principal
 Mandatory Decrease Amount and the date of any such Class B Excess Principal Mandatory
 Decrease to the Administrative Agent, the Issuer Security Trustee and each Class B Noteholder.
 Upon discovery of any Class C Excess Principal Event, the Issuer, within two (2) Business
 Days of such discovery, shall deliver written notice of any related Class C Excess Principal
 Mandatory Decreases, any related Class C Excess Principal Mandatory Decrease Amount
 and the date of any such Class C Excess Principal Mandatory Decrease to the Administrative
 Agent, the Issuer Security Trustee and each Class C Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *Voluntary Decrease* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Procedures for Class A Voluntary Decrease*. On any Business Day, upon at least three (3) Business
 Days' prior notice to each Class A Noteholder, each Class A Conduit Investor,
 each Class A Committed Note Purchaser, the Administrative Agent and the Issuer Security
 Trustee, the Issuer may decrease the Class A Principal Amount in whole or in part (each
 such reduction of the Principal Amount pursuant to this Sub-Clause 2.3(d) (*Voluntary Decrease*), a "**Class A Voluntary Decrease**") by withdrawing from
 the Issuer Principal Collection Account an amount up to the sum of all amounts then on deposit
 in such account and available for distribution to effect a Class A Voluntary Decrease
 pursuant to Sub-Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*),
 and distributing the amount of such withdrawal (such amount, the "**Class A Voluntary Decrease Amount**") to the Class A Noteholders as specified in Sub-Clause 5.2
 (*Application of Funds in the Issuer Principal Collection Account*) on a *pro rata* basis amongst the Class A Noteholders other than the Class A Terminated Purchasers.
 Each such notice shall set forth the date of such Class A Voluntary Decrease, the related
 Class A Voluntary Decrease Amount, whether the Issuer is electing to pay any Class A
 Terminated Purchaser in connection with such Class A Voluntary Decrease, and the amount
 to be paid to such Class A Terminated Purchaser (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Procedures for Class B Voluntary Decrease*. On any Business Day, upon at least three (3) Business
 Days' prior notice to each Class B Noteholder and provided that no Potential Amortization
 Event or Amortization Event has occurred, each Class B Conduit Investor, each Class B
 Committed Note Purchaser, the Administrative Agent and the Issuer Security Trustee, the Issuer
 may decrease the Class B Principal Amount in whole or in part (each such reduction of
 the Principal Amount pursuant to this Sub-Clause 2.3(d) (*Voluntary Decrease*),
 a "**Class B Voluntary Decrease**") by withdrawing, provided that no
 Rapid Amortization Period is continuing and no Amortization Event, Potential Amortization
 Event or Aggregate Asset Amount Deficiency is continuing or would result from such Class B
 Voluntary Decrease, from the Issuer Principal Collection Account an amount up to the sum
 of all amounts then on deposit in such account and available for distribution to effect a
 Class B Voluntary Decrease pursuant to Sub-Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*), and distributing the amount of such withdrawal
 (such amount, the "**Class B Voluntary Decrease Amount**") to the Class B
 Noteholders as specified in Sub-Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*) on a *pro rata* basis amongst the Class B Noteholders other
 than the Class B Terminated Purchasers. Each such notice shall set forth the date of
 such Class B Voluntary Decrease, the related Class B Voluntary Decrease Amount,
 whether the Issuer is electing to pay any Class B Terminated Purchaser in connection
 with such Class B Voluntary Decrease, and the amount to be paid to such Class B
 Terminated Purchaser (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Procedures for Class C Voluntary Decrease*. On any Business Day, upon at least three (3) Business
 Days' prior notice to each Class C Noteholder and provided that no Potential Amortization
 Event or Amortization Event has occurred, and provided further that such Class C Voluntary
 Decrease notice shall not cause the total amount of Class C Voluntary Decrease notice
 in any calendar month to exceed one (1), each Class C Committed Note Purchaser, the
 Administrative Agent and the Issuer Security Trustee, the Issuer may decrease the Class C
 Principal Amount in whole or in part (each such reduction of the Principal Amount pursuant
 to this Sub-Clause 2.3(d) (*Voluntary Decrease*), a "**Class C Voluntary Decrease**") by withdrawing, provided that no Rapid Amortization Period is continuing
 and no Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency
 is continuing or would result from such Class C Voluntary Decrease, from the Issuer
 Principal Collection Account an amount up to the sum of all amounts then on deposit in such
 account and available for distribution to effect a Class C Voluntary Decrease pursuant
 to Sub-Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*),
 and distributing the amount of such withdrawal (such amount, the "**Class C Voluntary Decrease Amount**") to the Class C Noteholders as specified in Sub-Clause 5.2
 (*Application of Funds in the Issuer Principal Collection Account*) on a *pro rata* basis amongst the Class C Noteholders other than the Class C Terminated Purchasers.
 Each such notice shall set forth the date of such Class C Voluntary Decrease, the related
 Class C Voluntary Decrease Amount, whether the Issuer is electing to pay any Class C
 Terminated Purchaser in connection with such Class C Voluntary Decrease, and the amount
 to be paid to such Class C Terminated Purchaser (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** *Breakage*.
 Subject to and in accordance with Sub-Clause 3.5 (*Funding Losses*), (x) with respect
 to each Class A Voluntary Decrease, the Issuer shall reimburse each Class A Investor
 Group on the next succeeding Payment Date for any associated breakage costs payable as a
 result of such Class A Voluntary Decrease (y) with respect to each Class B
 Voluntary Decrease, the Issuer shall, provided no Rapid Amortization Period is continuing
 and to the extent such payment would not result in an Amortization Event, Potential Amortization
 Event or Aggregate Asset Amount Deficiency, and no such event is continuing, reimburse each
 Class B Investor Group on the next succeeding Payment Date for any associated breakage
 costs payable as a result of such Class B Voluntary Decrease and (z) with respect
 to each Class C Voluntary Decrease, the Issuer shall, provided no Rapid Amortization
 Period is continuing and to the extent such payment would not result in an Amortization Event,
 Potential Amortization Event or Aggregate Asset Amount Deficiency, and no such event is continuing,
 reimburse each Class C Investor Group on the next succeeding Payment Date for any associated
 breakage costs payable as a result of such Class C Voluntary Decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** *Voluntary Decrease Minimum Denominations*. Each such Class A Voluntary Decrease shall be, in
 the aggregate for all Class A Notes, in a minimum principal amount of EUR 5,000,000
 and integral multiples of EUR 100,000 in excess thereof unless such Class A Voluntary
 Decrease is allocated to pay any Class A Investor Group Principal Amount in full. Each
 such Class B Voluntary Decrease shall be, in the aggregate for all Class B Notes,
 in a minimum principal amount of EUR 1,000,000 and integral multiples of EUR 100,000 in excess
 thereof unless such Class B Voluntary Decrease is allocated to pay any Class B
 Investor Group Principal Amount in full. Each such Class C Voluntary Decrease shall
 be, in the aggregate for all Class C Notes, in a minimum principal amount of EUR 1,000,000
 and integral multiples of EUR 100,000 in excess thereof unless such Class C Voluntary
 Decrease is allocated to pay any Class C Investor Group Principal Amount in full.

**2.4** **Funding Agent Register** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** On
 each date of a Class A Advance or Class A Decrease hereunder, a duly authorized
 officer, employee or agent of the related Class A Funding Agent shall make appropriate
 notations in its books and records of the amount of such Class A Advance or Class A
 Decrease, as applicable. The Issuer hereby authorizes each duly authorized officer, employee
 and agent of such Class A Funding Agent to make such notations on the books and records
 as aforesaid and every such notation made in accordance with the foregoing authority shall
 be *prima facie* evidence of the accuracy of the information so recorded and shall be
 binding on the Issuer absent manifest error; *provided*, *however*, that in the
 event of a discrepancy between the books and records of such Class A Funding Agent and
 the records maintained by the Registrar pursuant to the Issuer Note Framework Agreement,
 such discrepancy shall be resolved by such Class A Funding Agent and the Administrative
 Agent and the Registrar shall be directed by the Class A Funding Agent to update the
 Note Register accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** On
 each date of a Class B Advance or Class B Decrease hereunder, a duly authorized
 officer, employee or agent of the related Class B Funding Agent shall make appropriate
 notations in its books and records of the amount of such Class B Advance or Class B
 Decrease, as applicable. The Issuer hereby authorizes each duly authorized officer, employee
 and agent of such Class B Funding Agent to make such notations on the books and records
 as aforesaid and every such notation made in accordance with the foregoing authority shall
 be *prima facie* evidence of the accuracy of the information so recorded and shall be
 binding on the Issuer absent manifest error; *provided*, *however*, that in the
 event of a discrepancy between the books and records of such Class B Funding Agent and
 the records maintained by the Registrar pursuant to the Issuer Note Framework Agreement,
 such discrepancy shall be resolved by such Class B Funding Agent and the Administrative
 Agent and the Registrar shall be directed by the Class B Funding Agent to update the
 Note Register accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** On
 each date of a Class C Advance or Class C Decrease hereunder, a duly authorized
 officer, employee or agent of the related Class C Funding Agent shall make appropriate
 notations in its books and records of the amount of such Class C Advance or Class C
 Decrease, as applicable. The Issuer hereby authorizes each duly authorized officer, employee
 and agent of such Class C Funding Agent to make such notations on the books and records
 as aforesaid and every such notation made in accordance with the foregoing authority shall
 be *prima facie* evidence of the accuracy of the information so recorded and shall be
 binding on the Issuer absent manifest error; *provided*, *however*, that in the
 event of a discrepancy between the books and records of such Class C Funding Agent and
 the records maintained by the Registrar pursuant to the Issuer Note Framework Agreement,
 such discrepancy shall be resolved by such Class C Funding Agent and the Administrative
 Agent and the Registrar shall be directed by the Class C Funding Agent to update the
 Note Register accordingly.

**2.5** **Reduction of Maximum Principal Amount** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Reduction of Class A Maximum Principal Amount*. The Issuer, upon three (3) Business Days'
 notice to the Administrative Agent, each Class A Funding Agent, each Class A Conduit
 Investor and each Class A Committed Note Purchaser, may effect a reduction (but without
 prejudice of the Issuer right to effect a Class A Investor Group Maximum Principal Increase
 with respect to any Class A Investor Group or add any Class A Additional Investor
 Group in the future, in each case in accordance with Sub-Clause 2.1 (*Initial Purchase; Additional Issuer Notes*)) of the Class A Maximum Principal Amount and a corresponding
 reduction of each Class A Maximum Investor Group Principal Amount; *provided that*,
 with respect to any such reduction effected pursuant to this Sub-Clause 2.5(a) (*Reduction of Class A Maximum Principal Amount*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any
 such reduction (A) will be limited to the undrawn portion of the Class A Maximum
 Principal Amount as of such date, although any such reduction may be combined with a Class A
 Decrease effected pursuant to and in accordance with Sub-Clause 2.3 (*Procedure for Decreasing the Principal Amount*), and (B) must be in a minimum amount of EUR 10,000,000; *provided that*, solely for the purposes of this Sub-Clause 2.5(a)(i) (*Reduction of Class A Maximum Principal Amount*), such undrawn portion of the Class A Maximum Principal
 Amount as of such date shall not include any then unfunded Delayed Amounts relating to any
 Class A Advance the notice with respect to which the Issuer shall not have revoked as
 of the date of such reduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** after
 giving effect to such reduction, the Class A Maximum Principal Amount as of such date
 equals or exceeds EUR 100,000,000, unless reduced to zero.

Any reduction made pursuant to this Sub-Clause 2.5(a) (*Reduction of Class A Maximum Principal Amount*) shall be made rateably among the Class A Investor Groups on the basis of their respective Class A Maximum Investor Group Principal Amounts as of such date. No later than one Business Day following any reduction of the Class A Maximum Principal Amount becoming effective, the Administrative Agent shall revise Schedule 2 (*Conduit Investors and Committed Note Purchasers*) to reflect such reduction, which revision, for the avoidance of doubt, shall not require the consent of the Issuer Security Trustee or any Class A Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Reduction of Class B Maximum Principal Amount*. The Issuer, upon three (3) Business Days'
 notice to the Administrative Agent, each Class B Funding Agent, each Class B Conduit
 Investor and each Class B Committed Note Purchaser, may effect a reduction (but without
 prejudice of the Issuer right to effect a Class B Investor Group Maximum Principal Increase
 with respect to any Class B Investor Group or add any Class B Additional Investor
 Group in the future, in each case in accordance with Sub-Clause 2.1 (*Initial Purchase; Additional Issuer Notes*)) of the Class B Maximum Principal Amount and a corresponding
 reduction of each Class B Maximum Investor Group Principal Amount; *provided that*,
 with respect to any such reduction effected pursuant to this Sub-Clause 2.5(b) (*Reduction of Class B Maximum Principal Amount*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any
 such reduction (A) will be limited to the undrawn portion of the Class B Maximum
 Principal Amount as of such date, although any such reduction may be combined with a Class B
 Decrease effected pursuant to and in accordance with Sub-Clause 2.3 (*Procedure for Decreasing the Principal Amount*), and (B) must be in a minimum amount of EUR 5,000,000; *provided that*, solely for the purposes of this Sub-Clause 2.5(b)(i) (*Reduction of Class B Maximum Principal Amount*), such undrawn portion of the Class B Maximum Principal
 Amount as of such date shall not include any then unfunded Delayed Amounts relating to any
 Class B Advance the notice with respect to which the Issuer shall not have revoked as
 of the date of such reduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** after
 giving effect to such reduction, the Class B Maximum Principal Amount as of such date
 equals or exceeds EUR 20,000,000, unless reduced to zero.

Any reduction made pursuant to this Sub-Clause 2.5(b) (*Reduction of Class B Maximum Principal Amount*) shall be made rateably among the Class B Investor Groups on the basis of their respective Class B Maximum Investor Group Principal Amounts as of such date. No later than one Business Day following any reduction of the Class B Maximum Principal Amount becoming effective, the Administrative Agent shall revise Schedule 2 (*Conduit Investors and Committed Note Purchasers*) to reflect such reduction, which revision, for the avoidance of doubt, shall not require the consent of the Issuer Security Trustee or any Class B Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Reduction of Class C Maximum Principal Amount*. The Issuer, upon three (3) Business Days'
 notice to the Administrative Agent, each Class C Funding Agent and each Class C
 Committed Note Purchaser, may effect a reduction (but without prejudice of the Issuer right
 to effect a Class C Investor Group Maximum Principal Increase with respect to any Class C
 Investor Group or add any Class C Additional Investor Group in the future, in each case
 in accordance with Sub-Clause 2.1 (*Initial Purchase; Additional Issuer Notes*)) of
 the Class C Maximum Principal Amount and a corresponding reduction of each Class C
 Maximum Investor Group Principal Amount; *provided that*, with respect to any such reduction
 effected pursuant to this Sub-Clause 2.5(c) (*Reduction of Class C Maximum Principal Amount*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any
 such reduction (A) will be limited to the undrawn portion of the Class C Maximum
 Principal Amount as of such date, although any such reduction may be combined with a Class C
 Decrease effected pursuant to and in accordance with Sub-Clause 2.3 (*Procedure for Decreasing the Principal Amount*), and (B) must be in a minimum amount of EUR 5,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** after
 giving effect to such reduction, the Class C Maximum Principal Amount as of such date
 equals or exceeds EUR 50,000,000, unless reduced to zero.

Any reduction made pursuant to this Sub-Clause 2.5(c) (*Reduction of Class C Maximum Principal Amount*) shall be made rateably among the Class C Investor Groups on the basis of their respective Class C Maximum Investor Group Principal Amounts as of such date. No later than one Business Day following any reduction of the Class C Maximum Principal Amount becoming effective, the Administrative Agent shall revise Schedule 2 (*Conduit Investors and Committed Note Purchasers*) to reflect such reduction, which revision, for the avoidance of doubt, shall not require the consent of the Issuer Security Trustee or any Class C Noteholder.

**2.6** **Commitment Terms and Extensions of Commitments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Term*.
 The "**Facility Term**" of the Commitment hereunder shall be for a period
 commencing on the date hereof and ending on the Commitment Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Requests for Extensions*. The Issuer may request, through the Administrative Agent, that each Funding
 Agent, for the account of the related Investor Group, consents to an extension of the Commitment
 Termination Date related to such Class of Notes for such period as the Issuer may specify
 (the "**Extension Length** "), which consent will be granted or withheld by
 each Funding Agent, on behalf of the related Investor Group, in its sole discretion. All
 Noteholders in a particular Class shall provide their consent to such extension for
 the Commitment Termination Date in respect of that Class to be extended and the consent
 of Noteholders of any other Class shall not be required, provided that the Commitment
 Termination Date in respect of the Class B Notes and the Class C Notes shall always
 be concurrent with or later than the Commitment Termination Date of the Class A Notes.
 However, the foregoing proviso shall not prevent one or more Class A Investor Groups
 electing to extend their own Commitment Termination Date beyond the Commitment Termination
 Date in respect of the Class B Notes or the Class C Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Procedures for Extension Consents*. Upon receipt of any request described in Sub-Clause (b) above,
 the Administrative Agent shall promptly notify each Funding Agent of the relevant Class of
 Notes thereof, each of which Funding Agents shall notify each Conduit Investor, if any, and
 each Committed Note Purchaser in its Investor Group thereof. Not later than the first Business
 Day following the 45th day after such request for an extension (such period, the "**Election Period** "), each Committed Note Purchaser shall notify the Issuer and the Administrative
 Agent of its willingness or refusal to consent to such extension and each Conduit Investor
 shall notify the Funding Agent for its Investor Group of its willingness or refusal to consent
 to such extension, and such Funding Agent shall notify the Issuer and the Administrative
 Agent of such willingness or refusal by each such Conduit Investor (any such Conduit Investor
 or Committed Note Purchaser that refuses to consent to such extension, a "**Non-Extending Purchaser** "). Any Committed Note Purchaser that does not expressly notify the Issuer
 and the Administrative Agent that it is willing to consent to an extension of the Commitment
 Termination Date during the applicable Election Period and each Conduit Investor that does
 not expressly notify such Funding Agent that it is willing to consent to an extension of
 the Commitment Termination Date during the applicable Election Period shall be deemed to
 be a Non-Extending Purchaser. If a Committed Note Purchaser or a Conduit Investor has agreed
 to extend its Commitment Termination Date, and, at the end of the applicable Election Period
 no Amortization Event shall be continuing with respect to the Issuer Notes, then the Commitment
 Termination Date related to such Class of Notes for such Committed Note Purchaser or
 Conduit Investor then in effect shall be extended to the date that is the last day of the
 Extension Length (which shall begin running on the day after the then-current Commitment
 Termination Date related to such Class of Notes); *provided that*, no such extension
 to the Commitment Termination Date shall become effective until (i) the termination
 of each Non-Extending Purchaser's commitment, if any, (ii) on the date of any
 such termination, the prepayment in full of each such Non-Extending Purchaser's portion
 of the Class A Investor Group Principal Amount for such Non-Extending Purchaser's
 Class A Investor Group and all accrued and unpaid interest thereon, if any, in each
 case, in accordance with Sub-Clause 9.2 (*Replacement of Investor Group*), (iii) on
 the date of any such termination, the prepayment in full of each such Non-Extending Purchaser's
 portion of the Class B Investor Group Principal Amount for such Non-Extending Purchaser's
 Class B Investor Group and all accrued and unpaid interest thereon, if any, in each
 case, in accordance with Sub-Clause 9.2 (*Replacement of Investor Group*) and (iv) on
 the date of any such termination, the prepayment in full of each such Non-Extending Purchaser's
 portion of the Class C Investor Group Principal Amount for such Non-Extending Purchaser's
 Class C Investor Group and all accrued and unpaid interest thereon, if any, in each
 case, in accordance with Sub-Clause 9.2 (*Replacement of Investor Group*).

**2.7** **Timing and Method of Payment** 

All amounts payable to any Funding Agent hereunder or with respect to the Issuer Notes on any date shall be made to the applicable Funding Agent or upon the order of the applicable Funding Agent by wire transfer of immediately available funds in Euros not later than 2:00 p.m. (London time) on the date due; *provided that*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** if
 (i) any Class A Funding Agent receives funds payable to it hereunder later than
 2:00 p.m. (London time) on any date and (ii) prior to the later of the next succeeding
 Determination Date and thirty (30) days after the date on which such Class A Funding
 Agent received such funds, such Class A Funding Agent notifies the Issuer in writing
 of such late receipt, then such funds received later than 2:00 p.m. (London time) on
 such date by such Class A Funding Agent will be deemed to have been received by such
 Class A Funding Agent on the next Business Day and any interest accruing with respect
 to the payment of such on such next Business Day shall not be payable until the Payment Date
 immediately following the later of such two dates specified in paragraph (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** if
 (i) any Class A Funding Agent receives funds payable to it hereunder later than
 2:00 p.m. (London time) on any date and (ii) prior to the later of the next succeeding
 Determination Date and thirty (30) days after the date on which such Class A Funding
 Agent received such funds, such Class A Funding Agent does not notify the Issuer in
 writing of such receipt, then such funds, received later than 2:00 p.m. (London time)
 on such date will be treated for all purposes hereunder as received on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** if
 (i) any Class B Funding Agent receives funds payable to it hereunder later than
 2:00 p.m. (London time) on any date and (ii) prior to the later of the next succeeding
 Determination Date and thirty (30) days after the date on which such Class B Funding
 Agent received such funds, such Class B Funding Agent notifies the Issuer in writing
 of such late receipt, then such funds received later than 2:00 p.m. (London time) on
 such date by such Class B Funding Agent will be deemed to have been received by such
 Class B Funding Agent on the next Business Day and any interest accruing with respect
 to the payment of such on such next Business Day shall not be payable until the Payment Date
 immediately following the later of such two dates specified in paragraph (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** if
 (i) any Class B Funding Agent receives funds payable to it hereunder later than
 2:00 p.m. (London time) on any date and (ii) prior to the later of the next succeeding
 Determination Date and thirty (30) days after the date on which such Class B Funding
 Agent received such funds, such Class B Funding Agent does not notify the Issuer in
 writing of such receipt, then such funds, received later than 2:00 p.m. (London time)
 on such date will be treated for all purposes hereunder as received on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** if
 (i) any Class C Funding Agent receives funds payable to it hereunder later than
 2:00 p.m. (London time) on any date and (ii) prior to the later of the next succeeding
 Determination Date and thirty (30) days after the date on which such Class C Funding
 Agent received such funds, such Class C Funding Agent notifies the Issuer in writing
 of such late receipt, then such funds received later than 2:00 p.m. (London time) on
 such date by such Class C Funding Agent will be deemed to have been received by such
 Class C Funding Agent on the next Business Day and any interest accruing with respect
 to the payment of such on such next Business Day shall not be payable until the Payment Date
 immediately following the later of such two dates specified in paragraph (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** if
 (i) any Class C Funding Agent receives funds payable to it hereunder later than
 2:00 p.m. (London time) on any date and (ii) prior to the later of the next succeeding
 Determination Date and thirty (30) days after the date on which such Class C Funding
 Agent received such funds, such Class C Funding Agent does not notify the Issuer in
 writing of such receipt, then such funds, received later than 2:00 p.m. (London time)
 on such date will be treated for all purposes hereunder as received on such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** (i) the
 Issuer's obligations hereunder in respect of any amounts payable to any Class A
 Conduit Investor or Class A Committed Note Purchaser shall be discharged to the extent
 funds are disbursed by the Issuer to the related Class A Funding Agent as provided herein
 whether or not such funds are properly applied by such Class A Funding Agent, (ii) the
 Issuer's obligations hereunder in respect of any amounts payable to any Class B
 Conduit Investor or Class B Committed Note Purchaser shall be discharged to the extent
 funds are disbursed by the Issuer to the related Class B Funding Agent as provided herein
 whether or not such funds are properly applied by such Class B Funding Agent and (iii) the
 Issuer's obligations hereunder in respect of any amounts payable to any Class C
 Committed Note Purchaser shall be discharged to the extent funds are disbursed by the Issuer
 to the related Class C Funding Agent as provided herein whether or not such funds are
 properly applied by such Class C Funding Agent.

**2.8** **Legal Final Payment Date** 

The Principal Amount of each Class of Notes shall be due and payable on the Legal Final Payment Date of each Class of Notes, save that no payment may be made in respect of the Class B Notes or Class C Notes to the extent an Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency has occurred and is continuing or would result from such payment or to the extent the Rapid Amortization Period is continuing and, in the case of Class B Notes, the Class A Notes remain outstanding, and, in the case of Class C Notes, the Class A Notes or the Class B Notes remain outstanding.

**2.9** **Delayed Funding Purchaser Groups** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Class A Delayed Funding Purchaser Groups* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Notwithstanding
 any provision of this Agreement to the contrary, if at any time a Class A Delayed Funding
 Purchaser delivers a Class A Delayed Funding Notice, no Class A Undrawn Fees shall
 accrue (or be payable) to its Class A Delayed Funding Purchaser Group in respect of
 any Class A Delayed Amount from the date of the related Class A Advance to the
 date the Class A Delayed Funding Purchaser in such Class A Delayed Funding Purchaser
 Group funds the related Class A Delayed Funding Reimbursement Amount, if any, and the
 Class A Second Delayed Funding Notice Amount, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Notwithstanding
 any provision of this Agreement to the contrary, if at any time a Class A Committed
 Note Purchaser in a Class A Investor Group becomes a Class A Defaulting Committed
 Note Purchaser, then the following provisions shall apply for so long as such Class A
 Defaulting Committed Note Purchaser has failed to pay all amounts required pursuant to Clause
 2.2(a) (*Class A Advances*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** no
 Class A Undrawn Fees shall accrue (or be payable) on any unfunded portion of the Class A
 Maximum Investor Group Principal Amount of such Class A Defaulting Committed Note Purchaser
 as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** the
 Class A Commitment Percentage of such Class A Defaulting Committed Note Purchaser
 shall not be included in determining whether the Required Noteholders or all Class A
 Conduit Investors and/or Class A Committed Note Purchasers have taken or may take any
 action hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Class B Delayed Funding Purchaser Groups* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Notwithstanding
 any provision of this Agreement to the contrary, if at any time a Class B Delayed Funding
 Purchaser delivers a Class B Delayed Funding Notice, no Class B Undrawn Fees shall
 accrue (or be payable) to its Class B Delayed Funding Purchaser Group in respect of
 any Class B Delayed Amount from the date of the related Class B Advance to the
 date the Class B Delayed Funding Purchaser in such Class B Delayed Funding Purchaser
 Group funds the related Class B Delayed Funding Reimbursement Amount, if any, and the
 Class B Second Delayed Funding Notice Amount, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Notwithstanding
 any provision of this Agreement to the contrary, if at any time a Class B Committed
 Note Purchaser in a Class B Investor Group becomes a Class B Defaulting Committed
 Note Purchaser, then the following provisions shall apply for so long as such Class B
 Defaulting Committed Note Purchaser has failed to pay all amounts required pursuant to Clause
 2.2(b) (*Class B Advances*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** no
 Class B Undrawn Fees shall accrue (or be payable) on any unfunded portion of the Class B
 Maximum Investor Group Principal Amount of such Class B Defaulting Committed Note Purchaser
 as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** the
 Class B Commitment Percentage of such Class B Defaulting Committed Note Purchaser
 shall not be included in determining whether the Required Noteholders or all Class B
 Conduit Investors and/or Class B Committed Note Purchasers have taken or may take any
 action hereunder.

For the avoidance of doubt, no provision of this Sub-Clause 2.9 (*Delayed Funding Purchaser Groups*) shall be deemed to relieve any Class A Defaulting Committed Note Purchaser, any Class B Defaulting Committed Note Purchaser of its Commitment hereunder and the Issuer may pursue all rights and remedies available to it under the law in connection with the event(s) that resulted in such Class A Committed Note Purchaser becoming a Class A Defaulting Committed Note Purchaser or such Class B Committed Note Purchaser becoming a Class B Defaulting Committed Note Purchaser.

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|:---|:---|
| **3** | **INTEREST, FEES AND COSTS** |

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**3.1** **Interest and Interest Rates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Interest Rate* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Class A Interest Rate*. Each related Class A Advance funded or maintained by a Class A
 Investor Group during the related Interest Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** through
 the issuance of Class A Commercial Paper shall bear interest at the Class A CP
 Rate for such Interest Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** through
 means other than the issuance of Class A Commercial Paper shall bear interest at the
 Reference Rate applicable to such Class A Investor Group for the related Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Class B Interest Rate*. Each related Class B Advance funded or maintained by a Class B
 Investor Group during the related Interest Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** through
 the issuance of Class B Commercial Paper shall bear interest at the Class B CP
 Rate for such Interest Period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** through
 means other than the issuance of Class B Commercial Paper shall bear interest at the
 Reference Rate applicable to such Class B Investor Group for the related Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Class C Interest Rate*. Each related Class C Advance funded or maintained by a Class C
 Investor Group during the related Interest Period shall bear interest at the Fixed Rate for
 the related Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Notice of Interest Rates* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Each
 Class A Funding Agent shall notify the Issuer and the Issuer Administrator of the applicable
 Class A CP Rate for the Class A Advances made by its Class A Investor Group
 for the related Interest Period by 11:00 a.m. (London time) on each Determination Date
 and each Class B Funding Agent shall notify the Issuer and the Issuer Administrator
 of the applicable Class B CP Rate for the Class B Advances made by its Class B
 Investor Group for the related Interest Period by 11:00 a.m. (London time) on each Determination
 Date. Each such notice shall be substantially in the form of <u>Exhibit N</u> (*Form of Required Invoice*) hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The
 Administrative Agent shall notify the Issuer and the Issuer Administrator of the applicable
 Reference Rate by 11:00 a.m. (London time) on each Determination Date. Each such notice
 shall be substantially in the form of <u>Exhibit N</u> (*Form of Required Invoice*)
 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Payment of Interest; Funding Agent Failure to Provide Rate* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** On
 each Payment Date, the Class A Monthly Interest Amount, the Class A Monthly Default
 Interest Amount, the Class B Monthly Interest Amount, the Class B Monthly Default
 Interest Amount, the Class C Monthly Interest Amount and the Class C Monthly Default
 Interest Amount, in each case, with respect to such Payment Date, shall be due and payable
 on such Payment Date in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** If
 the amounts described in Sub-Clause 5.3 (*Application of Funds in the Issuer Interest Collection Account*) are insufficient to pay the Class A Monthly Interest Amount or the Class A
 Monthly Default Interest Amount for any Payment Date, payments of such Class A Monthly
 Interest Amount or such Class A Monthly Default Interest Amount, as applicable and in
 each case, to the Class A Noteholders will be reduced on a *pro rata* basis (determined
 on the basis of the portion of such Class A Monthly Interest Amount or Class A
 Monthly Default Interest Amount, as applicable and in each case, payable to each such Class A
 Noteholder) by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency
 on any Payment Date, the "**Class A Deficiency Amount** "), and interest
 shall accrue on any such Class A Deficiency Amount at the applicable Class A Note
 Rate; *provided that*, for the avoidance of doubt, any Class A Deficiency Amount
 shall remain due on the Payment Date when initially due and payable and shall give rise to
 an Amortization Event pursuant to Sub-Clause 7.1(a) if such Class A Deficiency
 Amount plus any applicable interest thereon remains unpaid following the applicable cure
 period. If the amounts described in Sub-Clause 5.3 (*Application of Funds in the Issuer Interest Collection Account*) are insufficient to pay the Class B Monthly Interest
 Amount or the Class B Monthly Default Interest Amount for any Payment Date, payments
 of such Class B Monthly Interest Amount or such Class B Monthly Default Interest
 Amount, as applicable and in each case, to the Class B Noteholders will be reduced on
 a *pro rata* basis (determined on the basis of the portion of such Class B Monthly
 Interest Amount or Class B Monthly Default Interest Amount, as applicable and in each
 case, payable to each such Class B Noteholder) by the amount of such insufficiency (the
 aggregate amount, if any, of such insufficiency on any Payment Date, the "**Class B Deficiency Amount** "), and interest shall accrue on any such Class B Deficiency
 Amount at the applicable Class B Note Rate; *provided that*, for the avoidance
 of doubt, any Class B Deficiency Amount that remains unpaid following the applicable
 cure period shall give rise to an Amortization Event pursuant to Sub-Clause 7.1(a). If the
 amounts described in Sub-Clause 5.3 (*Application of Funds in the Issuer Interest Collection Account*) are insufficient to pay the Class C Monthly Interest Amount or the Class C
 Monthly Default Interest Amount for any Payment Date, payments of such the Class C Monthly
 Interest Amount or Class C Monthly Default Interest Amount, as applicable and in each
 case, to the Class C Noteholders will be reduced on a *pro rata* basis (determined
 on the basis of the portion of such Class C Monthly Interest Amount or Class C
 Monthly Default Interest Amount, as applicable and in each case, payable to each such Class C
 Noteholder) by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency
 on any Payment Date, the "**Class C Deficiency Amount** "), and interest
 shall accrue on any such Class C Deficiency Amount at the applicable Class C Note
 Rate; *provided that*, for the avoidance of doubt, any Class C Deficiency Amount
 that remains unpaid following the applicable cure period shall give rise to an Amortization
 Event pursuant to Sub-Clause 7.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *Day Count and Business Day Convention*. All computations of interest at the Class A CP
 Rate, Class B CP Rate, Reference Rate and Fixed Rate shall be made on the basis of a
 year of 360 days and the actual number of days elapsed. Whenever any payment of interest
 or principal in respect of any Class A Advance, Class B Advance or Class C
 Advance shall be due on a day other than a Business Day, such payment shall be made on the
 next succeeding Business Day and such extension of time shall be included in the computation
 of the amount of interest owed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** *Funding Agent's Failure to Notify*. With respect to any Class A Funding Agent that
 shall have failed to notify the Issuer and the Issuer Administrator of the applicable Class A
 CP Rate for the Class A Advances made by its Class A Investor Group for the related
 Interest Period by 1.00 p.m. (London time) on any Determination Date in accordance with
 Sub-Clause 3.1(b)(i) (*Notice of Interest Rates*), on the first Payment Date occurring
 after the date on which such Class A Funding Agent provides such notice previously not
 provided in accordance with Sub-Clause 3.1(b)(i) (*Notice of Interest Rates*) (or,
 if such notice is provided on any date occurring after a Determination Date and prior to
 the Payment Date immediately following such Determination Date, then the second Payment Date
 occurring after the date on which such Class A Funding Agent provides such notice previously
 not provided), such Class A Funding Agent shall pay to or at the direction of the Issuer
 an amount equal to the excess, if any, of the amount actually paid by the Issuer to or for
 the benefit of the Class A Noteholders in such Class A Funding Agent's Class A
 Investor Group as a result of the reversion to the Class A CP Fall-back Rate in accordance
 with the definition of Class A CP Rate over the amount that should have been paid by
 the Issuer to or for the benefit of the Class A Noteholders in such Class A Funding
 Agent's Class A Investor Group had all of the relevant information for the relevant
 Interest Period been provided by such Class A Funding Agent to the Issuer on a timely
 basis. With respect to any Class B Funding Agent that shall have failed to notify the
 Issuer and the Issuer Administrator of the applicable Class B CP Rate for the Class B
 Advances made by its Class B Investor Group for the related Interest Period by 11:00
 a.m. (London time) on any Determination Date in accordance with Sub-Clause 3.1(b)(i) (*Notice of Interest Rates*), on the first Payment Date occurring after the date on which such
 Class B Funding Agent provides such notice previously not provided in accordance with
 Sub-Clause 3.1(b)(i) (*Notice of Interest Rates*) (or, if such notice is provided
 on any date occurring after a Determination Date and prior to the Payment Date immediately
 following such Determination Date, then the second Payment Date occurring after the date
 on which such Class B Funding Agent provides such notice previously not provided), such
 Class B Funding Agent shall pay to or at the direction of the Issuer an amount equal
 to the excess, if any, of the amount actually paid by the Issuer to or for the benefit of
 the Class B Noteholders in such Class B Funding Agent's Class B Investor
 Group as a result of the reversion to the Class B CP Fall-back Rate in accordance with
 the definition of Class B CP Rate over the amount that should have been paid by the
 Issuer to or for the benefit of the Class B Noteholders in such Class B Funding
 Agent's Class B Investor Group had all of the relevant information for the relevant
 Interest Period been provided by such Class B Funding Agent to the Issuer on a timely
 basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** *CP True-Up Payment Amount*. With respect to any Class A Funding Agent that shall have
 failed to notify the Issuer and the Issuer Administrator of the applicable Class A CP
 Rate for the Class A Advances made by its Class A Investor Group for the related
 Interest Period by 1:00 p.m. (London time) on any Determination Date in accordance with
 Sub-Clause 3.1(b)(i) (*Notice of Interest Rates*), on the first Payment Date occurring
 after the date on which such Class A Funding Agent provides such notice previously not
 provided in accordance with Sub-Clause 3.1(b)(i) (*Notice of Interest Rates*) (or,
 if such notice is provided on any date occurring after a Determination Date and prior to
 the Payment Date immediately following such Determination Date, then the second Payment Date
 occurring after the date on which such Class A Funding Agent provides such notice previously
 not provided), the Issuer shall pay to or at the direction of the Class A Funding Agent
 for the benefit of the Class A Noteholders in such Class A Funding Agent's
 Class A Investor Group an amount equal to the excess, if any, of the amount that should
 have been paid by the Issuer to or for the benefit of the Class A Noteholders in such
 Class A Funding Agent's Class A Investor Group had all of the relevant information
 for the relevant Interest Period been provided by such Class A Funding Agent to the
 Issuer on a timely basis over the amount actually paid by the Issuer to or for the benefit
 of such Class A Noteholders as a result of the reversion to the Class A CP Fall-back
 Rate in accordance with the definition of Class A CP Rate (such excess with respect
 to such Class A Funding Agent, the "**Class A CP True-Up Payment Amount** ").
 For the avoidance of doubt, Class A CP True-Up Payment Amounts, if any, shall be paid
 in accordance with Sub-Clause 5.3 as a component of the Class A Monthly Interest Amount.
 With respect to any Class B Funding Agent that shall have failed to notify the Issuer
 and the Issuer Administrator of the applicable Class B CP Rate for the Class B
 Advances made by its Class B Investor Group for the related Interest Period by 11:00
 a.m. (London time) on any Determination Date in accordance with Sub-Clause 3.1(b)(i) (*Notice of Interest Rates*), on the first Payment Date occurring after the date on which such
 Class B Funding Agent provides such notice previously not provided in accordance with
 Sub-Clause 3.1(b)(i) (*Notice of Interest Rates*) (or, if such notice is provided
 on any date occurring after a Determination Date and prior to the Payment Date immediately
 following such Determination Date, then the second Payment Date occurring after the date
 on which such Class B Funding Agent provides such notice previously not provided), the
 Issuer shall pay to or at the direction of the Class B Funding Agent for the benefit
 of the Class B Noteholders in such Class B Funding Agent's Class B Investor
 Group an amount equal to the excess, if any, of the amount that should have been paid by
 the Issuer to or for the benefit of the Class B Noteholders in such Class B Funding
 Agent's Class B Investor Group had all of the relevant information for the relevant
 Interest Period been provided by such Class B Funding Agent to the Issuer on a timely
 basis over the amount actually paid by the Issuer to or for the benefit of such Class B
 Noteholders as a result of the reversion to the Class B CP Fall-back Rate in accordance
 with the definition of Class B CP Rate (such excess with respect to such Class B
 Funding Agent, the "**Class B CP True-Up Payment Amount** "). For the
 avoidance of doubt, Class B CP True-Up Payment Amounts, if any, shall be paid in accordance
 with Sub-Clause 5.3 as a component of the Class B Monthly Interest Amount.

**3.2** **Administrative Agent, Up-Front Fees and Restructuring Fees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Administrative Agent Fees*. On each Payment Date, the Issuer shall pay to the Administrative Agent the
 applicable Administrative Agent Fee for such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Up-Front Fees*. On the Closing Date, the Issuer shall pay the applicable Class A Up-Front
 Fee (as defined and set out in the Class A Up-Front Fee Letter) to each Class A
 Funding Agent for the account of the related Class A Committed Note Purchasers. On the
 date on which any Class B Notes are first issued under this Agreement, the Issuer shall
 pay the applicable Class B Up-Front Fee (as defined and set out in the Class B
 Up-Front Fee Letter), if any, to each Class B Funding Agent for the account of the related
 Class B Committed Note Purchasers. On the Third Amendment Date, the Issuer shall pay
 the applicable Class A Up-Front Fee (as defined and set out in the Class A Up-Front
 Fee Letter, as applicable) to each Class A Funding Agent for the account of the related
 Class A Committed Note Purchasers. On the Fifth Amendment Date, the Issuer shall pay
 the applicable Class A Up-Front Fee (as defined and set out in the Class A Up-Front
 Fee Letter, as applicable) to each Class A Funding Agent for the account of the related
 Class A Committed Note Purchasers. On the Sixth Amendment Date, the Issuer shall pay
 the applicable Class A Up-Front Fee (as defined and set out in the Class A Up-Front
 Fee Letter, as applicable) to each Class A Funding Agent for the account of the related
 Class A Committed Note Purchasers. On the Seventh Amendment Date, the Issuer shall pay
 the applicable Class A Up-Front Fee (as defined and set out in the Class A Up-Front
 Fee Letter, as applicable) to each Class A Funding Agent for the account of the related
 Class A Committed Note Purchasers. On the Ninth Amendment Date, the Issuer shall pay
 (i) the applicable Class A Up-Front Fee (as defined and set out in the Class A
 Up-Front Fee Letter, as applicable) to each Class A Funding Agent for the account of
 the related Class A Committed Note Purchasers and (ii) the applicable Class B
 Up-Front Fee (as defined and set out in the Class B Up-Front Fee Letter, as applicable)
 to each Class B Funding Agent for the account of the related Class B Committed
 Note Purchasers. On the Tenth Amendment Date, the Issuer shall pay the applicable Class C
 Up-Front Fee (as defined and set out in the Class C Up-Front Fee Letter, as applicable)
 to each Class C Funding Agent for the account of the related Class C Committed
 Note Purchasers. On or prior to the Eleventh Amendment Date, the Issuer shall pay (i) the
 applicable Class A Up-Front Fee (as defined and set out in the Class A Up-Front
 Fee Letter, as applicable) to each Class A Funding Agent for the account of the related
 Class A Committed Note Purchasers, (ii) the applicable Class B Up-Front Fee
 (as defined and set out in the Class B Up-Front Fee Letter, as applicable) to each Class B
 Funding Agent for the account of the related Class B Committed Note Purchasers and (iii) the
 applicable Class C Up-Front Fee (as defined and set out in the Class C Up-Front
 Fee Letter, as applicable) to each Class C Funding Agent for the account of the related
 Class C Committed Note Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Restructuring Fees*. On the Second Amendment Date the Issuer shall pay 50 per cent. of the applicable
 Class A Restructuring Fee (as defined and set out in the Class A Restructuring
 Fee Letter) to each Class A Funding Agent for the account of the related Class A
 Committed Note Purchasers. On the Payment Date falling in December 2021, the Issuer
 shall pay the remaining 50 per cent. of the applicable Class A Restructuring Fee (as
 defined and set out in the Class A Restructuring Fee Letter) to each Class A Funding
 Agent for the account of the related Class A Committed Note Purchasers.

**3.3** **Lending Unlawful** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** If
 a Class A Conduit Investor, a Class A Committed Note Purchaser or any Class A
 Program Support Provider (each such person, a "**Class A Affected Person** ")
 shall reasonably determine (which determination, upon notice thereof to the Administrative
 Agent, the related Class A Funding Agent and the Issuer, shall be conclusive and binding
 on the Issuer absent manifest error) that the introduction of or any change in or in the
 interpretation of any law, rule or regulation makes it unlawful, or any central bank
 or other Governmental Authority asserts that it is unlawful, for any such Class A Affected
 Person to make, continue, or maintain any Class A Advance, the obligation of such Class A
 Affected Person to make, continue or maintain any such Class A Advance upon such determination,
 shall forthwith be suspended until such Class A Affected Person shall notify the related
 Class A Funding Agent and the Issuer that the circumstances causing such suspension
 no longer exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If
 a Class B Conduit Investor, a Class B Committed Note Purchaser or any Class B
 Program Support Provider (each such person, a "**Class B Affected Person** ")
 shall reasonably determine (which determination, upon notice thereof to the Administrative
 Agent, the related Class B Funding Agent and the Issuer, shall be conclusive and binding
 on the Issuer absent manifest error) that the introduction of or any change in or in the
 interpretation of any law, rule or regulation makes it unlawful, or any central bank
 or other Governmental Authority asserts that it is unlawful, for any such Class B Affected
 Person to make, continue, or maintain any Class B Advance, the obligation of such Class B
 Affected Person to make, continue or maintain any such Class B Advance upon such determination,
 shall forthwith be suspended until such Class B Affected Person shall notify the related
 Class B Funding Agent and the Issuer that the circumstances causing such suspension
 no longer exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** If
 a Class C Committed Note Purchaser (a "**Class C Affected Person** ")
 shall reasonably determine (which determination, upon notice thereof to the Administrative
 Agent, the related Class C Funding Agent and the Issuer, shall be conclusive and binding
 on the Issuer absent manifest error) that the introduction of or any change in or in the
 interpretation of any law, rule or regulation makes it unlawful, or any central bank
 or other Governmental Authority asserts that it is unlawful, for any such Class C Affected
 Person to make, continue, or maintain any Class C Advance, the obligation of such Class C
 Affected Person to make, continue or maintain any such Class C Advance upon such determination,
 shall forthwith be suspended until such Class C Affected Person shall notify the related
 Class C Funding Agent and the Issuer that the circumstances causing such suspension
 no longer exist.

**3.4** **[Reserved]** 

**3.5** **Increased or Reduced Costs, etc.** 

The Issuer agrees to reimburse (a) each Class A Affected Person for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Class A Affected Person in respect of making, continuing or maintaining (or of its obligation to make, continue or maintain) any Class A Advances as, or of converting (or of its obligation to convert) any Class A Advances into, the Class A Reference Rate Tranche that arise in connection with any Changes in Law, (b) each Class B Affected Person for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Class B Affected Person in respect of making, continuing or maintaining (or of its obligation to make, continue or maintain) any Class B Advances as, or of converting (or of its obligation to convert) any Class B Advances into, the Class B Reference Rate Tranche that arise in connection with any Changes in Law and (c) each Class C Affected Person for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Class C Affected Person in respect of making, continuing or maintaining (or of its obligation to make, continue or maintain) any Class C Advances that arise in connection with any Changes in Law, except for any such Changes in Law with respect to increased capital costs and Taxes, which shall be governed by Sub-Clauses 3.7 (*Increased Capital Costs*) and 3.8 (*Taxes*), respectively. Each such demand shall be provided to the related Class A Funding Agent, Class B Funding Agent or Class C Funding Agent (as applicable) and the Issuer in writing and shall state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Class A Affected Person, Class B Affected Person or Class C Affected Person (as applicable) for such increased cost or reduced amount or return. Such additional amounts shall be payable by the Issuer to such Class A Funding Agent, Class B Funding Agent or Class C Funding Agent (as applicable) and by such Class A Affected Person, Class B Affected Person or Class C Affected Person (as applicable) directly to such Class A Affected Person, Class B Affected Person or Class C Affected Person (as applicable) on the Payment Date immediately following the Issuer's receipt of such notice, and such notice, in the absence of manifest error, shall be conclusive and binding on the Issuer.

**3.6** **Funding Losses** 

In the event any Affected Person shall incur any loss or expense (including, for the avoidance of doubt, any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Person to make, continue or maintain any portion of the principal amount of any Class A CP Tranche, Class A Reference Rate Tranche, Class B CP Tranche or Class B Reference Rate Tranche or to convert any portion of the principal amount of any Class A Advance not in the Class A CP Tranche into the Class A CP Tranche or not in the Class A Reference Rate Tranche into the Class A Reference Rate Tranche or to convert any portion of the principal amount of any Class B Advance not in the Class B CP Tranche into the Class B CP Tranche or not in the Class B Reference Rate Tranche into the Class B Reference Rate Tranche) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** other
 than in connection with a Class A Decrease or Class B Decrease pursuant to Sub-Clause
 2.3(b) (*Procedure for Decreasing the Principal Amount – Expected Decrease*),
 any conversion or repayment or prepayment (for any other reason, including as a result of
 the acceleration of the maturity of any portion of the Class A CP Tranche, Class A
 Reference Rate Tranche, Class B CP Tranche or Class B Reference Rate Tranche in
 connection with any optional repurchase of the Class A Notes or Class B Notes pursuant
 to Sub-Clause 10.1 (*Authorization and Action of the Administrative Agent*) or otherwise,
 or the assignment thereof in accordance with the requirements of the applicable Class A
 Program Support Agreement or Class B Program Support Agreement) of the principal amount
 of any portion of the Class A CP Tranche, Class A Reference Rate Tranche, Class B
 CP Tranche or Class B Reference Rate Tranche on a date other than a Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** any
 conversion or repayment or prepayment of the principal amount of any portion of the Class A
 CP Tranche or Class A Reference Rate Tranche in connection with any Class A Decrease
 or Class B Decrease pursuant to Sub-Clause 2.3(b) (*Procedure for Decreasing the Principal Amount – Expected Decrease*) on a date other than a Payment Date or
 an Alternative Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** any
 Class A Advance or Class B Advance not being made as part of the Class A CP
 Tranche, Class A Reference Rate Tranche, Class B CP Tranche or Class B Reference
 Rate Tranche after a request for such an Advance has been made in accordance with the terms
 contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** any
 Class A Advance or Class B Advance not being continued as part of the Class A
 CP Tranche, Class A Reference Rate Tranche, Class B CP Tranche or Class B
 Reference Rate Tranche, or converted into a Class A Advance under the Class A Reference
 Rate Tranche or Class B Advance under the Class B Reference Rate Tranche, as applicable,
 after a request for such Class A Advance or Class B Advance, as applicable has
 been made in accordance with the terms contained herein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** any
 failure of the Issuer to make a Class A Decrease or Class B Decrease after giving
 notice thereof pursuant to Sub-Clause 2.3(b) or Sub-Clause 2.3(d),

then, upon the written notice (which shall include calculations in reasonable detail) by any Affected Person to the related Funding Agent and the Issuer, which written notice shall be conclusive and binding on the Issuer (in the absence of manifest error), the Issuer shall pay to such Funding Agent on the next succeeding Payment Date and such Funding Agent shall pay directly to such Affected Person such amount as will (in the reasonable determination of such Affected Person) reimburse such Affected Person for such loss or expense; *provided that*, the maximum amount payable by the Issuer to any Affected Person in respect of any losses or expenses that result from any conversion, repayment or prepayment described in Sub-Clause (a) above shall be the amount the Issuer would be obligated to pay pursuant to Sub-Clause (a) above if such conversion, repayment or prepayment were scheduled to have been paid on the next succeeding Payment Date.

**3.7** **Increased Capital Costs** 

If any Change in Law affects or would affect the amount of capital required or reasonably expected to be maintained by any Affected Person or any Person controlling such Affected Person and such Affected Person reasonably determines that the rate of return on its or such controlling Person's capital as a consequence of its commitment or the Class A Advances and/or the Class B Advances and/or the Class C Advances, as the case may be, made by such Affected Person hereunder is reduced to a level below that which such Affected Person or such controlling Person would have achieved but for the occurrence of any such Change in Law, then, in any such case after notice from time to time by such Affected Person to the related Funding Agent and the Issuer, the Issuer shall pay to such Funding Agent and such Funding Agent shall pay (funded by means of the Issuer Subordinated Facility Agreement in the case of Class B Advances or Class C Advances or Class B Commitments or Class C Commitments) to such Affected Person an incremental commitment fee, payable on each Payment Date, sufficient to compensate such Affected Person or such controlling Person for such reduction in rate of return to the extent that the increased costs for which such Affected Person is being compensated are allocable to the existence of such Affected Person's Class A Advances, Class B Advances or Class C Advances, as applicable, or Class A Commitment or Class B Commitment or Class C Commitment, as applicable, hereunder. A statement of such Affected Person as to any such additional amount or amounts (including calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on the Issuer; *provided that*, the initial payment of such increased commitment fee shall include a payment for accrued amounts due under this Sub-Clause 3.7 (*Increased Capital Costs*) prior to such initial payment.

**3.8** **Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Payments Free of Tax*. Any and all payments by the Issuer under this Agreement and the Issuer Notes
 shall be made free and clear of Tax and without deduction or withholding unless such deduction
 or withholding is a Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Notification of Requirement for Tax Deduction*. The Issuer shall promptly upon becoming aware that
 the Issuer must make a Tax Deduction (or that there is any change in the rate or the basis
 of a Tax Deduction) notify the Issuer Administrator and the Administrative Agent accordingly.
 Similarly, a Noteholder (or related Funding Agent on behalf of such Noteholder) shall notify
 the Issuer Administrator and Administrative Agent on becoming so aware in respect of a payment
 payable to that Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Tax Gross-Up*. Subject to Sub-Clause 3.8(d) (*Exemption from Tax Gross-Up*), if
 a Tax Deduction is required by law to be made by the Issuer, the amount of the payment due
 from the Issuer shall be increased to an amount which (after making any Tax Deduction) leaves
 an amount equal to the payment which would have been due if no Tax Deduction had been made
 or required to be made. If the Issuer is required to make a Tax Deduction, the Issuer shall
 make that Tax Deduction and any payment required in connection with that Tax Deduction within
 the time allowed and in the minimum amount required by law. Within 30 days of making either
 a Tax Deduction or any payment required in connection with that Tax Deduction, the Issuer
 shall deliver to Noteholder entitled to the payment (or its agent) evidence reasonably satisfactory
 to that Noteholder that the Tax Deduction has been made or (as applicable) any appropriate
 payment paid to the relevant taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *Exemption from Tax Gross-Up*. The Issuer is not required to make an increased payment to a Noteholder
 under Sub-Clause 3.8(c) (*Tax Gross-Up*) above for a Tax Deduction, if on the date
 on which the payment falls due, the payment could have been made to the relevant Noteholder
 without a Tax Deduction if it was a Qualifying Noteholder, but on that date that Noteholder
 is not or has ceased to be a Qualifying Noteholder other than as a result of any change,
 after the date it became a Noteholder under this Agreement, in (or in the interpretation,
 administration, or application of) any law or any published practice or concession of any
 relevant Tax Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** *Stamp Taxes*. The Issuer shall pay and, within three (3) Business Days of demand indemnify
 each of the Noteholders against any present or future stamp, documentary and other similar
 Taxes, charges and levies that arise from any payment made under this Agreement or under
 an Issuer Note or from the execution, delivery or registration of, or otherwise with respect
 to, this Agreement or an Issuer Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** *Tax Deductions*. The Issuer represents and warrants that it is not required to make any Tax
 Deduction for or on account of Tax imposed by Ireland from any payment it makes on the Class B
 Notes and Class C Notes for so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the
 relevant Class B Committed Note Purchaser or Class C Committed Note Purchaser (as
 appropriate) is a Qualifying Noteholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** the
 Class B Notes and Class C Notes (as appropriate) are listed on a recognised stock
 exchange as "quoted Eurobonds" for the purposes of section 64 Taxes Consolidation
 Act 1997 and the relevant Class B Committed Note Purchaser or Class C Committed
 Note Purchaser (as appropriate) (a) is not resident in Ireland and (b) has provided
 the Issuer with a tax declaration in the form set out in Annex G on or prior to the Payment
 Date immediately following the date on which such Class B Committed Note Purchaser or
 Class C Committed Note Purchaser (as appropriate) becomes a party to the Issuer Facility
 Agreement.

**3.9** **Carrying Charges; Survival** 

Any amounts payable by the Issuer under the Specified Cost Clauses shall constitute Carrying Charges. The agreements in the Specified Cost Clauses and in this Sub-Clause 3.9 (*Carrying Charges; Survival*) shall survive the termination of this Agreement and the Issuer Note Framework Agreement and the payment of all amounts payable hereunder and thereunder.

**3.10** **Minimizing Costs and Expenses and Equivalent Treatment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Each
 Affected Person shall be deemed to have agreed that it shall, as promptly as practicable
 after it becomes aware of any circumstance referred to in any Specified Cost Clause, use
 commercially reasonable efforts (to the extent not inconsistent with its internal policies
 of general application) to minimize the costs, expenses, Taxes or other Liabilities incurred
 by it and payable to it by the Issuer pursuant to such Specified Cost Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** In
 determining any amounts payable to it by the Issuer pursuant to any Specified Cost Clause,
 each Affected Person shall treat the Issuer the same as or better than all similarly situated
 Persons (as determined by such Affected Person in its reasonable discretion) and such Affected
 Person may use any method of averaging and attribution that it (in its reasonable discretion)
 shall deem applicable so long as it applies such method to other similar transactions, such
 that the Issuer is treated the same as, or better than, all such other similarly situated
 Persons with respect to such other similar transactions.

**3.11** **Timing Threshold for Specified Cost Clauses** 

Notwithstanding anything in this Agreement to the contrary, the Issuer shall not be under any obligation to compensate any Affected Person pursuant to any Specified Cost Clause in respect of any amount otherwise owing pursuant to any Specified Cost Clause that arose during any period prior to the date that is 180 days prior to such Affected Person's obtaining knowledge thereof, except that the foregoing limitation shall not apply to any increased costs arising out of the retroactive application of any Change in Law within such 180-day period. If, after the payment of any amounts by the Issuer pursuant to any Specified Cost Clause, any applicable law, rule or regulation in respect of which a payment was made is thereafter determined to be invalid or inapplicable to such Affected Person, then such Affected Person, within sixty (60) days after such determination, shall repay any amounts paid to it by the Issuer hereunder in respect of such Change in Law.

---

| | |
|:---|:---|
| **4** | **ISSUER ACCOUNTS** |

---

**4.1** **Granting Section** 

[RESERVED]

**4.2** **Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Establishment of Accounts* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The
 Issuer has established and maintained, and shall continue to maintain in its own name and
 held with the Account Bank: the Issuer principal collection account (such account, the "**Issuer Principal Collection Account** "), the Issuer interest collection account (such account,
 the "**Issuer Interest Collection Account**") and the Issuer reserve account
 (such account, the "**Issuer Reserve Account** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** On
 or prior to the date of any drawing under a Letter of Credit pursuant to Sub-Clause 5.5 (*Letters of Credit*) or Sub-Clause 5.7 (*Letters of Credit and L/C Collateral*), the Issuer
 shall establish and maintain the Issuer L/C cash collateral account (the "**Issuer L/C Cash Collateral Account** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** On
 or prior to the date on which any collateral is required to be posted by an Interest Rate
 Cap Provider in accordance with Sub-Clause 4.4 (*Interest Rate Caps*), the Issuer shall
 establish and maintain, the Issuer IR cap CSA collateral account (the "**IR Cap CSA Collateral Account**" and together with the Issuer Principal Collection Account,
 the Issuer Interest Collection Account, the Issuer Reserve Account and the Issuer L/C Cash
 Collateral Account, the "**Issuer Accounts** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Account Criteria* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Pursuant
 to the International Account Bank Agreement, the Account Bank will acknowledge that each
 Account is subject to the Security created under the Issuer Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Each Issuer Account shall be an Eligible Account*. If any Issuer Account is at any time no
 longer an Eligible Account, the Issuer shall, within ten (10) Business Days of an Authorized
 Officer of the Issuer obtaining actual knowledge that such Issuer Account is no longer an
 Eligible Account, establish a new Issuer Account for such non-qualifying Issuer Account that
 is an Eligible Account, and if a new Issuer Account is so established, the Issuer shall transfer
 all cash and investments from such non-qualifying Issuer Account into such new Issuer Account.
 Initially, each of the Issuer Accounts will be established with the Account Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Administration of the Issuer Accounts* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The
 Issuer may instruct (by standing instructions or otherwise) any institution maintaining any
 Issuer Accounts to invest funds on deposit in such Issuer Account from time to time in Permitted
 Investments and Permitted Investments shall be credited to the applicable Issuer Account; *provided*, *however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** any
 such investment in the Issuer Reserve Account shall mature not later than the first Payment
 Date following the date on which such investment was made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** any
 such investment in the Issuer Principal Collection Account, Issuer Interest Collection
 Account or the Issuer L/C Cash Collateral Account shall mature not later than the Business
 Day prior to the first Payment Date following the date on which such investment was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The
 Issuer shall not dispose of (or permit the disposal of) any Permitted Investments prior to
 the maturity thereof to the extent such disposal would result in a loss of the initial purchase
 price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** In
 the absence of written investment instructions hereunder, funds on deposit in the Issuer
 Accounts shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *Earnings from Issuer Accounts.* With respect to each Issuer Account, all interest and earnings
 (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement
 with respect to financial assets credited to such Issuer Account shall be deemed to be on
 deposit therein and available for distribution unless previously distributed pursuant to
 the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** *Termination of Issuer Accounts* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** On
 or after the date on which the Issuer Notes are fully paid, the Issuer, shall withdraw from
 each Issuer Account (other than the Issuer L/C Cash Collateral Account) all remaining amounts
 on deposit therein and pay such amounts for its own account or as it may direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Upon
 the termination of this Agreement in accordance with its terms, the Issuer, after the prior
 payment of all amounts due and owing to the Noteholders and payable from the Issuer L/C Cash
 Collateral Account as provided herein, shall withdraw from the Issuer L/C Cash Collateral
 Account all amounts on deposit therein and shall pay such amounts:

***first***, *pro rata* to the Letter of Credit Providers, to the extent that there are unreimbursed Disbursements due and owing to such Letter of Credit Providers, for application in accordance with the provisions of the respective Letters of Credit, and

***second***, any remaining amounts for its own account or as it may direct.

**4.3** [RESERVED]

**4.4** **Interest Rate Caps** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Requirement to Obtain Interest Rate Caps*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** On
 or prior to the tenth day following the Closing Date, the Issuer shall acquire one or more
 Interest Rate Caps from Eligible Interest Rate Cap Providers with an aggregate notional amount
 at least equal to the sum of the Class A Maximum Principal Amount *plus* the Class B
 Maximum Principal Amount as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The
 Interest Rate Caps shall provide, in the aggregate, that the aggregate notional amount of
 all Interest Rate Caps shall amortize such that the aggregate notional amount of all Interest
 Rate Caps, as of any date of determination, shall be equal to or greater than the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** the
 product of (a) the Class A Maximum Principal Amount as of the earlier of such date
 and the Expected Final Payment Date of the Class A Notes (b) the percentage set
 forth on Schedule 3 corresponding to such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** the
 product of (a) the Class B Maximum Principal Amount as of the earlier of such date
 and the Expected Final Payment Date of the Class B Notes (b) the percentage set
 forth on Schedule 3 corresponding to such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** The
 Issuer shall acquire each Interest Rate Cap from an Eligible Interest Rate Cap Provider that
 satisfies the Initial Counterparty Required Ratings as of the date the Issuer acquires such
 Interest Rate Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** The
 Issuer shall maintain, and, if necessary, amend existing Interest Rate Caps (including in
 connection with a Class A Investor Group Maximum Principal Increase or a Class B
 Investor Group Maximum Principal Increase or the addition of a Class A Additional Investor
 Group or a Class B Additional Investor Group) or acquire one or more additional Interest
 Rate Caps, such that the Interest Rate Caps, in the aggregate, shall continue to comply with
 the requirements set out in Sub-Clause 4.4(a)(ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** The
 strike rate of each Interest Rate Cap entered into shall not be greater than 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Failure to Remain an Eligible Interest Rate Cap Provider*. Each Interest Rate Cap shall provide
 that, if at any time the Interest Rate Cap Provider (or if the present and future obligations
 of such Interest Rate Cap Provider are guaranteed pursuant to a guarantee (satisfying the
 other requirements set forth in such Interest Rate Cap), the related guarantor) with respect
 thereto is not an Eligible Interest Rate Cap Provider, then such Interest Rate Cap Provider
 will be required, at such Interest Rate Cap Provider's expense, to obtain a replacement
 interest rate cap on the same terms as such Interest Rate Cap from an Eligible Interest Rate
 Cap Provider within the time period specified in the related Interest Rate Cap and, simultaneously
 with such replacement, the Issuer shall terminate the Interest Rate Cap being replaced or
 such Interest Rate Cap Provider shall obtain a guarantee from a replacement guarantor that
 satisfies the DBRS Trigger Required Ratings with respect to the present and future obligations
 of such Interest Rate Cap Provider under such Interest Rate Cap; *provided that*, no
 termination of the Interest Rate Cap shall occur until the Issuer has entered into a replacement
 Interest Rate Cap or obtained a guarantee pursuant to this Sub-Clause 4.4(b) (*Interest Rate Caps*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Collateral Posting for Ineligible Interest Rate Cap Providers*. Each Interest Rate Cap shall provide
 that, if the Interest Rate Cap Provider with respect thereto is required to obtain a replacement
 as described in Sub-Clause 4.4(b) (*Interest Rate Caps*) and such replacement is
 not obtained within the period specified in the Interest Rate Cap, then such Interest Rate
 Cap Provider must, until such replacement is obtained or such Interest Rate Cap Provider
 again becomes an Eligible Interest Rate Cap Provider, post and maintain collateral in order
 to meet its obligations under such Interest Rate Cap in an amount determined pursuant to
 the credit support annex entered into in connection with such Interest Rate Cap (a "**Credit Support Annex** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *Interest Rate Cap Provider Replacement*. Each Interest Rate Cap shall provide that, if the Issuer
 is unable to cause such Interest Rate Cap Provider to take any of the required actions described
 in Sub-Clauses 4.4(b) (*Failure to Remain an Eligible Interest Rate Cap Provider*)
 and (c) (*Collateral Posting for Ineligible Interest Rate Cap Providers*) after
 making commercially reasonable efforts, then the Issuer will, within twenty (20) Business
 Days of becoming aware that it is unable to cause such Interest Rate Cap Provider to take
 such actions, obtain a replacement Interest Rate Cap at the expense of the replaced Interest
 Rate Cap Provider or, if the replaced Interest Rate Cap Provider fails to make such payment,
 at the expense of the Issuer (in which event, such expense shall be considered as Carrying
 Charges and shall be paid from Issuer Interest Collections available pursuant to Sub-Clause
 5.3 (*Application of Funds in the Issuer Interest Collection Account*) or, at the option
 of the Issuer, from any other source available to it).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** *Treatment of Collateral Posted*. Each Noteholder by its acceptance of an Issuer Note hereby acknowledges
 and agrees, and directs the Issuer Security Trustee to acknowledge and agree, and the Issuer
 Security Trustee, at such direction, hereby acknowledges and agrees, that any collateral
 posted by an Interest Rate Cap Provider pursuant to Sub-Clauses (b) or (c) above
 (A) is collateral solely for the obligations of such Interest Rate Cap Provider under
 its Interest Rate Cap, (B) does not constitute collateral for the Issuer Notes (*provided that* in order to secure and provide for the payment of the Issuer Secured Obligations
 with respect to the Issuer Notes, the Issuer has pledged each Interest Rate Cap and its security
 interest in any collateral posted in connection therewith as collateral for the Issuer Notes),
 (C) will in no event be available to satisfy any obligations of the Issuer hereunder
 or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations
 under its Interest Rate Cap and such collateral is applied in accordance with the terms of
 such Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider,
 and (D) shall be held in a segregated account in accordance with the terms of the applicable
 Credit Support Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** *Proceeds from Interest Rate Caps*. The Issuer shall require all proceeds of each Interest Rate
 Cap (including amounts received in respect of the obligations of the related Interest Rate
 Cap Provider from a guarantor or from the application of collateral posted by such Interest
 Rate Cap Provider) to be paid to the Issuer Interest Collection Account.

**4.5** [RESERVED]

**4.6** [RESERVED]

**4.7** [RESERVED]

**4.8** [RESERVED]

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| | |
|:---|:---|
| **5** | **PRIORITY OF PAYMENTS** |

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**5.1** [RESERVED]

**5.2** **Application of Funds in the Issuer Principal Collection Account** 

Subject to Past Due Rental Payments Priorities, (i) on any Business Day, the Issuer may apply, and (ii) on each Payment Date and each date identified by the Issuer for a Class A Decrease, Class B Decrease or Class C Decrease pursuant to Sub-Clause 2.3, the Issuer shall apply, all amounts then on deposit in the Issuer Principal Collection Account on such date (after giving effect to all deposits thereto pursuant to Sub-Clause 5.4 and 5.5) as follows (and in each case only to the extent of funds available in the Issuer Principal Collection Account on such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**  ***first*** ,
 if such date is a Payment Date, then for deposit into the Issuer Interest Collection Account
 an amount equal to the Senior Interest Waterfall Shortfall Amount (and in respect of amounts
 attributable to interest on Class B Notes and Class C Notes, during the Revolving
 Period only), if any, with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**  ***second*** ,
 on any such date during the Revolving Period, for deposit into the Issuer Reserve Account
 an amount equal to the Reserve Account Deficiency Amount, if any, for such date (calculated
 after giving effect to any withdrawals from the Issuer Reserve Account pursuant to Sub-Clause
 5.4 (*Reserve Account Withdrawals*) below and deposits to the Issuer Reserve Account
 on such date pursuant to Sub-Clause 5.3 (*Application of Funds in the Issuer Interest Collection Account*) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**  ***third*** ,
 (i) first, to make a Class A Mandatory Decrease, if applicable on such day, in
 accordance with Sub-Clause 2.3(c) of the Issuer Facility Agreement, for payment of the
 related Class A Mandatory Decrease Amount on such date to the Class A Noteholders
 of each Investor Group, on a *pro rata* basis (based on the Class A Investor Group
 Principal Amount as of such date for each such Class A Investor Group) as payment of
 principal of the Class A Notes until the Class A Noteholders have been paid such
 amount in full, (ii) second, on any such Payment Date during the Revolving Period, to
 make a Class B Mandatory Decrease, if applicable on such day, in accordance with Sub-Clause
 2.3(c) of the Issuer Facility Agreement, for payment of the related Class B Mandatory
 Decrease Amount on such date to the Class B Noteholders of each Class B Investor
 Group, on a *pro rata* basis (based on the Class B Investor Group Principal Amount
 as of such date for each such Class B Investor Group) as payment of principal of the
 Class B Notes until the Class B Noteholders have been paid such amount in full
 and (iii) third, on any such Payment Date during the Revolving Period, to make a Class C
 Mandatory Decrease, if applicable on such day, in accordance with Sub-Clause 2.3(c), for
 payment of the related Class C Mandatory Decrease Amount on such date to the Class C
 Noteholders of each Class C Investor Group, on a *pro rata* basis (based on the
 Class C Investor Group Principal Amount as of such date for each such Class C Investor
 Group) as payment of principal of the Class C Notes until the Class C Noteholders
 have been paid such amount in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**  ***fourth*** , on any such date during the Rapid Amortization
Period, for payment on such date to the Class A Noteholders of each Class A Investor Group of (i) first, on a *pro rata* basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Default Interest Amounts, if any, owing
to each such Class A Noteholder on such Payment Date (after giving effect to the payments in 5.3(a) through 5.3(k) below)
and (ii) second, on a *pro rata* basis (based on the Class A Investor Group Principal Amount as of such date for each
such Class A Investor Group), principal of the Class A Notes until the Class A Noteholders have been paid the Class A
Principal Amount relating to the Class A Notes in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**  ***fifth,*** on any such date during the Rapid Amortization
Period, for payment on such date to (i) first, the Class B Noteholders on a *pro rata* basis (based on the amount owed
to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date, (ii) second,
the Class B Noteholders on a *pro rata* basis (based on the amount owed to each such Class B Noteholder), the Class B
Monthly Default Interest Amounts, if any, owing to each such Class B Noteholder on such Payment Date (after giving effect to the
payments in 5.3(a) through 5.3(k) below), (iii) third, make a Class B Mandatory Decrease, if applicable on such day,
in accordance with Sub-Clause 2.3(c), for payment of the related Class B Mandatory Decrease Amount on such date to the Class B
Noteholders of each Class B Investor Group, on a *pro rata* basis (based on the Class B Investor Group Principal Amount
as of such date for each such Class B Investor Group) as payment of principal of the Class B Notes until the Class B Noteholders
have been paid such amount in full and (iv) fourth, the Class B Noteholders of each Class B Investor Group, on a *pro rata* basis (based on the Class B Investor Group Principal Amount as of such date for each such Class B Investor Group)
as payment of principal of the Class B Notes until the Class B Noteholders have been paid the Class B Principal Amount
in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)**  ***sixth,*** on any such date during the Rapid Amortization
Period, for payment on such date to (i) first, the Class C Noteholders on a *pro rata* basis (based on the amount owed
to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date, (ii) second,
to make a Class C Mandatory Decrease, if applicable on such day, in accordance with Sub-Clause 2.3(c), for payment of the related
Class C Mandatory Decrease Amount on such date to the Class C Noteholders of each Class C Investor Group, on a *pro rata* basis (based on the Class C Investor Group Principal Amount as of such date for each such Class C Investor Group)
as payment of principal of the Class C Notes until the Class C Noteholders have been paid such amount in full and (iii) third,
the Class C Noteholders of each Class C Investor Group, on a *pro rata* basis (based on the Class C Investor Group
Principal Amount as of such date for each such Class C Investor Group) as payment of principal of the Class C Notes until the
Class C Noteholders have been paid the Class C Principal Amount in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)**  ***seventh*** , if such date is a Payment Date, to pay
(i) first, the Class A Noteholders on a *pro rata* basis (based on the amount owed to each such Class A Noteholder),
any remaining amounts owing on such Payment Date to such Class A Noteholders as Carrying Charges (after giving effect to the payments
in 5.3(a) through 5.3(k) below), (ii) second, the Class C Noteholders on a *pro rata* basis (based on the amount
owed to each such Class C Noteholder), the Class C Monthly Default Interest Amounts, if any, owing to each such Class C
Noteholder on such Payment Date (after giving effect to the payments in Sub-Clauses 5.3(a) through 5.3(k) below); (iii) third,
the Class B Noteholders on a *pro rata* basis (based on the amount owed to each such Class B Noteholder), any remaining
amounts owing on such Payment Date to such Class B Noteholders as Carrying Charges (after giving effect to the payments in 5.3(a) through
5.3(k) below) and (iv) fourth, the Class C Noteholders on a *pro rata* basis (based on the amount owed to each such
Class C Noteholder), any remaining amounts owing on such Payment Date to such Class C Noteholders as Carrying Charges (after
giving effect to the payments in 5.3(a) through 5.3(k) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)**  ***eighth*** ,
 at the option of the Issuer, to make (i) first, a Class A Expected Decrease, if
 applicable on such day, for payment of the related Class A Expected Decrease Amount
 on such date (x) first, in the event that the Issuer has elected to prepay any Class A
 Terminated Purchaser's Class A Investor Group, to such Class A Terminated
 Purchaser up to such Class A Terminated Purchaser's Class A Investor Group
 Principal Amount as of such date and (y) second, any remaining portion of such Class A
 Expected Decrease Amount, to the Class A Noteholders of each Class A Investor Group
 on a *pro rata* basis (based on the Class A Investor Group Principal Amount as
 of such date for each such Class A Investor Group), in each case as a payment of principal
 of the Class A Notes until the applicable Class A Noteholders have been paid the
 applicable amount in full, (ii) second, a Class A Voluntary Decrease, if applicable
 on such day, for payment of the related Class A Voluntary Decrease Amount on such date
 (x) first, in the event that the Issuer has elected to prepay any Class A Terminated
 Purchaser's Class A Investor Group, to such Class A Terminated Purchaser
 up to such Class A Terminated Purchaser's Class A Investor Group Principal
 Amount as of such date and (y) second, any remaining portion of such Class A Voluntary
 Decrease Amount, to the Class A Noteholders of each Class A Investor Group on a *pro rata* basis (based on the Class A Investor Group Principal Amount as of such
 date for each such Class A Investor Group), in each case as a payment of principal of
 the Class A Notes until the applicable Class A Noteholders have been paid the applicable
 amount in full, (iii) third, a Class B Expected Decrease, if applicable on such
 day, for payment of the related Class B Expected Decrease Amount on such date (x) first,
 in the event that the Issuer has elected to prepay any Class B Terminated Purchaser's
 Class B Investor Group, to such Class B Terminated Purchaser up to such Class B
 Terminated Purchaser's Class B Investor Group Principal Amount as of such date
 and (y) second, any remaining portion of such Class B Expected Decrease Amount,
 to the Class B Noteholders of each Class B Investor Group on a *pro rata* basis
 (based on the Class B Investor Group Principal Amount as of such date for each such
 Class B Investor Group), in each case as a payment of principal of the Class B
 Notes until the applicable Class B Noteholders have been paid the applicable amount
 in full, (iv) fourth, a Class B Voluntary Decrease, if applicable on such day,
 for payment of the related Class B Voluntary Decrease Amount on such date (x) first,
 in the event that the Issuer has elected to prepay any Class B Terminated Purchaser's
 Class B Investor Group, to such Class B Terminated Purchaser up to such Class B
 Terminated Purchaser's Class B Investor Group Principal Amount as of such date
 and (y) second, any remaining portion of such Class B Voluntary Decrease Amount,
 to the Class B Noteholders of each Class B Investor Group on a *pro rata* basis
 (based on the Class B Investor Group Principal Amount as of such date for each such
 Class B Investor Group), in each case as a payment of principal of the Class B
 Notes until the applicable Class B Noteholders have been paid the applicable amount
 in full, (v) fifth, a Class C Expected Decrease, if applicable on such day, for
 payment of the related Class C Expected Decrease Amount on such date (x) first,
 in the event that the Issuer has elected to prepay any Class C Terminated Purchaser's
 Class C Investor Group, to such Class C Terminated Purchaser up to such Class C
 Terminated Purchaser's Class C Investor Group Principal Amount as of such date
 and (y) second, any remaining portion of such Class C Expected Decrease Amount,
 to the Class C Noteholders of each Class C Investor Group on a *pro rata* basis
 (based on the Class C Investor Group Principal Amount as of such date for each such
 Class C Investor Group), in each case as a payment of principal of the Class C
 Notes until the applicable Class C Noteholders have been paid the applicable amount
 in full, and (vi) sixth, a Class C Voluntary Decrease, if applicable on such day,
 for payment of the related Class C Voluntary Decrease Amount on such date (x) first,
 in the event that the Issuer has elected to prepay any Class C Terminated Purchaser's
 Class C Investor Group, to such Class C Terminated Purchaser up to such Class C
 Terminated Purchaser's Class C Investor Group Principal Amount as of such date
 and (y) second, any remaining portion of such Class C Voluntary Decrease Amount,
 to the Class C Noteholders of each Class C Investor Group on a *pro rata* basis (based on the Class C Investor Group Principal Amount as of such date for each
 such Class C Investor Group), in each case as a payment of principal of the Class C
 Notes until the applicable Class C Noteholders have been paid the applicable amount
 in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**  ***ninth*** [RESERVED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)**  ***tenth*** ,
 to pay all principal amounts then due and payable in respect of the Subordinated Issuer Debt,
 on a *pro-rata* basis, until all amounts outstanding in respect of the Subordinated
 Issuer Debt have been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)**  ***eleventh*** ,
 the balance, if any, shall be released to or at the direction of the Issuer, including for
 re-deposit to the Issuer Principal Collection Account, or, if ineligible for release to the
 Issuer, shall remain on deposit in the Issuer Principal Collection Account;

*provided that*, (i) the application of such funds pursuant to Sub-Clauses 5.2(a), (d)(i), (e)(ii), (g), (j) and (k) may not be made if a Principal Deficit Amount would exist as a result of such application, (ii) the application of such funds pursuant to Sub-Clause 5.2(j) may not be made if an Aggregate Asset Amount Deficiency or Principal Deficit Amount would exist as a result of such application, and (iii) the application of such funds pursuant to Sub-Clauses 5.2(a), (b), (d)(i), (e)(ii), (g), (j) and (k) above may be made only to the extent that no Potential Amortization Event pursuant to Sub-Clause 7.1(u) with respect to the Issuer Notes exists as of such date or would occur as a result of such application.

**5.3** **Application of Funds in the Issuer Interest Collection Account** 

Subject to the Past Due Rental Payments Priorities, on each Payment Date, the Issuer shall apply all amounts then on deposit in the Issuer Interest Collection Account (after giving effect to all deposits thereto pursuant to Sub-Clauses 5.2, 5.4 and 5.5) on such day as follows (and in each case only to the extent of funds available in the Issuer Interest Collection Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**  ***first*** ,
 to pay the Issuer Security Trustee the Capped Issuer Security Trustee Fee Amount with respect
 to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**  ***second*** ,
 to pay to the Issuer Administrator the Capped Issuer Administrator Fee Amount with respect
 to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**  ***third*** ,
 pro rata and pari passu, to pay (i) provided that following a Liquidation Event any
 fees, costs and expenses of the Issuer Security Trustee have been paid or provided for, the
 Persons to whom the Capped Issuer Operating Expense Amount with respect to such Payment Date
 are owing, on a pro rata basis (based on the amount owed to each such Person), such Capped
 Issuer Operating Expense Amounts owing to such persons on such Payment Date and (ii) to
 the Issuer, one twelfth of the Issuer Minimum Profit Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**  ***fourth*** ,
 to pay (i) first, the Class A Noteholders on a *pro rata* basis (based on
 the amount owed to each such Class A Noteholder), the Class A Monthly Interest
 Amount with respect to such Payment Date, (ii) second, on any such Payment Date during
 the Revolving Period, the Class B Noteholders on a *pro rata* basis (based on the
 amount owed to each such Class B Noteholder), the Class B Monthly Interest Amount
 with respect to such Payment Date and (iii) third, on any such Payment Date during the
 Revolving Period, the Class C Noteholders on a *pro rata* basis (based on the amount
 owed to each such Class C Noteholder), the Class C Monthly Interest Amount with
 respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**  ***fifth*** ,
 to pay the Administrative Agent the Administrative Agent Fee with respect to such Payment
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)**  ***sixth*** ,
 on any such Payment Date during the Revolving Period, other than on any such Payment Date
 on which a withdrawal has been made pursuant to 5.4(a)(i) below, for deposit to the
 Issuer Reserve Account in an amount equal to the Reserve Account Deficiency Amount, if any,
 for such date (calculated after giving effect to any withdrawals from the Issuer Reserve
 Account pursuant to "*Application of Funds in the Reserve Account*" below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)**  ***seventh*** ,
 to pay to the Issuer Security Trustee the Excess Trustee Fee Amount with respect to such
 Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)**  ***eighth*** ,
 to pay to the Issuer Administrator the Excess Administrator Fee Allocation Amount with respect
 to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**  ***ninth*** ,
 to pay, *provided that* following a Liquidation Event any fees, costs and expenses of
 the Issuer Security Trustee have been paid or provided for, the Persons to whom the Excess
 Issuer Operating Expense Amount with respect to such Payment Date are owing, on a *pro rata* basis (based on the amount owed to each such Person), such Excess Issuer Operating
 Expense Amounts owing to such Persons on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)**  ***tenth*** ,
 on any such Payment Date during the Rapid Amortization Period, for deposit into the Issuer
 Principal Collection Account any remaining amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)**  ***eleventh*** ,
 to pay (i) first, the Class A Noteholders on a *pro rata* basis (based on
 the amount owed to each such Class A Noteholder), the Class A Monthly Default Interest
 Amounts, if any, owing to each such Class A Noteholder on such Payment Date (after giving
 effect to the payments in (a) through (j) above), (ii) second, the Class B
 Noteholders on a *pro rata* basis (based on the amount owed to each such Class B
 Noteholder), the Class B Monthly Default Interest Amounts, if any, owing to each such
 Class B Noteholder on such Payment Date (after giving effect to the payments in (a) through
 (j) above) and (iii) third, the Class C Noteholders on a *pro rata* basis
 (based on the amount owed to each such Class C Noteholder), the Class C Monthly
 Default Interest Amounts, if any, owing to each such Class C Noteholder on such Payment
 Date (after giving effect to the payments in (a) through (j) above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)**  ***twelfth*** ,
 to pay (i) first, the Class A Noteholders on a *pro rata* basis (based on
 the amount owed to each such Class A Noteholder), any remaining amounts owing on such
 Payment Date to such Class A Noteholders as Carrying Charges (after giving effect to
 the payments in (a) through (k) above), (ii) second, the Class B Noteholders
 on a *pro rata* basis (based on the amount owed to each such Class B Noteholder),
 any remaining amounts owing on such Payment Date to such Class B Noteholders as Carrying
 Charges (after giving effect to the payments in (a) through (k) above) and (iii) third,
 the Class C Noteholders on a *pro rata* basis (based on the amount owed to each
 such Class C Noteholder), any remaining amounts owing on such Payment Date to such Class C
 Noteholders as Carrying Charges (after giving effect to the payments in (a) through
 (k) above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)**  ***thirteenth*** ,
 to pay the holders of the Subordinated Issuer Debt, on a *pro rata* basis, any interest
 fees, costs, expenses or other amounts (excluding any principal) owing to such Persons on
 such Payment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)**  ***fourteenth*** ,
 for deposit into the Issuer Principal Collection Account any remaining amount.

**5.4** **Reserve Account Withdrawals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Subject
 to Clause 5.4(d) in respect of items (i) and (ii) only, on each Payment Date,
 the Issuer shall apply the amount equal to the difference (if positive) of (A) all amounts
 then on deposit (without giving effect to any deposits thereto pursuant to Sub-Clause 5.2
 and 5.3) in the Issuer Reserve Account minus (B) the difference (if positive) of (i) the
 Class B Required Letter of Credit/Cash Liquid Enhancement Amount, *plus* the Class C
 Required Letter of Credit/Cash Liquid Enhancement Amount *minus* (ii) the amount
 outstanding under the Class A Reserve Advance as follows (and in each case only to the
 extent of funds available in the Issuer Reserve Account):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**  ***first*** ,
 to the Issuer Interest Collection Account an amount equal to the excess, if any, of the Payment
 Date Interest Amount (excluding Class B Monthly Interest Amount and Class C Monthly
 Interest Amount if any) for such Payment Date over the Payment Date Available Interest Amount
 for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess
 over the Available Reserve Account Amount on such Payment Date, the "**Reserve Account Interest Withdrawal Shortfall** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**  ***second*** ,
 if the Class A Principal Deficit Amount is greater than zero on such Payment Date, then
 to the Issuer Principal Collection Account an amount equal to such Principal Deficit Amount
 (with respect to such Payment Date, the excess, if any, of such Principal Deficit Amount
 over the Available Reserve Account Amount, in each case, on such Payment Date (after giving
 effect to the withdrawal therefrom pursuant to Sub-Clause 5.4(a)(i) above on such Payment
 Date), the "**Reserve Account Principal Withdrawal Shortfall** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**  ***third*** ,
 if on the Legal Final Payment Date the amount to be distributed, if any, in accordance with
 Sub-Clause 5.2 (prior to giving effect to any withdrawals from the Issuer Reserve Account
 pursuant to this Sub-Clause) on such Legal Final Payment Date is insufficient to pay the
 Principal Amount in full on such Legal Final Payment Date, then to the Issuer Principal Collection
 Account, an amount equal to such insufficiency (with respect to the Legal Final Payment Date,
 the excess, if any, of such insufficiency over the Available Reserve Account Amount, to repay
 the principal in full in accordance with the Application of Funds in the Issuer Principal
 Collection Account in each case, on such Payment Date (after giving effect to each withdrawal
 therefrom pursuant to Sub-Clauses 5.4(a)(i) and (ii) above on such Legal Final
 Payment Date), the "**Reserve Account Legal Final Withdrawal Shortfall** ");

*provided that*, if no amounts are required to be applied pursuant to this Sub-Clause 5.4 (*Reserve Account Withdrawals*) on such date, then the Issuer shall have no obligation to make any payment from the Issuer Reserve Account on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Subject
 to Clause 5.4(a) above, on each Payment Date, the Issuer shall apply the amount equal
 to the lower of (i) the Class B Required Letter of Credit/Cash Liquid Enhancement
 Amount and (ii) the amount then on deposit *minus* the amount outstanding under
 the Class A Reserve Advance if any (without giving effect to any deposits thereto pursuant
 to Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*) and
 Clause 5.3 (*Application of Funds in the Issuer Interest Collection Account*) above)
 in the Issuer Reserve Account as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**  ***first*** ,
 to the Class B Monthly Interest Amount for such Payment Date if not already paid pursuant
 to Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*) and
 Clause 5.3 (*Application of Funds in the Issuer Interest Collection Account*) above),
 the excess, if any, of such excess over the Available Reserve Account Amount on such Payment
 Date, the "**Reserve Account Class B Interest Withdrawal Shortfall** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**  ***second*** ,
 if the Class B Principal Deficit Amount is greater than zero on such Payment Date, then
 to the Class B Principal Deficit Amount, if not to the Class B Monthly Interest
 Amount for such Payment Date if not already paid pursuant to Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*) above) (after giving effect to each
 withdrawal therefrom pursuant to Sub-Clauses 5.4(a)(i) and (ii) above on such Payment
 Date), the "**Reserve Account Class B Principal Deficit Withdrawal Shortfall** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Subject
 to Clause 5.4(a) above, on each Payment Date, the Issuer shall apply the amount equal
 to the lower of (i) the Class C Required Letter of Credit/Cash Liquid Enhancement
 Amount and (ii) the amount then on deposit *minus* the amount outstanding under
 the Class A Reserve Advance if any (without giving effect to any deposits thereto pursuant
 to "Application of Funds in the Issuer Principal Collection Account" and "Application
 of Funds in the Issuer Interest Collection Account" above) in the Issuer Reserve Account
 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**  ***first*** ,
 to the Class C Monthly Interest Amount for such Payment Date if not already paid pursuant
 to Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*) and
 Clause 5.3 (*Application of Funds in the Issuer Interest Collection Account*) above),
 the excess, if any, of such excess over the Available Reserve Account Amount on such Payment
 Date, the "**Reserve Account Class C Interest Withdrawal Shortfall** ")
 ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**  ***second*** ,
 if the Class C Principal Deficit Amount is greater than zero on such Payment Date, then
 to the Class C Principal Deficit Amount, if not to the Class C Monthly Interest
 Amount for such Payment Date if not already paid pursuant to Clause 5.2 (*Application of Funds in the Issuer Principal Collection Account*) above) (after giving effect to each
 withdrawal therefrom pursuant to Sub-Clauses 5.4(a)(i) and (ii) above on such Payment
 Date), the "**Reserve Account Class C Principal Deficit Withdrawal Shortfall** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** On
 any Business Day following the occurrence of a Liquidation Event and following a Letter of
 Credit Liquidation Event Advance and/or a Class A Reserve Advance, the Issuer may withdraw
 amounts standing to the credit of the Issuer Reserve Account following such advances in order
 to (i) effect a FleetCo Reserve Advance to each FleetCo (other than French FleetCo)
 pursuant to the relevant FleetCo Facility Agreement and (ii) make a FCT Note Increase
 pursuant to the FCT Note Purchase Agreement in order to enable the FCT to pay the purchase
 price of any FleetCo Reserve Advance and thus finance this Advance, in an amount equal to
 the applicable FleetCo Required Reserve Advance.

**5.5** **Letters of Credit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Interest Deficit and Lease Interest Payment Deficit Events – Draws on Letters of Credit.* If the Issuer determines on any Payment Date that there exists a Reserve Account Interest
 Withdrawal Shortfall or (with respect to any Letter of Credit entered into on or after the
 Second Amendment Date only) a Lease Interest Payment Deficit with respect to such Payment
 Date, then the Issuer, or if the Issuer is not able to or fails to make such drawing, the
 Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)),
 shall draw on the Letters of Credit an amount equal to the least of (i) such Reserve
 Account Interest Withdrawal Shortfall, (ii) the Letter of Credit Amount as of such Payment
 Date minus the Reserve Account Class B Interest Withdrawal Shortfall and minus the Reserve
 Account Class C Interest Withdrawal Shortfall if any and (iii) the Lease Interest
 Payment Deficit for such Payment Date, by presenting to each Letter of Credit Provider a
 draft accompanied by a Certificate of Credit Demand on the Letters of Credit; *provided that*, if the Issuer L/C Cash Collateral Account has been established and funded, then
 the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security
 Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall withdraw
 from the Issuer L/C Cash Collateral Account and deposit into the Issuer Interest Collection
 Account an amount equal to the lesser of (1) the L/C Cash Collateral Percentage on such
 Payment Date of the least of the amounts described in paragraphs (i), (ii) and (iii) above
 and (2) the Available L/C Cash Collateral Account Amount on such Payment Date and draw
 an amount equal to the remainder of such amount on the Letters of Credit. The Issuer shall
 deposit, or cause the deposit of, the proceeds of any such draw on the Letters of Credit
 and the proceeds of any such withdrawal from the Issuer L/C Cash Collateral Account into
 the Issuer Interest Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Interest Deficit and Lease Interest Payment Deficit Events – Draws on Letters of Credit.* If the Issuer determines on any Payment Date that there exists a Reserve Account Class B
 Interest Withdrawal Shortfall, then the Issuer, or if the Issuer is not able to or fails
 to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall draw on the Letters of Credit an amount equal to the least of
 (i) such Reserve Account Class B Interest Withdrawal Shortfall, (ii) the Letter
 of Credit Amount as of such Payment Date minus the Reserve Account Class C Interest
 Withdrawal Shortfall if any; by presenting to each Letter of Credit Provider a draft accompanied
 by a Certificate of Credit Demand on the Letters of Credit; *provided that*, if the
 Issuer L/C Cash Collateral Account has been established and funded, then the Issuer, or if
 the Issuer is not able to or fails to make such drawing, the Issuer Security Trustee (subject
 to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall withdraw from the Issuer
 L/C Cash Collateral Account and deposit into the Issuer Interest Collection Account an amount
 equal to the lesser of (1) the L/C Cash Collateral Percentage on such Payment Date of
 the least of the amounts described in paragraphs (i), (ii) and (iii) above and
 (2) the Available L/C Cash Collateral Account Amount on such Payment Date and draw an
 amount equal to the remainder of such amount on the Letters of Credit. The Issuer shall deposit,
 or cause the deposit of, the proceeds of any such draw on the Letters of Credit and the proceeds
 of any such withdrawal from the Issuer L/C Cash Collateral Account into the Issuer Interest
 Collection Account on such Payment Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Interest Deficit and Lease Interest Payment Deficit Events – Draws on Letters of Credit.* If the Issuer determines on any Payment Date that there exists a Reserve Account Class C
 Interest Withdrawal Shortfall, then the Issuer, or if the Issuer is not able to or fails
 to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall draw on the Letters of Credit an amount equal to the least of
 (i) such Reserve Account Class C Interest Withdrawal Shortfall, (ii) the Letter
 of Credit Amount as of such Payment Date; by presenting to each Letter of Credit Provider
 a draft accompanied by a Certificate of Credit Demand on the Letters of Credit; *provided that*, if the Issuer L/C Cash Collateral Account has been established and funded, then
 the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security
 Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall withdraw
 from the Issuer L/C Cash Collateral Account and deposit into the Issuer Interest Collection
 Account an amount equal to the lesser of (1) the L/C Cash Collateral Percentage on such
 Payment Date of the least of the amounts described in paragraphs (i), (ii) and (iii) above
 and (2) the Available L/C Cash Collateral Account Amount on such Payment Date and draw
 an amount equal to the remainder of such amount on the Letters of Credit. The Issuer shall
 deposit, or cause the deposit of, the proceeds of any such draw on the Letters of Credit
 and the proceeds of any such withdrawal from the Issuer L/C Cash Collateral Account into
 the Issuer Interest Collection Account on such Payment Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *Lease Principal Payment Deficit Events – Initial Draws on Letters of Credit*. If the Issuer
 determines on any Payment Date (with respect to any Letter of Credit entered into on or after
 the Second Amendment Date only) or on the latest Legal Final Payment Date that there exists
 a Lease Principal Payment Deficit that exceeds the amount, if any, withdrawn from the Issuer
 Reserve Account pursuant to Sub-Clause 5.4(a)(ii) (*Reserve Account Withdrawals*),
 then the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer
 Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall
 draw on the Letters of Credit, if any, in an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** such
 excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** the
 Letter of Credit Amount minus the Reserve Account Class B Principal Deficit Withdrawal
 Shortfall and minus the Reserve Account Class C Principal Deficit Withdrawal Shortfall
 if any (after giving effect to any drawings on the Letters of Credit on such Payment Date
 or the Legal Final Payment Date, as applicable, pursuant to Sub-Clause 5.5(a)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** the
 excess, if any, of the Class A Principal Amount over the amount to be deposited into
 the Issuer Principal Collection Account (other than as a result of this Sub-Clause 5.5(b) (*Letters of Credit*)) for payment of principal of the Class A Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** If
 the Issuer determines on any Payment Date (with respect to any Letter of Credit entered into
 on or after the Second Amendment Date only) or on the latest Legal Final Payment Date that
 there exists a Lease Principal Payment Deficit that exceeds the amount, if any, withdrawn
 from the Issuer Reserve Account pursuant to Sub-Clause 5.4(a)(ii) (*Reserve Account Withdrawals*), then the Issuer, or if the Issuer is not able to or fails to make such
 drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall draw on the Letters of Credit, if any, in an amount equal to the lesser
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** such
 excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** the
 Letter of Credit Amount minus the Reserve Account Class C Principal Deficit Withdrawal
 Shortfall if any (after giving effect to any drawings on the Letters of Credit on such Payment
 Date or the Legal Final Payment Date, as applicable, pursuant to Sub-Clause 5.5(a)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** the
 excess, if any, of the Class B Principal Amount over the amount to be deposited into
 the Issuer Principal Collection Account (other than as a result of this Sub-Clause 5.5(b) (*Letters of Credit*)) for payment of principal of the Class B Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** If
 the Issuer determines on any Payment Date (with respect to any Letter of Credit entered into
 on or after the Second Amendment Date only) or on the latest Legal Final Payment Date that
 there exists a Lease Principal Payment Deficit that exceeds the amount, if any, withdrawn
 from the Issuer Reserve Account pursuant to Sub-Clause 5.4(a)(ii) (*Reserve Account Withdrawals*), then the Issuer, or if the Issuer is not able to or fails to make such
 drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall draw on the Letters of Credit, if any, in an amount equal to the lesser
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** such
 excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** the
 Letter of Credit Amount (after giving effect to any drawings on the Letters of Credit on
 such Payment Date or the Legal Final Payment Date, as applicable, pursuant to Sub-Clause
 5.5(a)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** the
 excess, if any, of the Class C Principal Amount over the amount to be deposited into
 the Issuer Principal Collection Account (other than as a result of this Sub-Clause 5.5(b) (*Letters of Credit*)) for payment of principal of the Class C Notes.

The Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)) shall, by 12:00 p.m. (London time) on such Payment Date or the Legal Final Payment Date, as applicable, draw an amount as set forth in such notice equal to the applicable amount set forth above on the Letters of Credit by presenting to each Letter of Credit Provider a draft accompanied by a Certificate of Credit Demand; *provided however*, that if the Issuer L/C Cash Collateral Account has been established and funded, the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall withdraw from the Issuer L/C Cash Collateral Account an amount equal to the lesser of (x) the L/C Cash Collateral Percentage on such Payment Date or the Legal Final Payment Date, as applicable, of the amount described in paragraphs (i), (ii) and (iii) above and (y) the Available L/C Cash Collateral Account Amount on such Payment Date or the Legal Final Payment Date, as applicable, (after giving effect to any withdrawals therefrom on such date pursuant to Sub-Clause 5.5(a)), and the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall draw an amount equal to the remainder of such amount on the Letters of Credit. The Issuer or the Issuer Security Trustee, as applicable, shall deposit, or cause the deposit of, the proceeds of any such draw on the Letters of Credit and the proceeds of any such withdrawal from the Issuer L/C Cash Collateral Account into the Issuer Principal Collection Account on such Payment Date or Legal Final Payment Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** *Principal Deficit Amount – Draws on Letters of Credit*. If the Issuer determines on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any
 Payment Date that the Class A Principal Deficit Amount (after giving effect to any draws
 on the Letters of Credit on such Payment Date pursuant to Sub-Clause 5.5(b) above) will
 be greater than zero; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** the
 latest Legal Final Payment Date that the Principal Amount exceeds the amount to be deposited
 into the Issuer Principal Collection Account (other than as a result of this Sub-Clause 5.5(g))
 on the latest Legal Final Payment Date for payment of principal of the Issuer Notes,

then the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall, by 12:00 p.m. (London time) on such Payment Date draw on the Letters of Credit an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** on
 a Payment Date other than the Legal Final Payment Date, the Class A Principal Deficit
 Amount less the amount to be deposited into the Issuer Principal Collection Account in accordance
 with Sub-Clause 5.4(a)(ii) and Sub-Clause 5.5(b) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** on
 the Legal Final Payment Date, the excess, if any, of the Class A Principal Amount over
 the amount to be deposited into the Issuer Principal Collection Account, other pursuant to
 this Sub-Clause 5.5(g), on the Legal Final Payment Date for payment of principal of the Issuer
 Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** the
 Letter of Credit Amount,

by presenting to each Letter of Credit Provider a draft accompanied by a Certificate of Credit Demand, *provided however*, that if the Issuer L/C Cash Collateral Account has been established and funded, the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall withdraw from the Issuer L/C Cash Collateral Account an amount equal to the lesser of (x) the L/C Cash Collateral Percentage on such Payment Date of the amount described in sub-paragraphs (A), (B) and (C) above and (y) the Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Sub-Clause 5.5(a) and Sub-Clause 5.5(b)), and the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall draw an amount equal to the remainder of such amount on the Letters of Credit. The Issuer shall deposit, or cause the deposit of, the proceeds of any such draw on the Letters of Credit and the proceeds of any such withdrawal from the Issuer L/C Cash Collateral Account into the Issuer Principal Collection Account on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** *Liquidation Event – Draws on Letters of Credit*. Within one (1) Business Day of the occurrence
 of a Liquidation Event, the Issuer shall draw on the Letters of Credit, or if the Issuer
 fails to make such drawing, within one (1) Business Day of such failure, the Issuer
 Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)) shall
 draw on the Letters of Credit, in each case, an amount equal to the lesser of (i) the
 excess of the Required Liquid Enhancement Amount over the Available L/C Cash Collateral Account
 Amount and (ii) the Letter of Credit Amount as of date, by presenting to each Letter
 of Credit Provider a draft accompanied by a Certificate of Credit Demand on the Letters of
 Credit. The Issuer shall deposit, or cause the deposit of, the proceeds of any such draw
 on the Letters of Credit and the proceeds of any such withdrawal from the Issuer L/C Cash
 Collateral Account (along with any other amounts standing to the credit of the L/C Cash Collateral
 Account) into the Issuer Reserve Account on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Draws on the Letters of Credit*. If there is more than one Letter of Credit on the date of any
 draw on the Letters of Credit pursuant to the terms of this Agreement (other than pursuant
 to Sub-Clause 5.7(b)), then the Issuer, or if the Issuer is not able to or fails to make
 such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (*Issuer's Failure to Draw*)), shall draw on each Letter of Credit an amount equal to the Pro Rata
 Share for such Letter of Credit of such draw on such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** *Letter of Credit status*. At the same time as the Issuer provides the Administrative Agent and
 the Issuer Security Trustee with a Monthly Noteholders' Statement, the Issuer shall
 also furnish the Administrative Agent and the Issuer Security Trustee with a notice outlining
 the status of the Letter of Credit. Such notice shall detail (a) the Letter of Credit
 Expiration Date, (b) the maximum amount which is available to be drawn as of such date
 and (c) details of any drawings under the Letter of Credit prior to such notice and
 any repayment thereof.

**5.6** **Past Due Rental Payments** 

On each Deposit Date, the Issuer shall withdraw from (a) first, the Issuer Interest Collection Account all amounts then on deposit representing Past Due Rent Payments and (b) second, to the extent the amounts withdrawn from the Issuer Interest Collection Account are not sufficient to satisfy the amount owed in respect of Past Due Rent Payments, the Issuer Principal Collection Account, and apply such amounts towards the Past Due Rent Payment in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** if
 the occurrence of the related Lease Payment Deficit resulted in one or more L/C Credit Disbursements
 being made under any Letters of Credit, then pay to each Letter of Credit Provider who made
 such a L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed
 amount of such Letter of Credit Provider's L/C Credit Disbursement and (y) such
 Letter of Credit Provider's *pro rata* portion, calculated on the basis of the
 unreimbursed amount of each such Letter of Credit Provider's L/C Credit Disbursement,
 of the amount of the Past Due Rent Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** if
 the occurrence of such Lease Payment Deficit resulted in a withdrawal being made from the
 Issuer L/C Cash Collateral Account, then deposit in the Issuer L/C Cash Collateral Account
 an amount equal to the lesser of (x) the amount of the Past Due Rent Payment remaining
 after any payments pursuant to paragraph (i) above and (y) the amount withdrawn
 from the Issuer L/C Cash Collateral Account on account of such Lease Payment Deficit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** if
 the occurrence of such Lease Payment Deficit resulted in a withdrawal being made from the
 Issuer Reserve Account pursuant to Sub-Clause 5.4(a)(i), then deposit in the Issuer Reserve
 Account an amount equal to the lesser of (x) the amount of the Past Due Rent Payment
 remaining after any payments pursuant to paragraphs (i) and (ii) above and (y) the
 Reserve Account Deficiency Amount, if any, as of such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** any
 remainder to be deposited into the Issuer Principal Collection Account.

**5.7** **Letters of Credit and L/C Cash Collateral Account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Letter of Credit Expiration Date – Deficiencies*. If as of the date that is sixteen (16)
 Business Days prior to the then scheduled Letter of Credit Expiration Date with respect to
 any Letter of Credit, excluding such Letter of Credit from each calculation in paragraphs
 (i) through (ii) immediately below but taking into account any substitute Letter
 of Credit that has been obtained from an Eligible Letter of Credit Provider and is in full
 force and effect on such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the
 Issuer Aggregate Asset Amount would be less than the Adjusted Asset Coverage Threshold Amount,
 in each case as of such date (after giving effect to all deposits to, and withdrawals from,
 the Issuer Reserve Account and the Issuer L/C Cash Collateral Account on such date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** the
 Adjusted Liquid Enhancement Amount would be less than the Required Liquid Enhancement Amount,
 in each case as of such date (after giving effect to all deposits to, and withdrawals from,
 the Issuer Reserve Account and the Issuer L/C Cash Collateral Account on such date),

then the Issuer shall notify the Issuer Security Trustee and the Administrative Agent in writing no later than fifteen (15) Business Days prior to such Letter of Credit Expiration Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** the
 greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** the
 excess, if any, of the Adjusted Asset Coverage Threshold Amount over the Issuer Aggregate
 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals
 from, the Issuer Reserve Account and the Issuer L/C Cash Collateral Account on such date);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** the
 excess, if any, of the Required Liquid Enhancement Amount over the Adjusted Liquid Enhancement
 Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals
 from, the Issuer Reserve Account and the Issuer L/C Cash Collateral Account on such date),

*provided that* the calculations in each of paragraph (A)(1) through (A)(2) above shall be made on such date, excluding from such calculation of each amount contained therein such Letter of Credit but taking into account each substitute Letter of Credit that has been obtained from an Eligible Letter of Credit Provider and is in full force and effect on such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** the
 amount available to be drawn on such expiring Letter of Credit on such date.

Upon delivery of such notice to the Issuer Security Trustee and Administrative Agent, the Issuer shall draw the lesser of the amounts set forth in paragraphs (A) and (B) above on such Letter of Credit by presenting a draft accompanied by a Certificate of Termination Demand and shall cause the L/C Termination Disbursements to be deposited into the Issuer L/C Cash Collateral Account. If the Administrative Agent does not receive the notice from the Issuer described above on or prior to the date that is fifteen (15) Business Days prior to each Letter of Credit Expiration Date, then the Administrative Agent shall instruct the Issuer Security Trustee to draw, and by 12:00 p.m. (London time) on such Business Day the Issuer Security Trustee shall draw, the full amount of such Letter of Credit by presenting a draft accompanied by a Certificate of Termination Demand and shall cause the L/C Termination Disbursements to be deposited into the applicable Issuer L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Letter of Credit Provider Downgrades*. The Issuer shall notify the Issuer Security Trustee and
 the Administrative Agent in writing within one (1) Business Day of an Authorized Officer
 of the Issuer obtaining actual knowledge that (i) the long-term debt credit rating of
 any Letter of Credit Provider rated by DBRS has fallen below "BBB" as determined
 by DBRS or (ii) the long-term debt credit rating of any Letter of Credit Provider not
 rated by DBRS is not at least "Baa2" by Moody's or "BBB" by
 S&P (such (i) or (ii) with respect to any Letter of Credit Provider, a "**Downgrade Event** "). On the thirtieth (30th) day after the occurrence of any Downgrade Event
 with respect to any Letter of Credit Provider, the Issuer shall notify the Issuer Security
 Trustee and the Administrative Agent in writing on such date of (i) the greatest of
 (A) the excess, if any, of the Adjusted Asset Coverage Threshold Amount over the Issuer
 Aggregate Asset Amount and (B) the excess, if any, of the Required Liquid Enhancement
 Amount over the Adjusted Liquid Enhancement Amount, in each case as of such date and excluding
 from the calculation of each amount referenced in such sub-paragraphs such Letter of Credit
 but taking into account each substitute Letter of Credit that has been obtained from an Eligible
 Letter of Credit Provider and is in full force and effect on such date, and (ii) the
 amount available to be drawn on such Letter of Credit on such date (the lesser of such (i) and
 (ii), the "**Downgrade Withdrawal Amount** "). The Issuer, or if the Issuer
 is not able to or fails to make such drawing, the Issuer Security Trustee (subject to Sub-Clause
 5.10 (*Issuer's Failure to Draw*)), shall, by 12:00 p.m. (London time) within
 one Business Day of giving notice to the Issuer Security Trustee, draw on the Letters of
 Credit issued by such Letter of Credit Provider in an amount (in the aggregate) equal to
 the Downgrade Withdrawal Amount specified in such notice by presenting a draft accompanied
 by a Certificate of Termination Demand and shall cause the L/C Termination Disbursement to
 be deposited into the Issuer L/C Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Reductions in Stated Amounts of the Letters of Credit*. If the Administrative Agent receives a written
 notice from the Issuer Administrator, substantially in the form of <u>Exhibit C</u> hereto, requesting a reduction in the stated amount of any Letter of Credit, then the Administrative
 Agent shall within two (2) Business Days of the receipt of such notice deliver to the
 Letter of Credit Provider who issued such Letter of Credit a Notice of Reduction requesting
 a reduction in the stated amount of such Letter of Credit in the amount requested in such
 notice effective on the date set forth in such notice; *provided that*, on such effective
 date, immediately after giving effect to the requested reduction in the stated amount of
 such Letter of Credit, (i) the Adjusted Liquid Enhancement Amount will equal or exceed
 the Required Liquid Enhancement Amount, and (ii) no Aggregate Asset Amount Deficiency
 will exist immediately after giving effect to such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *Increases in Stated Amounts of the Letters of Credit*. If required to ensure that (i) the Adjusted
 Liquid Enhancement Amount will equal or exceed the Required Liquid Enhancement Amount, and
 (ii) no Aggregate Asset Amount Deficiency will exist, the Issuer Administrator shall,
 within two (2) Business Days of becoming aware of such requirement, deliver to the Letter
 of Credit Provider a notice substantially in the form of Exhibit C-1 hereto, requesting
 an increase in the stated amount of any Letter of Credit effective on the date set forth
 in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** *L/C Cash Collateral Account Surpluses and Reserve Account Surpluses*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** On
 each Payment Date, the Issuer may withdraw from the Issuer Reserve Account an amount equal
 to the Issuer Reserve Account Surplus, if any for its own account or as it may direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** On
 each Payment Date on which there is an L/C Cash Collateral Account Surplus, the Issuer may,
 subject to the limitations set forth in this Sub-Clause 5.7(d), withdraw such amount from
 the Issuer L/C Cash Collateral Account and apply such amount in accordance with the terms
 of this Sub-Clause 5.7(d). The amount of any such withdrawal from the Issuer L/C Cash Collateral
 Account shall be limited to the lesser of (a) the Available L/C Cash Collateral Account
 Amount on such Payment Date and (b) the Issuer L/C Cash Collateral Account Surplus on
 such Payment Date. Any amounts withdrawn from the Issuer L/C Cash Collateral Account pursuant
 to this Sub-Clause 5.7(d) shall be paid:

***first***, to the Letter of Credit Providers, to the extent that there are unreimbursed Disbursements due and owing to such Letter of Credit Providers in respect of the Letters of Credit, for application in accordance with the provisions of the respective Letters of Credit, and

***second***, to the Issuer any remaining amounts.

**5.8** **Payment by Wire Transfer** 

On each Payment Date, the Issuer shall cause the amounts (to the extent available) set forth in Sub-Clause 5.2, 5.3, 5.4 and 5.5, in each case if any and in accordance with such Sub-Clause, to be paid by wire transfer of immediately available funds no later than 4:30 p.m. (London time) for credit to the account designated by the party to which such amounts are payable (*provided that*, such designating party shall designate such account at least three (3) Business Days prior to the relevant Payment Date).

**5.9** **Certain Instructions to the Issuer Security Trustee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** If
 on any date the Principal Deficit Amount is greater than zero or the Issuer determines that
 there exists a Lease Principal Payment Deficit, then the Issuer shall promptly provide written
 notice thereof to the Administrative Agent and the Issuer Security Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** On
 or before 10:00 a.m. (London time) on each Payment Date on which any Lease Payment Deficit
 Exists, the Issuer Administrator shall notify the Issuer Security Trustee of the amount of
 such Lease Payment Deficit, such notification to be in the form of <u>Exhibit D</u> hereto (each a "**Lease Payment Deficit Notice** ").

**5.10** **Issuer's Failure to Draw** 

In the event the Issuer fails to draw on any Letter of Credit then the Issuer Security Trustee shall, following a written direction from the Administrative Agent (or, in the event there is not an Administrative Agent, from the Required Noteholders), draw on such Letter of Credit provided that the Issuer, upon request of the Issuer Security Trustee, the Administrative Agent or any Funding Agent, promptly provides the Issuer Security Trustee with all information necessary to allow the Issuer Security Trustee to draw on any such Letter of Credit (and it is acknowledged that the Issuer Security Trustee shall not be responsible for making any calculations or determinations in connection with the relevant drawing).

**5.11** [RESERVED]

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| | |
|:---|:---|
| **6** | **REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS** |

---

**6.1** **Representations and Warranties** 

Each of the Issuer, the Issuer Administrator, each Conduit Investor and each Committed Note Purchaser hereby makes the representations and warranties applicable to it set forth in Annex 1 hereto, save, in the case of the Class C Committed Note Purchaser which is part of the Original Class C Investor Group, for the representations and warranties set forth in sub-paragraphs 3(d) and 4(d) of Annex 1.

**6.2** **Covenants** 

Each of the Issuer and the Issuer Administrator hereby agrees to perform and observe the covenants applicable to it set forth in Annex 2 hereto.

**6.3** **Closing Conditions** 

The effectiveness of this Agreement is subject to the satisfaction of the conditions precedent set forth in Annex 3 hereto and Schedule 1 (*Conditions Precedent*) of the Issuer Amendment and Restatement Deed.

**6.4** [RESERVED]

**6.5** [RESERVED]

---

| | |
|:---|:---|
| **7** | **AMORTIZATION EVENTS AND REMEDIES** |

---

**7.1** **Amortization Events** 

The occurrence of any of the following events shall constitute Amortization Events with respect to the Issuer Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** the
 Issuer defaults in the payment of interest on, or other amount payable in respect of, the
 Issuer Notes when the same becomes due and payable, unless default is caused by an administrative
 or technical error and in such case, payment is made within three (3) Business Days
 of being due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** either
 of a Liquid Enhancement Deficiency or a Letter of Credit/Cash Liquid Enhancement Deficiency
 shall exist and continue to exist for at least three (3) consecutive Business Days *<u>provided</u>* that where such grace period coincides with a Payment Date then on that Payment Date, the
 Issuer will not be permitted to request any Advance and will not be permitted to make any
 repayment under the Issuer Subordinated Facility Agreement in accordance with Clause 5.2(j) and
 Clause 5.3(m) of this Agreement or as otherwise permitted pursuant to the Issuer Related
 Documents until such Liquid Enhancement Deficiency or a Letter of Credit/Cash Liquid Enhancement
 Deficiency is cured and ceases to exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** all
 principal of and interest on the Issuer Notes is not paid in full on or before the Expected
 Final Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** any
 Class A Aggregate Asset Amount Deficiency, Class B Aggregate Asset Amount Deficiency
 or Class C Aggregate Asset Amount Deficiency exists and continues for a period of three
 (3) consecutive Business Days *provided* that where such grace period coincides
 with a Payment Date then on that Payment Date, the Issuer will not be permitted to request
 any Advance and will not be permitted to make any repayment under the Issuer Subordinated
 Facility Agreement in accordance with Clause 5.2(j) and Clause 5.3(m) of this Agreement
 or as otherwise permitted pursuant to the Issuer Related Documents until such Aggregate Asset
 Amount Deficiency is cured and ceases to exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** any
 of the Leasing Company Amortization Events shall have occurred with respect to any FleetCo
 Note or the French Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** there
 shall have been filed against the Issuer a notice of any Security (other than a Permitted
 Security) that could reasonably be expected to attach to the assets of the Issuer and fourteen
 (14) consecutive days shall have elapsed without such notice having been effectively withdrawn
 or such Security having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** any
 of the Issuer Related Documents or any material portion thereof shall cease, for any reason,
 to be in full force and effect, enforceable in accordance with its terms (other than in accordance
 with the terms thereof or as otherwise expressly permitted in the Issuer Related Documents)
 for a period of ten (10) consecutive days, *provided* that such ten (10) consecutive
 day grace period shall not apply where Hertz, any FleetCo, any OpCo, any Leasing Company,
 any Lessee, any Servicer, the Instalment Sale Administrator, any FleetCo Administrator, the
 Issuer or the Issuer Administrator is the entity asserting that the relevant Issuer Related
 Document ceases to be in full force and effect, other than any such cessation as a result
 of any waiver, supplement, modification, amendment or other action not prohibited by the
 Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** any
 Issuer Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the
 Issuer Account in which any Issuer Collections are on deposit as of such date or any Issuer
 Account (other than the Issuer Reserve Account and the Issuer L/C Cash Collateral Account)
 shall be subject to an injunction, estoppel or other stay or a Security (other than any Security
 described in paragraph (iii) of the definition of Permitted Security) and fourteen (14)
 consecutive days shall have elapsed without such Security having been released or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** (A) the
 Issuer Reserve Account shall be subject to any injunction, estoppel or other stay or a Security
 (other than any Permitted Security described in paragraph (iii) of the definition of
 Permitted Security) for a period of at least three (3) consecutive Business Days or
 (B) other than any Security described in paragraph (iii) of the definition of Permitted
 Security, the Issuer Security Trustee shall cease to have a valid and perfected first priority
 security interest in the Issuer Reserve Account Collateral (or any of the Issuer or any Affiliate
 thereof so asserts in writing) and, in each case, the Adjusted Liquid Enhancement Amount,
 excluding therefrom the Available Reserve Account Amount, would be less than the Required
 Liquid Enhancement Amount and such cessation shall not have resulted from a Permitted Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** from
 and after the funding of the Issuer L/C Cash Collateral Account, (A) the Issuer L/C
 Cash Collateral Account shall be subject to any injunction, estoppel or other stay or a Security
 (other than any Security described in paragraph (iii) of the definition of Permitted
 Security) for a period of at least three (3) consecutive Business Days or (B) other
 than any Permitted Security, the Issuer Security Trustee shall cease to have a valid and
 perfected first priority security interest in the Issuer L/C Cash Collateral Account Collateral
 (or the Issuer or any Affiliate thereof so asserts in writing) and, in each case, the Adjusted
 Liquid Enhancement Amount, excluding therefrom the Available L/C Cash Collateral Account
 Amount, would be less than the Required Liquid Enhancement Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** a
 Change of Control shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** the
 Issuer shall fail to acquire and maintain in force one or more Interest Rate Caps at the
 times and in at least the notional amounts required by the terms of Sub-Clause 4.4 and such
 failure continues for at least three (3) consecutive Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** other
 than as a result of a Permitted Security, the Issuer Security Trustee shall for any reason
 cease to have a valid and perfected first priority security interest in the Issuer Collateral
 (other than the Issuer Reserve Account Collateral, the Issuer L/C Cash Collateral Account
 Collateral or any Letter of Credit) or the Issuer or any Affiliate thereof so asserts in
 writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)** the
 occurrence of a Hertz Senior Credit Facility Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)** any
 of the Issuer or the Issuer Administrator fails to comply with any of its other agreements
 or covenants in the Issuer Notes or any Issuer Related Document (and, in the case of the
 Risk Retention Letter, the Retention Holder fails to comply with any of its covenants therein),
 which in the opinion of the Issuer Security Trustee is materially prejudicial to the interests
 of the Noteholders and in the case of a default which is remediable, continues for fourteen
 (14) consecutive days after the earlier of (i) the date on which an Authorized Officer
 of the Issuer (in case of failure by the Issuer) or the Issuer Administrator (in case of
 failure by the Issuer Administrator) or the Retention Holder (in case of failure by the Retention
 Holder) obtains actual knowledge thereof or (ii) the date on which written notice of
 such failure, requiring the same to be remedied, shall have been given to any of the Issuer
 or the Issuer Administrator or the Retention Holder (in each case, in respect of failure
 by itself only) by the Issuer Security Trustee or to any of the Issuer or the Issuer Administrator
 or the Retention Holder (in each case, in respect of failure by itself only) and the Issuer
 Security Trustee by the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)** (i) any
 representation made by the Issuer in any Issuer Related Document is false (and, in the case
 of the Risk Retention Letter, any representation made by the Retention Holder therein is
 false) or (ii) (A) any representation made by the Issuer Administrator herein or
 (B) any schedule, certificate, financial statement, report, notice, or other writing
 furnished by or on behalf of the Issuer Administrator to any Funding Agent pursuant to paragraph
 24 of Annex 2 hereto, in the case of either the preceding paragraph (A) or (B), is false
 or misleading on the date as of which the facts therein set forth are stated or certified,
 and, in the case of either the preceding paragraphs (i) or (ii), such falsity, which
 in the opinion of the Issuer Security Trustee is materially prejudicial to the interests
 of the Noteholders and the event or condition that caused such representation to have been
 false is not cured for a period of fourteen (14) consecutive days after the earlier of (x) the
 date on which an Authorized Officer of the Issuer or the Issuer Administrator or the Retention
 Holder, as the case may be, obtains actual knowledge thereof or (y) the date that written
 notice thereof is given to the Issuer or the Issuer Administrator or the Retention Holder,
 as the case may be, by the Issuer Security Trustee or to the Issuer or the Issuer Administrator
 or the Retention Holder, as the case may be, and to the Issuer Security Trustee by the Administrative
 Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(r)** (I) any
 Servicer or the Instalment Sale Administrator shall fail to comply with its obligations under
 any Liquidation Co-ordination Agreement and the failure to comply, in the opinion of the
 Issuer Security Trustee is materially prejudicial to the interests of the Noteholders and
 in the case of a default which is remediable, continues for 14 consecutive days after the
 earlier of (i) the date on which an Authorized Officer of the Issuer Administrator or
 the Issuer obtains actual knowledge thereof or (ii) the date on which written notice
 of such failure, requiring the same to be remedied, shall have been given to the Issuer Administrator
 and the Issuer by the Issuer Security Trustee or to the Issuer Administrator, the Issuer
 and the Issuer Security Trustee by the Administrative Agent or (II) any Liquidation
 Co-ordination Agreement or any material portion thereof shall cease, for any reason, to be
 in full force and effect or enforceable (other than in accordance with its terms or otherwise
 as expressly permitted in such Liquidation Co-ordination Agreement) for a period of fourteen
 (14) consecutive days after the earlier of (i) the date on which an Authorized Officer
 of the Issuer or the Issuer Administrator, as applicable, has reasonable grounds to believe
 that or (ii) the date on which written notice thereof shall have been given to the Issuer
 and the Issuer Administrator by the Issuer Security Trustee or to the Issuer, the Issuer
 Administrator and the Issuer Security Trustee by the Administrative Agent (unless such failure
 to be in full force and effect or failure to be enforceable is a result of a breach of such
 Liquidation Co-ordination Agreement or any portion thereof by the relevant Servicer or the
 Instalment Sale Administrator, in which case such fourteen (14) day grace period shall not
 apply);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(s)** (I) any
 FleetCo or any FleetCo Administrator shall fail to comply with its obligations under the
 applicable FleetCo Back-Up Administration Agreement and the failure to comply, in the opinion
 of the Issuer Security Trustee is materially prejudicial to the interests of the Noteholders
 and in the case of a default which is remediable, continues for a period of fourteen (14)
 days after the earlier of (i) the date on which an Authorized Officer of the relevant
 FleetCo Administrator or Issuer Administrator, as applicable, obtains actual knowledge thereof
 or (ii) the date on which written notice of such failure, requiring the same to be remedied,
 shall have been given to such FleetCo and FleetCo Administrator by the FleetCo Security Trustee
 or to such FleetCo, FleetCo Administrator and the FleetCo Security Trustee by the Issuer
 or (II) any FleetCo Back-Up Administration Agreement or any material portion thereof
 shall cease, for any reason, to be in full force and effect or enforceable (other than in
 accordance with its terms or otherwise as expressly permitted in such FleetCo Back-Up Administration
 Agreement) for a period of fourteen (14) days after the earlier of (i) the date on which
 an Authorized Officer of the relevant FleetCo or FleetCo Administrator, as applicable, obtains
 actual knowledge thereof or (ii) the date on which written notice thereof shall have
 been given to such FleetCo and FleetCo Administrator by the FleetCo Security Trustee or to
 such FleetCo, FleetCo Administrator and the FleetCo Security Trustee by the Issuer (unless
 such failure to be in full force and effect or failure to be enforceable is a result of a
 breach of the applicable FleetCo Back-Up Administration Agreement or any portion thereof
 by the relevant FleetCo or FleetCo Administrator, in which case such fourteenth (14) day
 grace period shall not apply);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(t)** a
 FleetCo Administrator fails to comply with any of its other agreements or covenants in any
 FleetCo Related Document or any representation made by a FleetCo Administrator in any FleetCo
 Related Document is false and the failure to so comply or such false representation, as the
 case may be, (A) and the failure to comply with any of its other agreements or covenants
 in any FleetCo Related Document, in the opinion of the Issuer Security Trustee is materially
 prejudicial to the interests of the Noteholders and in the case of a default which is remediable,
 continues for 14 consecutive days after the earlier of (i) the date on which an Authorized
 Officer of such FleetCo Administrator obtains actual knowledge thereof or (ii) the date
 on which written notice of such failure or such false representation, requiring the same
 to be remedied, shall have been given to (x) the relevant FleetCo Administrator by the
 FleetCo Security Trustee or to such FleetCo Administrator and the FleetCo Security Trustee
 by the Issuer or (y) to the Issuer Administrator by the FleetCo Security Trustee or
 to the Issuer Administrator and the FleetCo Security Trustee by the Administrative Agent
 and (B) in the case of a false representation, the event or condition that causes such
 representation to have been false is not cured for a period of fourteen (14) consecutive
 days, in each case after the earlier of (i) the date on which an Authorized Officer
 of such FleetCo Administrator obtains actual knowledge thereof or (ii) the date on which
 written notice of such failure or such false representation, requiring the same to be remedied,
 shall have been given to (x) the relevant FleetCo Administrator by the FleetCo Security
 Trustee or to such FleetCo Administrator and the FleetCo Security Trustee by the Issuer or
 (y) to the Issuer Administrator by the FleetCo Security Trustee or to the Issuer Administrator
 and the FleetCo Security Trustee by the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(u)** on
 any Business Day, the Adjusted Principal Amount exceeds the Aggregate Leasing Company Principal
 Amount, and the Aggregate Leasing Company Principal Amount does not equal or exceed the Adjusted
 Principal Amount on or prior to the close of business on the next succeeding Business Day,
 in each case after giving effect to all increases and decreases on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** any
 FleetCo Administrator Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(w)** [RESERVED];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** (I) any
 of the FleetCo Related Documents or any material portion thereof relating to any of the FleetCo
 Notes shall cease, for any reason, to be in full force and effect (other than in accordance
 with its terms or as otherwise expressly permitted in the FleetCo Related Documents) for
 a period of ten (10) consecutive days, *provided* that such ten (10) consecutive
 day grace period shall not apply where Hertz, any FleetCo, any OpCo, any Leasing Company,
 any Lessee, any Servicer, the Instalment Sale Administrator, any FleetCo Administrator, the
 Issuer or the Issuer Administrator is the entity asserting that the relevant FleetCo Related
 Document ceases to be in full force and effect; (II) any of the FleetCo Collateral
 shall cease, for any reason, to be in full force and effect (other than in accordance with
 its terms or as otherwise expressly permitted in the FleetCo Related Documents), in each
 case, other than any such cessation as a result of any waiver, supplement, modification,
 amendment or other action not prohibited by the Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(y)** the
 occurrence of an Event of Bankruptcy with respect to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(z)** the
 Securities and Exchange Commission or other regulatory body having jurisdiction reaches a
 final determination that the Issuer is an "investment company" or is under the
 "control" of an "investment company" under the Investment Company
 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(aa)** a
 Level 2 Minimum Liquidity Test Breach shall exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(bb)** the
 Issuer or Issuer Administrator fails to deliver any certificate to the Administrative Agent
 or any Funding Agent pursuant to paragraph 25 of Annex 2 hereto within three (3) Business
 Days of written request by the Administrative Agent or the Issuer Security Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(cc)** there
 is a material breach of or material failure to satisfy any of the representations, undertakings
 or conditions specified in the Refinancing Deed of Covenant by any of the Issuer, the Issuer
 Administrator, any FleetCo (in all capacities), any OpCo (in all capacities), HIL or HHN2
 which in the opinion of the Issuer Security Trustee is materially prejudicial to the interests
 of the Noteholders and in the case of a breach or failure which is remediable, continues
 for fourteen (14) consecutive days after the earlier of (i) the date on which an Authorized
 Officer of the Issuer (in case of breach or failure by the Issuer) or the Issuer Administrator
 (in case of breach or failure by the Issuer Administrator), the relevant FleetCo (in case
 of breach or failure by any FleetCo), the relevant OpCo (in case of breach or failure by
 any OpCo), HIL (in case of breach or failure by HIL) or HHN2 (in case of breach or failure
 by HHN2) obtains actual knowledge thereof or (ii) the date on which written notice of
 such breach or failure, requiring the same to be remedied, shall have been given to any of
 the Issuer or the Issuer Administrator or any FleetCo or any OpCo, or HIL or HHN2 (in each
 case, in respect of breach or failure by itself only) by the Issuer Security Trustee or to
 any of the Issuer or the Issuer Administrator or the any FleetCo or any OpCo, or HIL or HHN2
 (in each case, in respect of breach or failure by itself only) and the Issuer Security Trustee
 by the Administrative Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(dd)** the
 German FleetCo incurs any Liabilities in connection with items (b) or (c) under
 the Existing/Prior Financings definition or in connection with the German Fleetco ceasing
 to be, or is not treated at any time as being or having been, a "qualifying company"
 for the purposes of section 110 Taxes Consolidation Act 1997, or a claim (whether actual
 or contingent, present or future) has arisen related to or in connection with such items
 and/or qualification, as applicable.

**7.2** **Effects of Amortization Events** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** In
 the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any
 event described in Sub-Clauses 7.1(a) through (e), Sub-Clause 7.1(u), Sub-Clause 7.1(y) and
 Sub-Clause 7.1(z), an Amortization Event with respect to the Issuer Notes will immediately
 occur without any notice or other action on the part of the Issuer Security Trustee or any
 Noteholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** any
 event described in Sub-Clauses 7.1(f) through (t), Sub-Clause 7.1(v), Sub-Clause 7.1(x) and
 Sub-Clause 7.1(aa) through 7.1(cc), so long as such event is continuing, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** the
 Issuer Security Trustee may, by written notice to the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** the
 Required Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** in
 the case of any event described in Sub-Clauses 7.1(f), (g), (i), (j), (k), (n), (p) or
 (x) only, where the Required Noteholders have not declared an Amortization Event with
 respect to such Sub-Clauses within 14 days after becoming entitled to do so, where the consent
 of Class B Noteholders would be required to waive such Amortization Event were it to
 be declared, 100% of the Class B Noteholders or, where the consent of Class C Noteholders
 would be required to waive such Amortization Event were it to be declared, Class C Noteholders
 holding 66<sup>2/3</sup>% of the Class C Principal Amount,

may, by written notice to the Issuer and the Issuer Security Trustee,

declare that an Amortization Event with respect to the Issuer Notes has occurred as of the date of the notice (except in relation to an event described in Sub-Clause 7.1(aa), in which case such Amortization Event shall occur no earlier than 14 calendar days after the date of such notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **(i)** An
 Amortization Event with respect to the Issuer Notes described in Sub-Clauses 7.1(a) through
 (d) above may be waived solely with the written consent of the Noteholders holding 100%
 of the Principal Amount of the Affected Class (or, if the Class C Noteholders are
 the Affected Class, 66<sup>2/3</sup>% of the Class C Principal Amount), in addition
 to the Required Noteholders, where:

"**Affected Class**" means the relevant Class in respect of which payment was defaulted in the manner contemplated by Sub-Clauses 7.1(a) and (c), in the case of Sub-Clause (b) means all Classes and in the case of Sub-Clause (d) means the Class which corresponds to the "Aggregate Asset Amount Deficiency" test which has been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** An
 Amortization Event with respect to the Issuer Notes described in Sub-Clause 7.1(e), Sub-Clause
 7.1(p) (solely with respect to any agreement, covenant or provision in the Issuer Notes
 or any other Issuer Related Document the amendment or modification of which requires the
 consent of Noteholders holding more than 66⅔% of the Principal Amount or that otherwise
 prohibits the Issuer from taking any action without the consent of Noteholders holding more
 than 66⅔% of the Principal Amount), Sub-Clause 7.1(r) (solely with respect to
 any agreement, covenant or provision in the related Liquidation Co-ordination Agreement the
 amendment or modification of which requires the consent of Noteholders holding more than
 66⅔% of the Principal Amount or that otherwise prohibits the Issuer from taking any
 action without the consent of Noteholders holding more than 66⅔% of the Principal
 Amount) or Sub-Clause 7.1(u) may be waived solely with the written consent of 100% of
 the Class A Noteholders, and in the case of Sub-Clause 7.1(u), such waiver shall also
 require the written consent of 100% of the Class B Noteholders and Class C Noteholders
 holding 66<sup>2/3</sup>in Class C Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** An
 Amortization Event with respect to the Issuer Notes described in Sub-Clauses 7.1(f) through
 (t) (excluding Sub-Clause 7.1(n)), Sub-Clause 7.1(v), Sub-Clause 7.1(x) or Sub-Clause
 7.1(aa) through 7.1(dd), may be waived solely with the written consent of the Required Supermajority
 Noteholders, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** in
 the case of Sub-Clauses 7.1(f), (g), (i), (j) and (k), to the extent such Amortization
 Event could reasonably be expected to materially prejudice the Noteholders of such Class,
 such waiver shall also require the written consent of 100% of the Class B Noteholders
 and/or, as the case may be, of the Class C Noteholders holding 66<sup>2/3</sup>% of
 the Class C Principal Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** in
 the case of Sub-Clause 7.1(p), to the extent such Amortization Event relates to a matter
 which would, in the case of an amendment, waiver or modification, require the consent of
 the Class B Noteholders and/or the Class C Noteholders pursuant to Annex 2 of this
 Agreement, such waiver shall also require the written consent of 100% of the Class B
 Noteholders and/or, as the case may be, of the Class C Noteholders holding 66<sup>2/3</sup>%
 of the Class C Principal Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** in
 the case of Sub-Clause 7.1(x) to the extent such Amortization Event relates to any of
 the Liquidation Co-ordination Agreements, Master Leases, FCT Transfer and Servicing Agreement, Italian
 Fleet Servicing Agreement and Italian Master Servicing Agreement and could reasonably be
 expected to materially prejudice the Noteholders of such Class, such waiver shall also require
 the written consent of 100% of the Class B Noteholders and/or, as the case may be, the
 Class C Noteholders holding 66<sup>2/3</sup>% of the Class C Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** An
 Amortization Event described in Sub-Clause 7.1(n) may be waived solely with the written
 consent of all Class A Noteholders and, to the extent such Amortization Event could
 reasonably be expected to materially prejudice the Noteholders of such Class, such waiver
 shall also require the written consent of 100% of the Class B Noteholders and/or, as
 the case may be, the Class C Noteholders holding 66<sup>2/3</sup>% of the Class C
 Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** [RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** An
 Amortization Event with respect to the Issuer Notes described in Sub-Clauses 7.1(y) and
 7.1(z) (and the consequences thereof) shall only be waived with the written consent
 of each Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** If
 any existing Potential Amortization Event or Amortization Event (and, in any such case, any
 consequences thereof) is waived in accordance with this Agreement, then, subject to the terms
 of that waiver, such Potential Amortization Event shall cease to exist with respect to the
 Issuer Notes, and any Amortization Event arising therefrom shall be deemed to have been cured
 for every purpose of this Agreement and the Issuer Note Framework Agreement, but no such
 waiver shall extend to any subsequent or other Potential Amortization Event or Amortization
 Event or impair any right consequent thereon,

and notwithstanding anything herein to the contrary and for the avoidance of doubt, an Amortization Event with respect to the Issuer Notes described in any of Sub-Clause 7.1 (i), (j), (k), or (n) above shall be curable at any time and, for the avoidance of doubt, a waiver of an Amortization Event under this Sub-Clause 7.2 shall result in an end to a Rapid Amortization Period that arose as a result of that Amortization Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** After
 the occurrence and, where required, declaration, of an Amortization Event which is capable
 of being waived with the consent of only the Class A Noteholders or the Class B
 Noteholders (acting through any relevant majority or unanimity), and (i) if such Amortization
 Event has not been waived within 15 Business Days of such occurrence or, as the case may
 be, declaration; and; (ii) if a Rapid Amortization Period is continuing as a result
 of such Amortization Event, the Class C Noteholders shall (on 15 Business Days' notice
 (such notice being a "**Purchase Option Notice** ")) have the right to purchase
 the outstanding Class A Notes and the outstanding Class B Notes in whole (but not
 in part) at, by reference to the day of settlement of such purchase, a price equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** their
 principal amount; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** any
 accrued interest and all other amounts accrued and due (and unpaid) thereon,

and the date of settlement of such purchase shall be postponed until (and be subject to) completion of know-your-customer requirements by each of the Class A Noteholders and Class B Noteholders.

Any Purchase Option Notice must be given within 90 days after the later of: (x) the commencement of the Rapid Amortization Period as a result of the relevant Amortization Event; and (y) if an Additional Pre-Liquidation Services Commencement Notice has been served on any one or more Liquidation Co-ordinators in connection with the relevant Amortization Event, the date on which an Updated Liquidation Plan has been received by each Class C Committed Note Purchaser from each such Liquidation Co-ordinator.

**7.3** **Rights of the Issuer Security Trustee upon Amortization Event or Certain Other Events of Default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *General and FleetCo Related Documents*. If any Amortization Event shall have occurred and be continuing,
 then the Issuer Security Trustee, at the written direction of the Required Noteholders only,
 subject to being indemnified and/or secured and/or prefunded to its satisfaction, shall exercise
 (and the Issuer agrees to exercise) from time to time any rights and remedies available to
 it on behalf of the Noteholders under applicable law or any FleetCo Related Documents, and
 all other rights, remedies, powers, privileges and claims of the Issuer relating to the FleetCo
 Collateral against any party to any FleetCo Related Documents, including the right or power
 to take any action to compel performance or observance by any Leasing Company and to give
 any consent, request, notice, direction, approval, extension or waiver in respect of the
 FleetCo Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Liquidation Event*. If any Liquidation Event shall have occurred and be continuing, then the Issuer
 Security Trustee may or, at the direction of the Required Noteholders only, shall, subject
 to being indemnified and/or secured and/or prefunded to its satisfaction, exercise from time
 to time any rights and remedies available to it as the result of such occurrence under the
 FleetCo Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Failure of FleetCo Security Trustee, Leasing Companies or Lessees to Take Action*. If, after the
 occurrence of any Liquidation Event the FleetCo Security Trustee or any Lessee fails to take
 action to accomplish any instructions given to it by the Issuer Security Trustee within five
 (5) Business Days of receipt thereof, then the Issuer Security Trustee may or, at the
 direction of the Required Noteholders only, shall, subject to being indemnified and/or secured
 and/or prefunded to its satisfaction, take such action or such other appropriate action on
 behalf of the FleetCo Security Trustee or such Lessee. In the event that the Issuer Security
 Trustee determines to take action pursuant to the immediately preceding sentence, the Issuer
 Security Trustee may institute legal proceedings for the appointment of a receiver or receivers
 to take possession of some or all of the Eligible Vehicles pending the sale thereof, and
 the Issuer Security Trustee may institute legal proceedings for the appointment of a receiver
 or receivers pursuant to the powers of sale granted by the FleetCo Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** For
 the avoidance of doubt, in taking any action under this Sub-Clause 7, subject to Sub-Clause
 7.14 and 7.15 below, the Issuer Security Trustee shall only take instructions from the Required
 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Amortization
 Event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Any
 amounts relating to the Issuer Collateral or the Issuer Secured Obligations obtained by the
 Issuer Security Trustee on account of or as a result of the exercise by the Issuer Security
 Trustee of any rights or remedies specified in this Clause 7 (*Amortization Events and Remedies*) shall be held by the Issuer Security Trustee as additional collateral for the
 repayment of Issuer Secured Obligations and shall be applied as provided in Clause 5 (*Priority of Payments*).

**7.4** **Other Remedies** 

Subject to the terms and conditions of this Agreement, the Issuer Security Trust Deed and the Issuer Note Framework Agreement, if an Amortization Event occurs and is continuing, the Issuer Security Trustee may pursue any remedy available to it on behalf of the Noteholders under applicable law or in equity to collect the payment of principal of or interest on the Issuer Notes or to enforce the performance of any provision of such Issuer Notes, this Agreement or any other Issuer Related Document. All remedies are cumulative to the extent permitted by law.

**7.5** **Control by Required Noteholders** 

Subject to the provisions of Sub-Clauses 7.14 and 7.15 of this Agreement, the Required Noteholders may direct the time, method and place of conducting any proceeding for any remedy available to the Issuer Security Trustee on behalf of the Noteholders or exercising any trust or power conferred on the Issuer Security Trustee. Subject to the provisions of the Issuer Security Trust Deed, the Issuer Security Trustee may, however, refuse to follow any direction that conflicts with law, this Agreement or the Issuer Note Framework Agreement or that may involve the Issuer Security Trustee in personal liability.

**7.6** **Right of Holders to Bring Suit** 

Subject to the provisions of Clause 22 (*No Recourse and Non-Petition*) of the Issuer Security Trust Deed, the right of any Noteholder to bring suit for the enforcement of any payment of principal of or interest on any Note, in each case, on or after the respective due dates therefor expressed in such Note, is absolute and unconditional and shall not be impaired or affected without the consent of such Noteholder.

**7.7** **Collection Suit by the Issuer Security Trustee** 

If any Amortization Event arising from the failure to make a payment in respect of the Issuer Notes occurs and is continuing, the Issuer Security Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal and interest remaining unpaid on the Issuer Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Issuer Security Trustee, its agents and counsel.

**7.8** **The Issuer Security Trustee May File Proofs of Claim** 

The Issuer Security Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Issuer Security Trustee (including any claim for the properly incurred compensation, expenses, disbursements and advances of the Issuer Security Trustee, its agents and counsel) and the Noteholders relating to the Issuer Collateral or the Issuer Secured Obligations allowed in any judicial proceedings relative to the Issuer (or any other obligor under the Issuer Notes), its creditors or its property, and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claim and any custodian in any such judicial proceeding is hereby authorized by each Noteholder to make such payments to the Issuer Security Trustee and, in the event that the Issuer Security Trustee shall consent to the making of such payments directly to such Noteholders, to pay the Issuer Security Trustee any amount due to it for the properly incurred compensation, expenses, disbursements and advances of the Issuer Security Trustee, its agents and counsel. Nothing herein contained shall be deemed to authorize the Issuer Security Trustee to authorize or consent to or accept or adopt on behalf of any such Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Issuer Notes of any Noteholder or the rights of any such Noteholder thereof, or to authorize the Issuer Security Trustee to vote in respect of the claim of any such Noteholder in any such proceeding.

**7.9** **Priorities** 

If the Issuer Security Trustee collects any money pursuant to this Clause 7 (*Amortization Events and Remedies*), the Issuer Security Trustee shall pay out the money in accordance with the provisions of Clause 5 (*Priority of Payments*).

**7.10** **Rights and Remedies Cumulative** 

No right or remedy herein conferred upon or reserved to the Issuer Security Trustee or to the holders of Issuer Notes is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under this Agreement or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Agreement, or otherwise, shall not prevent the concurrent assertion or employment of any other valid right or remedy.

**7.11** **Delay or Omission Not Waiver** 

No delay or omission of the Issuer Security Trustee or of any Noteholder to exercise any right or remedy accruing upon any Amortization Event shall impair any such right or remedy or constitute a waiver of any such Amortization Event or acquiescence thereto (other than any such right or remedy that by its terms requires such Amortization Event to be continuing at the time of exercising such right or remedy). Every right and remedy given by this Clause 7 (*Amortization Events and Remedies*) or by law to the Issuer Security Trustee or to each Noteholder may be exercised from time to time, and as often as may be deemed expedient, by the Issuer Security Trustee or such Noteholder, as the case may be. For the avoidance of doubt, this Sub-Clause 7.11 (*Delay or Omission Not Waiver*) shall be subject to and qualified in its entirety by the provisions of Sub-Clause 11.10 (*Amendments*) and paragraph 2 (*Amendments*) of Annex 2 (*Covenants*).

**7.12** **Reassignment of Surplus** 

After termination of this Agreement and the payment in full of the Issuer Secured Obligations, any proceeds of the Issuer Collateral received or held by the Issuer Security Trustee shall be turned over to the Issuer and the Issuer Collateral shall be reassigned to the Issuer by the Issuer Security Trustee without recourse to the Issuer Security Trustee and without any representations, warranties or agreements of any kind.

**7.13** **Benefit of Waivers** 

In circumstances where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a waiver is granted by the Class A
 Noteholders and/or the Class B Noteholders pursuant to Sub-Clause 7.2 above, where such
 waiver may be granted solely by a required majority (or unanimity) of Class A Noteholders
 and/or Class B Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a consent is granted by the Class A
 Noteholders and/or the Class B Noteholders to an amendment, waiver or modification to
 any provision of the Related Documents in circumstances where: (x) a Potential Amortization
 Event, Amortization Event or Level 1 Minimum Liquidity Test Breach is continuing at the time
 such consent is given; and (y) the consent of Class C Noteholders would not be
 required to effect such amendment, waiver or modification,

to the extent that it is in either case agreed that the Class A Notes and/or the Class B Notes (as applicable) receive an increase in any amount that would be due to them under Clause 5 (*Priority of Payments*) (or an amount payable by an entity other than the Issuer or any of the FleetCos (a "**Non-Structure Payment**")) in return for granting such waiver, an equivalent benefit shall be given to the Class B Noteholders (where the waiver, consent or forbearance was granted by the Class A Noteholders) and the Class C Noteholders (in any case), but always, where such benefit is not a Non-Structure Payment, as to the ranking of such payments, subject to the provisions of Clause 5 (*Priority of Payments*).

For the avoidance of doubt, any such payment or other fee referred to in this Sub-Clause 7.13 shall, to the extent required to be made available to the Class C Noteholders and to the extent calculated by reference to the Class A Principal Amount or, as the case may be, the Class B Principal Amount, be calculated in a similar manner and payable pro rata by reference to the Class C Principal Amount as of that date.

**7.14** **Hertz Event of Bankruptcy, Hertz Senior Credit Facility Default and THC Guarantee and Indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly following the occurrence of an
 Event of Bankruptcy in respect of Hertz or a Hertz Senior Credit Facility Default, each Class of
 Noteholders (through the Administrative Agent) shall, for a period of 10 Business Days and
 prior to granting, or instructing (directly or indirectly) any other party to grant, any
 waiver or forbearance in respect of such Event of Bankruptcy or Hertz Senior Credit Facility
 Default under any Related Document, consult in good faith with each Class C Committed
 Note Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision to the contrary
 in the Issuer Security Trust Deed, if, within 5 Business Days of a failure by any party to
 perform a Guaranteed Payment Obligation (as defined in the THC Guarantee and Indemnity),
 each relevant Beneficiary (as defined in the THC Guarantee and Indemnity) has not taken the
 requisite steps required to provide notice to Hertz of the non-performance, or make any demand,
 under the THC Guarantee and Indemnity, and if such non-performance under the THC Guarantee
 and Indemnity results in an Amortization Event under Sub-Clause 7.1(a) and the Class C
 Notes are the Affected Class, Class C Noteholders holding 66<sup>2/3</sup>% of the Class C
 Principal Amount may instruct the Issuer Security Trustee to (through the relevant chain
 of instructions under the Related Documents) procure that such notice is given and/or such
 demand is made.

**7.15** **Instructions to Issuer Security Trustee** 

In circumstances where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Amortization Event has occurred and
 is continuing with respect to Sub-Clause 7.1(a) or 7.1(c) of this Agreement and
 the Class C Notes are the Affected Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Level 2 Minimum Liquidity Test Breach
 has occurred and is continuing,

the Class A Noteholders, or (to the extent there are no longer Class A Notes outstanding), the Class B Noteholders, agree that, except where they reasonably consider that such instruction is necessary to preserve the value of the Issuer Security or the FleetCo Security for the benefit of all Classes of Noteholders, they shall not (through the relevant chain of instructions under the Related Documents) instruct the Issuer Security Trustee or any FleetCo Security Trustee to enforce any of Issuer Security or the FleetCo Security without having first consulted with the Class C Noteholders in good faith for a period of no less than 10 Business Days prior to giving any such instruction, provided that (i) any views expressed by the Class C Noteholders shall not prevent the Required Noteholders from taking any enforcement actions once they have consulted with the Class C Noteholders even if such views are inconsistent with the course of action taken by the Required Noteholders; and (ii) it is otherwise acknowledged and agreed, for the avoidance of doubt, that (x) the Issuer Security and the FleetCo Security shall only be enforceable on the instructions of the Required Noteholders and (y) the consultation period referred to above shall not be required to extend beyond a period of 10 Business Days.

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| | |
|:---|:---|
| **8** | **[RESERVED]** |

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| | |
|:---|:---|
| **9** | **TRANSFERS, REPLACEMENTS AND ASSIGNMENTS** |

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**9.1** **Transfer of Issuer Notes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Other
 than in accordance with this Clause 9, the Issuer Notes will not be permitted to be transferred,
 assigned, exchanged or otherwise pledged or conveyed by the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Subject
 to the terms and restrictions set forth in the Issuer Note Framework Agreement and this Agreement
 (including, without limitation, Clause 9.3), the holder of any Class A Note may transfer
 the same in whole or in part, in an amount equivalent to an authorized denomination, under
 a written instrument of transfer in form satisfactory to the Issuer and the Registrar and
 accompanied by a certificate substantially in the form of <u>Exhibit E-1</u> hereto; *provided that*, if the holder of any Class A Note transfers, in whole or in part,
 its interest in any Class A Note pursuant to (i) a Class A Assignment and
 Assumption Agreement substantially in the form of <u>Exhibit G-1</u> hereto or (ii) a
 Class A Investor Group Supplement substantially in the form of <u>Exhibit H-1</u> hereto, then such Noteholder will not be required to submit a certificate substantially in
 the form of <u>Exhibit E-1</u> hereto upon transfer of its interest in such Class A
 Note; *provided further that*, notwithstanding anything to the contrary contained in
 this Agreement, no Class A Note shall be transferrable to any person that is a Restricted
 Lender without the prior written consent of the Issuer, such consent not to be unreasonably
 withheld. If the Issuer fails to respond to such consent request within 3 Business Days of
 receipt of such request, the Issuer shall be deemed to have consented to such transfer to
 such Restricted Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Subject
 to the terms and restrictions set forth in the Issuer Note Framework Agreement and this Agreement
 (including, without limitation, Clause 9.3), the holder of any Class B Note may transfer
 the same in whole or in part, in an amount equivalent to an authorized denomination, under
 a written instrument of transfer in form satisfactory to the Issuer and the Registrar and
 accompanied by a certificate substantially in the form of <u>Exhibit E-2</u> hereto; *provided that*, if the holder of any Class B Note transfers, in whole or in part,
 its interest in any Class B Note pursuant to (i) a Class B Assignment and
 Assumption Agreement substantially in the form of <u>Exhibit G-2</u> hereto or (ii) a
 Class B Investor Group Supplement substantially in the form of <u>Exhibit H-2</u> hereto, then such Noteholder will not be required to submit a certificate substantially in
 the form of <u>Exhibit E-2</u> hereto upon transfer of its interest in such Class B
 Note; *provided further that*, notwithstanding anything to the contrary contained in
 this Agreement, no Class B Note shall be transferrable to any person that is a Restricted
 Lender without the prior written consent of the Issuer, such consent not to be unreasonably
 withheld. If the Issuer fails to respond to such consent request within 3 Business Days of
 receipt of such request, the Issuer shall be deemed to have consented to such transfer to
 such Restricted Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Subject
 to the terms and restrictions set forth in the Issuer Note Framework Agreement and this Agreement
 (including, without limitation, Clause 9.3), the holder of any Class C Note may transfer
 the same in whole or in part, in an amount equivalent to an authorized denomination, under
 a written instrument of transfer in form satisfactory to the Issuer and the Registrar and
 accompanied by a certificate substantially in the form of <u>Exhibit E-3</u> hereto; *provided that*, if the holder of any Class C Note transfers, in whole or in part,
 its interest in any Class C Note pursuant to a Class C Assignment and Assumption
 Agreement substantially in the form of <u>Exhibit G-3</u> hereto, then such Noteholder
 will not be required to submit a certificate substantially in the form of <u>Exhibit E-3</u> hereto upon transfer of its interest in such Class C Note; *provided further that*,
 notwithstanding anything to the contrary contained in this Agreement, no Class C Note
 shall be transferrable to any person that is a Restricted Lender without the prior written
 consent of the Issuer, such consent not to be unreasonably withheld. If the Issuer fails
 to respond to such consent request within 3 Business Days of receipt of such request, the
 Issuer shall be deemed to have consented to such transfer to such Restricted Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Any
 transfer of an Issuer Note must be in compliance with the selling restrictions set out in
 Annex 4 (*Selling Restrictions*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** In
 relation to paragraph (b) of the definition of Restricted Lender, the following process
 will apply in relation to the Administration Agent acting on the instructions of all Noteholders
 for the purposes of responding to Hertz within 20 Business Days of receipt of a Restricted
 Lender Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** each
 Funding Agent, Committed Note Purchaser or Conduit Investor shall, no later than 10 Business
 Days following receipt of such Restricted Lender Notice, confirm to the Administrative Agent
 whether it (i) accepts that the Person identified in the Restricted Lender Notice shall
 be a Restricted Lender or (ii) rejects the assertion (acting reasonably) that the Person
 identified in any Restricted Lender Notice is a competitor of Hertz or any of its Subsidiaries.
 Where such Funding Agent, Committed Note Purchaser or Conduit Investor rejects the assertion,
 it must set out the reasons for objection in such confirmation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** to
 the extent that any Funding Agent, Committed Note Purchaser or Conduit Investor does not
 respond to the Administrative Agent within 10 Business Days of receipt of such notice, such
 Funding Agent, Committed Note Purchaser or Conduit Investor shall be deemed to instruct the
 Administrative Agent to confirm that the Person identified in the Restricted Lender Notice
 shall be a Restricted Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** no
 later than 15 Business Days following receipt of the Restricted Lender Notice, the Administrative
 Agent shall inform each Funding Agent, each Committed Note Purchaser and each Conduit Investor,
 as to whether (based on the responses or (if applicable) deemed instructions received from
 all Noteholders) it intends to (i) confirm that the Person identified in the Restricted
 Lender Notice shall be a Restricted Lender or (ii) reject the assertion that the Person
 identified in any Restricted Lender Notice is a competitor of Hertz or any of its Subsidiaries.
 Where there is not unanimous instruction to the Administrative Agent on such matter, the
 Administrative Agent shall use reasonable endeavors to seek to establish a unanimous agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** to
 the extent that all Funding Agent, Committed Note Purchaser and Conduit Investor are unable
 to reach unanimous agreement as to whether the Person identified in any Restricted Lender
 Notice is a competitor of Hertz or any of its Subsidiaries, then the Administrative Agent
 shall provide notice to the Issuer and Issuer Administrator, on or prior to the date that
 is 20 Business Days after the receipt of such Restricted Lender Notice, that it either accepts
 or rejects the assertion that the Person identified in any Restricted Lender Notice is a
 competitor of Hertz or any of its Subsidiaries, on the basis of the feedback received from
 the Required Noteholders.

**9.2** **Replacement of Investor Group** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Replacement of Class A Investor Group* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Notwithstanding
 anything to the contrary contained herein or in any other Related Document, in the event
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** any
 Class A Affected Person shall request reimbursement for amounts owing pursuant to any
 Specified Cost Section,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** a
 Class A Committed Note Purchaser shall become a Class A Defaulting Committed Note
 Purchaser, and such Class A Defaulting Committed Note Purchaser shall fail to pay any
 amounts in accordance with Sub-Clause 2.2(a)(vii) (*Class A Funding Defaults*)
 within five (5) Business days after demand from the applicable Class A Funding
 Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** any
 Class A Committed Note Purchaser or Class A Conduit Investor shall (x) become
 a Non-Extending Purchaser or (y) deliver a Class A Delayed Funding Notice or a
 Class A Second Delayed Funding Notice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** as
 of any date of determination (A) the rolling average Class A CP Rate applicable
 to the Class A CP Tranche attributable to any Class A Conduit Investor for any
 three (3) month period is equal to or greater than the greater of (I) the Class A
 CP Rate applicable to such Class A CP Tranche attributable to such Class A Conduit
 Investor at the start of such period plus 0.50% and (II) the product of (x) the
 Class A CP Rate applicable to such Class A CP Tranche attributable to such Class A
 Conduit Investor at the start of such period and (y) 125%, (B) any portion of the
 Class A Investor Group Principal Amount with respect to such Class A Conduit Investor
 is being continued or maintained as a Class A CP Tranche as of such date and (C) the
 circumstance described in paragraph (A) does not apply to more than two Class A
 Conduit Investors as of such date, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** any
 Class A Committed Note Purchaser or Class A Conduit Investor fails to give its
 consent to any amendment, modification, termination or waiver of any Issuer Related Document
 (a "**Class A Action** "), by the date specified by the Issuer, for which
 (A) at least half of the percentage of the Class A Committed Note Purchasers and
 the Class A Conduit Investors required for such Class A Action have consented to
 such Class A Action, and (B) the percentage of the Class A Committed Note
 Purchasers and the Class A Conduit Investors required for such Class A Action have
 not consented to such Class A Action or provided written notice that they intend to
 consent (each, a "**Class A Non-Consenting Purchaser** ", and each such
 Class A Committed Note Purchaser or Class A Conduit Investor described in Sub-Clauses
 (A) through (E) of this Clause 9.2, a "**Class A Potential Terminated Purchaser** "),

the Issuer shall be permitted, upon no less than seven (7) days' notice (the "**Class A Purchaser Termination Notice**") to the Administrative Agent, each Class A Conduit Investor, each Class A Committed Note Purchaser and each Class A Funding Agent related to each Class A Conduit Investor and Class A Committed Note Purchaser including the Class A Potential Terminated Purchaser, to (x)(1) elect to terminate the Class A Commitment, if any, of such Class A Potential Terminated Purchaser on the date specified in such Class A Purchaser Termination Notice, and (2) prepay on the date of such termination such Class A Potential Terminated Purchaser's portion of the Class A Investor Group Principal Amount for such Class A Potential Terminated Purchaser's Class A Investor Group and all accrued and unpaid interest thereon, if any, or (y) elect to cause such Class A Potential Terminated Purchaser to (and the Class A Potential Terminated Purchaser must (subject to it completing its know-your-customer requirements prior to such assignment)) assign its Class A Commitment to a replacement purchaser who may be an existing Class A Conduit Investor, Class A Committed Note Purchaser, Class A Program Support Provider or other Class A Noteholder (each, a "C**lass A Replacement Purchaser**" and, any such Class A Potential Terminated Purchaser with respect to which the Issuer has made any such election, a "**Class A Terminated Purchaser**"). In the case of a Class A Purchaser Termination Notice delivered in connection with any Class A Potential Terminated Purchaser who is a Class A Non-Consenting Purchaser pursuant to Sub-Clause 9.2(a)(i)(E), such Class A Purchaser Termination Notice shall specify each Class A Committed Note Purchaser and Class A Conduit Investor that is a Class A Potential Terminated Purchaser and shall provide that any Class A Committed Note Purchaser or Class A Conduit Investor that is not a Class A Potential Terminated Purchaser may notify the Issuer of its election to become a Class A Non-Consenting Purchaser and additional Class A Potential Terminated Purchaser (each, a "**Revoking Lender**"). The Issuer shall be permitted to make any election specified in clauses (x) or (y) of this final paragraph of Sub-Clause 9.2(a)(i) with respect to each Revoking Lender, upon which election by the Issuer each such Revoking Lender shall become an additional Class A Terminated Purchaser on the date specified in the Class A Purchaser Termination Notice delivered with respect to each Class A Potential Terminated Purchaser pursuant to the immediately preceding sentence. No Class A Purchaser Termination Notice shall be required to be delivered with respect to a Revoking Lender who becomes a Class A Potential Terminated Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The
 Issuer shall not make an election described in Sub-Clause 9.2(a) unless (i) no
 Amortization Event or Potential Amortization Event with respect to Class A Notes shall
 have occurred and be continuing at the time of such election (unless such Amortization Event
 or Potential Amortization Event would no longer be continuing after giving effect to such
 election), (ii) in respect of an election described in clause (y) of the final
 paragraph of Sub-Clause 9.2(a)(i) only, on or prior to the effectiveness of the applicable
 assignment, the Class A Terminated Purchaser shall have been paid its portion of the
 Class A Investor Group Principal Amount for such Class A Terminated Purchaser's
 Class A Investor Group and all accrued and unpaid interest thereon, if any, by or on
 behalf of the Issuer or the related Class A Replacement Purchaser, (iii) in the
 event that the Class A Terminated Purchaser is a Non-Extending Purchaser, the Class A
 Replacement Purchaser, if any, shall have agreed to the applicable extension of the Commitment
 Termination Date and (iv) in the event that the Class A Terminated Purchaser is
 a Class A Non-Consenting Purchaser, the Class A Replacement Purchaser, if any,
 shall have consented to the applicable amendment, modification, termination or waiver. Each
 Class A Terminated Purchaser hereby agrees to take all actions reasonably necessary,
 at the expense of the Issuer, to permit a Class A Replacement Purchaser to succeed to
 its rights and obligations hereunder. Notwithstanding the foregoing, the consent of each
 then-current member of an existing Class A Investor Group (other than any Class A
 Terminated Purchaser in such Class A Investor Group) shall be required in order for
 a Class A Replacement Purchaser to join any such Class A Investor Group. Upon the
 effectiveness of any such assignment to a Class A Replacement Purchaser, (i) such
 Class A Replacement Purchaser shall become a "**Class A Committed Note Purchaser** "
 or "**Class A Conduit Investor** ", as applicable, hereunder for all purposes
 of this Agreement and the other Issuer Related Documents, (ii) such Class A Replacement
 Purchaser shall have a Class A Commitment and a Class A Committed Note Purchaser
 Percentage in an amount not less than the Class A Terminated Purchaser's Commitment
 and Class A Committed Note Purchaser Percentage assumed by it, (iii) the Class A
 Commitment of the Class A Terminated Purchaser shall be terminated in all respects and
 the Class A Committed Note Purchaser Percentage of such Class A Terminated Purchaser
 shall become zero and (iv) the Administrative Agent shall revise Schedule 2 hereto to
 reflect the foregoing paragraphs (i) through (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Replacement of Class B Investor Group* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Notwithstanding
 anything to the contrary contained herein or in any other Related Document, in the event
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** any
 Class B Affected Person shall request reimbursement for amounts owing pursuant to any
 Specified Cost Section,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** a
 Class B Committed Note Purchaser shall become a Class B Defaulting Committed Note
 Purchaser, and such Class B Defaulting Committed Note Purchaser shall fail to pay any
 amounts in accordance with Sub-Clause 2.2(a)(vii) (*Class B Funding Defaults*)
 within five (5) Business days after demand from the applicable Class B Funding
 Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** any
 Class B Committed Note Purchaser or Class B Conduit Investor shall (x) become
 a Non-Extending Purchaser or (y) deliver a Class B Delayed Funding Notice or a
 Class B Second Delayed Funding Notice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** as
 of any date of determination (A) the rolling average Class B CP Rate applicable
 to the Class B CP Tranche attributable to any Class B Conduit Investor for any
 three (3) month period is equal to or greater than the greater of (I) the Class B
 CP Rate applicable to such Class B CP Tranche attributable to such Class B Conduit
 Investor at the start of such period plus 0.50% and (II) the product of (x) the
 Class B CP Rate applicable to such Class B CP Tranche attributable to such Class B
 Conduit Investor at the start of such period and (y) 125%, (B) any portion of the
 Class B Investor Group Principal Amount with respect to such Class B Conduit Investor
 is being continued or maintained as a Class B CP Tranche as of such date and (C) the
 circumstance described in paragraph (A) does not apply to more than two Class B
 Conduit Investors as of such date, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** any
 Class B Committed Note Purchaser or Class B Conduit Investor fails to give its
 consent to any amendment, modification, termination or waiver of any Issuer Related Document
 (a "**Class B Action** "), by the date specified by the Issuer, for which
 (A) at least half of the percentage of the Class B Committed Note Purchasers and
 the Class B Conduit Investors required for such Class B Action have consented to
 such Class B Action, and (B) the percentage of the Class B Committed Note
 Purchasers and the Class B Conduit Investors required for such Class B Action have
 not consented to such Class B Action or provided written notice that they intend to
 consent (each, a "**Class B Non-Consenting Purchaser** ", and each such
 Class B Committed Note Purchaser or Class B Conduit Investor described in Sub-Clauses
 (A) through (E) of this Clause 9.2, a "**Class B Potential Terminated Purchaser** "),

the Issuer shall be permitted, upon no less than seven (7) days' notice to the Administrative Agent, a Class B Potential Terminated Purchaser and its related Class B Funding Agent, to (x)(1) elect to terminate the Class B Commitment, if any, of such Class B Potential Terminated Purchaser on the date specified in such termination notice, and (2) prepay, provided that no Rapid Amortization Period is continuing and such prepayment would not cause an Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency to occur and no such event is continuing, on the date of such termination such Class B Potential Terminated Purchaser's portion of the Class B Investor Group Principal Amount for such Class B Potential Terminated Purchaser's Class B Investor Group and all accrued and unpaid interest thereon, if any, or (y) elect to cause such Class B Potential Terminated Purchaser to (and the Class B Potential Terminated Purchaser must) assign its Class B Commitment to a replacement purchaser who may be an existing Class B Conduit Investor, Committed Note Purchaser, Class B Program Support Provider or other Class B Noteholder (each, a "**Class B Replacement Purchaser**" and, any such Class B Potential Terminated Purchaser with respect to which the Issuer has made any such election, a "**Class B Terminated Purchaser**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The
 Issuer shall not make an election described in Sub-Clause 9.2(a) unless (i) no
 Amortization Event or Potential Amortization Event shall have occurred and be continuing
 at the time of such election (unless such Amortization Event or Potential Amortization Event
 would no longer be continuing after giving effect to such election), (ii) in respect
 of an election described in clause (y) of the final paragraph of Sub-Clause 9.2(a)(i) only,
 on or prior to the effectiveness of the applicable assignment, the Class B Terminated
 Purchaser shall have been paid its portion of the Class B Investor Group Principal Amount
 for such Class B Terminated Purchaser's Class B Investor Group and all accrued
 and unpaid interest thereon, if any, by or on behalf of the Issuer or the related Class B
 Replacement Purchaser, (iii) in the event that the Class B Terminated Purchaser
 is a Non-Extending Purchaser, the Class B Replacement Purchaser, if any, shall have
 agreed to the applicable extension of the relevant Commitment Termination Date related to
 Class B Notes and (iv) in the event that the Class B Terminated Purchaser
 is a Class B Non-Consenting Purchaser, the Class B Replacement Purchaser, if any,
 shall have consented to the applicable amendment, modification, termination or waiver. Each
 Class B Terminated Purchaser hereby agrees to take all actions reasonably necessary,
 at the expense of the Issuer, to permit a Class B Replacement Purchaser to succeed to
 its rights and obligations hereunder. Notwithstanding the foregoing, the consent of each
 then-current member of an existing Class B Investor Group (other than any Class B
 Terminated Purchaser in such Class B Investor Group) shall be required in order for
 a Class B Replacement Purchaser to join any such Class B Investor Group. Upon the
 effectiveness of any such assignment to a Class B Replacement Purchaser, (i) such
 Class B Replacement Purchaser shall become a "**Class B Committed Note Purchaser** "
 or "**Class B Conduit Investor** ", as applicable, hereunder for all purposes
 of this Agreement and the other Issuer Related Documents, (ii) such Class B Replacement
 Purchaser shall have a Class B Commitment and a Class B Committed Note Purchaser
 Percentage in an amount not less than the Class B Terminated Purchaser's Commitment
 and Class B Committed Note Purchaser Percentage assumed by it, (iii) the Class B
 Commitment of the Class B Terminated Purchaser shall be terminated in all respects and
 the Class B Committed Note Purchaser Percentage of such Class B Terminated Purchaser
 shall become zero and (iv) the Administrative Agent shall revise Schedule 2 hereto to
 reflect the foregoing paragraphs (i) through (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Replacement of Class C Investor Group* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Notwithstanding
 anything to the contrary contained herein or in any other Related Document, in the event
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** any
 Class C Affected Person shall request reimbursement for amounts owing pursuant to any
 Specified Cost Section,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** any
 Class C Committed Note Purchaser shall become a Non-Extending Purchaser,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** any
 Class C Committed Note Purchaser fails to give its consent to any amendment, modification,
 termination or waiver of any Issuer Related Document (a "**Class C Action** "),
 by the date specified by the Issuer, for which (A) at least half of the percentage of
 the Class C Committed Note Purchasers required for such Class C Action have consented
 to such Class C Action, and (B) the percentage of the Class C Committed Note
 Purchasers required for such Class C Action have not consented to such Class C
 Action or provided written notice that they intend to consent (each, a "**Class C Non-Consenting Purchaser** ", and each such Class C Committed Note Purchaser
 described in Sub-Clauses (A) through (E) of this Clause 9.2, a "**Class C Potential Terminated Purchaser** "),

the Issuer shall be permitted, upon no less than seven (7) days' notice to the Administrative Agent, a Class C Potential Terminated Purchaser and its related Class C Funding Agent, to (x)(1) elect to terminate the Class C Commitment, if any, of such Class C Potential Terminated Purchaser on the date specified in such termination notice, and (2) prepay, provided that no Rapid Amortization Period is continuing and such prepayment would not cause an Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency to occur and no such event is continuing, on the date of such termination such Class C Potential Terminated Purchaser's portion of the Class C Investor Group Principal Amount for such Class C Potential Terminated Purchaser's Class C Investor Group and all accrued and unpaid interest thereon, if any, or (y) elect to cause such Class C Potential Terminated Purchaser to (and the Class C Potential Terminated Purchaser must) assign its Class C Commitment to a replacement purchaser who may be an existing Committed Note Purchaser or other Class C Noteholder (each, a "**Class C Replacement Purchaser**" and, any such Class C Potential Terminated Purchaser with respect to which the Issuer has made any such election, a "**Class C Terminated Purchaser**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The
 Issuer shall not make an election described in Sub-Clause 9.2(a) unless (i) no
 Amortization Event or Potential Amortization Event shall have occurred and be continuing
 at the time of such election (unless such Amortization Event or Potential Amortization Event
 would no longer be continuing after giving effect to such election), (ii) in respect
 of an election described in clause (y) of the final paragraph of Sub-Clause 9.2(a)(i) only,
 on or prior to the effectiveness of the applicable assignment, the Class C Terminated
 Purchaser shall have been paid its portion of the Class C Investor Group Principal Amount
 for such Class C Terminated Purchaser's Class C Investor Group and all accrued
 and unpaid interest thereon, if any, by or on behalf of the Issuer or the related Class C
 Replacement Purchaser, (iii) in the event that the Class C Terminated Purchaser
 is a Non-Extending Purchaser, the Class C Replacement Purchaser, if any, shall have
 agreed to the applicable extension of the relevant Commitment Termination Date related to
 Class C Notes and (iv) in the event that the Class C Terminated Purchaser
 is a Class C Non-Consenting Purchaser, the Class C Replacement Purchaser, if any,
 shall have consented to the applicable amendment, modification, termination or waiver. Each
 Class C Terminated Purchaser hereby agrees to take all actions reasonably necessary,
 at the expense of the Issuer, to permit a Class C Replacement Purchaser to succeed to
 its rights and obligations hereunder. Notwithstanding the foregoing, the consent of each
 then-current member of an existing Class C Investor Group (other than any Class C
 Terminated Purchaser in such Class C Investor Group) shall be required in order for
 a Class C Replacement Purchaser to join any such Class C Investor Group. Upon the
 effectiveness of any such assignment to a Class C Replacement Purchaser, (i) such
 Class C Replacement Purchaser shall become a "**Class C Committed Note Purchaser** ",
 hereunder for all purposes of this Agreement and the other Issuer Related Documents, (ii) such
 Class C Replacement Purchaser shall have a Class C Commitment and a Class C
 Committed Note Purchaser Percentage in an amount not less than the Class C Terminated
 Purchaser's Commitment and Class C Committed Note Purchaser Percentage assumed
 by it, (iii) the Class C Commitment of the Class C Terminated Purchaser shall
 be terminated in all respects and the Class C Committed Note Purchaser Percentage of
 such Class C Terminated Purchaser shall become zero and (iv) the Administrative
 Agent shall revise Schedule 2 hereto to reflect the foregoing paragraphs (i) through
 (iii).

**9.3** **Assignments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Class A Assignments* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Any
 Class A Committed Note Purchaser may at any time sell all or any part of its rights
 and obligations under this Agreement and the Class A Notes and/or the Class A Investor
 Group Maximum Principal Amount, to any person without the consent of the Issuer, (a "**Class A Acquiring Committed Note Purchaser**") pursuant to an assignment and assumption agreement,
 substantially in the form of <u>Exhibit G-1</u> (the "**Class A Assignment and Assumption Agreement** "), executed by such Class A Acquiring Committed Note
 Purchaser, such assigning Class A Committed Note Purchaser, the Class A Funding
 Agent with respect to such Class A Committed Note Purchaser and the Issuer and delivered
 to the Administrative Agent; *provided that* no such transfer or assignment may be made
 to any person that is a Restricted Lender without the prior written consent of the Issuer,
 such consent not to be unreasonably withheld. If the Issuer fails to respond to such consent
 request within 3 Business Days of receipt of such request, the Issuer shall be deemed to
 have consented to such transfer to such Restricted Lender. An assignment by a Class A
 Committed Note Purchaser that is part of a Class A Investor Group that includes a Class A
 Conduit Investor to a Class A Investor Group that does not include a Class A Conduit
 Investor may be made pursuant to this Sub-Clause 9.3(a); *provided that*, immediately
 prior to such assignment each Class A Conduit Investor that is part of the assigning
 Class A Investor Group shall be deemed to have assigned all of its rights and obligations
 in the Class A Notes (and its rights and obligations hereunder and under each other
 Issuer Related Document) in respect of such assigned interest to its related Class A
 Committed Note Purchaser pursuant to Sub-Clause 9.3(a)(vii). Notwithstanding anything to
 the contrary herein, any assignment by a Class A Committed Note Purchaser to a different
 Class A Investor Group that includes a Class A Conduit Investor shall be made pursuant
 to Sub-Clause 9.3(a)(iii), and not this Sub-Clause 9.3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Without
 limiting Sub-Clause 9.3(a), each Class A Conduit Investor may assign all or a portion
 of the Class A Investor Group Principal Amount with respect to such Class A Conduit
 Investor and its rights and obligations under this Agreement and each other Issuer Related
 Document to which it is a party (or otherwise to which it has rights) to a Class A Conduit
 Assignee with respect to such Class A Conduit Investor without the prior written consent
 of the Issuer. Upon such assignment by a Class A Conduit Investor to a Class A
 Conduit Assignee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** such
 Class A Conduit Assignee shall be the owner of the Class A Investor Group Principal
 Amount or such portion thereof with respect to such Class A Conduit Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** the
 related administrative or managing agent for such Class A Conduit Assignee will act
 as the Class A Funding Agent for such Class A Conduit Assignee hereunder, with
 all corresponding rights and powers, express or implied, granted to the Class A Funding
 Agent hereunder or under each other Issuer Related Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** such
 Class A Conduit Assignee and its liquidity support provider(s) and credit support
 provider(s) and other related parties, in each case relating to the Class A Commercial
 Paper and/or the Class A Notes, shall have the benefit of all the rights and protections
 provided to such Class A Conduit Investor herein and in each other Issuer Related Document
 (including any limitation on recourse against such Class A Conduit Assignee as provided
 in this paragraph);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** such
 Class A Conduit Assignee shall assume all of such Class A Conduit Investor's
 obligations, if any, hereunder and under each other Issuer Related Document with respect
 to such portion of the Class A Investor Group Principal Amount and such Class A
 Conduit Investor shall be released from such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** all
 distributions in respect of the Class A Investor Group Principal Amount or such portion
 thereof with respect to such Class A Conduit Investor shall be made to the applicable
 Class A Funding Agent on behalf of such Class A Conduit Assignee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(F)** the
 definition of the term "Class A CP Rate" with respect to the portion of
 the Class A Investor Group Principal Amount with respect to such Class A Conduit
 Investor, as applicable funded with commercial paper issued by such Class A Conduit
 Assignee from time to time shall be determined in the manner set forth in the definition
 of "Class A CP Rate" applicable to such Class A Conduit Assignee on
 the basis of the interest rate or discount applicable to commercial paper issued by such
 Class A Conduit Assignee (rather than any other Class A Conduit Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(G)** the
 defined terms and other terms and provisions of this Agreement and each other Issuer Related
 Documents shall be interpreted in accordance with the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(H)** if
 reasonably requested by the Class A Funding Agent with respect to such Class A
 Conduit Assignee, the parties will execute and deliver such further agreements and documents
 and take such other actions as the Class A Funding Agent may reasonably request to evidence
 and give effect to the foregoing.

No assignment by any Class A Conduit Investor to a Class A Conduit Assignee of all or any portion of the Class A Investor Group Principal Amount with respect to such Class A Conduit Investor shall in any way diminish the obligation of the Class A Committed Note Purchasers in the same Class A Investor Group as such Class A Conduit Investor under Clause 2.2 to fund any Class A Advance not funded by such Class A Conduit Investor or such Class A Conduit Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** Any
 Class A Conduit Investor and the Class A Committed Note Purchaser with respect
 to such Class A Conduit Investor (or, with respect to any Class A Investor Group
 without a Class A Conduit Investor, the related Class A Committed Note Purchaser)
 at any time may sell all or any part of their respective (or, with respect to a Class A
 Investor Group without a Class A Conduit Investor, its) rights and obligations under
 this Agreement and the Class A Notes and/or the Class A Investor Group Maximum
 Principal Amount, to any Class A Investor Group without the prior written consent of
 the Issuer, to a Class A Investor Group with respect to which each acquiring Class A
 Conduit Investor is a multi-seller commercial paper conduit, whose commercial paper has ratings
 of at least "A-2" from S&P and "P2" from Moody's and that
 includes one or more financial institutions providing support to such multi-seller commercial
 paper conduit (an "**Class A Acquiring Investor Group**") pursuant to
 a transfer supplement, substantially in the form of <u>Exhibit H</u> (the "**Class A Investor Group Supplement** "), executed by such Class A Acquiring Investor Group,
 the Class A Funding Agent with respect to such Class A Acquiring Investor Group
 (including each Class A Conduit Investor (if any) and the Class A Committed Note
 Purchasers with respect to such Class A Investor Group), such assigning Class A
 Conduit Investor and the Class A Committed Note Purchasers with respect to such Class A
 Conduit Investor, the Class A Funding Agent with respect to such assigning Class A
 Conduit Investor and Class A Committed Note Purchasers and the Issuer and delivered
 to the Administrative Agent; *provided that* no such transfer or assignment may be made
 to any person that is a Restricted Lender without the prior written consent of the Issuer,
 such consent not to be unreasonably withheld. If the Issuer fails to respond to such consent
 request within 3 Business Days of receipt of such request, the Issuer shall be deemed to
 have consented to such transfer to such Restricted Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** Any
 Class A Committed Note Purchaser may, in the ordinary course of its business and in
 accordance with applicable law, at any time sell to one or more financial institutions or
 other entities ()"**Class A Participants**") participations in its Class A
 Committed Note Purchaser Percentage of the Class A Maximum Investor Group Principal
 Amount with respect to it and the other Class A Committed Note Purchasers included in
 the related Class A Investor Group, its Class A Note and its rights hereunder (or,
 in each case, a portion thereof) pursuant to documentation in form and substance satisfactory
 to such Class A Committed Note Purchaser and the Class A Participant; *provided*, *however*, that (i) in the event of any such sale by a Class A Committed Note
 Purchaser to a Class A Participant, (A) such Class A Committed Note Purchaser's
 obligations under this Agreement shall remain unchanged, (B) such Class A Committed
 Note Purchaser shall remain solely responsible for the performance thereof and (C) the
 Issuer and the Administrative Agent shall continue to deal solely and directly with such
 Class A Committed Note Purchaser in connection with its rights and obligations under
 this Agreement, (ii) no Class A Committed Note Purchaser shall sell any participating
 interest under which the Class A Participant shall have any right to approve, veto,
 consent, waive or otherwise influence any approval, consent or waiver of such Class A
 Committed Note Purchaser with respect to any amendment, consent or waiver with respect to
 this Agreement or any other Issuer Related Document, except to the extent that the approval
 of such amendment, consent or waiver otherwise would require the unanimous consent of all
 Class A Committed Note Purchasers hereunder, and (iii) no Class A Committed
 Note Purchaser shall sell any participating interest to any Restricted Lender. A Class A
 Participant shall have the right to receive reimbursement for amounts due pursuant to each
 Specified Cost Section but only to the extent that the related selling Class A
 Committed Note Purchaser would have had such right absent the sale of the related participation
 and, with respect to amounts due pursuant to Sub-Clause 3.8, only to the extent such Class A
 Participant shall have complied with the provisions of Sub-Clause 3.8 as if such Class A
 Participant were a Class A Committed Note Purchaser. Each such Class A Participant
 shall be deemed to have agreed to the provisions set forth in Sub-Clause 3.10 as if such
 Class A Participant were a Class A Committed Note Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** The
 Issuer authorizes each Class A Committed Note Purchaser to disclose to any Class A
 Participant or Class A Acquiring Committed Note Purchaser (each, a "**Class A Transferee**") and any prospective Class A Transferee any and all financial
 information in such Class A Committed Note Purchaser's possession concerning the
 Issuer, the Issuer Collateral, the Issuer Administrator and the Issuer Related Documents
 that has been delivered to such Class A Committed Note Purchaser by the Issuer in connection
 with such Class A Committed Note Purchaser's credit evaluation of the Issuer,
 the Issuer Collateral and the Issuer Administrator. For the avoidance of doubt, no Class A
 Committed Note Purchaser may disclose any of the foregoing information to any Class A
 Transferee who is a Restricted Lender without the prior written consent of the Issuer, such
 consent not to be unreasonably withheld. If the Issuer fails to respond to such consent request
 within 3 Business Days of receipt of such request, the Issuer shall be deemed to have consented
 to such transfer to such Restricted Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** Notwithstanding
 any other provision set forth in this Agreement, each Class A Conduit Investor or, if
 there is no Class A Conduit Investor with respect to any Class A Investor Group,
 the Class A Committed Note Purchaser with respect to such Class A Investor Group
 may at any time grant to one or more Class A Program Support Providers (or, in the case
 of a Class A Conduit Investor, to its related Class A Committed Note Purchaser)
 a participating interest in, security interest or lien on, or otherwise transfer and assign
 to one or more Class A Program Support Providers (or, in the case of a Class A
 Conduit Investor, to its related Class A Committed Note Purchaser), such Class A
 Conduit Investor's or, if there is no Class A Conduit Investor with respect to
 any Class A Investor Group, the related Class A Committed Note Purchaser's
 interests in the Class A Advances made hereunder and such Class A Program Support
 Provider (or such Class A Committed Note Purchaser, as the case may be), with respect
 to its participating or assigned interest, shall be entitled to the benefits granted to such
 Class A Conduit Investor or Class A Committed Note Purchaser, as applicable, under
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** Notwithstanding
 any other provision set forth in this Agreement, each Class A Conduit Investor may at
 any time, without the consent of the Issuer, transfer and assign all or a portion of its
 rights and obligations in the Issuer Notes (and its rights and obligations hereunder and
 under other Issuer Related Documents) to its related Class A Committed Note Purchaser
 or Class A Funding Agent pursuant to an assignment and assumption agreement, substantially
 in the form of Exhibit G-1, executed by such Class A Conduit Investor, its related
 Class A Committed Note Purchaser (as applicable), the Class A Funding Agent with
 respect to such Class A Conduit Investor or Class A Committed Note Purchaser (as
 applicable) and the Issuer and delivered to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Class B Assignments* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Any
 Class B Committed Note Purchaser may at any time sell all or any part of its rights
 and obligations under this Agreement and the Class B Notes, with the prior written consent
 of the Issuer, which consent shall not be unreasonably withheld, to one or more financial
 institutions (a "**Class B Acquiring Committed Note Purchaser**") pursuant
 to an assignment and assumption agreement, substantially in the form of <u>Exhibit G-2</u> (the "**Class B Assignment and Assumption Agreement** "), executed by
 such Class B Acquiring Committed Note Purchaser, such assigning Class B Committed
 Note Purchaser, the Class B Funding Agent with respect to such Class B Committed
 Note Purchaser and the Issuer and delivered to the Administrative Agent; *provided that*,
 the consent of the Issuer to any such assignment shall not be required (i) after the
 occurrence and during the continuance of an Amortization Event with respect to the Class B
 Notes or (ii) if such Class B Acquiring Committed Note Purchaser is an Affiliate
 of such assigning Class B Committed Note Purchaser; *provided further*, that the
 Issuer may withhold its consent in its sole and absolute discretion (and such withholding
 shall be deemed reasonable) to an assignment to a potential Class B Acquiring Committed
 Note Purchaser that is a Disqualified Party. An assignment by a Class B Committed Note
 Purchaser that is part of a Class B Investor Group that includes a Class B Conduit
 Investor to a Class B Investor Group that does not include a Class B Conduit Investor
 may be made pursuant to this Sub-Clause 9.3(a); *provided that*, immediately prior to
 such assignment each Class B Conduit Investor that is part of the assigning Class B
 Investor Group shall be deemed to have assigned all of its rights and obligations in the
 Class B Notes (and its rights and obligations hereunder and under each other Issuer
 Related Document) in respect of such assigned interest to its related Class B Committed
 Note Purchaser pursuant to Sub-Clause 9.3(a)(vii). Notwithstanding anything to the contrary
 herein, any assignment by a Class B Committed Note Purchaser to a different Class B
 Investor Group that includes a Class B Conduit Investor shall be made pursuant to Sub-Clause
 9.3(a)(iii), and not this Sub-Clause 9.3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Without
 limiting Sub-Clause 9.3(a), each Class B Conduit Investor may assign all or a portion
 of the Class B Investor Group Principal Amount with respect to such Class B Conduit
 Investor and its rights and obligations under this Agreement and each other Issuer Related
 Document to which it is a party (or otherwise to which it has rights) to a Class B Conduit
 Assignee with respect to such Class B Conduit Investor without the prior written consent
 of the Issuer. Upon such assignment by a Class B Conduit Investor to a Class B
 Conduit Assignee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** such
 Class B Conduit Assignee shall be the owner of the Class B Investor Group Principal
 Amount or such portion thereof with respect to such Class B Conduit Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** the
 related administrative or managing agent for such Class B Conduit Assignee will act
 as the Class B Funding Agent for such Class B Conduit Assignee hereunder, with
 all corresponding rights and powers, express or implied, granted to the Class B Funding
 Agent hereunder or under each other Issuer Related Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** such
 Class B Conduit Assignee and its liquidity support provider(s) and credit support
 provider(s) and other related parties, in each case relating to the Class B Commercial
 Paper and/or the Class B Notes, shall have the benefit of all the rights and protections
 provided to such Class B Conduit Investor herein and in each other Issuer Related Document
 (including any limitation on recourse against such Class B Conduit Assignee as provided
 in this paragraph);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** such
 Class B Conduit Assignee shall assume all of such Class B Conduit Investor's
 obligations, if any, hereunder and under each other Issuer Related Document with respect
 to such portion of the Class B Investor Group Principal Amount and such Class B
 Conduit Investor shall be released from such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** all
 distributions in respect of the Class B Investor Group Principal Amount or such portion
 thereof with respect to such Class A Conduit Investor shall be made to the applicable
 Class B Funding Agent on behalf of such Class B Conduit Assignee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(F)** the
 definition of the term "Class B CP Rate" with respect to the portion of
 the Class B Investor Group Principal Amount with respect to such Class B Conduit
 Investor, as applicable funded with commercial paper issued by such Class B Conduit
 Assignee from time to time shall be determined in the manner set forth in the definition
 of "Class B CP Rate" applicable to such Class B Conduit Assignee on
 the basis of the interest rate or discount applicable to commercial paper issued by such
 Class B Conduit Assignee (rather than any other Class B Conduit Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(G)** the
 defined terms and other terms and provisions of this Agreement and each other Issuer Related
 Documents shall be interpreted in accordance with the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(H)** if
 reasonably requested by the Class B Funding Agent with respect to such Class A
 Conduit Assignee, the parties will execute and deliver such further agreements and documents
 and take such other actions as the Class B Funding Agent may reasonably request to evidence
 and give effect to the foregoing.

No assignment by any Class B Conduit Investor to a Class B Conduit Assignee of all or any portion of the Class B Investor Group Principal Amount with respect to such Class B Conduit Investor shall in any way diminish the obligation of the Class B Committed Note Purchasers in the same Class B Investor Group as such Class B Conduit Investor under Clause 2.2 to fund any Class B Advance not funded by such Class B Conduit Investor or such Class B Conduit Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** Any
 Class B Conduit Investor and the Class B Committed Note Purchaser with respect
 to such Class B Conduit Investor (or, with respect to any Class A Investor Group
 without a Class B Conduit Investor, the related Class B Committed Note Purchaser)
 at any time may sell all or any part of their respective (or, with respect to a Class B
 Investor Group without a Class B Conduit Investor, its) rights and obligations under
 this Agreement and the Class B Notes, with the prior written consent of the Issuer,
 which consent shall not be unreasonably withheld, to a Class B Investor Group with respect
 to which each acquiring Class B Conduit Investor is a multi-seller commercial paper
 conduit, whose commercial paper has ratings of at least "A-2" from S&P and
 "P2" from Moody's and that includes one or more financial institutions
 providing support to such multi-seller commercial paper conduit (an "**Class B Acquiring Investor Group**") pursuant to a transfer supplement, substantially in
 the form of <u>Exhibit H</u> (the "**Class B Investor Group Supplement** "),
 executed by such Class B Acquiring Investor Group, the Class B Funding Agent with
 respect to such Class B Acquiring Investor Group (including each Class B Conduit
 Investor (if any) and the Class B Committed Note Purchasers with respect to such Class B
 Investor Group), such assigning Class B Conduit Investor and the Class B Committed
 Note Purchasers with respect to such Class B Conduit Investor, the Class B Funding
 Agent with respect to such assigning Class B Conduit Investor and Class B Committed
 Note Purchasers and the Issuer and delivered to the Administrative Agent; *provided that*,
 the consent of the Issuer to any such assignment shall not be required after the occurrence
 and during the continuance of an Amortization Event with respect to the Class B Notes; *provided further that* the Issuer may withhold its consent in its sole and absolute
 discretion (and such withholding shall be deemed reasonable) to an assignment to a potential
 Class B Acquiring Investor Group that (a) has ratings of at least "A-2"
 from S&P and "P2" by Moody's, but does not have ratings of at least
 "A-1" from S&P or "P1" by Moody's if such assignment will
 result in a material increase in the Issuer's costs of financing with respect to the
 applicable Issuer Notes or (b) is a Disqualified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** Any
 Class B Committed Note Purchaser may, in the ordinary course of its business and in
 accordance with applicable law, at any time sell to one or more financial institutions or
 other entities ()"**Class B Participants**") participations in its Class B
 Committed Note Purchaser Percentage of the Class B Maximum Investor Group Principal
 Amount with respect to it and the other Class B Committed Note Purchasers included in
 the related Class B Investor Group, its Class B Note and its rights hereunder (or,
 in each case, a portion thereof) pursuant to documentation in form and substance satisfactory
 to such Class B Committed Note Purchaser and the Class B Participant; *provided*, *however*, that (i) in the event of any such sale by a Class B Committed Note
 Purchaser to a Class B Participant, (A) such Class B Committed Note Purchaser's
 obligations under this Agreement shall remain unchanged, (B) such Class B Committed
 Note Purchaser shall remain solely responsible for the performance thereof and (C) the
 Issuer and the Administrative Agent shall continue to deal solely and directly with such
 Class B Committed Note Purchaser in connection with its rights and obligations under
 this Agreement, (ii) no Class B Committed Note Purchaser shall sell any participating
 interest under which the Class B Participant shall have any right to approve, veto,
 consent, waive or otherwise influence any approval, consent or waiver of such Class B
 Committed Note Purchaser with respect to any amendment, consent or waiver with respect to
 this Agreement or any other Issuer Related Document, except to the extent that the approval
 of such amendment, consent or waiver otherwise would require the unanimous consent of all
 Class B Committed Note Purchasers hereunder, and (iii) no Class B Committed
 Note Purchaser shall sell any participating interest to any Disqualified Party. A Class B
 Participant shall have the right to receive reimbursement for amounts due pursuant to each
 Specified Cost Section but only to the extent that the related selling Class B
 Committed Note Purchaser would have had such right absent the sale of the related participation
 and, with respect to amounts due pursuant to Sub-Clause 3.8, only to the extent such Class B
 Participant shall have complied with the provisions of Sub-Clause 3.8 as if such Class B
 Participant were a Class B Committed Note Purchaser. Each such Class B Participant
 shall be deemed to have agreed to the provisions set forth in Sub-Clause 3.10 as if such
 Class B Participant were a Class B Committed Note Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** The
 Issuer authorizes each Class B Committed Note Purchaser to disclose to any Class B
 Participant or Class B Acquiring Committed Note Purchaser (each, a "**Class B Transferee**") and any prospective Class B Transferee any and all financial
 information in such Class B Committed Note Purchaser's possession concerning the
 Issuer, the Issuer Collateral, the Issuer Administrator and the Issuer Related Documents
 that has been delivered to such Class B Committed Note Purchaser by the Issuer in connection
 with such Class B Committed Note Purchaser's credit evaluation of the Issuer,
 the Issuer Collateral and the Issuer Administrator. For the avoidance of doubt, no Class B
 Committed Note Purchaser may disclose any of the foregoing information to any Class B
 Transferee who is a Disqualified Party without the prior written consent of an Authorized
 Officer of the Issuer, which consent may be withheld for any reason in the Issuer's
 sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** Notwithstanding
 any other provision set forth in this Agreement, each Class B Conduit Investor or, if
 there is no Class B Conduit Investor with respect to any Class B Investor Group,
 the Class B Committed Note Purchaser with respect to such Class B Investor Group
 may at any time grant to one or more Class B Program Support Providers (or, in the case
 of a Class B Conduit Investor, to its related Class B Committed Note Purchaser)
 a participating interest in, security interest or lien on, or otherwise transfer and assign
 to one or more Class B Program Support Providers (or, in the case of a Class B
 Conduit Investor, to its related Class A Committed Note Purchaser), such Class B
 Conduit Investor's or, if there is no Class B Conduit Investor with respect to
 any Class B Investor Group, the related Class B Committed Note Purchaser's
 interests in the Class B Advances made hereunder and such Class B Program Support
 Provider (or such Class B Committed Note Purchaser, as the case may be), with respect
 to its participating or assigned interest, shall be entitled to the benefits granted to such
 Class B Conduit Investor or Class B Committed Note Purchaser, as applicable, under
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** Notwithstanding
 any other provision set forth in this Agreement, each Class B Conduit Investor may at
 any time, without the consent of the Issuer, transfer and assign all or a portion of its
 rights in the Class B Notes (and its rights hereunder and under other Issuer Related
 Documents) to its related Class B Committed Note Purchaser. Furthermore, each Class B
 Conduit Investor may at any time grant a security interest in or security on, all or any
 portion of its interests under this Agreement, its Class B Note and each other Issuer
 Related Document to (i) its related Class B Committed Note Purchaser, (ii) its
 Class B Funding Agent, (iii) any Class B Program Support Provider who, at
 any time now or in the future, provides program liquidity or credit enhancement, including
 an insurance policy for such Class B Conduit Investor relating to the Class B Commercial
 Paper or the Class B Notes, (iv) any other Person who, at any time now or in the
 future, provides liquidity or credit enhancement for the Class B Conduit Investors,
 including an insurance policy relating to the Class B Commercial Paper or the Class B
 Notes or (v) any security trustee or security agent for any of the foregoing; *provided*, *however*, any such security interest or lien shall be released upon assignment of its
 Class B Note to its related Class B Committed Note Purchaser. Each Class B
 Committed Note Purchaser may assign its Class B Commitment, or all or any portion of
 its interest under its Issuer Note, this Agreement and each other Issuer Related Document
 to any Person with the prior written consent of the Issuer, such consent not to be unreasonably
 withheld; *provided that*, the Issuer may withhold its consent in its sole and absolute
 discretion (and such withholding shall be deemed reasonable) to an assignment to any Person
 that is a Disqualified Party. Notwithstanding any other provisions set forth in this Agreement,
 each Class B Committed Note Purchaser may at any time create a security interest in
 all or any portion of its rights under this Agreement, its Class B Notes and the Issuer
 Related Document in favor of any other Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Class C Assignments* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Any
 Class C Committed Note Purchaser may at any time sell all or any part of its rights
 and obligations under this Agreement and the Class C Notes, with the prior written consent
 of the Issuer, which consent shall not be unreasonably withheld, to one or more financial
 institutions (a "**Class C Acquiring Committed Note Purchaser**") pursuant
 to an assignment and assumption agreement, substantially in the form of <u>Exhibit G-3</u> (the "**Class C Assignment and Assumption Agreement** "), executed by
 such Class C Acquiring Committed Note Purchaser, such assigning Class C Committed
 Note Purchaser, the Class C Funding Agent with respect to such Class C Committed
 Note Purchaser and the Issuer and delivered to the Administrative Agent; *provided that*,
 the consent of the Issuer to any such assignment shall not be required (i) after the
 occurrence and during the continuance of an Amortization Event with respect to the Class C
 Notes or (ii) if such Class C Acquiring Committed Note Purchaser is an Affiliate
 of such assigning Class C Committed Note Purchaser or a fund managed by such Class C
 Committed Note Purchaser; *provided further*, that the Issuer may withhold its consent
 in its sole and absolute discretion (and such withholding shall be deemed reasonable) to
 an assignment to a potential Class C Acquiring Committed Note Purchaser that is a Disqualified
 Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Any
 Class C Committed Note Purchaser may, in the ordinary course of its business and in
 accordance with applicable law, at any time sell to one or more financial institutions or
 other entities ()"**Class C Participants**") participations in its Class C
 Committed Note Purchaser Percentage of the Class C Maximum Investor Group Principal
 Amount with respect to it and the other Class C Committed Note Purchasers included in
 the related Class C Investor Group, its Class C Note and its rights hereunder (or,
 in each case, a portion thereof) pursuant to documentation in form and substance satisfactory
 to such Class C Committed Note Purchaser and the Class C Participant; *provided*, *however*, that (i) in the event of any such sale by a Class C Committed Note
 Purchaser to a Class C Participant, (A) such Class C Committed Note Purchaser's
 obligations under this Agreement shall remain unchanged, (B) such Class C Committed
 Note Purchaser shall remain solely responsible for the performance thereof and (C) the
 Issuer and the Administrative Agent shall continue to deal solely and directly with such
 Class C Committed Note Purchaser in connection with its rights and obligations under
 this Agreement, (ii) no Class C Committed Note Purchaser shall sell any participating
 interest under which the Class C Participant shall have any right to approve, veto,
 consent, waive or otherwise influence any approval, consent or waiver of such Class C
 Committed Note Purchaser with respect to any amendment, consent or waiver with respect to
 this Agreement or any other Issuer Related Document, except to the extent that the approval
 of such amendment, consent or waiver otherwise would require the unanimous consent of all
 Class C Committed Note Purchasers hereunder, and (iii) no Class C Committed
 Note Purchaser shall sell any participating interest to any Disqualified Party. A Class C
 Participant shall have the right to receive reimbursement for amounts due pursuant to each
 Specified Cost Section but only to the extent that the related selling Class C
 Committed Note Purchaser would have had such right absent the sale of the related participation
 and, with respect to amounts due pursuant to Sub-Clause 3.8, only to the extent such Class C
 Participant shall have complied with the provisions of Sub-Clause 3.8 as if such Class C
 Participant were a Class C Committed Note Purchaser. Each such Class C Participant
 shall be deemed to have agreed to the provisions set forth in Sub-Clause 3.10 as if such
 Class C Participant were a Class C Committed Note Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** The
 Issuer authorizes each Class C Committed Note Purchaser to disclose to any Class C
 Participant or Class C Acquiring Committed Note Purchaser (each, a "**Class C Transferee**") and any prospective Class C Transferee any and all financial
 information in such Class C Committed Note Purchaser's possession concerning the
 Issuer, the Issuer Collateral, the Issuer Administrator and the Issuer Related Documents
 that has been delivered to such Class C Committed Note Purchaser by the Issuer in connection
 with such Class C Committed Note Purchaser's credit evaluation of the Issuer,
 the Issuer Collateral and the Issuer Administrator. For the avoidance of doubt, no Class C
 Committed Note Purchaser may disclose any of the foregoing information to any Class C
 Transferee who is a Disqualified Party without the prior written consent of an Authorized
 Officer of the Issuer, which consent may be withheld for any reason in the Issuer's
 sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** Each
 Class C Committed Note Purchaser may assign its Class C Commitment, or all or any
 portion of its interest under its Issuer Note, this Agreement and each other Issuer Related
 Document to any Person with the prior written consent of the Issuer, such consent not to
 be unreasonably withheld; *provided that*, the Issuer may withhold its consent in its
 sole and absolute discretion (and such withholding shall be deemed reasonable) to an assignment
 to any Person that is a Disqualified Party. Notwithstanding any other provisions set forth
 in this Agreement, each Class C Committed Note Purchaser may at any time create a security
 interest in all or any portion of its rights under this Agreement, its Class C Notes
 and the Issuer Related Document in favor of any other Governmental Authority.

**9.4** **Identity of Class B Noteholders and Class C Noteholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Notwithstanding
 any other provision of this Agreement or the Related Documents, Class B Notes or Class C
 Notes, or any commitment relating to the same, may only be issued, assumed, assigned or transferred
 to a Person that is an Approved Subscriber, where:

"**Approved Subscriber**" means institutions which are (i) insurance companies; (ii) funds or asset managers which are not Distressed Debt Funds; or (iii) banks (including their ABCP conduits and Affiliates), in each case which are of international standing and repute;

"**Distressed Debt Fund**" means investment vehicle whose principal investment strategy is the purchase of loans or other debt securities with the intention of owning the equity or gaining control of a business (directly or indirectly) and where at least 50% of its deployed capital is constituted by distressed debt acquired at a discount of 25% or more below par value pursuant to the principal investment strategy, and which shall in all cases exclude affiliates that do not meet these criteria, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** where
 an asset manager operates a multi-strategy business (a "**Multi-Strategy Investor** "),
 any trust, fund or other investment vehicle operated by that asset manager which is separately
 and independently managed and advised from a Distressed Debt Fund and which does not meet
 the criteria set out in the forgoing sentence shall not constitute a Distressed Debt Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** "Distressed
 Debt Fund" shall be construed so as to include the debt trading desk (or equivalent)
 operated by a bank or financial institution, where that trading desk would be engaging in
 trading for or on behalf of an entity which itself constitutes a Distressed Debt Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** a
 Related Fund of a Distressed Debt Fund shall not be a Distressed Debt Fund solely due to
 the fact that is a Related Fund of such a Distressed Debt Fund; instead, the investment strategy
 of such Related Fund shall be evaluated independently of the related Distressed Debt Fund;
 and

"**Related Fund**" in relation to a fund or account (the first fund), means a fund or account which is managed or advised (directly or indirectly) by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

Any waiver or amendment to this Sub-Clause 9.4(a) shall require consent of the Issuer and all of the Noteholders.

**9.5** **Termination of MatchPoint Finance Plc** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The
 Issuer shall, on or prior to 30 April 2027 (the "**MatchPoint Commitment Longstop Date** "), and upon no less than seven (7) days' notice (the "**MatchPoint Exit Notice**") to the Administrative Agent, each Class A Conduit Investor,
 each Class A Committed Note Purchaser and each Class A Funding Agent related to
 each Class A Conduit Investor and Class A Committed Note Purchaser including MatchPoint
 Finance plc ()"**MatchPoint**") and BNP Paribas S.A., either (x)(1) terminate
 the Class A Commitment, if any, of MatchPoint on the date specified in such MatchPoint
 Exit Notice (which for the avoidance of doubt, must be a date which is at least 2 Business
 Days prior to the MatchPoint Commitment Longstop Date), and (2) prepay on the date of
 such termination MatchPoint's Class A Notes and all accrued and unpaid interest
 thereon, if any, or (y) cause MatchPoint to (and MatchPoint must) assign – on
 a date which is at least 2 Business Days prior to the MatchPoint Commitment Longstop Date
 – its Class A Commitment to a replacement purchaser who may be an existing Class A
 Conduit Investor, Class A Committed Note Purchaser, Class A Program Support Provider
 or other Class A Noteholder (each, a "**MatchPoint Class A Mandatory Replacement Purchaser** "). Any prepayment pursuant to paragraph (x)(2) above may, without
 prejudice to the additional requirements set out in Sub-Clause 9.5(b) below, only: (i) be
 effected with funds made available to the Issuer by way of an advance under the Issuer Subordinated
 Facility Agreement; (ii) otherwise be capable of being made (including through a drawing
 of funds from other Class A Committed Note Purchasers in accordance with the terms of
 this Agreement) to the extent such payment (together with any corresponding drawing or other
 related step) would not result in an Aggregate Asset Amount Deficiency; or (iii) be
 capable of being made through a combination of (i) and (ii). The exercise of the MatchPoint
 Exit Notice and the subsequent successful completion of the actions listed at (x) or
 (y) above (as specified in the MatchPoint Exit Notice) shall constitute the "**MatchPoint Removal Completion** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The
 Issuer shall not be capable of making an election described in Sub-Clause 9.5(a) unless
 (i) no Amortization Event or Potential Amortization Event with respect to Class A
 Notes shall have occurred and be continuing at the time of such election, (ii) in respect
 of an election described in clause (y) of the final paragraph of Sub-Clause 9.5(a) only,
 on or prior to the effectiveness of the applicable assignment, MatchPoint shall have been
 paid the principal amount of its Class A Notes and all accrued and unpaid interest thereon,
 if any, by or on behalf of the Issuer or the related MatchPoint Class A Mandatory Replacement
 Purchaser. MatchPoint hereby agrees to take all actions reasonably necessary, at the expense
 of the Issuer, to permit a MatchPoint Class A Mandatory Replacement Purchaser to succeed
 to its rights and obligations hereunder. Upon the effectiveness of any such assignment to
 a MatchPoint Class A Mandatory Replacement Purchaser, (i) such MatchPoint Class A
 Mandatory Replacement Purchaser shall (to the extent it was not already so) become a "Class A
 Committed Note Purchaser" or "Class A Conduit Investor", as applicable,
 hereunder for all purposes of this Agreement and the other Issuer Related Documents, (ii) such
 MatchPoint Class A Mandatory Replacement Purchaser shall have a Class A Commitment
 and a Class A Committed Note Purchaser Percentage in an amount not less than the Class A
 Commitment of MatchPoint and Class A Committed Note Purchaser Percentage of MatchPoint
 assumed by it, (iii) the Class A Commitment of MatchPoint shall be terminated in
 all respects and the Class A Committed Note Purchaser Percentage of MatchPoint shall
 become zero and (iv) the Administrative Agent shall revise Schedule 2 hereto to reflect
 the foregoing paragraphs (i) through (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** For
 the avoidance of doubt, a failure by the Issuer to procure the MatchPoint Removal Completion
 by a date falling at least 2 Business Days prior to the MatchPoint Commitment Longstop Date
 shall automatically be deemed to constitute an Amortization Event under Clause 7.1 of this
 Agreement and shall only be capable of being waived by 100% of the Class A Noteholders,
 including MatchPoint, and, unless validly waived, all amounts in respect of the Class A
 Notes shall immediately become due and payable.

**9.6** **Termination of Managed and Enhanced Tap (Magenta) Funding S.T.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The
 Issuer shall, on or prior to 30 April 2027 (the "**Magenta Commitment Longstop Date** "), and upon no less than seven (7) days' notice (the "**Magenta Exit Notice**") to the Administrative Agent, each Class A Conduit Investor,
 each Class A Committed Note Purchaser and each Class A Funding Agent related to
 each Class A Conduit Investor and Class A Committed Note Purchaser including Managed
 and Enhanced Tap (Magenta) Funding S.T. ()"**Magenta**") and Natixis S.A., either
 (x)(1) terminate the Class A Commitment, if any, of Magenta on the date specified
 in such Magenta Exit Notice (which for the avoidance of doubt, must be a date which is at
 least 2 Business Days prior to the Magenta Commitment Longstop Date), and (2) prepay
 on the date of such termination Magenta's Class A Notes and all accrued and unpaid interest
 thereon, if any, or (y) cause Magenta to (and Magenta must) assign – on a date
 which is at least 2 Business Days prior to the Magenta Commitment Longstop Date – its
 Class A Commitment to a replacement purchaser who may be an existing Class A Conduit
 Investor, Class A Committed Note Purchaser, Class A Program Support Provider or
 other Class A Noteholder (each, a "**Magenta Class A Mandatory Replacement Purchaser** "). Any prepayment pursuant to paragraph (x)(2) above may, without
 prejudice to the additional requirements set out in Sub-Clause 9.6(b) below, only: (i) be
 effected with funds made available to the Issuer by way of an advance under the Issuer Subordinated
 Facility Agreement; (ii) otherwise be capable of being made (including through a drawing
 of funds from other Class A Committed Note Purchasers in accordance with the terms of
 this Agreement) to the extent such payment (together with any corresponding drawing or other
 related step) would not result in an Aggregate Asset Amount Deficiency; or (iii) be
 capable of being made through a combination of (i) and (ii). The exercise of the Magenta
 Exit Notice and the subsequent successful completion of the actions listed at (x) or
 (y) above (as specified in the Magenta Exit Notice) shall constitute the "**Magenta Removal Completion** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The
 Issuer shall not be capable of making an election described in Sub-Clause 9.6(a) unless
 (i) no Amortization Event or Potential Amortization Event with respect to Class A
 Notes shall have occurred and be continuing at the time of such election, (ii) in respect
 of an election described in clause (y) of the final paragraph of Sub-Clause 9.6(a) only,
 on or prior to the effectiveness of the applicable assignment, Magenta shall have been paid
 the principal amount of its Class A Notes and all accrued and unpaid interest thereon,
 if any, by or on behalf of the Issuer or the related Magenta Class A Mandatory Replacement
 Purchaser. Magenta hereby agrees to take all actions reasonably necessary, at the expense
 of the Issuer, to permit a Magenta Class A Mandatory Replacement Purchaser to succeed
 to its rights and obligations hereunder. Upon the effectiveness of any such assignment to
 a Magenta Class A Mandatory Replacement Purchaser, (i) such Magenta Class A
 Mandatory Replacement Purchaser shall (to the extent it was not already so) become a "Class A
 Committed Note Purchaser" or "Class A Conduit Investor", as applicable,
 hereunder for all purposes of this Agreement and the other Issuer Related Documents, (ii) such
 Magenta Class A Mandatory Replacement Purchaser shall have a Class A Commitment
 and a Class A Committed Note Purchaser Percentage in an amount not less than the Class A
 Commitment of Magenta and Class A Committed Note Purchaser Percentage of Magenta assumed
 by it, (iii) the Class A Commitment of Magenta shall be terminated in all respects
 and the Class A Committed Note Purchaser Percentage of Magenta shall become zero and
 (iv) the Administrative Agent shall revise Schedule 2 hereto to reflect the foregoing
 paragraphs (i) through (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** For
 the avoidance of doubt, a failure by the Issuer to procure the Magenta Removal Completion
 by a date falling at least 2 Business Days prior to the Magenta Commitment Longstop Date
 shall automatically be deemed to constitute an Amortization Event under Clause 7.1 of this
 Agreement and shall only be capable of being waived by 100% of the Class A Noteholders,
 including Magenta, and, unless validly waived, all amounts in respect of the Class A
 Notes shall immediately become due and payable.

---

| | |
|:---|:---|
| **10** | **THE ADMINISTRATIVE AGENT** |

---

**10.1** **Authorization and Action of the Administrative Agent** 

Each of the Class A Conduit Investors, the Class A Committed Note Purchasers and the Class A Funding Agents hereby designates and appoints Credit Agricole Corporate and Investment Bank as the Administrative Agent hereunder, and hereby authorizes the Administrative Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. Each of the Class B Conduit Investors, the Class B Committed Note Purchasers and the Class B Funding Agents hereby designates and appoints Credit Agricole Corporate and Investment Bank as the Administrative Agent hereunder, and hereby authorizes the Administrative Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. Following the issuance of the Class C Notes, any Class C Committed Note Purchasers and Class C Funding Agents shall designate and appoint Credit Agricole Corporate and Investment Bank as the Administrative Agent hereunder and the Administrative Agent shall be authorized to take such actions as agent on their behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Conduit Investor, any Committed Note Purchaser or any Funding Agent, and no implied covenants, functions, responsibilities, duties, obligations or Liabilities on the part of the Administrative Agent shall be read into this Agreement or otherwise exist for the Administrative Agent. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Conduit Investors, the Committed Note Purchasers and the Funding Agents and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or agency with or for the Issuer or any of its successors or assigns. The Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability or that is contrary to this Agreement or applicable law. The appointment and authority of the Administrative Agent hereunder shall terminate upon the indefeasible payment in full of the Issuer Notes and all other amounts owed by the Issuer hereunder to the Class A Investor Groups, the Class B Investor Groups and the Class C Investor Groups (the "**Aggregate Unpaids**").

**10.2** **Delegation of Duties** 

The Administrative Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

**10.3** **Exculpatory Provisions** 

Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person's own gross negligence or willful misconduct), or (b) responsible in any manner to any Conduit Investor, any Committed Note Purchaser or any Funding Agent for any recitals, statements, representations or warranties made by the Issuer contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in Clause 2. The Administrative Agent shall not be under any obligation to any Conduit Investor, any Committed Note Purchaser or any Funding Agent to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Issuer. The Administrative Agent shall not be deemed to have knowledge of any Amortization Event, Potential Amortization Event or Liquidation Event unless the Administrative Agent has received notice from the Issuer, any Conduit Investor, any Committed Note Purchaser or any Funding Agent.

**10.4** **Reliance** 

The Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel, independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of any Conduit Investor, any Committed Note Purchaser or any Funding Agent as it deems appropriate or it shall first be indemnified to its satisfaction by any Conduit Investor, any Committed Note Purchaser or any Funding Agent, *provided that*, unless and until the Administrative Agent shall have received such advice, the Administrative Agent may take or refrain from taking any action, as the Administrative Agent shall deem advisable and in the best interests of the Conduit Investors, the Committed Note Purchasers and the Funding Agents. To the extent any Conduit Investor, any Committed Note Purchaser or any Funding Agent is required to indemnify the Administrative Agent, such Conduit Investor, Committed Note Purchaser or Funding Agent shall be entitled to be indemnified by the Issuer in an amount equal to the amount to be paid to the Administrative Agent. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Required Noteholders and such request and any action taken or failure to act pursuant thereto shall be binding upon the Conduit Investors, the Committed Note Purchasers and the Funding Agents.

**10.5** **Non-Reliance on the Administrative Agent and Other Purchasers** 

Each of the Conduit Investors, the Committed Note Purchasers and the Funding Agents expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Issuer, shall be deemed to constitute any representation or warranty by the Administrative Agent. Each of the Conduit Investors, the Committed Note Purchasers and the Funding Agents represent and warrant to the Administrative Agent that they have and will, independently and without reliance upon the Administrative Agent and based on such documents and information as they have deemed appropriate, made their own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Issuer and made its own decision to enter into this Agreement.

**10.6** **The Administrative Agent in its Individual Capacity** 

The Administrative Agent and any of its Affiliates may purchase, hold and transfer, as the case may be, Issuer Notes and may otherwise make loans to, accept deposits from, and generally engage in any kind of business with the Issuer or any Affiliate of the Issuer as though the Administrative Agent were not the Administrative Agent hereunder.

**10.7** **Successor Administrative Agent** 

The Administrative Agent may, upon thirty (30) days' notice to the Issuer and each of the Conduit Investors, the Committed Note Purchasers and the Funding Agents, and the Administrative Agent will, upon the direction of the Required Noteholders as of such date, resign as Administrative Agent. If the Administrative Agent shall resign, then the Investor Groups, during such 30 day period, shall appoint an Affiliate of a member of the Investor Groups as a successor agent. If for any reason no successor Administrative Agent is appointed by the Investor Groups during such 30 day period, then effective upon the expiration of such 30 day period, the Issuer for all purposes shall deal directly with the Funding Agents. After any retiring Administrative Agent's resignation hereunder as Administrative Agent, the provisions of Sub-Clause 11.4 and this Clause 10 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement.

**10.8** **Authorization and Action of Funding Agents** 

Each Conduit Investor and each Committed Note Purchaser is hereby deemed to have designated and appointed the Funding Agent set forth next to such Conduit Investor's name, or if there is no Conduit Investor with respect to any Investor Group, the Committed Note Purchaser's name with respect to such Investor Group, on Schedule 2 hereto as the agent of such Person hereunder, and hereby authorizes such Funding Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to such Funding Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. Each Funding Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with the related Investor Group, and no implied covenants, functions, responsibilities, duties, obligations or Liabilities on the part of such Funding Agent shall be read into this Agreement or otherwise exist for such Funding Agent. In performing its functions and duties hereunder, each Funding Agent shall act solely as agent for the related Investor Group and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or agency with or for the Issuer or any of its successors or assigns. Each Funding Agent shall not be required to take any action that exposes such Funding Agent to personal liability or that is contrary to this Agreement or Applicable Law. The appointment and authority of the Funding Agent hereunder shall terminate upon the indefeasible payment in full of the Aggregate Unpaids.

**10.9** **Delegation of Duties** 

Each Funding Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Funding Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

**10.10** **Exculpatory Provisions** 

Neither any Funding Agent nor any of their directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person's own gross negligence or willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or warranties made by the Issuer contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in Clause 2. No Funding Agent shall be under any obligation to its related Investor Group to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Issuer. No Funding Agent shall be deemed to have knowledge of any Amortization Event, Potential Amortization Event or Liquidation Event, unless such Funding Agent has received notice from the Issuer (or any agent or designee thereof) or its related Investor Group.

**10.11** **Reliance** 

Each Funding Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of the Administrative Agent and legal counsel, independent accountants and other experts selected by such Funding Agent. Each Funding Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of the related Investor Group as it deems appropriate or it shall first be indemnified to its satisfaction by the related Investor Group, *provided that*, unless and until such Funding Agent shall have received such advice, such Funding Agent may take or refrain from taking any action, as such Funding Agent shall deem advisable and in the best interests of the related Investor Group. Each Funding Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the related Investor Group and such request and any action taken or failure to act pursuant thereto shall be binding upon its related Investor Group.

**10.12** **Non-Reliance on the Funding Agent and Other Purchasers** 

Each Investor Group expressly acknowledges that neither its related Funding Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by such Funding Agent hereafter taken, including any review of the affairs of the Issuer, shall be deemed to constitute any representation or warranty by such Funding Agent. Each Investor Group represents and warrants to its related Funding Agent that it has and will, independently and without reliance upon such Funding Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Issuer and made its own decision to enter into this Agreement.

**10.13** **The Funding Agent in its Individual Capacity** 

Each Funding Agent and any of its Affiliates may purchase, hold and transfer, as the case may be, the Issuer Notes and may otherwise make loans to, accept deposits from, and generally engage in any kind of business with the Issuer or any Affiliate of the Issuer as though such Funding Agent were not a Funding Agent hereunder.

**10.14** **Successor Funding Agent** 

Each Funding Agent will, upon the direction of its related Investor Group, resign as such Funding Agent. If such Funding Agent shall resign, then the related Investor Group shall appoint an Affiliate of a member of its related Investor Group as a successor agent. If for any reason no successor Funding Agent is appointed by the related Investor Group, then effective upon the resignation of such Funding Agent, the Issuer for all purposes shall deal directly with such Investor Group. After any retiring Funding Agent's resignation hereunder as Funding Agent, subject to the limitations set forth herein, the provisions of Sub-Clause 11.4 and this Clause 9.4 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Funding Agent under this Agreement.

**10.15** **Resignation of the Administrative Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The
 Administrative Agent may resign and appoint one of its Affiliates as successor by giving
 notice to the Funding Agents and the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Alternatively
 the Administrative Agent may resign by giving thirty (30) days' notice to the Funding
 Agents and the Issuer, in which case the Required Supermajority Noteholders (after consultation
 with the Issuer) may appoint a successor Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** If
 the Required Supermajority Noteholders have not appointed a successor Administrative Agent
 in accordance with paragraph (b) above within twenty (20) days after notice of resignation
 was given, the retiring Administrative Agent (after consultation with the Issuer) may appoint
 a successor Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The
 retiring Administrative Agent shall, at its own cost, make available to the successor Administrative
 Agent such documents and records and provide such assistance as the successor Administrative
 Agent may reasonably request for the purposes of performing its functions as Administrative
 Agent under the Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The
 Administrative Agent's resignation notice shall only take effect upon the appointment
 of a successor.

---

| | |
|:---|:---|
| **11** | **GENERAL** |

---

**11.1** **Optional Repurchase of the Issuer Notes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Optional Repurchase of the Class A Notes* 

The Class A Notes shall be subject to repurchase (in whole) by the Issuer at its option, upon three (3) Business Days' prior written notice to the Issuer Security Trustee at any time. The repurchase price for any Class A Note (in each case, the "**Class A Note Repurchase Amount**") shall equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the
 Class A Principal Amount of such Class A Notes (determined after giving effect
 to any payments of principal and interest on the Payment Date immediately preceding the date
 of purchase pursuant to this Sub-Clause 11.1); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** all
 accrued and unpaid interest (including any deferred interest) on the Class A Notes through
 such date of repurchase under this Sub-Clause 11.1) (and, with respect to the portion of
 such principal balance that was funded with Class A Commercial Paper issued at a discount,
 all accrued and unpaid discount on such Class A Commercial Paper from the issuance date(s) thereof
 to the date of repurchase under this Sub-Clause 11.1 and the aggregate discount to accrue
 on such Class A Commercial Paper from the date of repurchase under this Sub-Clause 11.1
 to the next succeeding Payment Date); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** all
 associated breakage costs payable as a result of such repurchase (calculated in accordance
 with Sub-Clause 3.5); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** any
 other amounts then due and payable to the holders of such Class A Notes pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Optional Repurchase of the Class B Notes* 

The Class B Notes shall be subject to repurchase (in whole) by the Issuer at its option, provided that no Rapid Amortization Period is continuing and no Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency is continuing and such repurchase would not result in an Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency, upon three (3) Business Days' prior written notice to the Issuer Security Trustee at any time. The repurchase price for any Class B Note (in each case, the "**Class B Note Repurchase Amount**") shall equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the
 Class B Principal Amount of such Class B Notes (determined after giving effect
 to any payments of principal and interest on the Payment Date immediately preceding the date
 of purchase pursuant to this Sub-Clause 11.1); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** all
 accrued and unpaid interest on the Class B Notes through such date of repurchase under
 this Sub-Clause 11.1) (and, with respect to the portion of such principal balance that was
 funded with Class B Commercial Paper issued at a discount, all accrued and unpaid discount
 on such Class B Commercial Paper from the issuance date(s) thereof to the date
 of repurchase under this Sub-Clause 11.1 and the aggregate discount to accrue on such Class B
 Commercial Paper from the date of repurchase under this Sub-Clause 11.1 to the next succeeding
 Payment Date); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** all
 associated breakage costs payable as a result of such repurchase (calculated in accordance
 with Sub-Clause 3.5); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** any
 other amounts then due and payable to the holders of such Class B Notes pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Optional Repurchase of the Class C Notes* 

The Class C Notes shall be subject to repurchase (in whole) by the Issuer at its option, provided that no Rapid Amortization Period is continuing and no Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency is continuing and such repurchase would not result in an Amortization Event, Potential Amortization Event or Aggregate Asset Amount Deficiency, upon three (3) Business Days' prior written notice to the Issuer Security Trustee at any time. The repurchase price for any Class C Note (in each case, the "**Class C Note Repurchase Amount**") shall equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the
 Class C Principal Amount of such Class C Notes (determined after giving effect
 to any payments of principal and interest on the Payment Date immediately preceding the date
 of purchase pursuant to this Sub-Clause 11.1); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** all
 accrued and unpaid interest on the Class C Notes through such date of repurchase under
 this Sub-Clause 11.1); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** all
 associated breakage costs payable as a result of such repurchase (calculated in accordance
 with Sub-Clause 3.5); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** any
 other amounts then due and payable to the holders of such Class C Notes pursuant hereto.

**11.2** **Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** On
 or before the fourth Business Day prior to each Payment Date (unless otherwise agreed to
 by the Issuer Security Trustee), the Issuer shall furnish to the Administrative Agent and
 the Issuer Security Trustee a Monthly Noteholders' Statement with respect to the Issuer
 Notes, in a Microsoft Excel electronic file (or similar electronic file) setting forth the
 following information (*provided that* the Issuer can provide, with the prior written
 consent of the Issuer Security Trustee, information in the Monthly Noteholders' Statement
 additional to the following information; *provided further*, that the Issuer can, with
 the prior written consent of the Issuer Security Trustee, change the form of such Monthly
 Noteholders' Statement (for the avoidance of doubt, the information therein should
 be substantively similar to the following information); *provided further*, that any
 such information related solely to the Class C Notes shall not be required to be provided
 in such Monthly Noteholders' Statement unless and until the Class C Notes are
 issued pursuant to Sub-Clause 2.1(a)(iii)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accrued Amounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted Asset Coverage
 Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted Principal
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Asset Amount
 Deficiency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Aggregate Leasing
 Company Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Alternative Payment
 Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Asset Coverage Threshold
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Available L/C Cash
 Collateral Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Available Reserve
 Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Belgian Class A
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Belgian Class B
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Belgian Class C
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capped Issuer Administrator
 Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capped Issuer Operating
 Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capped Issuer Security
 Trustee Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class A Adjusted
 Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class A Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class A Available
 Headroom Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class A Concentration
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class A Concentration
 Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class A Monthly
 Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class A Principal
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class B Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class B Concentration
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class B Concentration
 Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class B Monthly
 Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class B Principal
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class C Asset
 Coverage Threshold Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class C Concentration
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class C Concentration
 Excess Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class C Monthly
 Interest Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class C Principal
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Concentration Excess
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Determination Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Due and Unpaid Instalment
 Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Due and Unpaid Lease
 Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dutch Class A
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dutch Class B
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dutch Class C
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Eligible Investment
 Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Eligible Investment
 Grade Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Eligible Investment
 Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Eligible Non-Investment
 Grade (High) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Eligible Non-Investment
 Grade (Low) Program Receivable Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Eligible Non-Investment
 Grade Non-Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Eligible Non-Investment
 Grade Program Vehicle Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Excess Administrator
 Fee Allocation Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Excess Issuer Operating
 Expense Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Excess Trustee Fee
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FleetCo Aggregate
 Asset Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FleetCo Class A
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FleetCo Class B
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FleetCo Class C
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FleetCo Carrying Charges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FleetCo Collections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FleetCo Due and Unpaid
 Lease Payment Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FleetCo Interest Collections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FleetCo Principal
 Collections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· French Class A
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· French Class B
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· French Class C
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· German Class A
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· German Class B
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· German Class C
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Interest Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuer Administrator
 Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuer Aggregate Asset
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuer Class A
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuer Class B
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuer Class C
 Blended Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuer Collections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuer Interest Collections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuer Principal Collections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuer Security Trustee
 Fee Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Italian Class A
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Italian Class B
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Italian Class C
 Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Italian Fleet Seller
 Buy-Back Vehicles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Italy Concentration
 Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Letter of Credit Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Letter of Credit Provider

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Letter of Credit Provider
 credit rating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Letter of Credit/Cash
 Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Light-Duty Truck Concentration
 Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Liquid Enhancement
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Manufacturer Concentration
 Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Market Value Average

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class A MTM/DT
 Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class B MTM/DT
 Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class C MTM/DT
 Advance Rate Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-Investment Grade
 (High) Program Receivable Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-Program Fleet
 Market Value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-Program Vehicle
 Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-Program Vehicle
 3-month Lookback Concentration Failure Percentage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-Program Vehicle
 Disposition Proceeds Percentage Average

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Payment Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Principal Collection
 Account Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rapid Amortization
 Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Remainder AAA Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Required Letter of
 Credit/Cash Liquid Enhancement Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Required Liquid Enhancement
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Required Reserve Account
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reserve Account Deficiency
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Spanish
 Class A Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Spanish
 Class B Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Spanish
 Class C Adjusted Advance Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Spain
 Concentration Excess Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Only
 in respect of the Monthly Noteholders' Statement to be delivered on or around 19 August 2022
 and in respect of each Monthly Noteholders' Statement to be delivered thereafter on an ongoing
 basis until the Non-RCC Expiry Date, the Non-RCC Compliant Eligible Vehicle Concentration
 Excess Amount as at the prior month end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If,
 in accordance with the relevant Master Lease or, in respect of Belgian Collateral, the Master
 Instalment Sale and Administration Agreement, there is any sublease of Vehicles to another
 jurisdiction, for each relevant Fleetco, the number of Vehicles subleased, the aggregate
 Net Book Value of the Vehicles subleased, the percentage of the Net Book Value of the Vehicles
 subleased divided by the Net Book Value of the Vehicles owned by such Fleetco, name of the
 each sublessee entity, each Manufacturer of such Lease Vehicle or Instalment Sale Vehicle
 and if such Lease Vehicle or Instalment Sale Vehicle is designated as Program Vehicle or
 Non-Program Vehicle. The aggregate Net Book Value of Vehicles subleased in aggregate of all
 Fleetcos and the percentage of the aggregate Net Book Value of Vehicles subleased in aggregate
 of all Fleetcos divided by the Net Book Value of all Vehicles owned by all Fleetcos.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If, in accordance with the relevant Master Lease, there are Vehicles purchased under Vehicle Purchasing
Agreements which do not comply with the Required Contractual Criteria but have been delivered to or to the order of the relevant FleetCo
by an Auction Seller or Dealer and for which the purchase price has not been paid by or on behalf of the relevant FleetCo, the aggregate
Net Book Value of such Vehicles at (i) the prior month end and (ii) the end of each calendar week falling in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Only in respect of the Monthly Noteholders' Statement to be delivered on or around 19 August 2022
and in respect of each Monthly Noteholders' Statement to be delivered thereafter on an ongoing basis until the Non-RCC Expiry Date, the
aggregate Net Book Value of all Non-RCC Compliant Eligible Vehicles as a percentage of the aggregate Net Book Value of all Eligible Vehicles
as at the prior month end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If, in accordance with the relevant Master Lease, there are Vehicles purchased under Intra-Group Vehicle
Purchasing Agreements, the aggregate Net Book Value of such Vehicles, number of vehicles purchased from a single Auction Seller which
do not comply with the Required Contractual Criteria and the number of Intra-Group Vehicle Purchasing Agreements related to such Vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Administrative Agent shall provide to the Noteholders, or their designated agent, copies of each Monthly
Noteholders' Statement.

**11.3** **Confidentiality** 

Each Committed Note Purchaser, each Conduit Investor, each Funding Agent and the Administrative Agent agrees that it shall not disclose any Confidential Information to any Person without the prior written consent of the Issuer, which such consent must be evident in writing signed by an Authorized Officer of the Issuer, other than (a) to their Affiliates and their officers, directors, employees, agents, Oxane Partners (for the purposes of data aggregation and any portfolio analysis and monitoring) and advisors (including legal counsel and accountants) and to actual or prospective assignees and participants, and then only on a confidential basis and excluding any Affiliate, its officers, directors, employees, agents and advisors (including legal counsel and accountants), any prospective assignee and any participant, in each case that is a Restricted Lender, (b) as required by a court or administrative order or decree, or required by any governmental or regulatory authority or self-regulatory organization or required by any statute, law, rule or regulation or judicial process (including any subpoena or similar legal process), (c) to any rating agency providing a rating for the promissory notes of each holder of notes issued by such holder in the commercial paper market and allocated to the funding of advances in respect of the Issuer Notes or any other nationally-recognized rating agency that required access to information to effect compliance with any disclosure obligations under the applicable laws or regulations, (d) in the course of litigation with the Issuer, the Issuer Administrator or Hertz, (e) any Noteholder, any Committed Note Purchaser, any Conduit Investor, any Funding Agent or the Administrative Agent, (f) any Person acting as a placement agent or dealer with respect to any commercial paper (*provided that* any Confidential Information provided to any such placement agent or dealer does not reveal the identity of the Issuer or any of its Affiliates), (g) on a confidential basis, to any provider of credit enhancement or liquidity to any Conduit Investor, or (h) to any Person to the extent such Committed Note Purchaser, Conduit Investor, Funding Agent or the Administrative Agent reasonably determines such disclosure is necessary in connection with the enforcement or for the defense of the rights and remedies under the Issuer Notes or the Issuer Related Documents.

**11.4** **Payment of Costs and Expenses; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Payment of Costs and Expenses*. Upon written demand from the Administrative Agent, any Funding Agent,
any Conduit Investor or any Committed Note Purchaser, the Issuer agrees to pay on the Payment Date immediately following the Issuer's
receipt of such written demand all reasonable expenses of the Administrative Agent, such Funding Agent, such Conduit Investor and/or such
Committed Note Purchaser, as applicable (including the reasonable fees and out-of-pocket expenses of counsel to each Conduit Investor
and each Committed Note Purchaser, if any, as well as the fees and expenses of the rating agencies providing a rating in respect of any
Commercial Paper) in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the negotiation, preparation, execution, delivery and administration of this Agreement and of each other
Issuer Related Document, including schedules and exhibits, and any liquidity, credit enhancement or insurance documents of a Program Support
Provider with respect to a Conduit Investor relating to the Issuer Notes and any amendments, waivers, consents, supplements or other modifications
to this Agreement and each other Issuer Related Document, as may from time to time hereafter be proposed, whether or not the transactions
contemplated hereby or thereby are consummated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** the consummation of the transactions contemplated by this Agreement and each other Issuer Related Document.

Upon written demand, the Issuer further agrees to promptly pay upon written demand, *provided that* following a Liquidation Event any fees, costs and expenses of the Issuer Security Trustee have been paid or provided for, and to save the Administrative Agent, each Funding Agent, each Conduit Investor and each Committed Note Purchaser harmless from all liability for (i) any breach by the Issuer of its obligations under this Agreement and (ii) all reasonable costs incurred by the Administrative Agent, such Funding Agent, such Conduit Investor or such Committed Note Purchaser (including, the reasonable fees and out-of-pocket expenses of counsel to the Administrative Agent, such Funding Agent, such Conduit Investor and such Committed Note Purchaser, if any) in enforcing this Agreement. The Issuer also agrees to reimburse the Administrative Agent, each Funding Agent, each Conduit Investor and each Committed Note Purchaser upon demand for all reasonable out-of-pocket expenses incurred by the Administrative Agent, such Funding Agent, such Conduit Investor or such Committed Note Purchaser (including, the reasonable fees and out-of-pocket expenses of counsel to the Administrative Agent, such Funding Agent, such Conduit Investor and such Committed Note Purchaser, if any and the reasonable fees and out-of-pocket expenses of any third-party servicers and disposition agents) in connection with (x) the negotiation of any restructuring or "**work-out**", whether or not consummated, of the Issuer Related Documents and (y) the enforcement of, or any waiver or amendment requested under or with respect to, the terms of this Agreement, any other of the Issuer Related Documents or any FleetCo Related Documents.

Any fees, costs, expenses or other amounts payable pursuant to the paragraph directly above shall constitute Issuer Operating Expenses and Carrying Charges for the purposes of the Issuer Related Documents.

Notwithstanding any of the foregoing, the Issuer shall have no obligation to reimburse any Committed Note Purchaser or Conduit Investor for any of the fees and/or expenses incurred by such Committed Note Purchaser and/or Conduit Investor with respect to its sale or assignment of all or any part of its respective rights and obligations under this Agreement and the Issuer Notes pursuant to Sub-Clause 9.2 or 9.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Indemnification*. In consideration of the execution and delivery of this Agreement by the Conduit
Investors and the Committed Note Purchasers, the Issuer hereby indemnifies and holds each Conduit Investor and each Committed Note Purchaser
and each of their officers, directors, employees and agents (collectively, the "**Indemnified Parties**") harmless from
and against any and all actions, causes of action, suits, losses, costs, Liabilities and damages, and reasonable expenses incurred in
connection therewith (irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder
is sought and including, any liability in connection with the offering and sale of the Issuer Notes), including reasonable attorneys'
fees and disbursements (collectively, the "**Indemnified Liabilities** "), incurred by the Indemnified Parties or any of
them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds
of any Advance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** the entering into and performance of this Agreement and any other Issuer Related Document by any of the
Indemnified Parties,

except for any such Indemnified Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party's gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Issuer hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. The indemnity set forth in this Sub-Clause 11.4(b) shall in no event include indemnification for any Taxes (which indemnification is provided in Sub-Clause 3.8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Indemnification of the Administrative Agent and each Funding Agent* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** In consideration of the execution and delivery of this Agreement by the Administrative Agent and each
Funding Agent, the Issuer hereby indemnifies and holds the Administrative Agent and each Funding Agent and each of their respective officers,
directors, employees and agents (collectively, the "**Agent Indemnified Parties**") harmless from and against any and all
actions, causes of action, suits, losses, costs, Liabilities and damages, and reasonable expenses incurred in connection therewith (irrespective
of whether any such Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, any
liability in connection with the offering and sale of the Issuer Notes), including reasonable attorneys' fees and disbursements
(collectively, the "**Agent Indemnified Liabilities** "), incurred by the Agent Indemnified Parties or any of them (whether
in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the
entering into and performance of this Agreement and any other Issuer Related Document by any of the Agent Indemnified Parties, except
for any such Agent Indemnified Liabilities arising for the account of a particular Agent Indemnified Party by reason of the relevant Agent
Indemnified Party's gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable
for any reason, the Issuer hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Agent Indemnified
Liabilities which is permissible under applicable law. The indemnity set forth in this Sub-Clause 11.4(c)(i) shall in no event include
indemnification for any Taxes (which indemnification is provided in Sub-Clause 3.8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** In consideration of the execution and delivery of this Agreement by the Administrative Agent, each Committed
Note Purchaser, ratably according to its respective Commitment, hereby indemnifies and holds the Administrative Agent and each of its
officers, directors, employees and agents (collectively, the "**Administrative Agent Indemnified Parties**") harmless from
and against any and all actions, causes of action, suits, losses, costs, Liabilities and damages, and reasonable expenses incurred in
connection therewith (solely to the extent not reimbursed by or on behalf of the Issuer) (irrespective of whether any such Administrative
Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, any liability in connection
with the offering and sale of the Issuer Notes), including reasonable attorneys' fees and disbursements (collectively, the "**Administrative Agent Indemnified Liabilities** "), incurred by the Administrative Agent Indemnified Parties or any of them (whether in prosecuting
or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into
and performance of this Agreement and any other Issuer Related Document by any of the Administrative Agent Indemnified Parties, except
for any such Administrative Agent Indemnified Liabilities arising for the account of a particular Administrative Agent Indemnified Party
by reason of the relevant Administrative Agent Indemnified Party's gross negligence or willful misconduct. If and to the extent
that the foregoing undertaking may be unenforceable for any reason, each Committed Note Purchaser hereby agrees to make the maximum contribution
to the payment and satisfaction of each of the Administrative Agent Indemnified Liabilities which is permissible under applicable law.
The indemnity set forth in this Sub-Clause 11.4(c)(ii) shall in no event include indemnification for any Taxes (which indemnification
is provided in Sub-Clause 3.8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *Priority*. All amounts payable by the Issuer pursuant to Sub-Clause 11.4 (a) (excluding paragraph
2 of (a)), (b) and (c) shall be paid in accordance with and subject to Sub-Clause 5.3 (*Application of Funds in the Issuer Interest Collection Account*) or 5.4 (*Application of Funds in the Issuer Principal Collection Account*) as relevant, at the option
of the Issuer, paid from any other source available to it.

**11.5** [RESERVED]

**11.6** [RESERVED]

**11.7** **Third Party Beneficiary** 

A Person who is not party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. This Sub-Clause 11.7 (*Third Party Beneficiary*) does not affect any right or remedy of any Person which exists or is available otherwise than pursuant to that Act.

**11.8** **Counterparts** 

This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same Agreement.

**11.9** **Governing Law; Jurisdiction; Service of Process** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** *Governing Law* 

The Issuer Notes, this Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and shall be construed in accordance with English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** *Jurisdiction* 

The parties agree that the courts of England have exclusive jurisdiction to settle any Dispute arising out of or in connection with this Agreement and therefore irrevocably submit to the jurisdiction of those courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** *Convenient Forum* 

The parties agree that the courts of England are an appropriate and convenient forum to settle Disputes between them and, accordingly, the parties will not argue to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** *Service of Process* 

The Issuer agrees that the process by which any proceedings arising out of or in connection with this Agreement or any other Related Document may be served on it is by being delivered to Hertz Europe Limited of Hertz House, 11 Vine Street, Uxbridge, Middlesex UB8 1QE and if the appointment of a process agent by a party ceases to be effective, the Issuer shall immediately appoint another Person in England as its process agent in respect of this Agreement and notify the other parties of the appointment and, if such party to a Related Document fails to appoint such further person, the Issuer Security Trustee may appoint another agent for this purpose. The Issuer further agrees that failure by an agent for service of process to notify such party to a Related Document of such process will not invalidate the proceedings concerned.

**11.10** **Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The provisions of this Agreement may be amended, supplemented or modified only in accordance with Annex
2 paragraph 2 (*Amendments*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Other than Sub-Clause 7.1 (*Amortization Events*), the provisions of this Agreement may be waived
only in accordance with Annex 2 paragraph 2 (*Amendments*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The provisions of Sub-Clause 7.1 (*Amortization Events*) may be waived only in accordance with Sub-Clause
7.2 (*Effects of Amortization Events*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Any amendment hereof can be effected without the Administrative Agent being party thereto; *provided however*, that no such amendment, modification or waiver of this Agreement that affects the rights or duties of the Administrative
Agent shall be effective unless the Administrative Agent shall have given its prior written consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The Issuer Security Trustee shall sign any amendment to this Agreement or any Issuer Related Document
authorized or permitted pursuant to this Sub-Clause 11.10 or Annex 2 paragraph 2 (*Amendments*) if the amendment does not adversely
affect the rights, duties, powers, Liabilities or immunities of the Issuer Security Trustee. If it does, the Issuer Security Trustee may,
but need not, sign it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** For the avoidance of doubt, other than as set out in this Sub-Clause 11.10 (*Amendments*) and Annex
2 paragraph (2) (*Amendments*), no consent or approval from any other party is required for any amendments hereto.

**11.11** **Administrator to Act on Behalf of the Issuer** 

Pursuant to the Issuer Administration Agreement, the Issuer Administrator has agreed to provide certain services to the Issuer and to take certain actions on behalf of the Issuer, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by the Issuer pursuant to this Agreement. Each Noteholder by its acceptance of an Issuer Note and each of the parties hereto by its execution hereof, hereby consents to the provision of such services and the taking of such action by the Issuer Administrator in lieu of the Issuer and hereby agrees that the Issuer's obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Issuer Administrator and to the extent so performed or taken by the Issuer Administrator shall be deemed for all purposes hereunder to have been so performed or taken by the Issuer; *provided that*, for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Issuer Administrator or relieve the Issuer of any payment obligation hereunder.

**11.12** **Successors** 

All agreements of the Issuer herein and the Issuer Notes shall bind its successor; *provided*, *however*, except as provided in Sub-Clause 11.10, the Issuer may not assign its obligations or rights under this Agreement or any Issuer Note. All agreements of the Issuer Security Trustee herein shall bind its successor.

**11.13** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** This Agreement shall cease to be of further effect when (i) the Issuer has paid all sums payable
on all Issuer Notes theretofore issued which are Outstanding and (ii) the Letter of Credit Amount is equal to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The representations and warranties set forth in Sub-Clause 6.1 of this Agreement shall survive for so
long as any Issuer Note is Outstanding.

**11.14** [RESERVED]

**11.15** **Electronic Execution** 

This Agreement may be transmitted and/or signed by facsimile or other electronic means (i.e., a "pdf" or "tiff"). The effectiveness of any such documents and signatures shall, subject to applicable law, have the same force and effect as manually signed originals and shall be binding on each party hereto. The words "execution," "signed," "signature," and words of like import in this Agreement or in any amendment hereto or other modification hereof (including, without limitation, waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be.

**11.16** [RESERVED]

**11.17** **Notices** 

Unless otherwise specified herein, all notices, communications, requests, instructions and demands by any Party hereto to another shall be delivered in accordance with the provisions of Clause 3 of the Master Definitions and Construction Agreement and Clause 23 of the Issuer Security Trust Deed.

**11.18** **Credit Risk Retention.** 

In no event shall the Issuer Security Trustee have any responsibility to monitor compliance with or enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to risk retention. The Issuer Security Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Noteholder or other party for violation of such rules now or hereafter in effect.

**11.19** [RESERVED]

**11.20** [RESERVED]

**11.21** [RESERVED]

**11.22** **Non-Petition against the Issuer** 

Notwithstanding anything to the contrary herein or any Issuer Related Document, only the Issuer Security Trustee may pursue the remedies available under the general law or under the Issuer Security Trust Deed to enforce this Agreement, the Issuer Security or any Issuer Note and no other Person shall be entitled to proceed directly against the Issuer in respect hereof (unless the Issuer Security Trustee, having become bound to proceed in accordance with the terms of the Related Documents, fails or neglects to do so). Each party hereto hereby agrees with and acknowledges to each of the Issuer and the Issuer Security Trustee until the date falling one year and one day after the Legal Final Payment Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** it shall not have the right to take or join any Person in taking any steps against the Issuer for the
purpose of obtaining payment of any amount due from the Issuer (other than serving a written demand subject to the terms of the Issuer
Security Trust Deed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** neither it nor any Person on its behalf shall initiate or join any Person in initiating an Event of Bankruptcy
or the appointment of any Insolvency Official in relation to the Issuer, provided that, the Issuer Security Trustee shall have the right
to take any action pursuant to and in accordance with the relevant Issuer Related Documents and Issuer Security Documents.

**11.23** **No Proceedings against Conduit Investors** 

Notwithstanding anything to the contrary herein or any Issuer Related Document to which the relevant Conduit Investor is expressed to be a party, each party to this Agreement hereby agrees with and acknowledges to each of the Conduit Investors, that neither it nor any Person on its behalf shall initiate or join any Person in initiating an Event of Bankruptcy or the appointment of any Insolvency Official in relation to such Conduit Investor until the date following two years and one day after all notes and commercial paper issued by such Conduit Investor have been redeemed in full and all of the relevant Conduit Investor's obligations and Liabilities (whether actual or contingent) arising or incurred under or in connection with its asset-backed commercial paper programme or any other notes programme established by it have been discharged in full.

**11.24** **No Recourse Against the Issuer** 

Each party hereto agrees with and acknowledges to each of the Issuer and the Issuer Security Trustee that, notwithstanding any other provision of any Issuer Related Document, all obligations of the Issuer to such entity are limited in recourse as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** it will have a claim only in respect of the Issuer Collateral and will not have any claim, by operation
of law or otherwise, against, or recourse to any of the other assets of the Issuer or its contributed capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** sums payable to it in respect of any of the Issuer's obligations to it shall be limited to the lesser
of (i) the aggregate amount of all sums due and payable to it and (ii) the aggregate amounts received, realised or otherwise
recovered by or for the account of the Issuer Security Trustee in respect of the Issuer Security whether pursuant to enforcement of the
Issuer Security or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** upon the Issuer Security Trustee giving written notice that it has determined in its opinion that there
is no reasonable likelihood of there being any further realisations in respect of the Issuer Security (whether arising from an enforcement
of the Issuer Security or otherwise) which would be available to pay unpaid amounts outstanding under the relevant Issuer Related Documents,
it shall have no further claim against the Issuer in respect of any such unpaid amounts and such unpaid amounts shall be discharged in
full.

**11.25** **Limited Recourse Against the Conduit Investors** 

Notwithstanding anything to the contrary herein or any Issuer Related Document to which a Conduit Investor is expressed to be a party, each party to this Agreement agrees with the Conduit Investor that all amounts payable or expressed to be payable by such Conduit Investor pursuant to this Agreement shall be recoverable solely out of its assets (and, in the case of Matchpoint, solely from the Issuer Collateral, as defined in the documents relating to Matchpoint's asset-backed commercial paper program) (except to the extent that the Conduit Investor is not entitled as a matter of law to retain amounts paid to it, or amounts that are received by any Person and any liquidator or creditor of the Conduit Investor where such Person is not entitled as a matter of law to retain such amounts paid), and each party to this Agreement hereby agrees with the Conduit Investor that the Conduit Investor shall be liable in respect of any claim which such party may have against it only to the extent that the Conduit Investor has funds available for such purpose in accordance with the relevant priority of payments applicable to the Conduit Investor (which in the case of Matchpoint is the Issuer Priority of Payments, as defined in the documents relating to Matchpoint's asset-backed commercial paper program) and that, to the extent that any such claims remain unpaid after the application of such funds in accordance with such priority of payments, such claims shall be extinguished, and to the extent that any Liabilities of any Conduit Investor remains unpaid after the application of such sums, assets and proceeds, such Liabilities shall be extinguished.

**11.26** **Non-Petition – Gresham Receivables (No. 32) UK Limited** 

Notwithstanding anything to the contrary herein or in any Issuer Related Document to which Gresham Receivables (No. 32) UK Limited ("**Gresham**") is expressed to be a party, each party to this Agreement hereby agrees with and acknowledges to Gresham, that neither it nor any person on its behalf shall initiate or join any person in initiating an Event of Bankruptcy or the appointment of any Insolvency Official in relation to Gresham until the date following two (2) years and one day after all notes and commercial paper issued by Gresham (or the Person(s) issuing notes and commercial paper as part of a conduit arrangement with Gresham) have been redeemed in full and all of Gresham's obligations and liabilities (whether actual or contingent) arising or incurred under or in connection with such asset-backed commercial paper programme or any other notes programme established by it have been discharged in full.

**11.27** **Limited Recourse – Gresham Receivables (No. 32) UK Limited** 

Notwithstanding any other provision of this Agreement, each party hereto agrees and acknowledges with Gresham that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** it will only have recourse in respect of any amount, claim or obligation due or owing to it by Gresham
(the "**Claims**") to the extent of available funds pursuant to the asset-backed commercial paper notes issuance programme
(the "**Programme Documents**") of which Gresham is a part subject to and in accordance with the terms thereof and after
all other prior ranking claims in respect thereof have been satisfied and discharged in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** following the application of funds following enforcement of the security interests created over Gresham's
assets under the relevant Programme Documents, subject to and in accordance with the provisions relating to the application of funds specified
therein, Gresham will have no assets available for payment of its obligations under such documents and this Agreement other than as provided
for pursuant to the Programme Documents and any Claims will accordingly be extinguished to the extent of any shortfall; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** the obligations of Gresham under the Programme Documents and this Agreement will not be obligations or
responsibilities of, or guaranteed by, any other person or entity.

**11.28** **Corporate Obligation – Gresham Receivables (No. 32) UK Limited** 

Notwithstanding any other provision of this Agreement, no recourse under any obligation, covenant or agreement of Gresham contained in this Agreement shall be had against any shareholder, member, officer, director, employee or agent of Gresham, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is a corporate obligation of Gresham, and that no personal liability shall attach to or be incurred by the shareholders, members, officers, directors, employees or agency of Gresham, as such, or any of them under or by reason of any of the obligations, covenants or agreements of Gresham contained in this Agreement or implied therefrom and that any and all personal liability for breaches by Gresham of any of such obligations, covenants or agreements, either at law or by statute or constitution of every such shareholder, member, officer, director, employee or agent is hereby expressly waived as a condition of an in consideration for the execution of this Agreement

**11.29** **Non-Petition – Matchpoint Finance Plc** 

Each party agrees that it shall not institute against, or join any Person in instituting against, Matchpoint Finance plc ("**Matchpoint**") any bankruptcy, examinership, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any bankruptcy or similar law of any jurisdiction, for two (2) years and one day after (i) the latest maturing commercial paper note of any series (as set out in the Programme Documents (as defined below) of Matchpoint) or (ii) the latest maturing medium term note of Matchpoint, if any, is paid in full. This Clause shall survive termination of this Agreement and the termination of each Transaction Document to which Matchpoint is a party to.

**11.30** **Limited Recourse – Matchpoint Finance Plc** 

The obligations of Matchpoint under this Agreement are solely the corporate obligations of Matchpoint and are payable solely to the extent of available funds pursuant to the Programme Documents. No recourse shall be had for the payment of any amount owing by Matchpoint under this Agreement or for the payment by Matchpoint of any fee in respect hereof or any other obligation or claim of or against Matchpoint arising out of or based upon this Agreement, against any employee, director, officer, member, manager or affiliate of Matchpoint; provided, however, that the foregoing shall not relieve any such person or entity of any liability they might have as a result of fraudulent acts or omissions committed by them. Each party agrees that Matchpoint shall be liable for any claims that it may have against Matchpoint only to the extent that Matchpoint has funds available for such purpose in accordance with the programme documents in respect of its Euro 20,000,000,000 asset-backed commercial paper notes issuance programme ("Programme Documents") and that, to the extent that any such claims remain unpaid after the application of such funds in accordance with the Programme Documents such claims shall be extinguished. The provisions of this Clause 11.30 will survive the termination of this Agreement and the termination of each Transaction Document to which Matchpoint is a party to.

**11.31** **Non-Petition and Limited Recourse in respect of Managed and Enhanced Tap (Magenta) Funding S.T.** 

Each of the parties hereto acting for itself hereby agrees with and acknowledges to Managed and Enhanced Tap (Magenta) Funding S.T. ("**Magenta**") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** all sums due or owing to any party from or by Magenta hereunder shall be payable by Magenta in accordance
with the Compartment Order of Priority, and provided that all liabilities of Magenta are required to be paid in priority thereto and a
pro rata amount of all amounts to be paid pari passu therewith pursuant to the Compartment Order of Priority, have been paid, discharged
and/or otherwise provided for in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** it shall not be entitled to take any steps or proceedings which would result in the Compartment Order
of Priority not being observed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** it shall not to take any action or proceedings against Magenta to recover any amounts payable by Magenta
to it hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** pursuant to article L. 214–175–III of the French Code monétaire et financier, any claim
it may have against Magenta will be limited, and it shall have only recourse, to the assets of Magenta subject to the Compartment Order
of Priority and any statutory priority of payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** pursuant to article L. 214–175–III of the French Code monétaire et financier, neither
the Compartment nor Magenta is subject to the provisions of Book VI of the French Code de commerce relating to insolvency proceedings.

Where:

"**Compartment Order of Priority**" means the following order of priority, with no sum being applied to an item with a lower ranking in the order of priority until all items with a higher ranking have been paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Firstly*: on a *pro rata* and *pari passu* basis, (i) to transfer to the ABCP Programme
Account (as defined in the Common Terms Agreement) such amounts as are required to pay or to provide for the *pro rata* share of
ABCP Programme Expenses (as defined in the Common Terms Agreement) allocated to Magenta, as determined by the Calculation Agent (as defined
in the Common Terms Agreement), and (ii) to pay or to provide for any commitment fees under any Transaction Specific Liquidity Facility
Agreement entered into by Magenta;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *Secondly*: to the payment or the provisioning on a *pro rata* and *pari passu* basis of
the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. to transfer to the ABCP Programme Account such amounts as are required to finance the amounts due (whether
in respect of interest capital or discount) under the CP Notes (as defined in the Common Terms Agreement) issued by Magenta to re-finance
Magenta as determined by the Calculation Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the payment of the subscription price of the applicable Class A Note by Magenta;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the payment of the principal and interest amounts of any advances made available to the Magenta under
Transaction Specific Liquidity Facilities (as defined in the Common Terms Agreement) which are due to be paid on such day and were drawn
under the circumstances set out in Clauses 6.2.1 or 6.2.2 of the ABCP Programme Master Framework Agreement (as defined in the Common Terms
Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. to the Repo Counterparty (as defined in the Common Terms Agreement), the amounts (if any) due under a
Repo Agreement (as defined in the Common Terms Agreement) in respect of the Repurchase Price of Eligible Assets (as such terms are defined
in the Common Terms Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** *Thirdly:* to pay or to provide for any increased costs under any Transaction Specific Liquidity
Facility Agreement entered into by the Magenta;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** *Fourthly*: on any date other than the date Magenta is liquidated, any surplus funds shall be paid
to the ABCP Programme Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** *Fifthly*: on the date the Magenta is liquidated, any surplus funds shall be distributed to the shareholders.

"**Common Terms Agreement**" means the agreement entitled "Definitions, Interpretation and Common Terms Agreement" entered into on 12 March 2010 between Managed and Enhanced Tap (MAGENTA) Funding S.T., Eurotitrisation and Natixis, as amended from time to time.

"**Transaction Specific Liquidity Facility Agreement**" means the facility agreement entered into by Magenta with Natixis as liquidity bank for an amount of EUR 117,300,000.

**11.32** **Non-Petition – Sunderland Receivables S.A.** 

Each party agrees that it shall not institute against, or join any Person in instituting against, or Sunderland Receivables S.A. ("Sunderland") any bankruptcy, examinership, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any bankruptcy or similar law of any jurisdiction, for two (2) years and one day after: (i) the latest maturing commercial paper note of any series issued by the Issuer as per the Related Documents; or (ii) the latest maturing medium term note of Sunderland, if any, is paid in full.

**11.33** **Limited Recourse – Sunderland Receivables S.A.** 

The obligations of Sunderland under this Agreement are solely the corporate obligations of Sunderland respectively and are payable solely to the extent of available funds pursuant to the commercial paper note of any series issued by the Issuer as per the Related Documents. No recourse shall be had for the payment of any amount owing by Sunderland under this Agreement or any Related Document or for the payment by Sunderland of any fee in respect hereof or any other obligation or claim of or against Sunderland arising out of or based upon this Agreement or any Related Documents, against any employee, director, officer, member, manager or affiliate of Sunderland respectively; provided, however, that the foregoing shall not relieve any such person or entity of any liability they might have as a result of fraudulent acts or omissions committed by them. Each party agrees that Sunderland shall be liable for any claims that it may have against Sunderland only to the extent that Sunderland has funds available for such purpose in accordance with the commercial paper note of any series issued by the Issuer as per the Related Documents and that, to the extent that any such claims remain unpaid after the application of such funds in accordance with the commercial paper note of any series issued by the Issuer as per the Related Documents such claims shall be extinguished.

**11.34** **Survival** 

The provisions of Sub-Clauses 11.22 through 11.35 shall survive the termination of this Agreement.

**11.35** **Power of Attorney** 

If an entity incorporated in the Netherlands is represented by an attorney or attorneys in connection with the signing, execution or delivery of this Agreement or any document, agreement or deed referred to herein or made pursuant hereto, the relevant power of attorney is expressed to be governed by the laws of the Netherlands and it is hereby expressly acknowledged and accepted by the other parties that such laws shall govern the existence and extent of such attorney's or attorneys' authority and the effects of the exercise thereof.

**11.36** **Listing** 

Any Class B Notes which are not held by Credit Agricole Corporate and Investment Bank shall be listed and admitted to trading on the Vienna MTF; or on such other exchange as is consented to by the Required Noteholders based on the advice of Irish counsel, and it shall be a condition to the issuance of such Class B Notes that they are to be so listed and admitted to trading.

**IN WITNESS WHEREOF**, the Parties hereto have caused this Agreement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | |
|:---|:---|
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.**, as Issuer | **INTERNATIONAL FLEET FINANCING NO.2 B.V.**, as Issuer |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BNP PARIBAS TRUST CORPORATION UK LIMITED**, as Issuer Security Trustee | **BNP PARIBAS TRUST CORPORATION UK LIMITED**, as Issuer Security Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

By:   <br> Name: <br> Title:

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HERTZ EUROPE LIMITED**, as Issuer Administrator | **HERTZ EUROPE LIMITED**, as Issuer Administrator |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **Credit Agricole Corporate and Investment Bank**, as Class A Committed Note Purchaser, Class A Funding Agent and Administrative Agent | **Credit Agricole Corporate and Investment Bank**, as Class A Committed Note Purchaser, Class A Funding Agent and Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

By:   <br> Name: <br> Title:

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **SIGNED** for and on behalf of **MATCHPOINT FINANCE PUBLIC LIMITED COMPANY**, as Class A Conduit Investor and Class A Committed Note Purchaser, by its lawfully appointed attorney |  |
| | *(Matchpoint Finance Public Limited Company by its attorney ________________________)* |
| in the presence of:- |  |
| (Witness' Signature) |  |
| (Witness' Address) |  |
| (Witness' Occupation) |  |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BNP PARIBAS S.A.** | **BNP PARIBAS S.A.** |
| as Class A Funding Agent | as Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

By:   <br> Name: <br> Title:

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **DEUTSCHE BANK AG, LONDON BRANCH**, as Class A Committed Note Purchaser | **DEUTSCHE BANK AG, LONDON BRANCH**, as Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

By:   <br> Name: <br> Title:

---

| | |
|:---|:---|
| **DEUTSCHE BANK AG, LONDON BRANCH**, as Class A Funding Agent | **DEUTSCHE BANK AG, LONDON BRANCH**, as Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

By:   <br> Name: <br> Title:

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BARCLAYS BANK PLC**, as Class A Committed Note Purchaser and Class A Funding Agent | **BARCLAYS BANK PLC**, as Class A Committed Note Purchaser and Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **SUNDERLAND RECEIVABLES S.A.** as Class A Conduit Investor | **SUNDERLAND RECEIVABLES S.A.** as Class A Conduit Investor |
| By: |  |
|  | Name: |
|  | Title: Director |

---

By:   <br> Name: <br> Title: Director

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HSBC CONTINENTAL EUROPE**, as Class A Funding Agent | **HSBC CONTINENTAL EUROPE**, as Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

By:   <br> Name: <br> Title:

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T.**, as Class A Conduit Investor and as Class A Committed Note Purchaser | **MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T.**, as Class A Conduit Investor and as Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **NATIXIS S.A.**, as Class A Funding Agent | **NATIXIS S.A.**, as Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

**ROYAL BANK OF CANADA**, as Class A Committed Note Purchaser and Class A Funding Agent

By:   <br> Name of Authorised Signatory: <br> Title:

By:   <br> Name of Authorised Signatory: <br> Title:

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **GRESHAM RECEIVABLES (NO. 32) UK LIMITED**, as Class A Conduit Investor and Class A Committed Note Purchaser | **GRESHAM RECEIVABLES (NO. 32) UK LIMITED**, as Class A Conduit Investor and Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **LLOYDS BANK PLC**, as Class A Funding Agent acting by its duly authorised signatories | **LLOYDS BANK PLC**, as Class A Funding Agent acting by its duly authorised signatories |
| By: |  |
|  | Name: |
|  | Title: |

---

By:   <br> Name: <br> Title:

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

**SCHEDULE 1**

**DEFINITIONS LIST**

[RESERVED]

**SCHEDULE 2**

**part 1 – closing date**

**CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS**

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Committed Note Purchaser

Class A Initial Investor Group Principal Amount: €120,000,000

Class A Committed Note Purchaser Percentage: 16%

Class A Maximum Investor Group Principal Amount: €160,000,000

Class A Initial Advance Amount: €120,000,000

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Initial Investor Group Principal Amount: €90,000,000

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €120,000,000

Class A Initial Advance Amount: €90,000,000

**BNP PARIBAS S.A., as a Class A Funding Agent for MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor**

DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Initial Investor Group Principal Amount: €90,000,000

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €120,000,000

Class A Initial Advance Amount: €90,000,000

**DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Funding Agent and a Class A Committed Note Purchaser**

HSBC CONTINENTAL EUROPE, as a Class A Committed Note Purchaser

Class A Initial Investor Group Principal Amount: €90,000,000

Class A Committed Note Purchaser Percentage: 12.00%

Class A Maximum Investor Group Principal Amount: €120,000,000

Class A Initial Advance Amount: €90,000,000

**HSBC CONTINENTAL EUROPE, as a Class A Funding Agent and a Class A Committed Note Purchaser**

BARCLAYS BANK PLC, as a Class A Committed Note Purchaser

Class A Initial Investor Group Principal Amount: €90,000,000

Class A Committed Note Purchaser Percentage: 12.00%

Class A Maximum Investor Group Principal Amount: €120,000,000

Class A Initial Advance Amount: €90,000,000

**BARCLAYS BANK PLC, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note

Purchaser and Class A Conduit Investor

Class A Initial Investor Group Principal Amount: €90,000,000

Class A Committed Note Purchaser Percentage: 12.00%

Class A Maximum Investor Group Principal Amount: €120,000,000

Class A Initial Advance Amount: €90,000,000

**NATIXIS S.A., as a Class A Funding Agent, for MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor**

IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor

ROYAL BANK OF CANADA, Class A Committed Note Purchaser

Class A Initial Investor Group Principal Amount: €90,000,000

Class A Committed Note Purchaser Percentage: 12.00%

Class A Maximum Investor Group Principal Amount: €120,000,000

Class A Initial Advance Amount: €90,000,000

**ROYAL BANK OF CANADA, as a Class A Funding Agent and Class A Committed Note Purchaser for IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor**

GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor

Class A Initial Investor Group Principal Amount: €90,000,000

Class A Committed Note Purchaser Percentage: 12.00%

Class A Maximum Investor Group Principal Amount: €120,000,000

Class A Initial Advance Amount: €90,000,000

**LLOYDS BANK PLC, as a Class A Funding Agent for GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor**

**part 2 – second amendment date**

**CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS**

Subject to the Refinancing Deed of Covenant:

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 16.00%

Class A Maximum Investor Group Principal Amount: €72,000,000

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €54,000,000

**BNP PARIBAS S.A., as a Class A Funding Agent for MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor**

DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €54,000,000

**DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Funding Agent and a Class A Committed Note Purchaser**

HSBC CONTINENTAL EUROPE, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 12.00%

Class A Maximum Investor Group Principal Amount: €54,000,000

**HSBC CONTINENTAL EUROPE, as a Class A Funding Agent and a Class A Committed Note Purchaser**

BARCLAYS BANK PLC, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 12.00%

Class A Maximum Investor Group Principal Amount: €54,000,000

**BARCLAYS BANK PLC, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note

Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 12.00%

Class A Maximum Investor Group Principal Amount: €54,000,000

**NATIXIS S.A., as a Class A Funding Agent, for MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor**

IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor

ROYAL BANK OF CANADA, Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 12.00%

Class A Maximum Investor Group Principal Amount: €54,000,000

**ROYAL BANK OF CANADA, as a Class A Funding Agent and Class A Committed Note Purchaser for IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor**

GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 12.00%

Class A Maximum Investor Group Principal Amount: €54,000,000

**LLOYDS BANK PLC, as a Class A Funding Agent for GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor**

**part 3 – Third amendment date**

**CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS**

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 16.00%

Class A Maximum Investor Group Principal Amount: €120,000,000

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €90,000,000

**BNP PARIBAS S.A., as a Class A Funding Agent for MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor**

DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €90,000,000

**DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Funding Agent and a Class A Committed Note Purchaser**

HSBC CONTINENTAL EUROPE, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €90,000,000

**HSBC CONTINENTAL EUROPE, as a Class A Funding Agent and a Class A Committed Note Purchaser**

BARCLAYS BANK PLC, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €90,000,000

**BARCLAYS BANK PLC, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note

Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €90,000,000

**NATIXIS S.A., as a Class A Funding Agent, for MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor**

IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor

ROYAL BANK OF CANADA, Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €90,000,000

**ROYAL BANK OF CANADA, as a Class A Funding Agent and Class A Committed Note Purchaser for IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor**

GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 12%

Class A Maximum Investor Group Principal Amount: €90,000,000

**LLOYDS BANK PLC, as a Class A Funding Agent for GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor**

**part 4 – FIFTH amendment date**

**CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS**

BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €118,250,000

**BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, as a Class A Funding Agent and a Class A Committed Note Purchaser**

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 14%

Class A Maximum Investor Group Principal Amount: €154,000,000

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €118,250,000

**BNP PARIBAS S.A., as a Class A Funding Agent for MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor**

DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €118,250,000

**DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Funding Agent and a Class A Committed Note Purchaser**

HSBC CONTINENTAL EUROPE, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €118,250,000

**HSBC CONTINENTAL EUROPE, as a Class A Funding Agent and a Class A Committed Note Purchaser**

BARCLAYS BANK PLC, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €118,250,000

**BARCLAYS BANK PLC, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note

Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €118,250,000

**NATIXIS S.A., as a Class A Funding Agent, for MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor**

IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor

ROYAL BANK OF CANADA, Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €118,250,000

**ROYAL BANK OF CANADA, as a Class A Funding Agent and Class A Committed Note Purchaser for IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor**

GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €118,250,000

**LLOYDS BANK PLC, as a Class A Funding Agent for GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor**

**part 5 – SIXTH amendment date**

**CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS**

BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €129,000,000

**BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, as a Class A Funding Agent and a Class A Committed Note Purchaser**

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 14.00%

Class A Maximum Investor Group Principal Amount: €168,000,000

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €129,000,000

**BNP PARIBAS S.A., as a Class A Funding Agent for MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor**

DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €129,000,000

**DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Funding Agent and a Class A Committed Note Purchaser**

HSBC CONTINENTAL EUROPE, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €129,000,000

**HSBC CONTINENTAL EUROPE, as a Class A Funding Agent and a Class A Committed Note Purchaser**

BARCLAYS BANK PLC, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €129,000,000

**BARCLAYS BANK PLC, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note

Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €129,000,000

**NATIXIS S.A., as a Class A Funding Agent, for MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor**

IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor

ROYAL BANK OF CANADA, Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €129,000,000

**ROYAL BANK OF CANADA, as a Class A Funding Agent and Class A Committed Note Purchaser for IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor**

GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.75%

Class A Maximum Investor Group Principal Amount: €129,000,000

**LLOYDS BANK PLC, as a Class A Funding Agent for GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor**

**PART 6 – SEVENTH AMENDMENT DATE**

**CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS**

BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 8.79%

Class A Maximum Investor Group Principal Amount: € 129,000,000

**BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, as a Class A Funding Agent and a Class A Committed Note Purchaser**

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 14.31%

Class A Maximum Investor Group Principal Amount: € 210,000,000

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.99%

Class A Maximum Investor Group Principal Amount: € 161,250,000

**BNP PARIBAS S.A., as a Class A Funding Agent for MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor**

DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.99%

Class A Maximum Investor Group Principal Amount: € 161,250,000

**DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Funding Agent and a Class A Committed Note Purchaser**

HSBC CONTINENTAL EUROPE, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.99%

Class A Maximum Investor Group Principal Amount: € 161,250,000

**HSBC CONTINENTAL EUROPE, as a Class A Funding Agent and a Class A Committed Note Purchaser**

SUNDERLAND RECEIVABLES S.A, as a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.99%

Class A Maximum Investor Group Principal Amount: € 161,250,000

**BARCLAYS BANK PLC, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.99%

Class A Maximum Investor Group Principal Amount: € 161,250,000

**NATIXIS S.A., as a Class A Funding Agent, for MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor**

IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor

ROYAL BANK OF CANADA, Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.99%

Class A Maximum Investor Group Principal Amount: € 161,250,000

**ROYAL BANK OF CANADA, as a Class A Funding Agent and Class A Committed Note Purchaser for IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor**

GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.99%

Class A Maximum Investor Group Principal Amount: € 161,250,000

**LLOYDS BANK PLC, as a Class A Funding Agent for GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor**

**PART 7 – NINTH AMENDMENT DATE**

**CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS**

BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.01%

Class A Maximum Investor Group Principal Amount: € 129,000,000

**BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, as a Class A Funding Agent and a Class A Committed Note Purchaser**

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Committed Note Purchaser and Class B Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 14.12%

Class A Maximum Investor Group Principal Amount: € 182,000,000

Class B Committed Note Purchaser Percentage: 100%

Class B Maximum Investor Group Principal Amount: € 50,000,000

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Funding Agent, a Class A Committed Note Purchaser, a Class B Funding Agent and a Class B Committed Note Purchaser**

MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**BNP PARIBAS S.A., as a Class A Funding Agent for MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor**

DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Funding Agent and a Class A Committed Note Purchaser**

HSBC CONTINENTAL EUROPE, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**HSBC CONTINENTAL EUROPE, as a Class A Funding Agent and a Class A Committed Note Purchaser**

SUNDERLAND RECEIVABLES S.A, as a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**BARCLAYS BANK PLC, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**NATIXIS S.A., as a Class A Funding Agent, for MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor**

ROYAL BANK OF CANADA, ACTING THROUGH ITS LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**ROYAL BANK OF CANADA, ACTING THROUGH ITS LONDON BRANCH as a Class A Funding Agent and Class A Committed Note Purchaser**

GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**LLOYDS BANK PLC, as a Class A Funding Agent for GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor**

**PART 8 – TENTH AMENDMENT DATE**

**CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS**

BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.01%

Class A Maximum Investor Group Principal Amount: € 129,000,000

**BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, as a Class A Funding Agent and a Class A Committed Note Purchaser**

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Committed Note Purchaser and Class B Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 14.12%

Class A Maximum Investor Group Principal Amount: € 182,000,000

Class B Committed Note Purchaser Percentage: 100%

Class B Maximum Investor Group Principal Amount: € 50,000,000

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Funding Agent, a Class A Committed Note Purchaser, a Class B Funding Agent and a Class B Committed Note Purchaser**

MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**BNP PARIBAS S.A., as a Class A Funding Agent for MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor**

DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Funding Agent and a Class A Committed Note Purchaser**

HSBC CONTINENTAL EUROPE, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**HSBC CONTINENTAL EUROPE, as a Class A Funding Agent and a Class A Committed Note Purchaser**

SUNDERLAND RECEIVABLES S.A, as a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**BARCLAYS BANK PLC, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**NATIXIS S.A., as a Class A Funding Agent, for MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor**

ROYAL BANK OF CANADA, ACTING THROUGH ITS LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**ROYAL BANK OF CANADA, ACTING THROUGH ITS LONDON BRANCH as a Class A Funding Agent and Class A Committed Note Purchaser**

GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.84%

Class A Maximum Investor Group Principal Amount: € 139,750,000

**LLOYDS BANK PLC, as a Class A Funding Agent for GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor**

MOTION LUX S.À.R.L., as a Class C Committed Note Purchaser

Class C Committed Note Purchaser Percentage: 100%

Class C Maximum Investor Group Principal Amount: € 100,000,000

**MOTION LUX S.À.R.L.** **, as a Class C Funding Agent and a Class C Committed Note Purchaser**

**PART 9 – ELEVENTH AMENDMENT DATE**

**CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS**

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Committed Note Purchaser and Class B Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 16.51%

Class A Maximum Investor Group Principal Amount: €210,000,000

Class B Committed Note Purchaser Percentage: 100%

Class B Maximum Investor Group Principal Amount: € 50,000,000

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Funding Agent, a Class A Committed Note Purchaser, a Class B Funding Agent and a Class B Committed Note Purchaser**

MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.99%

Class A Maximum Investor Group Principal Amount: €139,750,000

**BNP PARIBAS S.A., as a Class A Funding Agent for MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor**

DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 12.63%

Class A Maximum Investor Group Principal Amount: €160,712,500

**DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Funding Agent and a Class A Committed Note Purchaser**

HSBC CONTINENTAL EUROPE, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 12.63%

Class A Maximum Investor Group Principal Amount: €160,712,500

**HSBC CONTINENTAL EUROPE, as a Class A Funding Agent and a Class A Committed Note Purchaser**

SUNDERLAND RECEIVABLES S.A., as a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 12.63%

Class A Maximum Investor Group Principal Amount: €160,712,500

**BARCLAYS BANK PLC, as a Class A Funding Agent and a Class A Committed Note Purchaser**

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 10.99%

Class A Maximum Investor Group Principal Amount: €139,750,000

**NATIXIS S.A., as a Class A Funding Agent, for MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor**

ROYAL BANK OF CANADA, ACTING THROUGH ITS LONDON BRANCH, as a Class A Committed Note Purchaser

Class A Committed Note Purchaser Percentage: 10.99%

Class A Maximum Investor Group Principal Amount: €139,750,000

**ROYAL BANK OF CANADA, ACTING THROUGH ITS LONDON BRANCH as a Class A Funding Agent and Class A Committed Note Purchaser**

GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor

Class A Committed Note Purchaser Percentage: 12.63%

Class A Maximum Investor Group Principal Amount: €160,712,500

**LLOYDS BANK PLC, as a Class A Funding Agent for GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor**

MOTION LUX S.À.R.L., as a Class C Committed Note Purchaser

Class C Committed Note Purchaser Percentage: 100%

Class C Maximum Investor Group Principal Amount: € 100,000,000

**MOTION LUX S.À.R.L.** **, as a Class C Funding Agent and a Class C Committed Note Purchaser**

**SCHEDULE 3**

**INTEREST RATE CAP AMORTIZATION SCHEDULE**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Date of Determination Occurring During Period Set <br> Forth Below** | &nbsp;&nbsp;**Notional Amount of Interest Rate Caps<br> as Percentage of Class A Maximum<br> Principal Amount / Class B Maximum<br> Principal Amount** |
| &nbsp;&nbsp;On or prior to Expected Final Payment Date plus five Payment Dates | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;After (x) Expected Final Payment Date plus five Payment Dates but on or prior to (y) Expected Final Payment Date plus six Payment Dates | &nbsp;&nbsp;87.50% |
| &nbsp;&nbsp;After (x) Expected Final Payment Date plus six Payment Dates but on or prior to (y) Expected Final Payment Date plus seven Payment Dates | &nbsp;&nbsp;75.00% |
| &nbsp;&nbsp;After (x) Expected Final Payment Date plus seven Payment Dates but on or prior to (y) Expected Final Payment Date plus eight Payment Dates | &nbsp;&nbsp;62.50% |
| &nbsp;&nbsp;After (x) Expected Final Payment Date plus eight Payment Dates but on or prior to (y) Expected Final Payment Date plus nine Payment Dates | &nbsp;&nbsp;50.00% |
| &nbsp;&nbsp;After (x) Expected Final Payment Date plus nine Payment Dates but on or prior to (y) Expected Final Payment Date plus ten Payment Dates | &nbsp;&nbsp;37.50% |
| &nbsp;&nbsp;After (x) Expected Final Payment Date plus ten Payment Dates but on or prior to (y) Expected Final Payment Date plus eleven Payment Dates | &nbsp;&nbsp;25.00% |
| &nbsp;&nbsp;After (x) Expected Final Payment Date plus eleven Payment Dates but on or prior to (y) Legal Final Payment Date | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;After Legal Final Payment Date | &nbsp;&nbsp;0% |

---

**ANNEX 1<br> REPRESENTATIONS AND WARRANTIES**

---

| | |
|:---|:---|
| **1** | *The Issuer*. The Issuer represents and warrants to each Conduit Investor, each Committed Note Purchaser and each Funding Agent that each of its representations and warranties set out in the Issuer Related Documents is true and correct (i) as of the Closing Date, (ii) in respect of (a), on each Payment Date and (iii) during the Rapid Amortization Period, as of each Payment Date (in each case, unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and further represents and warrants to such parties that: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** no Amortization Event or Potential Amortization Event, in each case with respect to the Issuer Notes,
is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** assuming each Conduit Investor or other purchaser of the Issuer Notes hereunder is not purchasing with
a view toward further distribution and there has been no general solicitation or general advertising within the meaning of the Securities
Act, and further assuming that the representations and warranties of each Conduit Investor set forth in Clause 6 are true and correct,
the offer and sale of the Issuer Notes in the manner contemplated by this Agreement is a transaction exempt from the registration requirements
of the Securities Act, and neither the Issuer Note Framework Agreement or this Agreement is required to be qualified under the Trust Indenture
Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** on the Closing Date, the Issuer has furnished to the Administrative Agent true, accurate and complete
copies of all Issuer Related Documents to which it is a party as of the Closing Date, all of which are in full force and effect as of
the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** as of the Closing Date, none of the written information furnished by the Issuer, Hertz or any of its Affiliates,
agents or representatives to the Conduit Investors, the Committed Note Purchasers, the Administrative Agent or the Funding Agents for
purposes of or in connection with this Agreement, including any information relating to the Collateral, taken as a whole, is inaccurate
in any material respect, or contains any material misstatement of fact, or omits to state a material fact or any fact necessary to make
the statements contained therein not misleading, in each case as of the date such information was stated or certified unless such information
has been superseded by subsequently delivered information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** the Issuer is not, and is not controlled by, an "**investment company**" within the meaning
of, and is not required to register as an "**investment company**" under, the Investment Company Act. In reaching this conclusion,
although other statutory or regulatory exemptions under the Investment Company Act may be available, the Issuer has relied on the exemption
from registration set forth in Section 3(c)(7) under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** to the extent applicable, except as would not reasonably be expected to have a Material Adverse Effect,
the Issuer Administrator and the Issuer are, and to the knowledge of the Issuer Administrator and the Issuer, its respective directors
are, in compliance with (i) the Uniting and Strengthening of America by Providing the Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, (ii) the Trading with the Enemy Act, as amended, (iii) any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Treasury Department ()"**OFAC**") and any other enabling legislation or executive
order relating thereto as well as sanctions laws and regulations of the United Nations Security Council, the European Union or any member
state thereof and the United Kingdom (collectively, "**Sanctions**") and (iv) the Foreign Corrupt Practices Act of
1977, as amended, and all laws, rules and regulations of the European Union and United Kingdom applicable to the Issuer and the Issuer
Administrator from time to time concerning or relating to bribery or corruption ()"**Anti-Corruption Laws** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** none of the Issuer or the Issuer Administrator or, to the knowledge of the Issuer, any director or officer
of the Issuer Administrator or the Issuer, is the target of any Sanctions (a "**Sanctioned Party** "). Except as would not
reasonably be expected to have a Material Adverse Effect, none of the Issuer Administrator or the Issuer is organized or resident in a
country or territory that is the target of a comprehensive embargo under Sanctions (including as of the date of this Agreement, without
limitation, Cuba, Iran, North Korea, Sudan, Syria, the Crimea Region of the Ukraine and any non-government controlled areas of Ukraine
(each a "**Sanctioned Country** "). None of the Issuer or the Issuer Administrator will knowingly (directly or indirectly)
use the proceeds of any Advance (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving
of money, or anything else of value, to any Person in material violation of Anti-Corruption Laws or (ii) for the purpose of funding
or financing any activities or business of or with any Person that at the time of such funding or financing is a Sanctioned Party or organized
or resident in a Sanctioned Country, to the extent that such Anti-Corruption Laws or Sanctions are legally applicable to such Advance
or use of proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** except as would not reasonably be expected to have a Material Adverse Effect, the Issuer Administrator,
the Issuer and their officers are, and to the knowledge of the Issuer Administrator and the Issuer, their respective directors, employees,
agents or other persons acting on behalf of the Issuer Administrator or the Issuer are, (i) in compliance with and not under investigation
or threat of investigation, and (ii) and have not engaged in any activity or conduct, in each case which would violate any applicable
Sanctions, Anti-Corruption Laws or anti-money laundering laws or regulations ()"**Anti-Money Laundering Laws** "). None of
the Issuer or the Issuer Administrator will knowingly (directly or indirectly) use the proceeds of any Advance for any purpose that would
breach Anti-Money Laundering Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the Issuer Administrator and the Issuer have instituted and will maintain in effect policies and procedures
designed to ensure compliance with Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** notwithstanding anything to the contrary in this Agreement or any other Related Document, these paragraphs
1(f) to (j) shall not apply in relevant part to the Issuer Administrator or the Issuer if they are organized under the laws
of any member state of the European Union solely to the extent this paragraph 1(j) would violate the provisions of the Council Regulation
(EC) No 2271/96 of 22 November 1996 protecting against the effects of the extra-territorial application of legislation adopted by
a third country, and actions based thereon or resulting therefrom" or any other applicable anti-boycott statute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** the Issuer is resident for tax purposes in Ireland and does not have a permanent establishment or other
presence rendering it liable to taxation elsewhere.

---

| | |
|:---|:---|
| **2** | *Administrator*. The Issuer Administrator represents and warrants to, the Issuer, each Conduit Investor, each Committed Note Purchaser and each Funding Agent that: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** each representation and warranty made by it in each Issuer Related Document, is true and correct in all
material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties
shall be true and correct as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** except as would not be reasonably be expected to have a Material Adverse Effect, the Issuer Administrator
and the Issuer are, and to the knowledge of the Issuer Administrator and the Issuer, its respective directors are, in compliance with
(i) the Uniting and Strengthening of America by Providing the Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001, (ii) the Trading with the Enemy Act, as amended, (iii) any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department ()"**OFAC**") and any other enabling legislation or executive order relating thereto
as well as sanctions laws and regulations of the United Nations Security Council, the European Union or any member state thereof and the
United Kingdom (collectively, "**Sanctions**") and (iv) the Foreign Corrupt Practices Act of 1977, as amended, and
all laws, rules and regulations of the European Union and United Kingdom applicable to the Issuer and the Issuer Administrator from
time to time concerning or relating to bribery or corruption ()"**Anti- Corruption Laws** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** none of FleetCo or the Issuer Administrator or, to the knowledge of the Issuer Administrator, any director
or officer of the Issuer Administrator or the Issuer, is the target of any Sanctions (a "**Sanctioned Party** "). Except
as would not reasonably be expected to have a Material Adverse Effect, none of the Issuer Administrator or the Issuer is organized or
resident in a country or territory that is the target of a comprehensive embargo under Sanctions (including as of the date of this Agreement,
without limitation, Cuba, Iran, North Korea, Sudan, Syria, the Crimea Region of the Ukraine and any non-government controlled areas
of Ukraine (each a "**Sanctioned Country** "). None of the Issuer or the Issuer Administrator will knowingly (directly or
indirectly) use the proceeds of any Advance (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment
or giving of money, or anything else of value, to any Person in material violation of Anti-Corruption Laws or (ii) for the purpose
of funding or financing any activities or business of or with any Person that at the time of such funding or financing is a Sanctioned
Party or organized or resident in a Sanctioned Country, to the extent that such Anti-Corruption Laws or Sanctions are legally applicable
to such Advance or use of proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** as of the Closing Date, none of the written information furnished by Hertz or any of its Affiliates, agents
or representatives to the Conduit Investors, the Committed Note Purchasers, the Administrative Agent or the Funding Agents for purposes
of or in connection with this Agreement, including any information relating to the Collateral, taken as a whole, is inaccurate in any
material respect, or contains any material misstatement of fact, or omits to state a material fact or any fact necessary to make the statements
contained therein not misleading, in each case as of the date such information was stated or certified unless such information has been
superseded by subsequently delivered information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** except as would not reasonably be expected to have a Material Adverse Effect, the Issuer Administrator
and its officers are, and to the knowledge of the Issuer Administrator, its directors, employees, agents or other persons acting on behalf
of the Issuer Administrator are, (i) in compliance with and not under investigation or threat of investigation, and (ii) and
have not engaged in any activity or conduct, in each case which would violate any applicable Sanctions, Anti-Corruption Laws or Anti-Money
Laundering Laws. The Issuer Administrator will not knowingly (directly or indirectly) use the proceeds of any Advance for any purpose
that would breach Anti-Money Laundering Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** the Issuer Administrator has instituted and will maintain in effect policies and procedures designed to
ensure compliance with Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** notwithstanding anything to the contrary in this Agreement or any other Related Document, these paragraphs
2(b), (c) and (e) to (g) shall not apply in relevant part to the Issuer Administrator or Issuer if they are organized under
the laws of any member state of the European Union solely to the extent this paragraph 2(d) would violate the provisions of the "Council
Regulation (EC) No 2271/96 of 22 November 1996 protecting against the effects of the extra-territorial application of legislation
adopted by a third country, and actions based thereon or resulting therefrom" or any other applicable anti-boycott statute;

---

| | |
|:---|:---|
| **3** | *Conduit Investors and Committed Note Purchasers*. Each of the Conduit Investors and each of the Committed Note Purchasers represents and warrants to the Issuer and the Issuer Administrator, as of the Closing Date (or, with respect to each Conduit Investor and each Committed Note Purchaser that becomes a party hereto after the Closing Date, as of the date such Person becomes a party hereto), that: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** it has had an opportunity to discuss the Issuer's and the Issuer Administrator's business,
management and financial affairs, and the terms and conditions of the proposed purchase, with the Issuer and the Issuer Administrator
and their respective representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** it understands that the Issuer Notes will be subject to the restrictions on transfer described in Annex
4 (*Selling Restrictions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** it will comply with all applicable securities laws in connection with any subsequent resale of the Issuer
Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** it is a Qualifying Noteholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** it is a "**qualified purchaser**" within the meaning of the Investment Company Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** it is either (i) not a "**U.S. Person**" (as defined in Regulation S) or (ii) a
 "**U.S. Person**" (as defined in Regulation S) or a U.S. resident (as determined for purposes of the Investment Company
Act) and in respect of (ii), (A) it is an "**accredited investor**" within the meaning of Rule 501(a)(1), (2),
(3) or (7) of Regulation D under the Securities Act and has sufficient knowledge and experience in financial and business matters
to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in,
the Issuer Notes, or (B) it is purchasing the Issuer Notes for its own account, or for the account of one or more "accredited
investors" within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that meet
the criteria described in <u>subsection (f)(ii)(A)</u> and for which it is acting with complete investment discretion, for investment
purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall
at all times be and remain within its control.

---

| | |
|:---|:---|
| **4** | *Class B Conduit Investors, Class B Noteholders and Class C Noteholders.* Each of the Class B Conduit Investors and each of the Class B Committed Note Purchasers and Class C Committed Note Purchasers (each a "**Mezzanine Investor**") represents and warrants to the Issuer and the Issuer Administrator, as of the Ninth Amendment Date (or, with respect to each Mezzanine Investor that becomes a party hereto after the Ninth Amendment Date, as of the date such Person becomes a party hereto), that: |

---

**(a)** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** it is and will remain resident for tax purposes solely in Ireland; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) neither it nor any person connected with it has or will have the ability to participate on the board of
directors, or any equivalent governing body of the Issuer, or in the financial and operating policy decisions of the Issuer, including
where that power does not extend to control or joint control of the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) it (i) is not, nor will be, included in the same consolidated financial statements as the Issuer
under international accounting standards ()"**IAS**") or Irish generally accepted accounting practice and (ii) would
not be included in the same consolidated financial statements, if consolidated financial statements were prepared under IAS, except where
the Issuer or the Mezzanine Investor is an entity which is valued, or would be so valued if consolidated financial statements were prepared
under IAS, in consolidated financial statements (a) using fair value accounting (within the meaning of IAS), or (b) on the basis
that it is an asset held for sale or held for distribution (within the meaning of IAS); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** by virtue of the law of the Noteholder Territory, the Class B Notes and Class C Notes will be
treated as debt instruments and the interest or other distributions payable on the Class B Notes and Class C Notes will be treated
as interest income for the purposes of Foreign Tax and no deduction will be claimed by the Mezzanine Investor or any Payee in respect
of interest or other distributions on the notes for the interest or other distributions payable on the Class B Notes and Class C
Notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** a corresponding amount to the tax deduction which the Issuer would take in Ireland with respect to interest
or other distributions payable on the Class B Notes and Class C Notes to that Mezzanine Investor or any Payee in respect of
such notes will be Included in the Noteholder Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** neither it, nor any person connected with it has, and no affiliate or associated enterprise has, or is
required to (as the case may be) include the Issuer in Consolidated Financial Statements in circumstances where the assets, liabilities,
income, expenses and cash flows of the Issuer are or would be required to be consolidated on a line-by-line basis and this exclusion does
not arise by virtue of the Issuer's small size, materiality grounds, or on the grounds that it is held for sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** it does not report the financial results of the Issuer under the equity method in its financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** it is the beneficial owner of the Class B Note or Class C Note (as appropriate) and is beneficially
entitled to the interest payable to it in respect of an advance under the Class B Note or Class C Note (as appropriate); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** where the Class B Notes or Class C Notes (as appropriate) are listed and admitted to trading
on the Vienna MTF or on such other exchange as is consented to by the Required Noteholders in accordance with Clause 2.1(a)(iii)(F), Clause
11.36 and/or paragraph 34 of Annex 2 (as applicable), it will provide the Issuer with an executed tax declaration in the form set out
in Annex G of this Agreement on or prior to the Payment Date immediately following the date on which it becomes a party to the Issuer
Facility Agreement.

**ANNEX 2** **<br> COVENANTS**

The Issuer and the Issuer Administrator each severally covenants and agrees that, until the Issuer Notes have been paid in full and the Term has expired, it will:

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| | |
|:---|:---|
| **1** | *Performance of Obligations*. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Issuer Related Document to which it is a party. |

---

---

| | |
|:---|:---|
| **2** | *Amendments* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Not amend, supplement, waive or otherwise modify, or consent to any amendment, supplement, modification
or waiver of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Subject to clauses (iii)-(xiv) below, any provision of the Issuer Related Documents (other than any
waiver of Sub-Clause 7.1 of this Agreement, which waiver shall be governed by Sub-Clause 7.2 of this Agreement and not this Annex 2) without
the written consent or sanction of the Required Noteholders, unless, in the opinion of the Issuer Security Trustee such amendment, supplement,
waiver, modification or consent is not prejudicial and does not adversely affect the Noteholders; *<u>provided that</u>* , for the
avoidance of doubt, no consent of any Noteholder shall be required and the Issuer Security Trustee may, without the consent or sanction
of the Required Noteholders concur with the Issuer and Issuer Administrator and any other persons that are parties thereto in making any
amendment, supplement, waiver, modification or consent, if in the opinion of the Issuer Security Trustee, such amendment, supplement,
waiver, modification or consent is of a formal, minor or technical nature, or is made to correct a manifest error; and *<u>provided further that</u>* :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any waiver of a Leasing Company Amortization Event with respect to any FleetCo Note, shall require the written consent of the Required Supermajority Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) no consent of any Funding Agent, Noteholder, Committed Note Purchaser or Conduit Investor shall be required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any amendment, supplement, modification or consent with respect to any Interest Rate Cap (A) the
sole effect of which amendment, supplement, modification or consent is to (w) increase the notional amount thereunder, (x) modify
the notional amortization schedule thereunder applicable during the period between the Expected Final Payment Date and the Legal Final
Payment Date (y) decrease the strike rate of or (z) extend the term thereunder (B) if the Issuer is permitted under the
Issuer Related Documents to enter into such Interest Rate Cap without the consent of the Noteholders, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any amendment, supplement, modification or consent with respect to the definitions of "Belgian Commitment
Termination Date", "Dutch Commitment Termination Date", "FCT Commitment Termination Date", "French
Commitment Termination Date", "German Commitment Termination Date", "Italian Commitment Termination Date",
 "Spanish Commitment Termination Date", "Belgian Maximum Principal Amount"; "Dutch Maximum Principal Amount",
 "French Maximum Principal Amount", "German Maximum Principal Amount", "Italian Maximum Principal Amount",
or "Spanish Maximum Principal Amount",

save that to the extent the consent of any majority of Class A Noteholders would not otherwise be required for a matter by operation of this paragraph 2(a)(i), but consent of any Class C Noteholders would be required for such matter by operation of another provision of this Annex 2, the consent of the Required Noteholders (or such higher threshold of Class A Noteholders as the context may require) shall also be required for such matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Subject to clauses (iii)-(xiv) below, any provision of the FleetCo Related Documents without the
written consent or sanction of the Required Noteholders, unless, in the opinion of the Issuer Security Trustee such amendment, supplement,
waiver, modification or consent is not prejudicial and does not adversely affect the Noteholders; *<u>provided that</u>* , for the
avoidance of doubt, no consent of any Noteholder shall be required and the Issuer Security Trustee may, without the consent or sanction
of the Required Noteholders concur with the Issuer and Issuer Administrator and any other persons that are parties thereto in making any
amendment, supplement, waiver, modification or consent, if in the opinion of the Issuer Security Trustee, such amendment, supplement,
waiver, modification or consent is of a formal, minor or technical nature, or is made to correct a manifest error,

save that to the extent the consent of any majority of Class A Noteholders would not otherwise be required for a matter by operation of this paragraph 2(a)(ii), but consent of any Class C Noteholders would be required for such matter by operation of another provision of this Annex 2, the consent of the Required Noteholders (or such higher threshold of Class A Noteholders as the context may require) shall also be required for such matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** any Letter of Credit so that it is not substantially in the form of <u>Exhibit I</u> to this Agreement
without the written consent of the Required Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** THC Guarantee and Indemnity without the written consent of each Committed Note Purchaser, each Conduit
Investor and each Funding Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** without prejudice to the requirement to also obtain the consent of Class C Noteholders or, as the
case may be, Class B Noteholders in the circumstances contemplated by paragraphs (viii) and (xi) below, any of the following
defined terms, or any defined terms included in any of the following defined terms (the "**Class A Embedded Defined Terms** ")
without the written consent of each Class A Committed Note Purchaser, each Class A Conduit Investor and each Class A Funding
Agent:

"Aggregate Asset Amount Deficiency", "Liquidation Event", "Issuer Aggregate Asset Amount", "Belgian Aggregate Asset Amount, "Dutch Aggregate Asset Amount", "French Aggregate Asset Amount", "German Aggregate Asset Amount", "Italian Aggregate Asset Amount", "Spanish Aggregate Asset Amount", "Manufacturer Program", "Required Contractual Criteria", "Asset Coverage Threshold Amount", "Reference Rate", "Adjusted Asset Coverage Threshold Amount", , "Restructuring Fee", "Belgian AAA Component", "Dutch AAA Component", "French AAA Component", "German AAA Component", "Italian AAA Component", "Spanish AAA Component", "Eligible Manufacturer Receivable", "Manufacturer Concentration Excess Amount", "Manufacturer Percentage", "Maximum Manufacturer Amount", "Maximum Non-Investment Grade (High) Program Receivable Amount", "Non-Investment Grade (High) Program Receivable Concentration Excess Amount", "Non-Program Vehicle 3-month Lookback Concentration Failure Percentage", "FleetCo AAA Select Component", "Light-Duty Truck Concentration Excess Amount", "Maximum Light-Duty Truck Amount", "Non-Program Vehicle Concentration Excess Amount", "Spain Concentration Excess Amount", "Italian Concentration Excess Amount", "CEA Assets", "Concentration Excess Amount Calculation Convention", "Individual Concentration Excess Amounts", "Failure Percentage", "Market Value Procedures", "Dutch FleetCo", "Dutch B FleetCo", "French FleetCo", "German FleetCo", "Italian FleetCo", "Spanish FleetCo", "Dutch OpCo", "French OpCo", "German OpCo", "Italian OpCo", "Spanish OpCo", "Class A Commitment", "Class A Commitment Percentage", "Class A Conduit Assignee", "Class A CP Rate", "Class A Funding Conditions", "Class A Investor Group Principal Amount", "Class A Maximum Investor Group Principal Amount", "Class A Program Fee", "Class A Maximum Principal Amount", "Belgian Class A Adjusted Advance Rate", "Dutch Class A Adjusted Advance Rate", "French Class A Adjusted Advance Rate", "German Class A Adjusted Advance Rate", "Italian Class A Adjusted Advance Rate", "Spanish Class A Adjusted Advance Rate", "Belgian Class A Baseline Advance Rate", "Dutch Class A Baseline Advance Rate", "French Class A Baseline Advance Rate", "German Class A Baseline Advance Rate", "Italian Class A Baseline Advance Rate", "Spanish Class A Baseline Advance Rate", "Issuer Blended Advance Rate", "FleetCo Class A Blended Advance Rate", "Class A Undrawn Fee", "Class A Concentration Excess Advance Rate Adjustment", "Class A MTM/DT Advance Rate Adjustment", "Class A Aggregate Asset Amount Deficiency", "Class A Asset Coverage Threshold Amount" or "Class A Up-Front Fee";

*provided that*, the definition of "Reference Rate" may be amended with the consent of the Administrative Agent (acting on the instructions of all of the Class A Noteholders (or, if a unanimous decision has not been made within a calendar month of the proposed amendment to the Reference Rate, Class A Noteholders holding at least two-thirds of the Class A Principal Amount)) and the Issuer Administrator to provide for the use of a Replacement Benchmark following the occurrence of a Reference Rate Replacement Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** the required amount of Enhancement with respect to the Class A Noteholders without the written consent
of each Class A Committed Note Purchaser, each Class A Conduit Investor and each Class A Funding Agent, including the following
definitions:

"Class A Required Letter of Credit/Cash Liquid Enhancement Amount", "Required Letter of Credit/Cash Liquid Enhancement Amount", "Required Liquid Enhancement Amount" or "Required Reserve Account Amount";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** any of the following defined terms without the written consent of each Class B Committed Note Purchaser
and each Class B Conduit Investor:

"Class B Commitment", "Class B Commitment Percentage", "Class B Conduit Assignee", "Class B CP Rate", "Class B Funding Conditions", "Class B Investor Group Principal Amount", "Class B Maximum Investor Group Principal Amount", "Class B Program Fee", "Belgian Class B Adjusted Advance Rate", "Dutch Class B Adjusted Advance Rate", "French Class B Adjusted Advance Rate", "German Class B Adjusted Advance Rate", "Italian Class B Adjusted Advance Rate", "Spanish Class B Adjusted Advance Rate", "Belgian Class B Baseline Advance Rate", "Dutch Class B Baseline Advance Rate", "French Class B Baseline Advance Rate", "German Class B Baseline Advance Rate", "Italian Class B Baseline Advance Rate", "Spanish Class B Baseline Advance Rate", "Class B Undrawn Fee", "Issuer Class B Blended Advance Rate", "FleetCo Class B Blended Advance Rate", "Class B Concentration Excess Advance Rate Adjustment" "Class B MTM/DT Advance Rate Adjustment", "Class B Aggregate Asset Amount Deficiency", "Class B Asset Coverage Threshold Amount", "Class B Up-Front Fee" or "Class B Required Letter of Credit/Cash Liquid Enhancement Amount";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** without prejudice to the requirement to obtain the consent of each Class A Committed Note Purchaser,
each Class A Conduit Investor and each Class A Funding Agent under paragraph (v) above or, as the case may be, each Class C
Committed Note Purchaser under paragraph (xi) below, any of the following defined terms, to the extent any such modification, amendment
or waiver would have an impact on the calculation of a "Class B Aggregate Asset Amount Deficiency", without the written
consent of each Class B Committed Note Purchaser:

"Belgian AAA Component", "Dutch AAA Component", "French AAA Component", "German AAA Component", "Italian AAA Component", "Spanish AAA Component", "Eligible Manufacturer Receivable", "Manufacturer Concentration Excess Amount", "Manufacturer Percentage", "Maximum Manufacturer Amount", "Maximum Non-Investment Grade (High) Program Receivable Amount", "Non-Investment Grade (High) Program Receivable Concentration Excess Amount", "Non-Program Vehicle 3-month Lookback Concentration Failure Percentage", "FleetCo AAA Select Component", "Light-Duty Truck Concentration Excess Amount", "Maximum Light-Duty Truck Amount", "Non-Program Vehicle Concentration Excess Amount", "Spain Concentration Excess Amount", "Italian Concentration Excess Amount", "CEA Assets", "Concentration Excess Amount Calculation Convention", "Individual Concentration Excess Amounts", "Failure Percentage",

*provided that*, without prejudice to the requirement to obtain the consent of all of the Class A Noteholders in the case of any Class A Embedded Defined Terms (or any other requisite majority of Class A Noteholders), any individual percentage limit (or, as the case may be, a numerical threshold) included in the definitions of "Manufacturer Percentage", "Non-Program Vehicle 3-month Look-back Concentration Failure Percentage", "Maximum Non-RCC Compliant Eligible Vehicle Amount" and "Maximum Non-RCC Compliant Unpaid Vehicle Amount" shall be capable of being increased by up to 5 per cent. (or, in the case of the numerical threshold contained in the definition of "Maximum Non-RCC Compliant Unpaid Vehicle Amount", by up to an amount representing 5 per cent. of that value) as against the position for that individual limit or value as of the Eleventh Amendment Date, without the consent of the Class B Committed Note Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ix)** the required amount of Enhancement with respect to the Class B Noteholders without the written consent
of each Class B Committed Note Purchaser and each Class B Conduit Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** any of the following defined terms without the written consent of Class C Noteholders holding 66<sup>2/3</sup>%
of the Class C Principal Amount:

"Class C Commitment", "Class C Commitment Percentage", "Class C Funding Conditions", "Class C Investor Group Principal Amount", "Class C Maximum Principal Amount", "Class C Maximum Investor Group Principal Amount", "Class C Note Rate", "Belgian Class C Adjusted Advance Rate", "Dutch Class C Adjusted Advance Rate", "French Class C Adjusted Advance Rate", "German Class C Adjusted Advance Rate", "Italian Class C Adjusted Advance Rate", "Spanish Class C Adjusted Advance Rate", "Belgian Class C Baseline Advance Rate", "Dutch Class C Baseline Advance Rate", "French Class C Baseline Advance Rate", "German Class C Baseline Advance Rate", "Italian Class C Baseline Advance Rate", "Spanish Class C Baseline Advance Rate", "Class C Undrawn Fee", "Issuer Class C Blended Advance Rate", "FleetCo Class C Blended Advance Rate", "Class C Concentration Excess Advance Rate Adjustment", "Class C MTM/DT Advance Rate Adjustment", "Class C Aggregate Asset Amount Deficiency", "Class C Asset Coverage Threshold Amount", "Class C Required Letter of Credit/Cash Liquid Enhancement Amount", "Class C Up-Front Fee", "Class C Interest Rate Letter", or "Fixed Rate";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xi)** without prejudice to the requirement to obtain the consent of each Class A Committed Note Purchaser,
each Class A Conduit Investor and each Class A Funding Agent under paragraph (v) above or, as the case may be, each Class B
Committed Note Purchaser and each Class B Conduit Investor under paragraph (viii) above, any of the following defined terms,
to the extent any such modification, amendment or waiver would have an impact on the calculation of a "Class C Aggregate Asset
Amount Deficiency", without the written consent of the Class C Noteholders holding 66<sup>2/3</sup>% of the Class C Principal
Amount:

"Belgian AAA Component", "Dutch AAA Component", "French AAA Component", "German AAA Component", "Italian AAA Component", "Spanish AAA Component", "Eligible Manufacturer Receivable", "Manufacturer Concentration Excess Amount", "Manufacturer Percentage", "Maximum Manufacturer Amount", "Maximum Non-Investment Grade (High) Program Receivable Amount", "Non-Investment Grade (High) Program Receivable Concentration Excess Amount", "Non-Program Vehicle 3-month Lookback Concentration Failure Percentage", "FleetCo AAA Select Component", "Light-Duty Truck Concentration Excess Amount", "Maximum Light-Duty Truck Amount", "Non-Program Vehicle Concentration Excess Amount", "Spain Concentration Excess Amount", "Italian Concentration Excess Amount", "CEA Assets", "Concentration Excess Amount Calculation Convention", "Individual Concentration Excess Amounts", "Failure Percentage",

*provided that*, without prejudice to the requirement to obtain the consent of all of the Class A Noteholders in the case of any Class A Embedded Defined Terms (or any other requisite majority of Class A Noteholders), any individual percentage limit (or, as the case may be, a numerical threshold) included in the definitions of "Manufacturer Percentage", "Non-Program Vehicle 3-month Look-back Concentration Failure Percentage", "Maximum Non-RCC Compliant Eligible Vehicle Amount" and "Maximum Non-RCC Compliant Unpaid Vehicle Amount" shall be capable of being increased by up to 5 per cent. (or, in the case of the numerical threshold contained in the definition of "Maximum Non-RCC Compliant Unpaid Vehicle Amount", by up to an amount representing 5 per cent. of that value) as against the position for that individual limit or value as of the Eleventh Amendment Date, without the consent of the Class C Committed Note Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xii)** the required amount of Enhancement with respect to the Class C Noteholders without the written consent
of Class C Noteholders holding 66<sup>2/3</sup>% of the Class C Principal Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xiii)** without the written consent of Class C Noteholders holding 66<sup>2/3</sup>% of the Class C
Principal Amount, any increase in the Class A Default Rate or Class B Default Rate which would result in either such rate being
more than 75 basis points higher than it was on the Tenth Amendment Date, other than any increase in item (x) of the Class A
Monthly Default Interest Amount or, as the case may be, the Class B Monthly Default Interest Amount which is agreed where no Amortization
Event, Potential Amortization Event or Level 1 Minimum Liquidity Test Breach is continuing (where, "**Class A Default Rate** "
means item (x) of the definition of "Class A Monthly Default Interest Amount" and "**Class B Default Rate** "
means item (x) of the definition of "Class B Monthly Default Interest Amount"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xiv)** without the written consent of Class C Noteholders holding 66<sup>2/3</sup>% of the Class C
Principal Amount, any obligation to provide any notice, document or other information to any Class C Noteholder or Class C Funding
Agent, but only if such amendment, supplement, waiver or modification would have the effect of permitting the party subject to that obligation
to withhold such information from the relevant Class C Noteholders and Class C Funding Agents in circumstances where that party
remains subject to an obligation to deliver the relevant information to any Class A Noteholder or Class B Noteholder (or their
respective Funding Agents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Not, without the consent of each Committed Note Purchaser, each Funding Agent and each Conduit Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** amend or modify the definition of "Required Noteholders" or "Required Supermajority
Noteholders" or otherwise reduce the percentage of Noteholders whose consent is required to take any particular action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** amend or modify the definition of "Eligible Letter of Credit Provider";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** change the entity acting as entities as a FleetCo or as an OpCo or add any new entities as a new FleetCo
or OpCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** amend, waive or modify, or make any amendment or modification which would have the effect of amending
or modifying, Sub-Clause 5.2, Sub-Clause 5.3, Sub-Clause 3.1, Sub-Clause 5.4, Sub-Clause 7.1, Sub-Clause 7.4, Sub-Clause 7.13, Sub-Clause
7.14, Sub-Clause 7.15, Clause 9 (other than Sub-Clauses 9.5 and 9.6), Sub-Clause 11.10, or this paragraph 2 of Annex 2 of this Agreement
or otherwise amend or modify any provision relating to the amendment or modification of this Agreement or that pursuant to the Issuer
Related Documents which would require the consent of 100% of the Noteholders of each Class (or 66<sup>2/3</sup>% or more in the case
of Class C Noteholders) or each Noteholder affected by such amendment or modification, save that, for the avoidance of doubt and
without limiting any other provision of this Annex 2, this shall not apply to amendments which would change the amounts payable under
any particular provision referred to above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** approve the assignment or transfer by the Issuer of any of its rights or obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** release the Issuer from any obligation hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** effect any release or discharge of security granted by the Issuer or the FleetCos in a manner not permitted
by the Related Documents (save, without prejudice to obtain the consent of the Required Noteholders, in a case where such release or discharge
of security granted by a FleetCo only could not reasonably be expected to materially prejudice the Noteholders of a particular Class,
the consent of that Class shall not be required in the manner contemplated by this paragraph (b));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** reduce, modify or amend any indemnities in favor of any Conduit Investors, Committed Note Purchasers or
Funding Agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ix)** alter the *pro rata* treatment of payments to and Advances by the Noteholders, the Conduit Investors
and the Committed Note Purchasers (including, for the avoidance of doubt, alterations that provide for any non- *pro rata* payments
to or Advances by any Noteholders, Conduit Investors or Committed Note Purchasers that are not expressly provided for as of the Closing
Date),

provided that, following a Reference Rate Replacement Event, any amendment may be made with the consent of the Administrative Agent (acting on the instruction of the Required Noteholders) and the Issuer Administrator which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) aligning any provision of any Related Document to the use of a Replacement Benchmark;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) enabling that Replacement Benchmark to be used for the calculation of any interest under the Related Documents
(including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of
the Related Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) implementing market conventions applicable to that Replacement Benchmark;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating
any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined
on the basis of that designation, nomination or recommendation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Not, in relation to a Class of Issuer Notes, without the consent of each Committed Note Purchaser,
each Funding Agent and each Conduit Investor (as applicable) of the relevant Class of Issuer Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** (i) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal
of or interest on such Class of Issuer Notes (or reduce the principal amount of or rate of interest on such Class of Issuer
Note or otherwise change the manner in which interest is calculated); or (ii) extend the due date for, or reduce the amount of any
Undrawn Fee payable hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** amend or modify, or make any amendment or modification which would have the effect of amending or modifying,
Sub-Clause 2.1(a), (e) or (f), Sub-Clause 2.2, Sub-Clause 2.3 or Sub-Clause 2.5 of this Agreement, or otherwise waive any conditions
applicable under Sub-Clause 2.1(e) or Sub-Clause 2.2 of this Agreement,

which shall be without prejudice to the requirement to also seek the consent of the Required Noteholders in the case of (ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Without prejudice to any consent that would otherwise be required from the Class A Noteholders pursuant
to this Annex 2, not without the written consent of Class C Noteholders holding 66<sup>2/3</sup>% of the Class C Principal Amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** amend, supplement, waive or otherwise modify, or consent to any amendment, supplement, modification or
waiver of the Related Documents in a manner which would have the effect of allowing additional payments to any Class of Noteholders
other than in accordance with the provisions of Sub-Clause 5.2 and Sub-Clause 5.3 of this Agreement or as otherwise provided
for in the Related Documents (and, for the avoidance of doubt: (i) the "Payment Date" for the purposes of Sub-Clause 5.2
and Sub-Clause 5.3 of this Agreement shall remain the same date for all Classes of Notes (and the "Payment Date" referred
to at Sub-Clause 5.7(e) shall remain the same date as that referred to in Sub-Clause 5.2 and Sub-Clause 5.3); and (ii) this
provision shall not prevent any Class of Notes effecting, where not prohibited by the other provisions of this Agreement and the
Related Documents, (x) an increase in any fee, margin, interest or similar payment item already explicitly provided for payment in
Sub-Clause 5.2 and Sub-Clause 5.3 of this Agreement or a Non-Structure Payment being made, subject to the provisions of Clause
7.13 being complied with where applicable); or (y) the payment of any upfront fee to any Class in connection with an extension
or increase in commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** amend, supplement, waive or otherwise modify, or consent to any amendment, supplement, modification or
waiver of the provisions of Sub-Clause 3.1(c), Sub-Clause 3.3(c), Sub-Clause 5.5 (insofar as the provision applies to any requirement
to draw on a Letter of Credit in connection with a Reserve Account Class C Interest Withdrawal Shortfall, a Liquidation Event or
a Letter of Credit Provider ceasing to be an Eligible Letter of Credit Provider), Sub-Clause 7.2, Sub-Clause 11.1(c) or paragraphs
34 or (insofar as the provision applies to the Class C Noteholders) 35 and 36 of Annex 2 of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** amend, supplement, waive or otherwise modify, or consent to any amendment, supplement, modification or
waiver of, or make any amendment or modification which would have the effect of amending or modifying, the provisions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Clause 2.5 (*Status*) (insofar as it relates to the Class C Notes), Clause 6.14 (*Security*),
6.15 (*Other Indebtedness*), 6.18 (*Sale of Assets*), 6.21 (*Investments*), 6.22 (*Other Agreements*) or 6.23 (*Other Business*) of the Issuer Note Framework Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Clauses 2 (*Reporting*), 3.3 (*Consequence of Level 1 Minimum Liquidity Test Breach*) or 4 (*Amortization Event or Liquidation Event*) (insofar as they relate to the Class C Noteholders) of the Refinancing Deed of Covenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Clauses 2 *(Covenants to Pay*), 6.1(c) (*Issuer Enforcement Notice and Issuer Acceleration Notice*), 6.2 (*Issuer Enforcement Notice and Issuer Acceleration Notice*), 6.4 (*Post FleetCo Enforcement Notice and prior to a FleetCo Acceleration Notice*), 6.6 (*Action following Service of an Acceleration Notice*), 6.7 (*Action following Service of an Acceleration Notice*), 6.8 (*Action following Service of an Acceleration Notice*), 7.1 (*Continuance of Security and Conflict*),
8.2 (*General undertakings of the Issuer Secured Parties*), 8.3 (*Receipts held on trust*), 10 (*The Issuer Security Trustee's Powers*), 14 (*Further Assurances and Power of Attorney*), 15 (*Other Security etc.*) or 22.2 (*Non-Petition against the Issuer*) of the Issuer Security Trust Deed.

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|:---|:---|
| **3** | *Delivery of Information.* (i) At the same time any report, notice, certificate, statement, Opinion of Counsel or other document is provided or caused to be provided to the Issuer Security Trustee by the Issuer or the Issuer Administrator under the Issuer Related Documents, provide the Administrative Agent (who shall provide a copy thereof to the Committed Note Purchasers, the Conduit Investors and the Funding Agents) with a copy of such report, notice, certificate, Opinion of Counsel or other document, (ii) at the same time any report is provided or caused to be provided by a FleetCo to the FleetCo Security Trustee pursuant to Sub-Clause 5.1(f) of the relevant FleetCo Facility Agreement or Sub-Clause 6.1(h) of Belgian Master Fleet Purchase Agreement, provide or cause to be provided to the Administrative Agent a copy of such report and (iii) provide the Administrative Agent and each Funding Agent such other information with respect to the Issuer or the Issuer Administrator as the Administrative Agent or any Funding Agent may from time to time reasonably request; provided however, that neither the Issuer nor the Issuer Administrator shall have any obligation under this paragraph 2(a) to deliver to the Administrative Agent copies of any legal opinions or routine communications, including determinations relating to payments, payment requests, payment directions or other similar calculations. For the avoidance of doubt, nothing in this paragraph 2(a) shall require any Opinion of Counsel provided to any Person pursuant to this paragraph 2(a) to be addressed to such Person or to permit such Person any basis on which to rely on such Opinion of Counsel. |

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|:---|:---|
| **4** | *Access to Collateral Information*. At any time and from time to time, following reasonable prior notice from the Administrative Agent or any Funding Agent, and during regular business hours, permit, and, if applicable, cause a FleetCo to permit, the Administrative Agent or any Funding Agent, or their respective agents or representatives (including any independent public accounting firm, independent consulting firm or other third party auditors) or permitted assigns, access to the offices of, the Issuer Administrator and the Issuer, as applicable, |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** to examine and make copies of and abstracts from all documentation relating to the Collateral on the same
terms as are provided to the Issuer Security Trustee under Sub-Clause 6.12 of the Issuer Note Framework Agreement (but excluding making
copies of or abstracts from any information that the Issuer Administrator or the Issuer reasonably determines to be proprietary or confidential; *provided that*, for the avoidance of doubt, all data and information used to calculate any MTM/DT Advance Rate Adjustment or lack
thereof shall be deemed to be proprietary and confidential), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** upon reasonable notice, to visit the offices and properties of, the Issuer Administrator and the Issuer
for the purpose of examining such materials described in sub-paragraph (i) above, and to discuss matters relating to the Collateral,
or the administration and performance of this Agreement, the Issuer Note Framework Agreement and the other Issuer Related Documents with
any of the Authorized Officers or other nominees as such officers specify, of the Issuer Administrator and/or the Issuer, as applicable,
having knowledge of such matters, in each case as may reasonably be requested; *provided that*, (i) prior to the occurrence
of an Amortization Event or Potential Amortization Event, in each case, with respect to the Issuer Notes, one such visit per annum, if
requested, coordinated by the Administrative Agent and in which each Funding Agent may participate shall be at the Issuer's sole
cost and expense and (ii) during the continuance of an Amortization Event or Potential Amortization Event, in each case, with respect
to the Issuer Notes, each such visit shall be at the Issuer's sole cost and expense.

Each party making a request pursuant to this paragraph 4 shall simultaneously send a copy of such request to each of the Administrative Agent and each Funding Agent, as applicable, so as to allow such other parties to participate in the requested visit.

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|:---|:---|
| **5** | *Cash AUP.* At any time and from time to time from the Payment Date occurring in March 2019 until May 2022 and thereafter, on the Payment Date in July of each year, commencing in July 2022, following reasonable prior notice from the Administrative Agent, cooperate with the Administrative Agent or its agents or representatives (including any independent public accounting firm, independent consulting firm or other third party auditors) or permitted assigns in conducting a review of any ten (10) Business Days selected by the Administrative Agent (or its representatives or agents), confirming (i) the information contained in the Issuer Daily Collection Report for each such day, (ii) that the Issuer Collections described in each such Issuer Daily Collection Report for each such day were applied correctly in accordance with Clause 5 (*Priority of Payments*) of the Issuer Facility Agreement, (iii) the information contained in each FleetCo Daily Collection Report for each such day and (iv) that the FleetCo Collections described in each such FleetCo Daily Collection Report for each such day were applied correctly in accordance with Clause 6 (*Allocation and Application of Collections*) of the relevant FleetCo Facility Agreement (a "**Cash AUP**"); provided that, such Cash AUPs shall be at the Issuer's sole cost and expense (i) for no more than one such Cash AUP per annum prior to the occurrence of an Amortization Event or Potential Amortization Event, in each case with respect to the Issuer Notes, and (ii) for each such Cash AUP after the occurrence and during the continuance of an Amortization Event or Potential Amortization Event, in each case with respect to the Issuer Notes. |

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|:---|:---|
| **6** | *Noteholder Statement AUP.* On or prior to the Payment Date occurring in March 2019 and on or prior to the Payment Date occurring in July of each year, commencing in 2020, the Issuer Administrator shall cause a firm of independent certified public accountants or independent consultants (reasonably acceptable to both the Administrative Agent and the Issuer Administrator, which may be the Issuer Administrator's accountants) to deliver to the Administrative Agent and each Funding Agent, a report in a form reasonably acceptable to the Issuer and the Administrative Agent (a "**Noteholder Statement AUP**") which shall include customary tests in respect of certificates of title; provided that, such Noteholder Statement AUPs shall be at the Issuer's sole cost and expense (i) for no more than one such Noteholder Statement AUP per annum prior to the occurrence of an Amortization Event or Potential Amortization Event, in each case with respect to the Issuer Notes and (ii) for each such Noteholder Statement AUP after the occurrence and during the continuance of an Amortization Event or Potential Amortization Event, in each case with respect to the Issuer Notes. In addition to the foregoing, Class C Noteholders holding 66<sup>2/3</sup>% in Class C Principal Amount then outstanding may instruct the Issuer Administrator to provide all Noteholders (subject to the below, on a non-reliance basis for all Noteholders other than the Class C Noteholders) with an additional Noteholder Statement AUP (a "**Supplemental AUP**") provided that such Supplemental AUP shall be at the Class C Noteholders' sole cost and expense and shall not be capable of being requested more than once per annum. The scope of any Supplemental AUP shall be as may be reasonably requested by the Class C Noteholders and shall be substantially similar in scope (with such reasonable additions as may be agreed with the Issuer and the Administrative Agent) to the Noteholder Statement AUP otherwise provided pursuant to this paragraph. Any Noteholder, in addition to the Class C Noteholders, may request reliance on any such Supplemental AUP, and in such case any such additional Noteholders seeking reliance shall equally share in the costs and expenses of commissioning that Supplemental AUP with the Class C Noteholders. |

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|:---|:---|
| **7** | [RESERVED] |

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| | |
|:---|:---|
| **8** | [RESERVED] |

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|:---|:---|
| **9** | *Financial Statements.* Commencing on the Closing Date, deliver to each Funding Agent within 270 calendar days after the end of each fiscal year of the Issuer, the financial statements prepared pursuant to Sub-Clause 6.24(g) of the Issuer Note Framework Agreement. |

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|:---|:---|
| **10** | *Servicer Reports.* In the case of the Issuer Administrator, for so long as a Liquidation Event is continuing, furnish or cause each Servicer and the Instalment Sale Administrator to furnish to the Administrative Agent and each Noteholder, the Servicer Reports prepared in accordance with Sub-Clause 6.8 (*Servicer Records and Servicer Reports*) of each Master Lease or with Sub-clause 6.8 (*Belgian Vehicle Records and Belgian Vehicle Reports*) of the Belgian Master Instalment Sale and Administration Agreement; *provided that* any Servicer or the Instalment Sale Administrator may furnish or cause to be furnished to the Administrative Agent any such Servicer Report, by posting, or causing to be posted, the relevant Servicer Report to a password-protected website made available to the Administrative Agent or by any other reasonable means of electronic transmission (including, without limitation, e-mail, file transfer protocol or otherwise). |

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|:---|:---|
| **11** | *Further Assurances*. At any time and from time to time, upon the written request of the Administrative Agent, and at its sole expense, promptly and duly execute and deliver any and all such further instruments and documents and take such further action as the Administrative Agent may reasonably deem desirable in obtaining the full benefits of this Agreement and of the rights and powers herein granted, including any filing necessary with respect to the security interests granted pursuant to the Issuer Security Documents. |

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|:---|:---|
| **12** | *Issuer Administrator Replacement*. Not appoint or agree to the appointment of any successor Issuer Administrator (other than the Issuer Back-Up Administrator) without the prior written consent of the Required Noteholders. |

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|:---|:---|
| **13** | *FleetCo Administrator Replacement*. Not appoint or agree to the appointment of any successor FleetCo Administrator (other than each FleetCo Back-Up Administrator) without the prior written consent of the Required Noteholders. |

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|:---|:---|
| **14** | *Liquidation Co-ordination Agreement Amendments*. Without prejudice to the requirement to seek the consent of the Required Noteholders, the Issuer shall not amend, supplement, waive or otherwise make any amendment which would have the effect of modifying clauses 2 *(Appointment of Liquidation Co-Ordinator),* Clause 3(b) *(Vehicle Recovery Plan),* Clause 4 *(Standard of Care),* Clause 6 *(Obligations of Opco following Servicing Transfer Event),* Clause 7 *(Obligations of Opco and FleetCo Following Service of an Additional Pre-Liquidation Services Commencement Date Notice),* Clause 8 *(Performance of Additional Pre-Liquidation Services),* Clause 9 *(Performance of Additional Post-Liquidation Services),* Clause 12 *(Covenants),* Clause 13 *(Outsourcing and Delegation),* Clause 19 *(Termination),* Clause 23 *(No Recourse and Non-Petition),* Clause 29 *(Variation of Agreement),* Clause 41 *(Liquidation Co-Ordinator Services and Responsibilities),* Clause 42 *(Responsibilities of Fleetco and Security Trustee),* Schedule 1 *(Pre Liquidation Services),* Schedule 2 *(Post Liquidation Services)* or Schedule 4 *(Additional Pre-Liquidation Services*) or materially amend, supplement, waive or otherwise modify clause 16 *(Liquidation Co-Ordinator Fees)* of the Belgian Liquidation Coordination Agreement or the corresponding provisions of any of the other Liquidation Co-ordination Agreements, without the written consent of each Class B Committed Note Purchaser and the Class C Noteholders holding 66<sup>2/3</sup>% of the Class C Principal Amount unless such amendment, supplement, modification or waiver could not reasonably be expected to adversely affect the rights or interests of the Class B Noteholders or, as the case may be, the Class C Noteholders, as determined by the Administrative Agent (acting reasonably and in good faith). |

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|:---|:---|
| **15** | *Independent Directors*. (x) Not remove any Independent Director of the Issuer or any FleetCo, without (i) delivering an Officer's Certificate to the Administrative Agent certifying that the replacement Independent Director of the applicable entity satisfies the definition of Independent Director and (ii) obtaining the prior written consent of the Administrative Agent (not to be unreasonably withheld or delayed), in each case, no later than ten (10) Business Days prior to the effectiveness of such removal (or such shorter period as may be agreed to by the Administrative Agent) and (y) not replace any Independent Director of the Issuer or any FleetCo unless (i) it has obtained the prior written consent of the Administrative Agent (not to be unreasonably withheld or delayed) or (ii) such replacement Independent Director is an officer, director or employee of an entity that provides, in the ordinary course of its business, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities and otherwise meets the applicable definition of Independent Director; *provided that*, for the avoidance of doubt, in the event that an Independent Director of the Issuer or any FleetCo is removed in connection with any such replacement, the Issuer or such FleetCo, as applicable, and the Issuer Administrator shall be required to effect such removal in accordance with paragraph (x) above. |

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|:---|:---|
| **16** | *Notice of Certain Amendments*. Within five (5) Business Days of the execution of any amendment or modification of any Issuer Related Document or any FleetCo Related Document, the Issuer Administrator shall provide written notification of such amendment or modification to Standard & Poor's, Fitch Ratings or Moody's respectively for so long as Standard & Poor's, Fitch Ratings or Moody's, as applicable, is rating any Commercial Paper; provided that the Funding Agent with respect to the Investor Group that issues any such Commercial Paper shall notify the Issuer Administrator in writing whether such Commercial Paper is rated by Standard & Poor's, Fitch Ratings or Moody's. |

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|:---|:---|
| **17** | *Rating Agency Limitation on Permitted Investments*. For so long as any Commercial Paper is being rated by Standard & Poor's, Fitch Ratings or Moody's respectively and the Funding Agent with respect the Investor Group that issues such Commercial Paper has notified the Issuer in writing that such Commercial Paper has not been issued on a "fully-wrapped" basis (and, if so notified, until such notice has been revoked by such Funding Agent), neither the Issuer Administrator nor the Issuer shall invest, or direct the investment of, any funds on deposit in any Accounts, in a Permitted Investment that is a Permitted Investment pursuant to paragraph (viii) of the definition thereof (an "Additional Permitted Investment"), unless the Issuer Administrator shall have received confirmation in writing from Standard & Poor's, Fitch Ratings or Moody's respectively that the investment of such funds in an Additional Permitted Investment will not cause the rating on such Commercial Paper being rated by Standard & Poor's, Fitch Ratings or Moody's, as applicable, to be reduced or withdrawn. |

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|:---|:---|
| **18** | [RESERVED] |

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|:---|:---|
| **19** | *Merger*. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Solely with respect to the Issuer, not be a party to any merger or consolidation without the prior written
consent of each Committed Note Purchaser, each Conduit Investor and each Funding Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Solely with respect to the Issuer Administrator, not permit or suffer any FleetCo to be a party to any
merger or consolidation without the prior written consent of each Committed Note Purchaser, each Conduit Investor and each Funding Agent.

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|:---|:---|
| **20** | *Market Value Procedures*. Comply with the Market Value Procedures in all material respects. |

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|:---|:---|
| **21** | *Enhancement Provider Ratings*. Solely with respect to the Issuer Administrator, at least once every calendar month, determine (a) whether any Letter of Credit Provider has been subject to a Downgrade Event, (b) whether each Interest Rate Cap Provider is an Eligible Interest Rate Cap Provider and (c) whether each Account Bank is an Acceptable Bank. |

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|:---|:---|
| **22** | [RESERVED] |

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|:---|:---|
| **23** | *Additional Leasing Companies.* Solely with respect to the Issuer, not designate any Additional Leasing Company or acquire any Additional Leasing Company Notes, in each case, without the prior written consent of each Committed Note Purchaser and each Conduit Investor. |

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|:---|:---|
| **24** | [RESERVED] |

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|:---|:---|
| **25** | *Financial Statements and Other Reporting*. Solely with respect to the Issuer Administrator, furnish or cause to be furnished to each Funding Agent: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** commencing on the Closing Date, within 270 calendar days after the end of each of the Issuer Administrator's
financial years, copies of the Issuer Administrator's annual accounts, strategic report and directors' report prepared pursuant
to Part 15 of the Companies Act 2006;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** simultaneously with the delivery of the annual accounts referred to in (i) above, an Officer's
Certificate of each Lessee stating whether, to the knowledge of such officer, there exists on the date of the certificate any condition
or event that then constitutes, or that after notice or lapse of time or both would constitute, a Potential Lease Event of Default or
Lease Event of Default, and, if any such condition or event exists, specifying the nature and period of existence thereof and the action
such Lessee is taking and proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** promptly after obtaining actual knowledge thereof, notice of any Manufacturer Event of Default or termination
of a Manufacturer Program; and

The financial data that shall be delivered to the Funding Agents pursuant to the foregoing paragraph (i) shall be prepared in conformity with GAAP.

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|:---|:---|
| **26** | *Confirmation of Security.* With respect to the Issuer and Issuer Administrator furnish to the Administrative Agent and the Issuer Security Trustee on a quarterly basis commencing on the Payment Date falling in May 2021: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** an Officer's Certificate certifying that as at that date, the Issuer is in compliance with its ongoing
obligations (if any) in relation the validity of the Issuer Security under the Issuer Security Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** simultaneously with the delivery of the Officer's Certificate referred to in (i) above, the Issuer
and Issuer Administrator will procure an Officer's Certificate of each FleetCo certifying that as at that date, the relevant FleetCo is
in compliance with its ongoing obligations (if any) in relation the validity of the FleetCo Security under the FleetCo Security Documents.

As from the Third Amendment Date, the Issuer and Issuer Administrator shall furnish to the Administrative Agent and the Issuer Security Trustee the certificates referred above on a quarterly basis on each Payment Date falling in March, June, September and December.

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|:---|:---|
| **27** | *Certification of No Default*. With respect to the Issuer and Issuer Administrator, furnish to the Administrative Agent, to each Funding Agent and the Issuer Security Trustee on each Payment Date and upon a reasonable request by the Administrative Agent or the Issuer Security Trustee: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** an Officer's Certificate certifying that no Potential Amortization Event, Amortization Event or Liquidation
Event is continuing (or if a Potential Amortization Event, Amortization Event or Liquidation Event is occurring, specifying the Potential
Amortization Event, Amortization Event or Liquidation Event, the period of existence thereof and the action being taken in consultation
with the Issuer Security Trustee to remedy the same);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** simultaneously with the delivery of the Officer's Certificate referred to in (i) above, an Officer's
Certificate of each FleetCo and FleetCo Administrator certifying that no Potential Leasing Company Amortization Event, Leasing Company
Amortization Event or Liquidation Event is continuing (or if a Potential Leasing Company Amortization Event, Leasing Company Amortization
Event or Liquidation Event is occurring, specifying the Potential Leasing Company Amortization Event, Leasing Company Amortization Event
or Liquidation Event, the period of existence thereof and the action being taken in consultation with the Issuer Security Trustee or FleetCo
Security Trustee (as applicable) to remedy the same);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** simultaneously with the delivery of the Officer's Certificates referred to in (i) and (ii) above,
an Officer's Certificate of each OpCo certifying that no Potential Lease Event of Default or Lease Event of Default is continuing (or
if a Potential Lease Event of Default or Lease Event of Default is occurring, specifying the no Potential Lease Event of Default or Lease
Event of Default, the period of existence thereof and the action being taken in consultation with the Issuer Security Trustee or FleetCo
Security Trustee (as applicable) to remedy the same).

In the case of the Issuer and Issuer Administrator, once a notification of a Potential Amortization Event, Amortization Event or Liquidation Event is made, the Issuer and Issuer Administrator shall consult in good faith with the Issuer Security Trustee as to the action that the Issuer or Issuer Administrator must take to remedy such default, circumstance or condition which is capable of giving rise to such potential default or default.

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|:---|:---|
| **28** | [RESERVED] |

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|:---|:---|
| **29** | *Non-Program Vehicle Report.* On the Payment Date in March 2019 and on the Payment Date in May of each year, commencing in May 2020 until May 2022 and thereafter, on the Payment Date in July of each year, commencing in July 2022, the Issuer shall cause an internationally recognized firm of independent certified public accountants to furnish a report to the Issuer Security Trustee to the effect that they have performed certain agreed upon procedures with respect to the calculations of (i) the Disposition Proceeds received by each FleetCo from the sale or other disposition of all Non-Program Vehicles (other than Casualties) sold or otherwise disposed of during the Related Month, (ii) the respective Net Book Values of such Non-Program Vehicles and (iii) the Market Values of such Non-Program Vehicles on the date of such sale or other disposition. |

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|:---|:---|
| **30** | *Calculation of interest rates.* For each Interest Period, the Issuer will calculate the Belgian Note Rate, the Dutch Note Rate, the French Facility Advance Rate, the German Note Rate, the Italian Note Rate and the Spanish Note Rate in such a manner as to ensure that the aggregate amount payable by the Fleetcos under the Fleetco Notes and the French Facility for such Interest Period is at least equal to the aggregate amount owed by the Issuer for interest and Carrying Charges payable by the Issuer pursuant to Sub-Clause 5.3 (*Application of Funds in the Issuer Interest Collection Account*) of the Issuer Facility Agreement. |

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|:---|:---|
| **31** | *Substitution Right*. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** If there is a change in Tax law which will, in the reasonable opinion of the Issuer Security Trustee (having
obtained, at the cost of the Issuer, an opinion addressed to the Issuer and the Issuer Security Trustee from tax counsel to this effect),
result in the Issuer, until the Legal Final Payment Date, ceasing to be solely resident in Ireland for tax purposes then the Issuer shall
use reasonable endeavours to arrange, at its option, for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** the re-domiciliation of the Issuer to another jurisdiction approved by the Issuer Security Trustee (acting
on the instructions of each Class A Conduit Investor, each Class A Committed Note Purchaser and each Class A Funding Agent);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** subject to the conditions set out in the following paragraph (ii), the substitution of a company incorporated
in another jurisdiction approved by the Issuer Security Trustee acting on the instructions of each Class A Conduit Investor, each
Class A Committed Note Purchaser and each Class A Funding Agent (the "**New Company**") as the principal obligor
under the Issuer Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The conditions mentioned in the foregoing paragraph (i) are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** the New Company agrees, in a form and manner satisfactory to the Issuer Security Trustee (acting on the
instructions of each Class A Conduit Investor, each Class A Committed Note Purchaser and each Class A Funding Agent), to
be bound by the Issuer Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** the Issuer and the New Company shall comply with such other reasonable requirements as the Issuer Security
Trustee (acting on the instructions of each Class A Conduit Investor, each Class A Committed Note Purchaser and each Class A
Funding Agent) may direct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** the Issuer Security Trustee (acting on the instructions of each Class A Conduit Investor, each Class A
Committed Note Purchaser and each Class A Funding Agent) shall be satisfied that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** all governmental and regulatory approvals and consents necessary for or in connection with the assumption
by the New Company of liability as principal debtor in respect of, and of its obligations under, the Issuer Notes have been obtained;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** such approvals and consents are at the time of substitution in full force and effect.

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|:---|:---|
| **32** | *EU Securitisation Regulation* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The Issuer confirms it has been designated as the entity to fulfil the information requirements contemplated
by Article 7(2) of the EU Securitisation Regulation as an "SSPE" (as defined in the EU Securitisation Regulation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The Issuer (as the SSPE for the purposes of the EU Securitisation Regulation) represents and undertakes
that it shall cause the Issuer Administrator on its behalf to provide such information which is required to be made available by the Issuer
pursuant to Article 7(1) of the EU Securitisation Regulation (subject to Article 43(8) of the EU Securitisation Regulation
and any published guidance of the relevant regulatory or competent authorities), as further set out in Clause 10.6 of the Issuer Note
Framework Agreement.

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| | |
|:---|:---|
| **33** | *UK Securitisation Framework* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The Issuer confirms it has been designated as the entity to fulfil the information requirements contemplated
by the UK Transparency Rules as an "SSPE" (as defined in the UK Securitisation Framework).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The Issuer (as the SSPE for the purposes of the UK Securitisation Framework) represents and undertakes
that it shall cause the Issuer Administrator on its behalf to provide such information which is required to be made available by the Issuer
pursuant to SECN 6.2.1R (subject to the UK Transparency Rules and any published guidance of the relevant regulatory or competent
authorities), as further set out in Clause 10.7 (*UK Securitisation Framework Reporting*) of the Issuer Note Framework Agreement.

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|:---|:---|
| **34** | *Listing of Class B Notes and Class C Notes.* The Issuer shall ensure that, at all times after their admission to trading, the Class C Notes and, to the extent required under this Agreement, the Class B Notes. are: (i) listed and admitted to trading on the Vienna MTF; or (ii) on such other exchange as is consented to by the Required Noteholders based on the advice of Irish counsel and it shall not do any act or thing the effect of which would be to delist or remove from listing and admission to trading Class C Notes or, as the case may be, the Class B Notes, from the Vienna MTF or such other exchange. |

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|:---|:---|
| **35** | *Meeting with Hertz management team.* The Issuer shall use reasonable efforts to ensure that the Hertz Management Team is available to meet with the Noteholders once per calendar quarter upon reasonable notice and during ordinary business hours, including by way of telephone or other electronic means of communication to discuss, in good faith, vehicle rental trends in the underlying markets. |

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|:---|:---|
| **36** | *Additional Credit Support.* Any additional guarantee, security, collateral, reserve, letter of credit or similar credit support not currently contemplated by the Related Documents and granted directly in favor of, or specifically for the benefit of, one Class of Noteholders shall also, concurrently, be granted to or for the benefit of all other Classes of Noteholders (as applicable) on the same terms, but always subject to the Priority of Payments set out in Clause 5 (*Priority of Payments*). |

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|:---|:---|
| 37 | *Class C consents.* In the context of this Annex 2 of this Agreement, any reference to a requirement for the consent of "each Committed Note Purchaser" shall, insofar as it applies to the Class C Committed Note Purchasers only and without prejudice to the requirement to otherwise obtain the consent of all Class A Committed Note Purchasers and Class B Committed Note Purchasers in any such context, mean Class C Committed Note Purchasers holding 66<sup>2/3</sup>% of the Class C Principal Amount. |

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**ANNEX 3** **<br> CONDITIONS PRECEDENT**

The effectiveness of this Agreement is subject to the following, (x) in the case of (6), as of the date specified therein and (y) in each other case, as of the Closing Date:

*Corporate Documents*

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| | |
|:---|:---|
| 1 | A copy of the constitutional documents of the Issuer, the Issuer Administrator, each FleetCo and each OpCo (certified as a true copy by an authorised signatory of the relevant entity) (it being acknowledged that, in lieu of constitutional documentation, Spanish FleetCo will provide documentation evidencing the establishment of the Spanish branch of Stuurgroep Fleet (Netherlands) B.V.). |

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| | |
|:---|:---|
| 2 | A copy of (a) a board resolution of each of the Issuer, the Issuer Administrator, each FleetCo (other than French FleetCo) and each OpCo (other than French OpCo) and (b) a shareholder resolution of each of French FleetCo and French OpCo, in each case, approving the execution, delivery and performance of each Related Document to which it is a party and the terms and conditions thereof and authorising a named person or persons to sign the Related Documents and any documents, notices or requests to be delivered by the relevant entity pursuant to any such document (certified as a true copy by an authorized signatory of the relevant entity). |

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3 A specimen of the signature of each person authorised by the board resolutions referred to in paragraph 2 above in relation to the Related Documents and any documents, notices or requests to be delivered by the relevant entity pursuant to any such document.

4 A solvency certificate of the Issuer, each FleetCo and each OpCo (it being acknowledged that a single solvency certificate will be provided in respect of Dutch FleetCo and Spanish FleetCo jointly).

*Transaction documents*

5 The Related Documents duly executed by each of the parties thereto (other than the Dutch Notarised Documents, as such term is defined under the Escrow Deed).

6 On or prior to the tenth day following the Closing Date, the Interest Rate Cap Documents duly executed by each of the parties thereto including any related confirmation.

7 Supplemental indenture releasing German FleetCo as a guarantor under the senior notes due 2021 issued by Hertz Holdings Netherlands B.V., duly executed by each of the parties thereto.

8 Supplemental indenture releasing German FleetCo as a guarantor under the senior notes due 2023 issued by Hertz Holdings Netherlands B.V., duly executed by each of the parties thereto.

9 The global deed of release relating to the revolving credit facility of Hertz Holdings Netherlands B.V., duly executed by each of the parties thereto.

*Legal opinions / analysis*

10 <u>Capacity Opinions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capacity opinion from Linklaters France in respect of French FleetCo and French OpCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Capacity opinion from Linklaters Netherlands in respect of the Issuer, Hertz Holdings Netherlands B.V.,
Dutch FleetCo, Dutch OpCo and Spanish FleetCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Capacity opinion from Linklaters Spain in respect of Spanish OpCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Capacity opinion from Linklaters Germany in respect of German OpCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Capacity opinion from A&L Goodbody in respect of Hertz International Treasury Limited and German FleetCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Capacity opinion from Weil, Gotshal & Manges (London) LLP in respect of the Issuer Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Capacity opinion from Mourant Ozannes in respect of the Trustee of the Hertz Funding France Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In-house capacity opinion from KPMG LLP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In-house capacity opinion from The Hertz Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In-house no conflict opinion from The Hertz Corporation with respect to the high yield bond documentation
relating to Hertz Holdings Netherlands B.V.

11 <u>Enforceability Opinions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Enforceability opinion from Weil, Gotshal & Manges (London) LLP in respect of certain English
law governed documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Enforceability opinion from A&L Goodbody in respect of certain Irish law governed documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Enforceability opinion from Linklaters France in respect of certain French law governed documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Enforceability opinion from Linklaters Netherlands in respect of certain Dutch law governed documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Enforceability opinion from Linklaters Spain in respect of certain Spanish law governed documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Enforceability opinion from Linklaters Germany in respect of certain German law governed documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Enforceability opinion from Mourant Ozannes in respect of the Instrument of Trust governing the Hertz
Funding France Trust.

12 <u>Tax and VAT Opinions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tax and VAT opinion from Fidal in respect of French Tax and VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Tax and VAT opinion from Linklaters Netherlands in respect of Dutch Tax and VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax and VAT opinion from Linklaters Spain in respect of Spanish Tax and VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Tax and VAT opinion from Linklaters Germany in respect of German Tax and VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Tax and VAT opinion from A&L Goodbody in respect of Irish Tax and VAT.

13 <u>Legal Analysis and Memos</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bankruptcy remoteness memos from Arthur Cox in respect of the Issuer and German FleetCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bankruptcy remoteness memos from Clifford Chance in respect of Dutch FleetCo, French FleetCo and Spanish
FleetCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insolvency and vehicle repossession analysis from Clifford Chance in respect of the Netherlands, France,
Germany and Spain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Set-off analysis from Clifford Chance in respect of each FleetCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Effectiveness of retention of title analysis from Clifford Chance in respect of Dutch FleetCo, French
FleetCo and Spanish FleetCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Effectiveness of retention of title analysis from Arthur Cox in respect of German FleetCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Third party rights analysis from Clifford Chance in respect of French FleetCo, German FleetCo and Spanish
FleetCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Tax liquidation memos from Linklaters in respect of the Netherlands, Spain and Germany.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Tax liquidation memo from Fidal in respect of France.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Tax liquidation memo from KPMG in respect of certain tax matters in the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) VAT memo from Linklaters in respect of Spain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) VAT memo from FIDAL in respect of France.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) VAT memo from KPMG in respect of the Netherlands and Ireland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Analysis on whether leasing activities are licensable from Clifford Chance in respect of Germany.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Labour law memo from Clifford Chance in respect of Spain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Risk Retention memo from Clifford Chance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Volcker memo from Clifford Chance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Insurance memo from Linklaters in respect of the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Insurance memo from Linklaters in respect of France.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Insurance memo from Linklaters in respect of Germany.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Insurance memo from Linklaters in respect of Spain.

*Miscellaneous*

14 Process agent letter between the Issuer and Hertz Europe Limited evidencing that Hertz Europe Limited has accepted its appointment as process agent under Clause 11.9(d) (*Service of Process*).

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| | |
|:---|:---|
| 15 | Evidence satisfactory to the Administrative Agent acting reasonably that each Noteholder has carried out and is reasonably satisfied (acting within the framework of its "know your customer" policies) with the results of all necessary "know your customer" requirements and anti-money laundering approvals or other similar checks under all applicable laws and regulations pursuant to the transaction. |

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16 Evidence required by the Administrative Agent for the purpose of any reasonable "know your customer" requirements.

17 Evidence that any fees, costs and expenses then due from the Issuer pursuant to Clause 3 (*Interest, Fees and Costs*) have been paid or will be paid by or on the Closing Date.

18 Receipt of evidence that each Class A Committed Note Purchaser will receive the Class A Up-Front Fee owing to it on the Closing Date.

19 The latest annual financial statements of the Issuer.

20 Confirmation that each Issuer Account and each FleetCo Collection Account has been opened with the relevant Account Bank.

21 Credit assessment letter from DBRS.

**ANNEX 4<br> SELLING RESTRICTIONS**

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| | |
|:---|:---|
| **1** | **GENERAL** |

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**1.1** No Action to Permit Public Offering

Each Noteholder acknowledges that no action has been or will be taken in any jurisdiction by the Issuer that would permit a public offering of the Issuer Notes or Advances or possession or distribution of any offering material in relation to the Issuer Notes or Advances, in any country or jurisdiction where action for that purpose is required.

**1.2** Compliance with Applicable Laws by Noteholders

Each Noteholder undertakes to the Issuer that it will comply with all applicable laws and regulations in each country or jurisdiction in which it purchases, offers, sells or delivers the Issuer Notes or Advances or has in its possession, distributes or publishes such offering material, in all cases at its own expense.

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| | |
|:---|:---|
| **2** | **UNITED STATES** |

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**2.1** No registration under the United States Securities Act of 1933, as amended (the "**Securities Act** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** the Issuer Notes and Advances have not been and will not be registered or qualified under the Securities
Act or the securities laws of any state of the United States or the securities laws of any other jurisdiction and, except pursuant to
an exception from or in a transaction not subject to the registration requirements of the Securities Act, may not be offered and sold
within the United States or to or for the benefit of US persons, as defined under Regulation S ()"**Regulation S**") under
the Securities Act, that the Issuer Notes may not be resold or otherwise transferred unless so registered or qualified or unless an exemption
from registration or qualification is available or in a transaction not subject to the registration requirements of the Securities Act,
that the Issuer is not required to register the Issuer Notes, and that any transfer must comply with the provisions of the Issuer Note
Framework Agreement and clause 9 of the Issuer Facility Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Each Noteholder that is a "**U.S. Person**" (as defined in Regulation S) or a U.S. resident
(as determined for purposes of the Investment Company Act), by acquiring an Issuer Note or Advances, or an interest therein, will be deemed
to have acknowledged, represented and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** it is a "**qualified institutional buyer**" (as defined in Rule 144A under the Securities
Act) and (in the case of any sale or transfer after the initial sale by the Issuer) is aware that such sale or transfer to it is being
made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer and the Issuer Notes as
it has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor
of an Issuer Note or Advances is relying upon the foregoing representations in order to claim the exemption from registration provided
by Rule 144A, or it is an "**accredited investor**" as defined in paragraphs (1), (2), (3) or (7) of Rule 501,
promulgated by the United States Securities and Exchange Commission under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** it is a "**qualified purchaser**" within the meaning of the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** it is acquiring an Issuer Note or Advances, or interest therein, for its own account, or for one or more
accounts each of which is a qualified institutional buyer, and as to which it exercises sole investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** neither it, not any of its affiliates nor any person acting on its behalf, has engaged or will engage
in any form of general solicitation or general advertising (as such terms are used in Rule 502(c) under the Securities Act)
in connection with any offer or sale of an Issuer Note or Advances, or interest therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** it has made its investment in the Issuer Notes or Advances, or interest therein, for its own account for
investment and not with a view to the offer, sale or distribution thereof, in whole or in part, and it will not assign or transfer any
of its rights or obligations thereunder except in compliance with Clause 9 of the Issuer Facility Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Each Noteholder that is not a "**U.S. Person**" (as defined in Regulation S), by acquiring
the Note or Advances, or an interest therein, will be deemed to have acknowledged, represented and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** it is not a U.S. Person and is not and will not be acting for the account or benefit of a U.S. person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** it is a "**qualified purchaser**" within the meaning of the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** neither it nor any of its affiliates nor any person acting on its behalf has engaged or will engage in
any directed selling efforts (as defined in Regulation S) with respect to the Issuer Notes or Advances, or interest therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** it has made its investment in the Issuer Notes or Advances, or interest therein, for its own account for
investment and not with a view to the offer, sale or distribution thereof, in whole or in part, and it will not assign or transfer any
of its rights or obligations thereunder except in compliance with Clause 9 of the Issuer Facility Agreement.

**2.2** Compliance by Issuer with United States securities laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Issuer represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** neither it nor any of its affiliates (including any person acting on behalf of the Issuer or any of its
affiliates) has offered or sold, or will offer or sell, any Issuer Note or Advances in any circumstances which would require the registration
of any of the Issuer Notes under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** neither the Issuer nor any of its affiliates nor any person acting on its or their behalf has engaged
or will engage in any "directed selling efforts" (as defined in Regulation S) with respect to the Issuer Notes or Advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** neither the Issuer nor any of its affiliates nor any person acting on its or their behalf has engaged
or will engage in any form of general solicitation or general advertising (as those terms are used in Rule 502(c) under the
Securities Act) in connection with any offer or sale of the Issuer Notes or Advances in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** it is a "foreign issuer" (as such term is defined in Regulation S) which reasonably believes
that there is no "substantial US market interest" (as such term is defined in Regulation S) in its debt securities (as defined
in Regulation S).

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| | |
|:---|:---|
| **3** | **QUALIFYING NOTEHOLDERS** |

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Each Conduit Investor and each Committed Note Purchaser, or the Funding Agent on behalf of each Conduit Investor and each Committed Note Purchaser, covenants to the Issuer and the Issuer Administrator that for as long as the Conduit Investor or Committed Note Purchaser holds any Issuer Notes, it will promptly inform the Issuer and the Issuer Administrator if the Conduit Investor or Committed Note Purchaser ceases to be a Qualifying Noteholder.

**EXHIBIT C<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF REDUCTION NOTICE REQUEST<br> LETTER OF CREDIT**

Credit Agricole Corporate and Investment Bank, as Administrative Agent<br> 12 Place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

Attention: [●]

[*Insert date*]

**Request for reduction of the stated amount of the Letter of Credit under the letter of credit agreement, dated as of** **●] (as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof as of the date hereof, the "Letter of Credit Agreement"), between [●] and [●] as the Issuing Bank.**

The undersigned, a duly authorized officer of Hertz Europe Limited, in its capacity as Issuer Administrator, hereby certifies to Credit Agricole Corporate and Investment Bank, in its capacity as the Administrative Agent (the "**Administrative Agent**") under the Issuer Facility Agreement referred to in the Letter of Credit Agreement (as may be amended, supplemented, amended and restated or otherwise modified from time to time, the "**Issuer Facility Agreement**") as follows:

1. The Letter of Credit Amount as of the date of this request prior to giving effect to the reduction of the stated amount of the Letter of Credit requested in paragraph 2 of this request is €[ ●] .

2. The Administrative Agent is hereby requested pursuant to Clause 5.7(c) (*Reductions in Stated Amounts of the Letters of Credit*) of the Issuer Facility Agreement to execute and deliver to the Letter of Credit Provider a notice of reduction substantially in the form of Annex E (*Notice of Reduction of Letter of Credit Amount*) to the Letter of Credit (the "**Notice of Reduction**") for a reduction (the "**Reduction**") in the stated amount of the Letter of Credit by an amount equal to €[ ●] . The Administrative Agent is requested to execute and deliver the Notice of Reduction promptly following its receipt of this request, and in no event more than two (2) Business Days following the date of its receipt of this request (as required pursuant to Clause 5.7(c) (*Reductions in Stated Amounts of the Letters of Credit*) of the Issuer Facility Agreement), and to provide for the reduction pursuant to the Notice of Reduction to be as of [ *insert date* ] . The undersigned understands that the Administrative Agent will be relying on the contents hereof. The undersigned further understands that the Administrative Agent shall not be liable to the undersigned for any failure to transmit (or any delay in transmitting) the Notice of Reduction (including any fees and expenses attributable to the stated amount of the Letter of Credit not being reduced in accordance with this paragraph) to the extent such failure (or delay) does not result from the gross negligence or willful misconduct of the Administrative Agent.

3. To the best of the knowledge of the undersigned, the Letter of Credit Amount will be €[ ●] as of the date of the reduction (immediately after giving effect to such reduction) requested in paragraph 2 of this request.

4. The undersigned acknowledges and agrees that each of (a) the execution and delivery of this request
by the undersigned, (b) the execution and delivery by the Administrative Agent of a Notice of Reduction of the stated amount of the
Letter of Credit, substantially in the form of Annex E (*Notice of Reduction of Letter of Credit Amount*) to the Letter of Credit,
and (c) the Letter of Credit Provider's acknowledgment of such notice constitutes a representation and warranty to the Letter
of Credit Provider and the Administrative Agent (i) by the undersigned, in its capacity as Issuer Administrator, that each of the
statements set forth in the Letter of Credit Agreement is true and correct and (ii) by the undersigned, in its capacity as Issuer
Administrator under the Issuer Facility Agreement, that (A) the Adjusted Liquid Enhancement Amount will equal or exceed the Required
Liquid Enhancement Amount and (B) no Issuer Aggregate Asset Amount Deficiency will exist immediately after giving effect to such
reduction.

5. The undersigned agrees that if on or prior to the date as of which the stated amount of the Letter of
Credit is reduced by the amount set forth in paragraph 2 of this request the undersigned obtains knowledge that any of the statements
set forth in this request is not true and correct or will not be true and correct after giving effect to such reduction, the undersigned
shall immediately so notify the Letter of Credit Provider and the Administrative Agent by telephone and in writing by telefacsimile in
the manner provided in the Letter of Credit Agreement and the request set forth herein to reduce the stated amount of the Letter of Credit
shall be deemed canceled upon receipt by the Letter of Credit Provider of such notice in writing.

6. Capitalized terms used herein and not defined
herein have the meanings set forth in the master definitions and constructions agreement signed by, amongst others, the parties hereto
dated on the Signing Date, as amended, modified or supplemented from time to time.

7. The parties hereto acknowledge and agree that the rights and obligations under this Letter of Credit shall
become effective at the Effective Date.

**IN WITNESS WHEREOF**, Hertz Europe Limited, as Issuer Administrator, has executed and delivered this request on [*insert date*].

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| | |
|:---|:---|
| **Hertz Europe Limited** | **Hertz Europe Limited** |
| as Issuer Administrator | as Issuer Administrator |
| By: |  |
|  | Name: |
|  | Title: |

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**EXHIBIT C-1<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF INCREASE NOTICE REQUEST<br> LETTER OF CREDIT**

[*Insert name and address of Issuing Bank*]

Attention: [●]

[*Insert date*]

**Request for an increase of the stated amount of the Letter of Credit under the letter of credit agreement, dated as of [** **●] (as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof as of the date hereof, the "Letter of Credit Agreement"), between [●] and [●] as the Issuing Bank.**

Capitalized terms used herein and not defined herein have the meanings set forth in the master definitions and constructions agreement signed by, amongst others, the parties to the Issuer Facility Agreement (as defined in the Letter of Credit), dated [•], 2018, as amended, modified or supplemented from time to time.

The undersigned, a duly authorized officer of the Issuer Administrator, hereby certifies to the Issuing Bank as follows:

1. The Letter of Credit Amount as of the date of this request prior to giving effect to the increase of the stated amount of the Letter of Credit requested in paragraph 2 of this request is €[ ●] .

2. The Issuing Bank is hereby requested in accordance with the Letter of Credit Agreement to execute and deliver to the Letter of Credit Provider a notice of increase substantially in the form of Annex F (*Notice of Increase of Letter of Credit Amount*) to the Letter of Credit (the "**Notice of Increase**") for an increase (the "**Increase**") in the stated amount of the Letter of Credit by an amount equal to €[ ●] .

3. To the best of the knowledge of the undersigned, the Letter of Credit Amount will be €[ ●] as of the date of the increase (immediately after giving effect to such increase) requested in paragraph 2 of this request.

4. The undersigned acknowledges and agrees that each of (a) the execution and delivery of this request
by the undersigned, (b) the execution and delivery by the Issuing Bank of a Notice of Increase of the stated amount of the Letter
of Credit, substantially in the form of Annex F (*Notice of Increase of Letter of Credit Amount*) to the Letter of Credit constitutes
a representation and warranty to the Letter of Credit Provider and the Administrative Agent (i) by the undersigned, in its capacity
as Issuer Administrator, that each of the statements set forth in the Letter of Credit Agreement is true and correct and (ii) by
the undersigned, in its capacity as Issuer Administrator under the Issuer Facility Agreement, that the increase is required to ensure
that (A) the Adjusted Liquid Enhancement Amount will equal or exceed the Required Liquid Enhancement Amount and/or (B) no Issuer
Aggregate Asset Amount Deficiency will exist immediately after giving effect to such increase.

5. Capitalized terms used herein and not defined
herein have the meanings set forth in the master definitions and constructions agreement signed by, amongst others, the parties hereto
dated on the Signing Date, as amended, modified or supplemented from time to time.

**IN WITNESS WHEREOF**, Hertz Europe Limited, as Issuer Administrator, has executed and delivered this request on [*insert date*].

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| | |
|:---|:---|
| **Hertz Europe Limited** | **Hertz Europe Limited** |
| as Issuer Administrator | as Issuer Administrator |
| By: |  |
|  | Name: |
|  | Title: |

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**EXHIBIT D** 

**TO** 

**ISSUER FACILITY AGREEMENT**

**FORM OF LEASE PAYMENT<br> DEFICIT NOTICE**

BNP Paribas Trust Corporation UK Limited, as Issuer Security Trustee

10 Harewood Avenue

London, NW1 6AA

Attention: The Directors

Credit Agricole Corporate and Investment Bank, as Administrative Agent<br> 12 Place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

Attention: [●]

[*Insert date*]

This Lease Payment Deficit Notice is delivered to you pursuant to Clause 5.9(b) (*Certain Instructions to the Issuer Security Trustee*) of the issuer facility agreement, dated as of 25 September 2018 (as may be amended, supplemented, amended and restated or otherwise modified from time to time, the "**Issuer Facility Agreement**"), by and among International Fleet Financing No.2 B.V. as Issuer, BNP Paribas Trust Corporation UK Limited as Issuer Security Trustee, Hertz Europe Limited as Issuer Administrator (the "**Issuer Administrator**"), Credit Agricole Corporate and Investment Bank as Administrative Agent, certain committed note purchasers, certain conduit investors and certain funding agents.

Capitalized terms used herein have the meanings provided in the master definitions and constructions agreement signed by, amongst others, the parties hereto dated on the Signing Date, as amended, modified or supplemented from time to time.

The parties hereto acknowledge and agree that the rights and obligations under this Lease Payment Deficit Notice shall become effective at the Effective Date.

Pursuant to paragraphs (a) and (b) of Clause 5.9 (*Certain Instructions to the Issuer Security Trustee*) of the Issuer Facility Agreement, Hertz Europe Limited, in its capacity as Issuer Administrator under the Issuer Related Documents, hereby provides notice of a Lease Payment Deficit in the amount of €[●] (consisting of a Lease Interest Payment Deficit in the amount of €[●] and a Lease Principal Payment Deficit in the amount of €[●]).

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| |
|:---|
| **HERTZ EUROPE LIMITED** |
| as Issuer Administrator |
| By: |
| Name: |
| Title: |

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**EXHIBIT E-1<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF CLASS A NOTE PURCHASER'S LETTER**

BNP Paribas Securities Services, Luxembourg Branch, as Registrar<br> 60 avenue J.F. Kennedy

L-1855 Luxembourg

(Postal address: L–2085 Luxembourg)

Attention: Corporate Trust Operations

International Fleet Financing No.2 B.V.

Fourth Floor

3 George's Dock

IFSC

Dublin 1, Ireland

Attention: The Directors

[*Insert date*]

Re: International Fleet Financing No.2 B.V. (the "**Issuer**")

Variable class A funding notes issued by the Issuer pursuant to the Issuer Facility Agreement (as defined below)

Reference is made to the issuer facility agreement, dated as of 25 September 2018 (as may be amended, supplemented, amended and restated or otherwise modified from time to time, the "**Issuer Facility Agreement**"), by and among International Fleet Financing No.2 B.V. as Issuer, BNP Paribas Trust Corporation UK Limited as Issuer Security Trustee, Hertz Europe Limited as Issuer Administrator (the "**Issuer Administrator**"), Credit Agricole Corporate and Investment Bank as Administrative Agent, certain committed note purchasers, certain conduit investors and certain funding agents.

Capitalized terms used herein have the meanings provided in the master definitions and constructions agreement signed by, amongst others, the parties hereto dated on the Signing Date, as amended, modified or supplemented from time to time.

The parties hereto acknowledge and agree that the rights and obligations under this Class A Note Purchaser's Letter shall become effective at the Effective Date.

In connection with a proposed purchase of certain Class A Notes from [●] by the undersigned, the undersigned hereby represents and warrants that:

1. it has had an opportunity to discuss the Issuer's and the Issuer Administrator's business,
management and financial affairs, and the terms and conditions of the proposed purchase, with the Issuer and the Issuer Administrator
and their respective representatives;

2. it is either (a) not a "**U.S. Person**" (as defined in Regulation S or (b) a
 "**U.S. Person**" (as defined in Regulation S) or a U.S. resident (as determined for purposes of the Investment Company
Act) and (i) it is a "**qualified institutional buyer**" (as defined in Rule 144A under the Securities Act) and
(in the case of any sale or transfer after the initial sale by the Issuer) is aware that such sale or transfer to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer and the Issuer Notes as it has
requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor of an
Issuer Note or Advances is relying upon the foregoing representations in order to claim the exemption from registration provided by Rule 144A,
(ii) it is an "**accredited investor**" as defined in paragraphs (1), (2), (3) or (7) of Rule 501,
promulgated by the United States Securities and Exchange Commission under the Securities Act and has sufficient knowledge and experience
in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the
economic risk of investing in, the Class A Notes, or (iii) it is purchasing the Class A Notes for its own account, or for
the account of one or more "accredited investors" within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act that meet the criteria described in <u>subsection 2(b)(ii)</u> and for which it is acting with
complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding
that the disposition of its property shall at all times be and remain within its control;

3. it is a "qualified purchaser" within the meaning of the Investment Company Act;

4. it understands that the Class A Notes
have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities
laws of any other jurisdiction and is being offered only in a transaction not involving any public offering within the meaning of the
Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration
or qualification is available, that the Issuer is not required to register the Class A Notes, and that any transfer must comply with
the provisions of Clause 9 (*Transfers, Replacements and Assignments*) of the Issuer Facility Agreement;

5. it understands that the Class A Notes will be subject to the restrictions on transfer described in
Annex 4 (*Selling Restrictions*) of the Issuer Facility Agreement;

6. it will comply with all applicable securities
laws in connection with any subsequent resale of the Class A Notes;

7. it understands that the Class A Notes may be offered, resold, pledged or otherwise transferred only
in accordance with Clause 9.3(a) (*Class A Assignments*) of the Issuer Facility Agreement, and only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in a transaction meeting the requirements of Rule 144A under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. outside the United States to a foreign person in a transaction meeting the requirements of Regulation
S under the Securities Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. in a transaction complying with or exempt from
the registration requirements of the Securities Act and in accordance with any applicable securities laws of any state of the United States
or any other jurisdiction; notwithstanding the foregoing, it is hereby understood and agreed by the Issuer that (i) in the case of
each Class A Investor Group with respect to which there is a Class A Conduit Investor, the Class A Notes will be pledged
by each Class A Conduit Investor pursuant to its related commercial paper program documents, and the Class A Notes, or interests
therein, may be sold, transferred or pledged to the related Class A Committed Note Purchaser or any Class A Program Support
Provider or any affiliate of its related Class A Committed Note Purchaser or any Class A Program Support Provider or, any commercial
paper conduit administered by its related Class A Committed Note Purchaser or any Class A Program Support Provider or any affiliate
of its related Class A Committed Note Purchaser or any Class A Program Support Provider and (ii) in the case of each Class A
Investor Group, the Class A Notes (as applicable), or interests therein, may be sold, transferred or pledged to the related
Class A Committed Note Purchaser or any Class A Program Support Provider or any affiliate of its related Class A Committed
Note Purchaser or any Class A Program Support Provider or any commercial paper conduit administered by its related Class A Committed
Note Purchaser or any Class A Program Support Provider or any affiliate of its related Class A Committed Note Purchaser or any
Class A Program Support Provider,

provided that, for the avoidance of doubt, the Issuer may, in its sole and absolute discretion, withhold its consent with respect to any offer, sale, pledge or other transfer of any Class A Note to any Person and any such withholding shall be deemed reasonable;

8. if it desires to offer, sell or otherwise transfer, pledge or hypothecate the Class A Notes as described
in clause (ii) or (iv) of Section 3(i) of Annex 1 to the Issuer Facility Agreement, and such sale, transfer or pledge
does not fall within the "notwithstanding the foregoing" provision of Section 3(i)(iv) of Annex 1 to the Issuer
Facility Agreement, the transferee of the Class A Notes will be required to deliver a certificate, as described in Section 3(j) of
Annex 1 to the Issuer Facility Agreement, that an exemption from the registration requirements of the Securities Act applies to such offer,
sale, transfer or hypothecation or that such transaction is not subject to the registration requirements of the Securities Act, and that
the registrar and transfer agent for the Class A Notes will not be required to accept for registration of transfer the Class A
Notes acquired by it, except upon presentation of an executed letter in the form required by the Issuer Facility Agreement; and

9. it will obtain from any purchaser of the Class A Notes substantially the same representations and
warranties contained in the foregoing paragraphs.

This certificate and the statements contained herein are made for your benefit and for the benefit of the Issuer.

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|:---|:---|
| [ ] | [ ] |
| By: |  |
|  | Name: |
|  | Title: |

---

Dated:<u> </u>

cc: International Fleet Financing No.2 B.V.

**EXHIBIT E-2<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF CLASS B NOTE PURCHASER'S LETTER**

BNP Paribas Securities Services, Luxembourg Branch, as Registrar<br> 60 avenue J.F. Kennedy

L-1855 Luxembourg

(Postal address: L–2085 Luxembourg)

Attention: Corporate Trust Operations

International Fleet Financing No.2 B.V.

Fourth Floor

3 George's Dock

IFSC

Dublin 1, Ireland

Attention: The Directors

[*Insert date*]

Re: International Fleet Financing No.2 B.V. (the "**Issuer**")

Variable Class B funding notes issued by the Issuer pursuant to the Issuer Facility Agreement (as defined below)

Reference is made to the issuer facility agreement, dated as of 25 September 2018 (as may be amended, supplemented, amended and restated or otherwise modified from time to time, the "**Issuer Facility Agreement**"), by and among International Fleet Financing No.2 B.V. as Issuer, BNP Paribas Trust Corporation UK Limited as Issuer Security Trustee, Hertz Europe Limited as Issuer Administrator (the "**Issuer Administrator**"), Credit Agricole Corporate and Investment Bank as Administrative Agent, certain committed note purchasers, certain conduit investors and certain funding agents.

Capitalized terms used herein have the meanings provided in the master definitions and constructions agreement signed by, amongst others, the parties hereto dated on the Signing Date, as amended, modified or supplemented from time to time.

The parties hereto acknowledge and agree that the rights and obligations under this Class B Note Purchaser's Letter shall become effective at the Effective Date.

In connection with a proposed purchase of certain Class B Notes from [●] by the undersigned, the undersigned hereby represents and warrants that:

1. it has had an opportunity to discuss the Issuer's and the Issuer Administrator's business,
management and financial affairs, and the terms and conditions of the proposed purchase, with the Issuer and the Issuer Administrator
and their respective representatives;

2. it is either (a) not a "**U.S. Person**" (as defined in Regulation S or (b) a
 "**U.S. Person**" (as defined in Regulation S) or a U.S. resident (as determined for purposes of the Investment Company
Act) and (i) it is a "**qualified institutional buyer**" (as defined in Rule 144A under the Securities Act) and
(in the case of any sale or transfer after the initial sale by the Issuer) is aware that such sale or transfer to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer and the Issuer Notes as it has
requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor of an
Issuer Note or Advances is relying upon the foregoing representations in order to claim the exemption from registration provided by Rule 144A,
(ii) it is an "**accredited investor**" as defined in paragraphs (1), (2), (3) or (7) of Rule 501,
promulgated by the United States Securities and Exchange Commission under the Securities Act and has sufficient knowledge and experience
in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the
economic risk of investing in, the Class B Notes, or (iii) it is purchasing the Class B Notes for its own account, or for
the account of one or more "accredited investors" within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act that meet the criteria described in <u>subsection 2(b)(ii)</u> and for which it is acting with
complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding
that the disposition of its property shall at all times be and remain within its control;

3. it is a "qualified purchaser" within the meaning of the Investment Company Act;

4. it understands that the Class B Notes
have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities
laws of any other jurisdiction and is being offered only in a transaction not involving any public offering within the meaning of the
Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration
or qualification is available, that the Issuer is not required to register the Class B Notes, and that any transfer must comply with
the provisions of Clause 9 (*Transfers, Replacements and Assignments*) of the Issuer Facility Agreement;

5. it understands that the Class B Notes will be subject to the restrictions on transfer described in
Annex 4 (*Selling Restrictions*) of the Issuer Facility Agreement;

6. it will comply with all applicable securities
laws in connection with any subsequent resale of the Class B Notes;

7. it understands that the Class B Notes may be offered, resold, pledged or otherwise transferred only
in accordance with Clause 9.3(b) (*Class B Assignments*) of the Issuer Facility Agreement, and only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in a transaction meeting the requirements of Rule 144A under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. outside the United States to a foreign person in a transaction meeting the requirements of Regulation
S under the Securities Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. in a transaction complying with or exempt from the registration requirements of the Securities Act and
in accordance with any applicable securities laws of any state of the United States or any other jurisdiction; notwithstanding the foregoing,
it is hereby understood and agreed by the Issuer that (i) in the case of each Class B Investor Group with respect to which there
is a Class B Conduit Investor, the Class B Notes will be pledged by each Class B Conduit Investor pursuant to its related
commercial paper program documents, and the Class B Notes, or interests therein, may be sold, transferred or pledged to the related
Class B Committed Note Purchaser or any Class B Program Support Provider or any affiliate of its related Class B Committed
Note Purchaser or any Class B Program Support Provider or, any commercial paper conduit administered by its related Class B
Committed Note Purchaser or any Class B Program Support Provider or any affiliate of its related Class B Committed Note Purchaser
or any Class B Program Support Provider and (ii) in the case of each Class B Investor Group, the Class B Notes, or
interests therein, may be sold, transferred or pledged to the related Class B Committed Note Purchaser or any Class B Program
Support Provider or any affiliate of its related Class B Committed Note Purchaser or any Class B Program Support Provider or
any commercial paper conduit administered by its related Class B Committed Note Purchaser or any Class B Program Support Provider
or any affiliate of its related Class B Committed Note Purchaser or any Class B Program Support Provider,

provided that, for the avoidance of doubt, the Issuer may, in its sole and absolute discretion, withhold its consent with respect to any offer, sale, pledge or other transfer of any Class B Note to any Person and any such withholding shall be deemed reasonable;

8. if it desires to offer, sell or otherwise transfer, pledge or hypothecate the Class B Notes as described
in clause (ii) or (iv) of Section 3(i) of Annex 1 to the Issuer Facility Agreement, and such sale, transfer or pledge
does not fall within the "notwithstanding the foregoing" provision of Section 3(i)(iv) of Annex 1 to the Issuer
Facility Agreement, the transferee of the Class B Notes will be required to deliver a certificate, as described in Section 3(j) of
Annex 1 to the Issuer Facility Agreement, that an exemption from the registration requirements of the Securities Act applies to such offer,
sale, transfer or hypothecation or that such transaction is not subject to the registration requirements of the Securities Act, and that
the registrar and transfer agent for the Class B Notes will not be required to accept for registration of transfer the Class B
Notes acquired by it, except upon presentation of an executed letter in the form required by the Issuer Facility Agreement; and

9. it will obtain from any purchaser of the Class B Notes substantially the same representations and
warranties contained in the foregoing paragraphs.

This certificate and the statements contained herein are made for your benefit and for the benefit of the Issuer.

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|:---|:---|
| [ ] | [ ] |
| By: |  |
|  | Name: |
|  | Title: |

---

Dated:<u> </u>

cc: International Fleet Financing No.2 B.V.

**EXHIBIT E-3<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF CLASS C NOTE PURCHASER'S LETTER**

BNP Paribas Securities Services, Luxembourg Branch, as Registrar<br> 60 avenue J.F. Kennedy

L-1855 Luxembourg

(Postal address: L–2085 Luxembourg)

Attention: Corporate Trust Operations

International Fleet Financing No.2 B.V.

Fourth Floor

3 George's Dock

IFSC

Dublin 1, Ireland

Attention: The Directors

[*Insert date*]

Re: International Fleet Financing No.2 B.V. (the "**Issuer**")

Variable Class C funding notes issued by the Issuer pursuant to the Issuer Facility Agreement (as defined below)

Reference is made to the issuer facility agreement, dated as of 25 September 2018 (as may be amended, supplemented, amended and restated or otherwise modified from time to time, the "**Issuer Facility Agreement**"), by and among International Fleet Financing No.2 B.V. as Issuer, BNP Paribas Trust Corporation UK Limited as Issuer Security Trustee, Hertz Europe Limited as Issuer Administrator (the "**Issuer Administrator**"), Credit Agricole Corporate and Investment Bank as Administrative Agent, certain committed note purchasers, certain conduit investors and certain funding agents.

Capitalized terms used herein have the meanings provided in the master definitions and constructions agreement signed by, amongst others, the parties hereto dated on the Signing Date, as amended, modified or supplemented from time to time.

The parties hereto acknowledge and agree that the rights and obligations under this Class C Note Purchaser's Letter shall become effective at the Effective Date.

In connection with a proposed purchase of certain Class C Notes from [●] by the undersigned, the undersigned hereby represents and warrants that:

1. it has had an opportunity to discuss the Issuer's and the Issuer Administrator's business,
management and financial affairs, and the terms and conditions of the proposed purchase, with the Issuer and the Issuer Administrator
and their respective representatives;

2. it is either (a) not a "**U.S. Person**" (as defined in Regulation S or (b) a
 "**U.S. Person**" (as defined in Regulation S) or a U.S. resident (as determined for purposes of the Investment Company
Act) and (i) it is a "**qualified institutional buyer**" (as defined in Rule 144A under the Securities Act) and
(in the case of any sale or transfer after the initial sale by the Issuer) is aware that such sale or transfer to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer and the Issuer Notes as it has
requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor of an
Issuer Note or Advances is relying upon the foregoing representations in order to claim the exemption from registration provided by Rule 144A,
(ii) it is an "**accredited investor**" as defined in paragraphs (1), (2), (3) or (7) of Rule 501,
promulgated by the United States Securities and Exchange Commission under the Securities Act and has sufficient knowledge and experience
in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the
economic risk of investing in, the Class C Notes, or (iii) it is purchasing the Class C Notes for its own account, or for
the account of one or more "accredited investors" within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act that meet the criteria described in <u>subsection 2(b)(ii)</u> and for which it is acting with
complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding
that the disposition of its property shall at all times be and remain within its control;

3. it is a "qualified purchaser" within the meaning of the Investment Company Act;

4. it understands that the Class C Notes
have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities
laws of any other jurisdiction and is being offered only in a transaction not involving any public offering within the meaning of the
Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration
or qualification is available, that the Issuer is not required to register the Class C Notes, and that any transfer must comply with
the provisions of Clause 9 (*Transfers, Replacements and Assignments*) of the Issuer Facility Agreement;

5. it understands that the Class C Notes will be subject to the restrictions on transfer described in
Annex 4 (*Selling Restrictions*) of the Issuer Facility Agreement;

6. it will comply with all applicable securities
laws in connection with any subsequent resale of the Class C Notes;

7. it understands that the Class C Notes may be offered, resold, pledged or otherwise transferred only
in accordance with Clause 9.3(b) (*Class C Assignments*) of the Issuer Facility Agreement, and only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in a transaction meeting the requirements of Rule 144A under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. outside the United States to a foreign person in a transaction meeting the requirements of Regulation
S under the Securities Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. in a transaction complying with or exempt from the registration requirements of the Securities Act and
in accordance with any applicable securities laws of any state of the United States or any other jurisdiction; notwithstanding the foregoing,
it is hereby understood and agreed by the Issuer that the Class C Notes, or interests therein, may be sold, transferred or pledged
to the related Class C Committed Note Purchaser or any affiliate of its related Class C Committed Note Purchaser ,

provided that, for the avoidance of doubt, the Issuer may, in its sole and absolute discretion, withhold its consent with respect to any offer, sale, pledge or other transfer of any Class C Note to any Person and any such withholding shall be deemed reasonable;

8. if it desires to offer, sell or otherwise transfer, pledge or hypothecate the Class C Notes as described
in clause (ii) or (iv) of Section 3(i) of Annex 1 to the Issuer Facility Agreement, and such sale, transfer or pledge
does not fall within the "notwithstanding the foregoing" provision of Section 3(i)(iv) of Annex 1 to the Issuer
Facility Agreement, the transferee of the Class C Notes will be required to deliver a certificate, as described in Section 3(j) of
Annex 1 to the Issuer Facility Agreement, that an exemption from the registration requirements of the Securities Act applies to such offer,
sale, transfer or hypothecation or that such transaction is not subject to the registration requirements of the Securities Act, and that
the registrar and transfer agent for the Class C Notes will not be required to accept for registration of transfer the Class C
Notes acquired by it, except upon presentation of an executed letter in the form required by the Issuer Facility Agreement; and

9. it will obtain from any purchaser of the Class C Notes substantially the same representations and
warranties contained in the foregoing paragraphs.

This certificate and the statements contained herein are made for your benefit and for the benefit of the Issuer.

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| | |
|:---|:---|
| [ ] | [ ] |
| By: |  |
|  | Name: |
|  | Title: |

---

Dated:<u> </u>

cc: International Fleet Financing No.2 B.V.

**EXHIBIT G-1<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF CLASS A ASSIGNMENT AND ASSUMPTION AGREEMENT**

**CLASS A ASSIGNMENT AND ASSUMPTION AGREEMENT**, dated as of [•], among [•] (the "**Class A Transferor**"), each purchaser listed as a Class A Acquiring Committed Note Purchaser on the signature pages hereof (each, a "**Class A Acquiring Committed Note Purchaser**"), the Class A Funding Agent with respect to the assigning Class A Committed Note Purchaser listed in the signature pages hereof (the "**Class A Funding Agent**"), and International Fleet Financing No.2 B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) incorporated in The Netherlands (the "**Company**").

**WHEREAS:**

**(A)** this Class A Assignment and Assumption Agreement is being executed and delivered in accordance with
Clause 9.3(a) (*Class A Assignments*) of the issuer facility agreement, dated as of 25 September 2018 (as may be amended,
supplemented, amended and restated or otherwise modified from time to time, the "**Issuer Facility Agreement**") by and
among International Fleet Financing No.2 B.V. as Issuer, BNP Paribas Trust Corporation UK Limited as Issuer Security Trustee, Hertz Europe
Limited as Issuer Administrator, Credit Agricole Corporate and Investment Bank as Administrative Agent, certain committed note purchasers,
certain conduit investors and certain funding agents;

**(B)** each Class A Acquiring Committed Note Purchaser (if it is not already an existing Class A Committed
Note Purchaser) wishes to become a Class A Committed Note Purchaser (as defined in the Master Definitions and Constructions Agreement,
as defined below) party to the Issuer Facility Agreement; and

**(C)** the Class A Transferor is selling and assigning to each Class A Acquiring Committed Note Purchaser,
the portion of its rights, obligations and commitments under the Issuer Facility Agreement and the Class A Notes (as defined in the
Master Definitions and Constructions Agreement, as defined below) as set forth herein.

**IT IS AGREED** by the parties hereto as follows:

1. Capitalized terms used herein and not defined herein have the meanings set forth in the master definitions
and constructions agreement signed by, amongst others, the parties to the Issuer Facility Agreement, dated on the Signing Date, as amended,
modified or supplemented from time to time (the "**Master Definitions and Constructions Agreement** ").

2. The parties hereto acknowledge and agree that the rights and obligations under this Class A Assignment
and Assumption Agreement shall become effective at the Effective Date.

3. Upon the execution and delivery of this Class A Assignment and Assumption Agreement by each Class A
Acquiring Committed Note Purchaser, the Class A Funding Agent, the Class A Transferor and the Company (the date of such execution
and delivery, the "**Transfer Issuance Date** "), each Class A Acquiring Committed Note Purchaser shall become a Class A
Committed Note Purchaser party to the Issuer Facility Agreement for all purposes thereof.

4. The Class A Transferor acknowledges receipt from each Class A Acquiring Committed Note Purchaser
of an amount equal to the purchase price, as agreed between the Class A Transferor and such Class A Acquiring Committed Note
Purchaser (the "**Purchase Price** "), of the portion being purchased by such Class A Acquiring Committed Note Purchaser
(such Class A Acquiring Committed Note Purchaser's "**Purchased Percentage**") of the Class A Transferor's
Class A Commitment under the Issuer Facility Agreement and the Class A Transferor's Class A Investor Group Principal
Amount. The Class A Transferor hereby irrevocably sells, assigns and transfers to each Class A Acquiring Committed Note Purchaser,
without recourse, representation or warranty, and each Class A Acquiring Committed Note Purchaser hereby irrevocably purchases, takes
and assumes from the Class A Transferor, such Class A Acquiring Committed Note Purchaser's Purchased Percentage of the
Class A Transferor's Class A Commitment under the Issuer Facility Agreement and the Class A Transferor's Class A
Investor Group Principal Amount.

5. The Class A Transferor has made arrangements with each Class A Acquiring Committed Note Purchaser
with respect to [(i)] the portion, if any, to be paid, and the date or dates for payment, by the Class A Transferor to such Class A
Acquiring Committed Note Purchaser of any program fees, undrawn facility fee, structuring and commitment fees or other fees (collectively,
the "**Fees**") [heretofore received] by the Class A Transferor pursuant to Clause 3 (*Interest, Fees and Costs*)
of the Issuer Facility Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates
for payment, by such Class A Acquiring Committed Note Purchaser to the Class A Transferor of Fees received by such Class A
Acquiring Committed Note Purchaser pursuant to the Issuer Facility Agreement from and after the Transfer Issuance Date].

6. From and after the Transfer Issuance Date, amounts that would otherwise be payable to or for the account
of the Class A Transferor pursuant to the Issuer Facility Agreement shall, instead, be payable to or for the account of the Class A
Transferor and the Class A Acquiring Committed Note Purchasers, as the case may be, in accordance with their respective interests
as reflected in this Class A Assignment and Assumption Agreement, whether such amounts have accrued prior to the Transfer Issuance
Date or accrue subsequent to the Transfer Issuance Date.

7. Each of the parties to this Class A Assignment and Assumption Agreement agrees that at any time and
from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further
acts and things as such other party may reasonably request in order to effect the purposes of this Class A Assignment and Assumption
Agreement.

8. By executing and delivering this Class A Assignment and Assumption Agreement, the Class A Transferor
and each Class A Acquiring Committed Note Purchaser confirm to and agree with each other and the Class A Committed Note Purchasers
as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of the interest being assigned
hereby free and clear of any adverse claim, the Class A Transferor makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in connection with the Issuer Facility Agreement or the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the Class A Notes, the Issuer Related Documents or any instrument
or document furnished pursuant thereto; (ii) the Class A Transferor makes no representation or warranty and assumes no responsibility
with respect to the financial condition of the Company or the performance or observance by the Company of any of the Company's obligations
under the Issuer Related Documents or any other instrument or document furnished pursuant hereto; (iii) each Class A Acquiring
Committed Note Purchaser confirms that it has received a copy of the Issuer Related Documents and other documents and information as it
has deemed appropriate to make its own credit analysis and decision to enter into this Class A Assignment and Assumption Agreement;
(iv) each Class A Acquiring Committed Note Purchaser will, independently and without reliance upon the Administrative Agent,
the Class A Transferor or any other Class A Investor Group and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Issuer Facility Agreement; (v) each
Class A Acquiring Committed Note Purchaser appoints and authorizes the Administrative Agent to take such action as agent on its behalf
and to exercise such powers under the Issuer Facility Agreement as are delegated to the Administrative Agent by the terms thereof, together
with such powers as are reasonably incidental thereto, all in accordance with Clause 10 (*The Administrative Agent*) of the Issuer
Facility Agreement; (vi) each Class A Acquiring Committed Note Purchaser appoints and authorizes the Class A Funding Agent
to take such action as agent on its behalf and to exercise such powers under the Issuer Facility Agreement as are delegated to such Class A
Funding Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Clause 10 (*The Administrative Agent*) of the Issuer Facility Agreement; (vii) each Class A Acquiring Committed Note Purchaser agrees that
it will perform in accordance with their terms all of the obligations which by the terms of the Issuer Facility Agreement are required
to be performed by it as a Class A Acquiring Committed Note Purchaser and (viii) the Class A Acquiring Committed Note Purchaser
hereby represents and warrants to the Company and the Issuer Administrator that the representations and warranties contained in Section 3
(*Conduit Investors and Committed Note Purchasers*) of Annex 1 (*Representations and Warranties*) to the Issuer Facility Agreement
are true and correct with respect to the Class A Acquiring Committed Note Purchaser on and as of the date hereof and the Class A
Acquiring Committed Note Purchaser shall be deemed to have made such representations and warranties contained in Section 3 (*Conduit Investors and Committed Note Purchasers*) of Annex 1 (*Representations and Warranties*) to the Issuer Facility Agreement on and
as of the date hereof.

9. Schedule I hereto sets forth the revised Class A Commitment Percentages of the Class A Transferor
and each Class A Acquiring Committed Note Purchaser as well as administrative information with respect to each Class A Acquiring
Committed Note Purchaser and its Class A Funding Agent.

10. This Class A Assignment and Assumption Agreement and any non-contractual obligations arising out
of or in connection with it shall be governed by and shall be construed in accordance with English law.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be executed by their respective duly authorized officers as of the date first set forth above.

By: 

 Title:

By: 

 Title:

By: 

 Title:

By: 

 Title:

---

| | |
|:---|:---|
| CONSENTED AND ACKNOWLEDGED: | CONSENTED AND ACKNOWLEDGED: |
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** | **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| as the Company | as the Company |
| By: |  |
|  | Title: |

---

SCHEDULE I

LIST OF ADDRESSES FOR NOTICES

AND OF CLASS A COMMITMENT PERCENTAGES

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK**

as Administrative Agent

Address: 12 Place des Etats-Unis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CS 70052

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92547 Montrouge Cedex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France

Attention: MO SECURITIZATION CACIB/CAROLE D'HAEYERE

Telephone: [\*] (Carole D'HAEYERE) or [\*] (Eleonore N'DONGUI) or [\*] (Stéphane BOITEUX)

Facsimile: [\*]

**[TRANSFEROR]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

---

| | |
|:---|:---|
| Prior Class A Committed Note Purchaser Percentage: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] |
| Revised Class A Committed Note Purchaser Percentage: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] |
| Prior Class A Investor Group Principal Amount: | [●] |
| Revised Class A Investor Group Principal Amount: | [●] |
| Prior Class A Maximum Investor Group Principal Amount: | [●] |
| Revised Class A Maximum Investor Group Principal Amount: | [●] |

---

**[TRANSFEROR CLASS A FUNDING AGENT]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

**[CLASS A ACQUIRING COMMITTED NOTE PURCHASER]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

---

| | |
|:---|:---|
| Prior Class A Commitment Percentage: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] |
| Revised Class A Commitment Percentage: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] |
| Prior Class A Investor Group Principal Amount: | [●] |
| Revised Class A Investor Group Principal Amount: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] |

---

**[CLASS A ACQUIRING COMMITTED NOTE PURCHASER FUNDING AGENT]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

**EXHIBIT G-2<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF CLASS B ASSIGNMENT AND ASSUMPTION AGREEMENT**

**CLASS B ASSIGNMENT AND ASSUMPTION AGREEMENT**, dated as of [●], among [●] (the "**Class B Transferor**"), each purchaser listed as a Class B Acquiring Committed Note Purchaser on the signature pages hereof (each, a "**Class B Acquiring Committed Note Purchaser**"), the Class B Funding Agent with respect to the assigning Class B Committed Note Purchaser listed in the signature pages hereof (the "**Class B Funding Agent**"), and International Fleet Financing No.2 B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) incorporated in The Netherlands (the "**Company**").

**WHEREAS:**

**(A)** this
 Class B Assignment and Assumption Agreement is being executed and delivered in accordance
 with Clause 9.3(b) (*Class B Assignments*) of the issuer facility agreement,
 dated as of 25 September 2018 (as may be amended, supplemented, amended and restated
 or otherwise modified from time to time, the "**Issuer Facility Agreement** ")
 by and among International Fleet Financing No.2 B.V. as Issuer, BNP Paribas Trust Corporation
 UK Limited as Issuer Security Trustee, Hertz Europe Limited as Issuer Administrator, Credit
 Agricole Corporate and Investment Bank as Administrative Agent, certain committed note purchasers,
 certain conduit investors and certain funding agents;

**(B)** each
 Class B Acquiring Committed Note Purchaser (if it is not already an existing Class B
 Committed Note Purchaser) wishes to become a Class B Committed Note Purchaser (as defined
 in the Master Definitions and Constructions Agreement, as defined below) party to the Issuer
 Facility Agreement; and

**(C)** the
 Class B Transferor is selling and assigning to each Class B Acquiring Committed
 Note Purchaser, the portion of its rights, obligations and commitments under the Issuer Facility
 Agreement and the Class B Notes (as defined in the Master Definitions and Constructions
 Agreement, as defined below) as set forth herein.

**IT IS AGREED** by the parties hereto as follows:

1. Capitalized
 terms used herein and not defined herein have the meanings set forth in the master definitions
 and constructions agreement signed by, amongst others, the parties to the Issuer Facility
 Agreement, dated on the Signing Date, as amended, modified or supplemented from time to time
 (the "**Master Definitions and Constructions Agreement** ").

2. The parties hereto acknowledge and agree that
 the rights and obligations under this Class B Assignment and Assumption Agreement shall
 become effective at the Effective Date.

3. Upon
 the execution and delivery of this Class B Assignment and Assumption Agreement by each
 Class B Acquiring Committed Note Purchaser, the Class B Funding Agent, the Class B
 Transferor and the Company (the date of such execution and delivery, the "**Transfer Issuance Date** "), each Class B Acquiring Committed Note Purchaser shall become
 a Class B Committed Note Purchaser party to the Issuer Facility Agreement for all purposes
 thereof.

4. The Class B Transferor acknowledges receipt
 from each Class B Acquiring Committed Note Purchaser of an amount equal to the purchase
 price, as agreed between the Class B Transferor and such Class B Acquiring Committed
 Note Purchaser (the "**Purchase Price** "), of the portion being purchased
 by such Class B Acquiring Committed Note Purchaser (such Class B Acquiring Committed
 Note Purchaser's "**Purchased Percentage**") of the Class B Transferor's
 Class B Commitment under the Issuer Facility Agreement and the Class B Transferor's
 Class B Investor Group Principal Amount. The Class B Transferor hereby irrevocably
 sells, assigns and transfers to each Class B Acquiring Committed Note Purchaser, without
 recourse, representation or warranty, and each Class B Acquiring Committed Note Purchaser
 hereby irrevocably purchases, takes and assumes from the Class B Transferor, such Class B
 Acquiring Committed Note Purchaser's Purchased Percentage of the Class B Transferor's
 Class B Commitment under the Issuer Facility Agreement and the Class B Transferor's
 Class B Investor Group Principal Amount.

5. The Class B Transferor has made arrangements
 with each Class B Acquiring Committed Note Purchaser with respect to [(i)] the portion,
 if any, to be paid, and the date or dates for payment, by the Class B Transferor to
 such Class B Acquiring Committed Note Purchaser of any program fees, undrawn facility
 fee, structuring and commitment fees or other fees (collectively, the "**Fees** ")
 [heretofore received] by the Class B Transferor pursuant to Clause 3 (*Interest, Fees and Costs*) of the Issuer Facility Agreement prior to the Transfer Issuance Date [and
 (ii) the portion, if any, to be paid, and the date or dates for payment, by such Class B
 Acquiring Committed Note Purchaser to the Class B Transferor of Fees received by such
 Class B Acquiring Committed Note Purchaser pursuant to the Issuer Facility Agreement
 from and after the Transfer Issuance Date].

6. From and after the Transfer Issuance Date,
 amounts that would otherwise be payable to or for the account of the Class B Transferor
 pursuant to the Issuer Facility Agreement shall, instead, be payable to or for the account
 of the Class B Transferor and the Class B Acquiring Committed Note Purchasers,
 as the case may be, in accordance with their respective interests as reflected in this Class B
 Assignment and Assumption Agreement, whether such amounts have accrued prior to the Transfer
 Issuance Date or accrue subsequent to the Transfer Issuance Date.

7. Each of the parties to this Class B Assignment
 and Assumption Agreement agrees that at any time and from time to time upon the written request
 of any other party, it will execute and deliver such further documents and do such further
 acts and things as such other party may reasonably request in order to effect the purposes
 of this Class B Assignment and Assumption Agreement.

8. By executing and delivering this Class B
 Assignment and Assumption Agreement, the Class B Transferor and each Class B Acquiring
 Committed Note Purchaser confirm to and agree with each other and the Class B Committed
 Note Purchasers as follows: (i) other than the representation and warranty that it is
 the legal and beneficial owner of the interest being assigned hereby free and clear of any
 adverse claim, the Class B Transferor makes no representation or warranty and assumes
 no responsibility with respect to any statements, warranties or representations made in or
 in connection with the Issuer Facility Agreement or the execution, legality, validity, enforceability,
 genuineness, sufficiency or value of the Class B Notes, the Issuer Related Documents
 or any instrument or document furnished pursuant thereto; (ii) the Class B Transferor
 makes no representation or warranty and assumes no responsibility with respect to the financial
 condition of the Company or the performance or observance by the Company of any of the Company's
 obligations under the Issuer Related Documents or any other instrument or document furnished
 pursuant hereto; (iii) each Class B Acquiring Committed Note Purchaser confirms
 that it has received a copy of the Issuer Related Documents and other documents and information
 as it has deemed appropriate to make its own credit analysis and decision to enter into this
 Class B Assignment and Assumption Agreement; (iv) each Class B Acquiring Committed
 Note Purchaser will, independently and without reliance upon the Administrative Agent, the
 Class B Transferor or any other Class B Investor Group and based on such documents
 and information as it shall deem appropriate at the time, continue to make its own credit
 decisions in taking or not taking action under the Issuer Facility Agreement; (v) each
 Class B Acquiring Committed Note Purchaser appoints and authorizes the Administrative
 Agent to take such action as agent on its behalf and to exercise such powers under the Issuer
 Facility Agreement as are delegated to the Administrative Agent by the terms thereof, together
 with such powers as are reasonably incidental thereto, all in accordance with Clause 10 (*The Administrative Agent*) of the Issuer Facility Agreement; (vi) each Class B Acquiring
 Committed Note Purchaser appoints and authorizes the Class B Funding Agent to take such
 action as agent on its behalf and to exercise such powers under the Issuer Facility Agreement
 as are delegated to such Class B Funding Agent by the terms thereof, together with such
 powers as are reasonably incidental thereto, all in accordance with Clause 10 (*The Administrative Agent*) of the Issuer Facility Agreement; (vii) each Class B Acquiring Committed
 Note Purchaser agrees that it will perform in accordance with their terms all of the obligations
 which by the terms of the Issuer Facility Agreement are required to be performed by it as
 a Class B Acquiring Committed Note Purchaser and (viii) the Class B Acquiring
 Committed Note Purchaser hereby represents and warrants to the Company and the Issuer Administrator
 that the representations and warranties contained in Section 3 (*Conduit Investors and Committed Note Purchasers*) of Annex 1 (*Representations and Warranties*) to
 the Issuer Facility Agreement are true and correct with respect to the Class B Acquiring
 Committed Note Purchaser on and as of the date hereof and the Class B Acquiring Committed
 Note Purchaser shall be deemed to have made such representations and warranties contained
 in Section 3 (*Conduit Investors and Committed Note Purchasers*) of Annex 1 (*Representations and Warranties*) to the Issuer Facility Agreement on and as of the date hereof.

9. Schedule I hereto sets forth the revised Class B
 Commitment Percentages of the Class B Transferor and each Class B Acquiring Committed
 Note Purchaser as well as administrative information with respect to each Class B Acquiring
 Committed Note Purchaser and its Class B Funding Agent.

10. This Class B Assignment and Assumption
 Agreement and any non-contractual obligations arising out of or in connection with it shall
 be governed by and shall be construed in accordance with English law.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be executed by their respective duly authorized officers as of the date first set forth above.

By: 

 Title:

By: 

 Title:

By: 

 Title:

By: 

 Title:

---

| | |
|:---|:---|
| CONSENTED AND ACKNOWLEDGED: | CONSENTED AND ACKNOWLEDGED: |
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** | **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| as the Company | as the Company |
| By: |  |
|  | Title: |

---

SCHEDULE I

LIST OF ADDRESSES FOR NOTICES

AND OF CLASS B COMMITMENT PERCENTAGES

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK**

as Administrative Agent

Address: 12 Place des Etats-Unis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CS 70052

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92547 Montrouge Cedex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France

Attention: MO SECURITIZATION CACIB/CAROLE D'HAEYERE

Telephone: [\*] (Carole D'HAEYERE) or [\*] (Eleonore N'DONGUI) or [\*] (Stéphane BOITEUX)

Facsimile: [\*]

**[TRANSFEROR]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

---

| | |
|:---|:---|
| Prior Class B Commitment Percentage: | [●] |
| Revised Class B Commitment Percentage: | [●] |
| Prior Class B Investor Group Principal Amount: | [●] |
| Revised Class B Investor Group Principal Amount: | [●] |

---

**[TRANSFEROR CLASS B FUNDING AGENT]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

**[CLASS B ACQUIRING COMMITTED NOTE PURCHASER]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

---

| | |
|:---|:---|
| Prior Class B Commitment Percentage: | [●] |
| Revised Class B Commitment Percentage: | [●] |
| Prior Class B Investor Group Principal Amount: | [●] |
| Revised Class B Investor Group Principal Amount: | [●] |

---

**[CLASS B ACQUIRING COMMITTED NOTE PURCHASER FUNDING AGENT]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

**EXHIBIT G-3<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF CLASS C ASSIGNMENT AND ASSUMPTION AGREEMENT**

**CLASS C ASSIGNMENT AND ASSUMPTION AGREEMENT**, dated as of [●], among [●] (the "**Class C Transferor**"), each purchaser listed as a Class C Acquiring Committed Note Purchaser on the signature pages hereof (each, a "**Class C Acquiring Committed Note Purchaser**"), the Class C Funding Agent with respect to the assigning Class C Committed Note Purchaser listed in the signature pages hereof (the "**Class C Funding Agent**"), and International Fleet Financing No.2 B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) incorporated in The Netherlands (the "**Company**").

**WHEREAS:**

**(D)** this
 Class C Assignment and Assumption Agreement is being executed and delivered in accordance
 with Clause 9.3(b) (*Class C Assignments*) of the issuer facility agreement,
 dated as of 25 September 2018 (as may be amended, supplemented, amended and restated
 or otherwise modified from time to time, the "**Issuer Facility Agreement** ")
 by and among International Fleet Financing No.2 B.V. as Issuer, BNP Paribas Trust Corporation
 UK Limited as Issuer Security Trustee, Hertz Europe Limited as Issuer Administrator, Credit
 Agricole Corporate and Investment Bank as Administrative Agent, certain committed note purchasers,
 certain conduit investors and certain funding agents;

**(E)** each
 Class C Acquiring Committed Note Purchaser (if it is not already an existing Class C
 Committed Note Purchaser) wishes to become a Class C Committed Note Purchaser (as defined
 in the Master Definitions and Constructions Agreement, as defined below) party to the Issuer
 Facility Agreement; and

**(F)** the
 Class C Transferor is selling and assigning to each Class C Acquiring Committed
 Note Purchaser, the portion of its rights, obligations and commitments under the Issuer Facility
 Agreement and the Class C Notes (as defined in the Master Definitions and Constructions
 Agreement, as defined below) as set forth herein.

**IT IS AGREED** by the parties hereto as follows:

11. Capitalized
 terms used herein and not defined herein have the meanings set forth in the master definitions
 and constructions agreement signed by, amongst others, the parties to the Issuer Facility
 Agreement, dated on the Signing Date, as amended, modified or supplemented from time to time
 (the "**Master Definitions and Constructions Agreement** ").

12. The parties hereto acknowledge and agree
 that the rights and obligations under this Class C Assignment and Assumption Agreement
 shall become effective at the Effective Date.

13. Upon
 the execution and delivery of this Class C Assignment and Assumption Agreement by each
 Class C Acquiring Committed Note Purchaser, the Class C Funding Agent, the Class C
 Transferor and the Company (the date of such execution and delivery, the "**Transfer Issuance Date** "), each Class C Acquiring Committed Note Purchaser shall become
 a Class C Committed Note Purchaser party to the Issuer Facility Agreement for all purposes
 thereof.

14. The Class C Transferor acknowledges
 receipt from each Class C Acquiring Committed Note Purchaser of an amount equal to the
 purchase price, as agreed between the Class C Transferor and such Class C Acquiring
 Committed Note Purchaser (the "**Purchase Price** "), of the portion being
 purchased by such Class C Acquiring Committed Note Purchaser (such Class C Acquiring
 Committed Note Purchaser's "**Purchased Percentage**") of the Class C
 Transferor's Class C Commitment under the Issuer Facility Agreement and the Class C
 Transferor's Class C Investor Group Principal Amount. The Class C Transferor
 hereby irrevocably sells, assigns and transfers to each Class C Acquiring Committed
 Note Purchaser, without recourse, representation or warranty, and each Class C Acquiring
 Committed Note Purchaser hereby irrevocably purchases, takes and assumes from the Class C
 Transferor, such Class C Acquiring Committed Note Purchaser's Purchased Percentage
 of the Class C Transferor's Class C Commitment under the Issuer Facility
 Agreement and the Class C Transferor's Class C Investor Group Principal Amount.

15. The Class C Transferor has made arrangements
 with each Class C Acquiring Committed Note Purchaser with respect to [(i)] the portion,
 if any, to be paid, and the date or dates for payment, by the Class C Transferor to
 such Class C Acquiring Committed Note Purchaser of any program fees, undrawn facility
 fee, structuring and commitment fees or other fees (collectively, the "**Fees** ")
 [heretofore received] by the Class C Transferor pursuant to Clause 3 (*Interest, Fees and Costs*) of the Issuer Facility Agreement prior to the Transfer Issuance Date [and
 (ii) the portion, if any, to be paid, and the date or dates for payment, by such Class C
 Acquiring Committed Note Purchaser to the Class C Transferor of Fees received by such
 Class C Acquiring Committed Note Purchaser pursuant to the Issuer Facility Agreement
 from and after the Transfer Issuance Date].

16. From and after the Transfer Issuance Date,
 amounts that would otherwise be payable to or for the account of the Class C Transferor
 pursuant to the Issuer Facility Agreement shall, instead, be payable to or for the account
 of the Class C Transferor and the Class C Acquiring Committed Note Purchasers,
 as the case may be, in accordance with their respective interests as reflected in this Class C
 Assignment and Assumption Agreement, whether such amounts have accrued prior to the Transfer
 Issuance Date or accrue subsequent to the Transfer Issuance Date.

17. Each of the parties to this Class C
 Assignment and Assumption Agreement agrees that at any time and from time to time upon the
 written request of any other party, it will execute and deliver such further documents and
 do such further acts and things as such other party may reasonably request in order to effect
 the purposes of this Class C Assignment and Assumption Agreement.

18. By executing and delivering this Class C
 Assignment and Assumption Agreement, the Class C Transferor and each Class C Acquiring
 Committed Note Purchaser confirm to and agree with each other and the Class C Committed
 Note Purchasers as follows: (i) other than the representation and warranty that it is
 the legal and beneficial owner of the interest being assigned hereby free and clear of any
 adverse claim, the Class C Transferor makes no representation or warranty and assumes
 no responsibility with respect to any statements, warranties or representations made in or
 in connection with the Issuer Facility Agreement or the execution, legality, validity, enforceability,
 genuineness, sufficiency or value of the Class C Notes, the Issuer Related Documents
 or any instrument or document furnished pursuant thereto; (ii) the Class C Transferor
 makes no representation or warranty and assumes no responsibility with respect to the financial
 condition of the Company or the performance or observance by the Company of any of the Company's
 obligations under the Issuer Related Documents or any other instrument or document furnished
 pursuant hereto; (iii) each Class C Acquiring Committed Note Purchaser confirms
 that it has received a copy of the Issuer Related Documents and other documents and information
 as it has deemed appropriate to make its own credit analysis and decision to enter into this
 Class C Assignment and Assumption Agreement; (iv) each Class C Acquiring Committed
 Note Purchaser will, independently and without reliance upon the Administrative Agent, the
 Class C Transferor or any other Class C Investor Group and based on such documents
 and information as it shall deem appropriate at the time, continue to make its own credit
 decisions in taking or not taking action under the Issuer Facility Agreement; (v) each
 Class C Acquiring Committed Note Purchaser appoints and authorizes the Administrative
 Agent to take such action as agent on its behalf and to exercise such powers under the Issuer
 Facility Agreement as are delegated to the Administrative Agent by the terms thereof, together
 with such powers as are reasonably incidental thereto, all in accordance with Clause 10 (*The Administrative Agent*) of the Issuer Facility Agreement; (vi) each Class C Acquiring
 Committed Note Purchaser appoints and authorizes the Class C Funding Agent to take such
 action as agent on its behalf and to exercise such powers under the Issuer Facility Agreement
 as are delegated to such Class C Funding Agent by the terms thereof, together with such
 powers as are reasonably incidental thereto, all in accordance with Clause 10 (*The Administrative Agent*) of the Issuer Facility Agreement; (vii) each Class C Acquiring Committed
 Note Purchaser agrees that it will perform in accordance with their terms all of the obligations
 which by the terms of the Issuer Facility Agreement are required to be performed by it as
 a Class C Acquiring Committed Note Purchaser and (viii) the Class C Acquiring
 Committed Note Purchaser hereby represents and warrants to the Company and the Issuer Administrator
 that the representations and warranties contained in Section 3 (*Conduit Investors and Committed Note Purchasers*) of Annex 1 (*Representations and Warranties*) to
 the Issuer Facility Agreement are true and correct with respect to the Class C Acquiring
 Committed Note Purchaser on and as of the date hereof and the Class C Acquiring Committed
 Note Purchaser shall be deemed to have made such representations and warranties contained
 in Section 3 (*Conduit Investors and Committed Note Purchasers*) of Annex 1 (*Representations and Warranties*) to the Issuer Facility Agreement on and as of the date hereof.

19. Schedule I hereto sets forth the revised
 Class C Commitment Percentages of the Class C Transferor and each Class C
 Acquiring Committed Note Purchaser as well as administrative information with respect to
 each Class C Acquiring Committed Note Purchaser and its Class C Funding Agent.

20. This Class C Assignment and Assumption
 Agreement and any non-contractual obligations arising out of or in connection with it shall
 be governed by and shall be construed in accordance with English law.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be executed by their respective duly authorized officers as of the date first set forth above.

By: 

 Title:

By: 

 Title:

By: 

 Title:

By: 

 Title:

---

| | |
|:---|:---|
| CONSENTED AND ACKNOWLEDGED: | CONSENTED AND ACKNOWLEDGED: |
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** | **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| as the Company | as the Company |
| By: |  |
|  | Title: |

---

SCHEDULE I

LIST OF ADDRESSES FOR NOTICES

AND OF CLASS C COMMITMENT PERCENTAGES

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK**

as Administrative Agent

Address: 12 Place des Etats-Unis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CS 70052

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92547 Montrouge Cedex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France

Attention: MO SECURITIZATION CACIB/CAROLE D'HAEYERE

Telephone: [\*] (Carole D'HAEYERE) or [\*] (Eleonore N'DONGUI) or [\*] (Stéphane BOITEUX)

Facsimile: [\*]

**[TRANSFEROR]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

---

| | |
|:---|:---|
| Prior Class C Commitment Percentage: | [●] |
| Revised Class C Commitment Percentage: | [●] |
| Prior Class C Investor Group Principal Amount: | [●] |
| Revised Class C Investor Group Principal Amount: | [●] |

---

**[TRANSFEROR CLASS C FUNDING AGENT]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

**[CLASS C ACQUIRING COMMITTED NOTE PURCHASER]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

---

| | |
|:---|:---|
| Prior Class C Commitment Percentage: | [●] |
| Revised Class C Commitment Percentage: | [●] |
| Prior Class C Investor Group Principal Amount: | [●] |
| Revised Class C Investor Group Principal Amount: | [●] |

---

**[CLASS C ACQUIRING COMMITTED NOTE PURCHASER FUNDING AGENT]**

---

| | | |
|:---|:---|:---|
| Address: | [●] |  |
|  | Attention: | [●] |
|  | Telephone: | [●] |
|  | Facsimile: | [●] |

---

**EXHIBIT H-1<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF CLASS A INVESTOR GROUP SUPPLEMENT**

CLASS A INVESTOR GROUP SUPPLEMENT, dated as of [*date*], among (i) [●] (the "**Class A Transferor Investor Group**"), (ii) the Class A Funding Agent with respect to the Class A Transferor Investor Group in the signature pages hereof (the "**Class A Transferor Funding Agent**") (iii) [●] (the "**Class A Acquiring Investor Group**"), (iv) the Class A Funding Agent with respect to the Class A Acquiring Investor Group listed in the signature pages hereof (the "**Class A Acquiring Funding Agent**"), and (v) International Fleet Financing No.2 B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) incorporated in The Netherlands (the "**Company**").

**WHEREAS:**

**(A)** t his Class A Investor Group Supplement is being executed
 and delivered in accordance with Clause 9.3(a) (*Class A Assignments*) of
 the issuer facility agreement, dated as of 25 September 2018
 (as from time to time may be amended, supplemented, amended and restated or otherwise modified
 in accordance with the terms thereof, the "**Issuer Facility Agreement** ")
 by and among International Fleet Financing No.2 B.V. as Issuer, BNP Paribas Trust Corporation
 UK Limited as Issuer Security Trustee, Hertz Europe Limited as Issuer Administrator, Credit
 Agricole Corporate and Investment Bank as Administrative Agent, certain committed note purchasers,
 certain conduit investors and certain funding agents;

**(B)** the Class A Acquiring Investor Group wishes to become
 a Class A Conduit Investor and a Class A Committed Note Purchaser (each such term as defined in the Master Definitions and Constructions
 Agreement, as defined below) with respect to such Class A Conduit Investor under the Issuer Facility Agreement; and

**(C)** the Class A Transferor Investor Group is selling and
 assigning to the Class A Acquiring Investor Group
 its respective rights, obligations and commitments under the Issuer Facility Agreement and
 the Class A Notes with respect to the percentage
 of its total commitment specified in Schedule I attached hereto.

**IT IS AGREED** by the parties hereto as follows:

1. Capitalized
 terms used herein and not defined herein have the meanings set forth in the master definitions
 and constructions agreement signed by, amongst others, the parties to the Issuer Facility
 Agreement, dated on the Signing Date, as amended, modified or supplemented from time to time
 (the "**Master Definitions and Constructions Agreement** ").

2. The parties hereto acknowledge and agree that
 the rights and obligations under this Class A Investor Group Supplement shall become
 effective at the Effective Date.

3. Upon the execution and delivery of this Class A
 Investor Group Supplement by the Class A Acquiring Investor Group, the Class A
 Acquiring Funding Agent with respect thereto, the Class A Transferor Investor Group,
 the Class A Transferor Funding Agent and the Company (the date of such execution and
 delivery, the "**Class A Transfer Issuance Date** "), the Class A
 Conduit Investor(s) and the Class A Committed Note Purchasers with respect to the
 Class A Acquiring Investor Group shall become parties to the Issuer Facility Agreement
 for all purposes thereof.

4. The Class A Transferor Investor Group
 acknowledges receipt from the Class A Acquiring Investor Group of an amount equal to
 the purchase price, as agreed between the Class A Transferor Investor Group and the
 Class A Acquiring Investor Group (the "**Purchase Price** "), of the portion
 being purchased by the Class A Acquiring Investor Group (the Class A Acquiring
 Investor Group's "**Purchased Percentage**") of the Class A Commitment
 with respect to the Class A Committed Note Purchasers included in the Class A Transferor
 Investor Group under the Issuer Facility Agreement and the Class A Transferor Investor
 Group's Class A Investor Group Principal Amount. The Class A Transferor Investor
 Group hereby irrevocably sells, assigns and transfers to the Class A Acquiring Investor
 Group, without recourse, representation or warranty, and the Class A Acquiring Investor
 Group hereby irrevocably purchases, takes and assumes from the Class A Transferor Investor
 Group, the Class A Acquiring Investor Group's Purchased Percentage of the Class A
 Commitment with respect to the Class A Committed Note Purchasers included in the Class A
 Transferor Investor Group under the Issuer Facility Agreement and the Class A Transferor
 Investor Group's Class A Investor Group Principal Amount.

5. From and after the Class A Transfer Issuance
 Date, amounts that would otherwise be payable to or for the account of the Class A Transferor
 Investor Group pursuant to the Issuer Facility Agreement shall, instead, be payable to or
 for the account of the Class A Transferor Investor Group and the Class A Acquiring
 Investor Group, as the case may be, in accordance with their respective interests as reflected
 in this Issuer Facility Agreement, whether such amounts have accrued prior to the Class A
 Transfer Issuance Date or accrue subsequent to the Class A Transfer Issuance Date.

6. Each of the parties to this Class A Investor
 Group Supplement agrees that at any time and from time to time upon the written request of
 any other party, it will execute and deliver such further documents and do such further acts
 and things as such other party may reasonably request in order to effect the purposes of
 this Class A Investor Group Supplement.

7. By executing and delivering this Class A
 Investor Group Supplement, the Class A Transferor Investor Group and the Class A
 Acquiring Investor Group confirm to and agree with each other as follows: (i) other
 than the representation and warranty that it is the legal and beneficial owner of the interest
 being assigned hereby free and clear of any adverse claim, the Class A Transferor Investor
 Group makes no representation or warranty and assumes no responsibility with respect to any
 statements, warranties or representations made in or in connection with the Issuer Facility
 Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency
 or value of the Class A Notes, the Issuer Related Documents or any instrument or document
 furnished pursuant thereto; (ii) the Class A Transferor Investor Group makes no
 representation or warranty and assumes no responsibility with respect to the financial condition
 of the Company or the performance or observance by the Company of any of the Company's
 obligations under the Issuer Related Documents or any other instrument or document furnished
 pursuant hereto; (iii) the Class A Acquiring Investor Group confirms that it has
 received a copy of the Issuer Related Documents and other documents and information as it
 has deemed appropriate to make its own credit analysis and decision to enter into this Class A
 Investor Group Supplement; (iv) the Class A Acquiring Investor Group will, independently
 and without reliance upon the Administrative Agent, the Class A Transferor Investor
 Group or any other Person and based on such documents and information as it shall deem appropriate
 at the time, continue to make its own credit decisions in taking or not taking action under
 the Issuer Facility Agreement; (v) the Class A Acquiring Investor Group appoints
 and authorizes the Administrative Agent to take such action as agent on its behalf and to
 exercise such powers under the Issuer Facility Agreement as are delegated to the Administrative
 Agent by the terms thereof, together with such powers as are reasonably incidental thereto,
 all in accordance with Clause 10 (*The Administrative Agent*) of the Issuer Facility
 Agreement; (vi) each member of the Class A Acquiring Investor Group appoints and
 authorizes its respective Class A Acquiring Funding Agent, listed in Schedule I hereto,
 to take such action as agent on its behalf and to exercise such powers under the Issuer Facility
 Agreement as are delegated to such Class A Acquiring Funding Agent by the terms thereof,
 together with such powers as are reasonably incidental thereto, all in accordance with Clause
 10 (*The Administrative Agent*) of the Issuer Facility Agreement; (vii) each member
 of the Class A Acquiring Investor Group agrees that it will perform in accordance with
 their terms all of the obligations which by the terms of the Issuer Facility Agreement are
 required to be performed by it as a member of the Class A Acquiring Investor Group and
 (viii) each member of the Class A Acquiring Investor Group hereby represents and
 warrants to the Company and the Issuer Administrator that the representations and warranties
 contained in Section 3 (*Conduit Investors and Committed Note Purchasers*) of Annex
 1 (*Representations and Warranties*) to the Issuer Facility Agreement are true and correct
 with respect to the Class A Acquiring Investor Group on and as of the date hereof and
 the Class A Acquiring Investor Group shall be deemed to have made such representations
 and warranties contained in Section 3 (*Conduit Investors and Committed Note Purchasers*)
 of Annex 1 (*Representations and Warranties*) to the Issuer Facility Agreement on and
 as of the date hereof.

8. Schedule I hereto sets forth the revised Class A
 Commitment Percentages of the Class A Transferor Investor Group and the Class A
 Acquiring Investor Group, as well as administrative information with respect to the Class A
 Acquiring Investor Group and its Class A Acquiring Funding Agent.

9. This Class A Investor Group Supplement
 and any non-contractual obligations arising out of or in connection with it shall be governed
 by and shall be construed in accordance with English law.

IN WITNESS WHEREOF, the parties hereto have caused this Class A Investor Group Supplement to be executed by their respective duly authorized officers as of the date first set forth above.

By: 

 Title:

By: 

 Title:

By: 

 Title:

By: 

 Title:

By: 

 Title:

By: 

 Title:

---

| | |
|:---|:---|
| CONSENTED AND ACKNOWLEDGED: | CONSENTED AND ACKNOWLEDGED: |
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** | **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| as the Company | as the Company |
| By: |  |
|  | Title: |

---

LIST OF ADDRESSES FOR NOTICES

AND OF CLASS A COMMITMENT PERCENTAGES

**EXHIBIT H-2<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF CLASS B INVESTOR GROUP SUPPLEMENT**

CLASS B INVESTOR GROUP SUPPLEMENT, dated as of [*date*], among (i) [●] (the "**Class B Transferor Investor Group**"), (ii) the Class B Funding Agent with respect to the Class B Transferor Investor Group in the signature pages hereof (the "**Class B Transferor Funding Agent**") (iii) [●] (the "**Class B Acquiring Investor Group**"), (iv) the Class B Funding Agent with respect to the Class B Acquiring Investor Group listed in the signature pages hereof (the "**Class B Acquiring Funding Agent**"), and (v) International Fleet Financing No.2 B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) incorporated in The Netherlands (the "**Company**").

**WHEREAS:**

**(A)** t his Class B Investor Group Supplement is being executed
 and delivered in accordance with Clause 9.3(b) (*Class B Assignments*) of
 the issuer facility agreement, dated as of 25 September 2018
 (as from time to time may be amended, supplemented, amended and restated or otherwise modified
 in accordance with the terms thereof, the "**Issuer Facility Agreement** ")
 by and among International Fleet Financing No.2 B.V. as Issuer, BNP Paribas Trust Corporation
 UK Limited as Issuer Security Trustee, Hertz Europe Limited as Issuer Administrator, Credit
 Agricole Corporate and Investment Bank as Administrative Agent, certain committed note purchasers,
 certain conduit investors and certain funding agents;

**(B)** the Class B Acquiring Investor Group wishes to become
 a Class B Conduit Investor and a Class B Committed Note Purchaser (each such term as defined in the Master Definitions and Constructions
 Agreement, as defined below) with respect to such Class B Conduit Investor under the Issuer Facility Agreement; and

**(C)** the Class B Transferor Investor Group is selling and
 assigning to the Class B Acquiring Investor Group
 its respective rights, obligations and commitments under the Issuer Facility Agreement and
 the Class B Notes with respect to the percentage
 of its total commitment specified in Schedule I attached hereto.

**IT IS AGREED** by the parties hereto as follows:

1. Capitalized
 terms used herein and not defined herein have the meanings set forth in the master definitions
 and constructions agreement signed by, amongst others, the parties to the Issuer Facility
 Agreement, dated on the Signing Date, as amended, modified or supplemented from time to time
 (the "**Master Definitions and Constructions Agreement** ").

2. The parties hereto acknowledge and agree that
 the rights and obligations under this Class B Investor Group Supplement shall become
 effective at the Effective Date.

3. Upon the execution and delivery of this Class B
 Investor Group Supplement by the Class B Acquiring Investor Group, the Class B
 Acquiring Funding Agent with respect thereto, the Class B Transferor Investor Group,
 the Class B Transferor Funding Agent and the Company (the date of such execution and
 delivery, the "**Class B Transfer Issuance Date** "), the Class B
 Conduit Investor(s) and the Class B Committed Note Purchasers with respect to the
 Class B Acquiring Investor Group shall become parties to the Issuer Facility Agreement
 for all purposes thereof.

4. The Class B Transferor Investor Group
 acknowledges receipt from the Class B Acquiring Investor Group of an amount equal to
 the purchase price, as agreed between the Class B Transferor Investor Group and the
 Class B Acquiring Investor Group (the "**Purchase Price** "), of the portion
 being purchased by the Class B Acquiring Investor Group (the Class B Acquiring
 Investor Group's "**Purchased Percentage**") of the Class B Commitment
 with respect to the Class B Committed Note Purchasers included in the Class B Transferor
 Investor Group under the Issuer Facility Agreement and the Class B Transferor Investor
 Group's Class B Investor Group Principal Amount. The Class B Transferor Investor
 Group hereby irrevocably sells, assigns and transfers to the Class B Acquiring Investor
 Group, without recourse, representation or warranty, and the Class B Acquiring Investor
 Group hereby irrevocably purchases, takes and assumes from the Class B Transferor Investor
 Group, the Class B Acquiring Investor Group's Purchased Percentage of the Class B
 Commitment with respect to the Class B Committed Note Purchasers included in the Class B
 Transferor Investor Group under the Issuer Facility Agreement and the Class B Transferor
 Investor Group's Class B Investor Group Principal Amount.

5. From and after the Class B Transfer Issuance
 Date, amounts that would otherwise be payable to or for the account of the Class B Transferor
 Investor Group pursuant to the Issuer Facility Agreement shall, instead, be payable to or
 for the account of the Class B Transferor Investor Group and the Class B Acquiring
 Investor Group, as the case may be, in accordance with their respective interests as reflected
 in this Issuer Facility Agreement, whether such amounts have accrued prior to the Class B
 Transfer Issuance Date or accrue subsequent to the Class B Transfer Issuance Date.

6. Each of the parties to this Class B Investor
 Group Supplement agrees that at any time and from time to time upon the written request of
 any other party, it will execute and deliver such further documents and do such further acts
 and things as such other party may reasonably request in order to effect the purposes of
 this Class B Investor Group Supplement.

7. By executing and delivering this Class B
 Investor Group Supplement, the Class B Transferor Investor Group and the Class B
 Acquiring Investor Group confirm to and agree with each other as follows: (i) other
 than the representation and warranty that it is the legal and beneficial owner of the interest
 being assigned hereby free and clear of any adverse claim, the Class B Transferor Investor
 Group makes no representation or warranty and assumes no responsibility with respect to any
 statements, warranties or representations made in or in connection with the Issuer Facility
 Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency
 or value of the Class B Notes, the Issuer Related Documents or any instrument or document
 furnished pursuant thereto; (ii) the Class B Transferor Investor Group makes no
 representation or warranty and assumes no responsibility with respect to the financial condition
 of the Company or the performance or observance by the Company of any of the Company's
 obligations under the Issuer Related Documents or any other instrument or document furnished
 pursuant hereto; (iii) the Class B Acquiring Investor Group confirms that it has
 received a copy of the Issuer Related Documents and other documents and information as it
 has deemed appropriate to make its own credit analysis and decision to enter into this Class B
 Investor Group Supplement; (iv) the Class B Acquiring Investor Group will, independently
 and without reliance upon the Administrative Agent, the Class B Transferor Investor
 Group or any other Person and based on such documents and information as it shall deem appropriate
 at the time, continue to make its own credit decisions in taking or not taking action under
 the Issuer Facility Agreement; (v) the Class B Acquiring Investor Group appoints
 and authorizes the Administrative Agent to take such action as agent on its behalf and to
 exercise such powers under the Issuer Facility Agreement as are delegated to the Administrative
 Agent by the terms thereof, together with such powers as are reasonably incidental thereto,
 all in accordance with Clause 10 (*The Administrative Agent*) of the Issuer Facility
 Agreement; (vi) each member of the Class B Acquiring Investor Group appoints and
 authorizes its respective Class B Acquiring Funding Agent, listed in Schedule I hereto,
 to take such action as agent on its behalf and to exercise such powers under the Issuer Facility
 Agreement as are delegated to such Class B Acquiring Funding Agent by the terms thereof,
 together with such powers as are reasonably incidental thereto, all in accordance with Clause
 10 (*The Administrative Agent*) of the Issuer Facility Agreement; (vii) each member
 of the Class B Acquiring Investor Group agrees that it will perform in accordance with
 their terms all of the obligations which by the terms of the Issuer Facility Agreement are
 required to be performed by it as a member of the Class B Acquiring Investor Group and
 (viii) each member of the Class B Acquiring Investor Group hereby represents and
 warrants to the Company and the Issuer Administrator that the representations and warranties
 contained in Section 3 (*Conduit Investors and Committed Note Purchasers*) of Annex
 1 (*Representations and Warranties*) to the Issuer Facility Agreement are true and correct
 with respect to the Class B Acquiring Investor Group on and as of the date hereof and
 the Class B Acquiring Investor Group shall be deemed to have made such representations
 and warranties contained in Section 3 (*Conduit Investors and Committed Note Purchasers*)
 of Annex 1 (*Representations and Warranties*) to the Issuer Facility Agreement on and
 as of the date hereof.

8. Schedule I hereto sets forth the revised Class B
 Commitment Percentages of the Class B Transferor Investor Group and the Class B
 Acquiring Investor Group, as well as administrative information with respect to the Class B
 Acquiring Investor Group and its Class B Acquiring Funding Agent.

9. This Class B Investor Group Supplement
 and any non-contractual obligations arising out of or in connection with it shall be governed
 by and shall be construed in accordance with English law.

IN WITNESS WHEREOF, the parties hereto have caused this Class B Investor Group Supplement to be executed by their respective duly authorized officers as of the date first set forth above.

By: 

 Title:

By: 

 Title:

By: 

 Title:

By: 

 Title:

By: 

 Title:

By: 

 Title:

---

| | |
|:---|:---|
| CONSENTED AND ACKNOWLEDGED: | CONSENTED AND ACKNOWLEDGED: |
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** | **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| as the Company | as the Company |
| By: |  |
|  | Title: |

---

LIST OF ADDRESSES FOR NOTICES

AND OF CLASS B COMMITMENT PERCENTAGES

**EXHIBIT I<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF LETTER OF CREDIT**

OUR IRREVOCABLE LETTER OF CREDIT NO. ___

[*Insert date*]

Beneficiaries:

International Fleet Financing No.2 B.V. (the "**Issuer**")

BNP Paribas Trust Corporation UK Limited (the "**Issuer Security Trustee**")

as trustee on behalf of the Issuer

10 Harewood Avenue

London, NW1 6AA

Dear Sir or Madam:

The undersigned ("[ ]" or the "**Issuing Bank**") hereby irrevocably establishes, at the request and for the account of The Hertz Corporation, a Delaware Corporation ("**Hertz**"), pursuant to the senior secured revolving credit facility, provided under a Credit Agreement, dated as of June 30, 2016, among Hertz, the Issuing Bank, certain affiliates of Hertz, Barclays Bank PLC, as administrative agent and collateral agent, and the several banks and financial institutions party thereto from time to time in accordance with the terms thereof, (the "**Credit Agreement**"), in the Beneficiaries' favor and on the Beneficiaries' behalf as Issuer and Issuer Security Trustee, respectively, under the issuer facility agreement, originally dated as of September 25, 2018 (as may be amended, supplemented, amended and restated or otherwise modified from time to time, (the "**Issuer Facility Agreement**"), by and among the Issuer, the Issuer Security Trustee, Hertz Europe Limited as Issuer Administrator, Credit Agricole Corporate and Investment Bank, as Administrative Agent, certain committed note purchasers, certain conduit investors and certain funding agents, in respect of Credit Demands (as defined below) and Termination Demands (as defined below) this Irrevocable Letter of Credit No. [●] in the amount of [●] (€[●]) (such amount, as the same may be reduced, increased (to an amount not exceeding [●] (€[●])) or reinstated as provided herein, being the "**Letter of Credit Amount**"), effective immediately and expiring at [4:00 p.m. (New York time)] at our office located at [*insert address of Issuing Bank*] (such office or any other office which may be designated by the Issuing Bank by written notice delivered to the Beneficiaries, being the "**Issuing Bank's Office**") on 23 July 2022, as such date may have been extended from time to time as provided herein (or, if such date is not a Business Day (as defined below), the immediately succeeding Business Day) (the "**Letter of Credit Expiration Date**").

The Issuing Bank hereby agrees that the Letter of Credit Expiration Date shall be automatically extended, without amendment, to the earlier of (1) one year from the then current Letter of Credit Expiration Date and (2) the 15<sup>th</sup> day prior to the Initial Revolving Maturity Date (as defined in the Credit Agreement), unless, no fewer than sixty (60) days before the then current Letter of Credit Expiration Date, we notify you in writing by registered mail (return receipt), registered courier or email that this letter of credit will not be extended beyond the then current Letter of Credit Expiration Date.

The terms "**Beneficiary**" or "**Beneficiaries**" refers herein (and in each Annex hereto) to the Issuer and the Issuer Security Trustee as trustee on behalf of the Issuer. Any action taken by one Beneficiary hereunder shall bind each of them. Any drawing by either Beneficiary will constitute a drawing by both. Capitalized terms used herein and not defined herein shall have the meanings set forth in the master definitions and constructions agreement signed by, amongst others, the parties to the Issuer Facility Agreement, dated 25 September 2018, as amended, modified or supplemented from time to time.

The Issuing Bank irrevocably authorizes the Beneficiaries to draw on it, in accordance with the terms and conditions and subject to the reductions in amount as hereinafter set forth, (1) in one or more draws by one or more of either of the Issuer's or the Issuer Security Trustee's drafts, each drawn on the Issuing Bank at the Issuing Bank's Office (including by way of email), payable at sight on a Business Day (as defined below), and accompanied by either of the Issuer's or the Issuer Security Trustee's written and completed certificate signed by the Issuer or the Issuer Security Trustee (as applicable) in substantially the form of Annex A (*Certificate of Credit Demand*) attached hereto (any such draft accompanied by such certificate being a "**Credit Demand**"), an amount equal to the face amount of each such draft but in the aggregate amount not exceeding the Letter of Credit Amount as in effect on such Business Day (as defined below) and (2) in one or more draws by one or more of either of the Issuer's or the Issuer Security Trustee's drafts, each drawn on the Issuing Bank at the Issuing Bank's Office (including by way of email), payable at sight on a Business Day (as defined below), and accompanied by either of the Issuer's or the Issuer Security Trustee's written and completed certificate signed by the Issuer or the Issuer Security Trustee (as applicable) in substantially the form of Annex B (*Certificate of Termination Demand*) attached hereto (any such draft accompanied by such certificate being a "**Termination Demand**"), an amount equal to the face amount of each such draft but in the aggregate amount not exceeding the Letter of Credit Amount as in effect on such Business Day.

In this Letter of Credit, "**Business Day**" means any day other than a Saturday, Sunday or other day on which banks are authorized or required by law to close in New York City, New York.

Upon the Issuing Bank honoring any Credit Demand or Termination Demand presented hereunder, the Letter of Credit Amount shall automatically be decreased by an amount equal to the amount of such Credit Demand or Termination Demand. In addition to the foregoing reduction, (i) upon the Issuing Bank honoring any Termination Demand in respect of the entire Letter of Credit Amount presented to it hereunder, the amount available to be drawn under this Letter of Credit shall automatically be reduced to zero and this Letter of Credit shall be terminated and (ii) no amount decreased on the honoring of any Termination Demand shall be reinstated. The Issuing Bank shall notify each Beneficiary in writing of any such reimbursement and the corresponding amount of the reinstatement of the Letter of Credit Amount.

The Letter of Credit Amount shall be automatically reinstated when and to the extent, but only when and to the extent, that (i) the Issuing Bank is reimbursed by Hertz (or by the Issuer under Clause 5.6 (*Past Due Rental Payments*) or Clause 5.7 (*Letters of Credit and L/C Cash Collateral Account*) of the Issuer Facility Agreement) for any amount drawn hereunder as a Credit Demand and (ii) the Issuing Bank receives written notice from Hertz in substantially the form of Annex C (*Certificate of Reinstatement of Letter of Credit Amount*) hereto that no Event of Bankruptcy with respect to Hertz has occurred and is continuing; provided, however, that the Letter of Credit Amount shall, in no event, be reinstated to an amount in excess of the then current Letter of Credit Amount (without giving effect to any reduction to the Letter of Credit Amount that resulted from any such Credit Demand).

The Letter of Credit Amount shall be automatically reduced in accordance with the terms of a written request from either the Issuer or the Issuer Security Trustee (in each case with the prior consent of Hertz) to the Issuing Bank in substantially the form of Annex E (*Notice of Reduction of Letter of Credit Amount*) attached hereto that is acknowledged and agreed to in writing by the Issuing Bank. The Letter of Credit Amount shall be automatically increased upon receipt by (and written acknowledgment of such receipt by) the Issuer or the Issuer Security Trustee of written notice from the Issuing Bank in substantially the form of Annex F (*Notice of Increase of Letter of Credit Amount*) attached hereto certifying that the Letter of Credit Amount has been increased and setting forth the amount of such increase, which increase shall not result in the Letter of Credit Amount exceeding an amount equal to [●] (€[●]).

Each Credit Demand and Termination Demand shall be dated the date of its presentation, and shall be presented (and, for the avoidance of doubt, may be presented by way of facsimile in accordance with the notice provisions set out below) to the Issuing Bank at the Issuing Bank's Office, Attention: [●]. If the Issuing Bank receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Letter of Credit, not later than [12:00 p.m. (New York City time)] on a Business Day prior to the termination hereof, the Issuing Bank will make such funds available by [4:00 p.m. (New York City time)] [on the same day] in accordance with the relevant Beneficiary's payment instructions. If the Issuing Bank receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Letter of Credit, after [12:00 p.m. (New York City time)] on a Business Day prior to the termination hereof, the Issuing Bank will make the funds available by [4:00 p.m. (New York City time)] on the [next succeeding Business Day] in accordance with the relevant Beneficiary's payment instructions. All payments made by the Issuing Bank under this Letter of Credit shall be made by deposit of same day funds into the designated account specified in the relevant Credit Demand or Termination Demand, as the case may be, and shall be made with the Issuing Bank's own funds.

In the event there is more than one draw request on the same Business Day, the draw requests shall be honored in the following order: (1) Credit Demands and (2) the Termination Demand.

Upon the earliest of (i) the date on which the Issuing Bank honors a Termination Demand presented hereunder to the extent of the Letter of Credit Amount as in effect on such date, (ii) the date on which the Issuing Bank receives written notice from Beneficiary (in each case with the prior consent of Hertz) that an alternate letter of credit or other credit facility has been substituted for this Letter of Credit and (iii) the Letter of Credit Expiration Date, this Letter of Credit shall automatically terminate and the Beneficiaries shall surrender this Letter of Credit to the undersigned Issuing Bank on such day.

This Letter of Credit is transferable by the Issuer Security Trustee in its entirety, but not in part, to any transferee(s) of the Issuer Security Trustee as Beneficiary who the Issuer Security Trustee certifies to the Issuing Bank has succeeded BNP Paribas Trust Corporation UK Limited as Issuer Security Trustee under the Issuer Security Trust Deed, and may be successively transferred. Transfer of this Letter of Credit to such transferee shall be effected by the presentation to the Issuing Bank of this Letter of Credit accompanied by a certificate in substantially the form of Annex D (*Instruction to Transfer*) attached hereto. Upon such presentation the Issuing Bank shall forthwith transfer this Letter of Credit to (or to the order of) the transferee or, if so requested by Beneficiary's transferee, issue a letter of credit to (or to the order of) Beneficiary's transferee with provisions therein consistent with this Letter of Credit.

This Letter of Credit sets forth in full the undertaking of the Issuing Bank, and such undertaking shall not in any way be modified, amended, amplified or limited by reference to any document, instrument or agreement referred to herein, except only the certificates and the drafts referred to herein; and any such reference shall not be deemed to incorporate herein by reference any document, instrument or agreement except for such certificates and such drafts.

Any payment under this Letter of Credit shall be made in Euros.

The Issuing Bank agrees that it shall have no right of reimbursement or other recourse against any Beneficiary in respect of this Letter of Credit.

The Issuing Bank may not assign or transfer or purport to assign or transfer a right or obligation under this Letter of Credit.

We have been advised that the Issuer acknowledges that this Letter of Credit shall be an Issuer Related Document for the purposes of the Issuer Security Trust Deed, however this is without engagement or responsibility on the part of the Issuing Bank.

Any communication to be made under or in connection with this Letter of Credit (including, for the avoidance of doubt, any Credit Demand or Termination Demand) shall be made in writing and, unless otherwise stated, may be made by email or letter (provided that in relation to any Credit Demand or Termination Demand delivered by email transmission, the Issuer or the Issuer Security Trustee (as applicable) shall deliver the original executed counterpart of such Credit Demand or Termination Demand, as the case may be, to the Issuing Bank by means of registered mail). The address and email address (and the department or officer, if any, for whose attention the communication is to be made) of each party for any communication or document to be made or delivered under or in connection with this Letter of Credit is as set out below, or any substitute address or email address or department or officer as the party may notify the other parties hereto by not less than five Business Days' notice.

3 George's Dock 

IFSC 

Dublin 1, Ireland 

11 Vine Street 

Uxbridge 

UB8 1QE 

---

| | |
|:---|:---|
| In the case of the Issuer Security Trustee: | In the case of the Issuer Security Trustee: |
| BNP Paribas Trust Corporation UK Limited | BNP Paribas Trust Corporation UK Limited |
| Address: | 10 Harewood Avenue |
|  | London, NW1 6AA |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |

---

This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication No. 600 (the "**Uniform Customs**"), which is incorporated into the text of this Letter of Credit by reference, and shall be governed by the laws of the State of New York, including, as to matters not covered by the Uniform Customs, the Uniform Commercial Code as in effect in the State of New York; provided that, if an interruption of business (as described in such Article 36 of the Uniform Customs) exists at the Issuing Bank's Office, the Issuing Bank agrees to (i) promptly notify the Issuer and the Issuer Security Trustee of an alternative location in which to send any communications with respect to this Letter of Credit or (ii) to effect payment under this Letter of Credit if a draw which otherwise conforms to the terms and conditions of this Letter of Credit is made prior to the earlier of (A) the thirtieth day after the resumption of business and (B) the Letter of Credit Expiration Date; provided further that, Article 32 of the Uniform Customs shall not apply to this Letter of Credit as draws hereunder shall not be deemed to be installments for purposes thereof.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| [ ] as Issuing Bank | [ ] as Issuing Bank |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

**ANNEX A**

**CERTIFICATE OF CREDIT DEMAND**

[*Issuing Bank's name and address*]

Attention: [●]

**Certificate of Credit Demand under the Irrevocable Letter of Credit No. [** **●] (the "Letter of Credit"), dated [●], issued by [●], as the Issuing Bank, in favor of International Fleet Financing No.2 B.V. (the "Issuer") and BNP Paribas Trust Corporation UK Limited (the "Issuer Security Trustee") as trustee on behalf of the Issuer.**

Capitalized terms used herein and not defined herein have the meanings set forth in the master definitions and constructions agreement signed by, amongst others, the parties to the Issuer Facility Agreement (as defined in the Letter of Credit), dated [●], 2018, as amended, modified or supplemented from time to time.

The undersigned, a duly authorized officer of the [Issuer]/[Issuer Security Trustee (acting on the instructions of the Administrative Agent)], hereby certifies to the Issuing Bank as follows:

1. [BNP Paribas Trust Corporation UK Limited]<sup>1</sup>
 is the Issuer Security Trustee under the Issuer Security Trust Deed referred to in the Letter
 of Credit.

2. [A Reserve Account Interest Withdrawal Shortfall exists on the [ ● ] <sup>2</sup> Payment Date and pursuant to Clause 5.5(a) (*Letters of Credit*) of the Issuer Facility Agreement, an amount equal to the Issuing Bank's Pro Rata Share of the least of: (i) such Reserve Account Interest Withdrawal Shortfall, (ii) the Letter of Credit Amount as of such Payment Date, and (iii) the Lease Interest Payment Deficit for such Payment Date.] <sup>3</sup>

[A Reserve Account Interest Withdrawal Shortfall exists on the [●]<sup>4</sup> Payment Date and pursuant to Clause 5.5(a) (*Letters of Credit*) of the Issuer Facility Agreement, an amount equal to the Issuing Bank's Pro Rata Share of the excess of: (i) the least of (A) such Reserve Account Interest Withdrawal Shortfall, (B) the Letter of Credit Amount as of such Payment Date on the Letters of Credit, and (C) the Lease Interest Payment Deficit for such Payment Date over (ii) the lesser of (x) the L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in paragraphs (A), (B) and (C) above and (y) the Available L/C Cash Collateral Account Amount on such Payment Date]<sup>5</sup>

<sup>1</sup> To be included where the Issuer Security Trustee serves the demand notice.

<sup>2</sup> Specify the relevant Payment Date.

<sup>3</sup> Use in case of a Reserve Account Interest Withdrawal Shortfall on any Payment Date and if no L/C Cash Collateral Account has been established and funded. <sup>4</sup> Specify the relevant Payment Date.

<sup>5</sup> Use in case of a Reserve Account Interest Withdrawal Shortfall on any Payment Date and if the Issuer L/C Cash Collateral Account has been established and funded.

[A Lease Principal Payment Deficit exists on the Legal Final Payment Date that exceeds the amount, if any, withdrawn from the Issuer Reserve Account pursuant to Clause 5.4(b) (*Reserve Account Withdrawals*) of the Issuer Facility Agreement and pursuant to Clause 5.5(b) (*Letters of Credit*) of the Issuer Facility Agreement, an amount equal to the Issuing Bank's Pro Rata Share of the lesser of: (i) the excess of the Lease Principal Payment Deficit over the amounts withdrawn from the Issuer Reserve Account pursuant to Clause 5.4(b) (*Reserve Account Withdrawals*) of the Issuer Facility Agreement, (ii) the Letter of Credit Amount as of the Legal Final Payment Date (after giving effect to any drawings on the Letters of Credit on the Legal Final Payment Date pursuant to Clause 5.5(a) (*Letters of Credit*) of the Issuer Facility Agreement) and (iii) the excess, if any, of the Principal Amount over the amount to be deposited into the Issuer Principal Collection Account (together with any amounts to be deposited therein pursuant to the terms of the Issuer Facility Agreement (other than pursuant to amounts allocated and drawn in accordance with this sentence or as a result of a Principal Deficit Amount exceeding zero) on the Legal Final Payment Date for payment of principal of the Issuer Notes]<sup>6</sup>

[A Lease Principal Payment Deficit exists on the Legal Final Payment Date that exceeds the amount, if any, withdrawn from the Issuer Reserve Account pursuant to Clause 5.4(b) (*Reserve Account Withdrawals*) of the Issuer Facility Agreement and pursuant to Clause 5.5(b) (*Letters of Credit*) of the Issuer Facility Agreement, an amount equal to the Issuing Bank's Pro Rata Share of the excess of (i) the lesser of: (A) the excess of the Lease Principal Payment Deficit over the amounts withdrawn from the Issuer Reserve Account pursuant to Clause 5.4(b) (*Reserve Account Withdrawals*) of the Issuer Facility Agreement, (B) the Letter of Credit Amount as of the Legal Final Payment Date (after giving effect to any drawings on the Letters of Credit on The Legal Final Payment Date pursuant to Clause 5.5(a) (*Letters of Credit*) of the Issuer Facility Agreement) and (C) the excess, if any, of the Principal Amount over the amount to be deposited into the Issuer Principal Collection Account (together with any amounts to be deposited therein pursuant to the terms of the Issuer Facility Agreement (other than pursuant to amounts allocated and drawn in accordance with this sentence or as a result of a Principal Deficit Amount exceeding zero) on the Legal Final Payment Date for payment of principal of the Issuer Notes, over (ii) the lesser of (A) the L/C Cash Collateral Percentage on the Legal Final Payment Date of the amount calculated pursuant to paragraph (i) above and (B) the Available L/C Cash Collateral Account Amount on the Legal Final Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Clause 5.5(a) (*Letters of Credit*) of the Issuer Facility Agreement)]<sup>7</sup>

[A Principal Deficit Amount exists on the [•] Payment Date and pursuant to Clause 5.5(c) (*Principal Deficit Amount*) of the Issuer Facility Agreement an amount equal to the Issuing Bank's Pro Rata Share of the lesser of (i) the Principal Deficit Amount less the amount to be deposited in the Issuer Principal Collection Account in accordance with Clause 5.4(b) (*Reserve Account Withdrawals*) and 5.5(b) (*Lease Principal Payment Deficit Events*) and (ii) the Letter of Credit Amount as of such Payment Date] <sup>8</sup>

<sup>6</sup> Use in case of a Lease Principal Payment Deficit on the Legal Final Payment Date and if no Issuer L/C Cash Collateral Account has been established and funded.

<sup>7</sup> Use in case of a Lease Principal Payment Deficit on the Legal Final Payment Date and if the Issuer L/C Cash Collateral Account has been established and funded.

<sup>8</sup> Use in case of a Principal Deficit on any Payment Date and if no L/C Cash Collateral Account has been established and funded.

[A Principal Deficit Amount exists on the [•] Payment Date and pursuant to Clause 5.5(c) (*Principal Deficit Amount*) of the Issuer Facility Agreement, an amount equal to the Issuing Bank's Pro Rata Share of the excess of: (i) the least of the Principal Deficit Amount less the amount to be deposited in the Issuer Principal Collection Account in accordance with Clause 5.4(b) (*Reserve Account Withdrawals*) and 5.5(b) (*Lease Principal Payment Deficit Events*) and (ii) the Letter of Credit Amount as of such Payment Date over (ii) the lesser of (x) the L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in paragraphs (i) and (ii) above and (y) the Available L/C Cash Collateral Account Amount on such Payment Date] <sup>9</sup>

[A Principal Deficit Amount exists on the Legal Final Payment Date and pursuant to Clause 5.5(c) (*Principal Deficit Amount*) of the Issuer Facility Agreement an amount equal to the Issuing Bank's Pro Rata Share of the lesser of (i) the Principal Deficit Amount less the amount to be deposited in the Issuer Principal Collection Account, other than pursuant to Clause 5.5(c), and (ii) the Letter of Credit Amount as of such Payment Date] <sup>10</sup>

[A Principal Deficit Amount exists on the Legal Final Payment Date and pursuant to Clause 5.5(c) (*Principal Deficit Amount*) of the Issuer Facility Agreement, an amount equal to the Issuing Bank's Pro Rata Share of the excess of: (i) the least of the Principal Deficit Amount less the amount to be deposited in the Issuer Principal Collection Account, other than pursuant to Clause 5.5(c), and (ii) the Letter of Credit Amount as of such Payment Date over (ii) the lesser of (x) the L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in paragraphs (i) and (ii) above and (y) the Available L/C Cash Collateral Account Amount on such Payment Date] <sup>11</sup>

[A Liquidation Event shall have occurred and pursuant to Clause 5.5(d) (*Letters of Credit*) of the Issuer Facility Agreement, an amount equal to the Issuing Bank's Pro Rata Share of the lesser of: (i) the excess of the Required Liquid Enhancement Amount over the Available L/C Cash Collateral Account Amount and (ii) the Letter of Credit Amount as of such date]<sup>12</sup>

has been allocated to making a drawing under the Letter of Credit.

3. The [Issuer]/[Issuer Security Trustee] is making a drawing under the Letter of Credit as required by Clause[s] [5.5(a) (*Letters of Credit*)] and/or 5.4 (b) (*Reserve Account Withdrawals*)] <sup>13</sup> of the Issuer Facility Agreement for an amount equal to €[ ●] , which amount is a L/C Credit Disbursement (the "**L/C Credit Disbursement**") and is equal to the amount allocated to making a drawing on the Letter of Credit under such Clause [5.5(a) (*Letters of Credit*) and/or 5.4(b) (*Reserve Account Withdrawals*)] <sup>14</sup> of the Issuer Facility Agreement as described above. The L/C Credit Disbursement does not exceed the amount that is available to be drawn by the Issuer or the Issuer Security Trustee under the Letter of Credit on the date of this certificate.

4. The amount of the draft shall be delivered
 pursuant to the following instructions:

[*insert payment instructions (including payment date)] for wire to the Issuer.*]<sup>15</sup>

5. The [Issuer]/[Issuer Security Trustee (acting
 on the instructions of the Administrative Agent)] acknowledges that, pursuant to the terms
 of the Letter of Credit, upon the Issuing Bank honoring the draft accompanying this certificate,
 the Letter of Credit Amount shall be automatically decreased by an amount equal to such draft.

<sup>9</sup> Use in case of a Principal Deficit on any Payment Date and if the Issuer L/C Cash Collateral Account has been established and funded.

<sup>10</sup> Use in case of a Principal Deficit on any Legal Final Payment Date and if no L/C Cash Collateral Account has been established and funded.

<sup>11</sup> Use in case of a Principal Deficit on any Legal Final Payment Date and if the Issuer L/C Cash Collateral Account has been established and funded.

<sup>12</sup> Use in case of a Liquidation Event.

<sup>13</sup> Use reference to Clause 5.5(a) (Letters of Credit) of the Issuer Facility Agreement in case of Reserve Account Interest Withdrawal Shortfall and/or Clause 5.4(b) (Reserve Account Withdrawals) of the Issuer Facility Agreement in case of a Lease Principal Payment Deficit.

<sup>14</sup> Use reference to Clause 5.5(a) (Letters of Credit) of the Issuer Facility Agreement in case of a Reserve Account Interest Withdrawal Shortfall and/or S Clause 5.4(b) (Reserve Account Withdrawals) of the Issuer Facility Agreement in case of a Lease Principal Payment Deficit.

<sup>15</sup> See footnote 1 above.

IN WITNESS WHEREOF, the [Issuer]/[Issuer Security Trustee] has executed and delivered this certificate on this [●] day of [●],[●].

---

| | |
|:---|:---|
| **INTERNATIONAL FLEET FINANCING NO.2** | **INTERNATIONAL FLEET FINANCING NO.2** |
| **B.V.**, as Issuer | **B.V.**, as Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| **BNP PARIBAS TRUST CORPORATION UK LIMITED**, as Issuer Security Trustee | **BNP PARIBAS TRUST CORPORATION UK LIMITED**, as Issuer Security Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

**ANNEX B**

**CERTIFICATE OF TERMINATION DEMAND**

[*Insert name and address of Issuing Bank*]

Attention: [●]

**Certificate of Termination Demand under the Irrevocable Letter of Credit No.** **[●] (the "Letter of Credit"), dated [●], issued by [●], as the Issuing Bank, in favor of International Fleet Financing No.2 B.V. (the "Issuer") and BNP Paribas Trust Corporation UK Limited (the "Issuer Security Trustee") as trustee on behalf of the Issuer.**

Capitalized terms used herein and not defined herein have the meanings set forth in the master definitions and constructions agreement signed by, amongst others, the parties to the Issuer Facility Agreement (as defined in the Letter of Credit), dated [●], 2018, as amended, modified or supplemented from time to time.

The undersigned, a duly authorized signatory of the [Issuer]/[Issuer Security Trustee (acting on the instructions of the Administrative Agent)], hereby certifies to the Issuing Bank as follows:

1. [BNP Paribas Trust Corporation UK Limited]<sup>1</sup>
 is the Issuer Security Trustee under the Issuer Security Trust Deed referred to in the Letter
 of Credit.

2. [Pursuant
 to Clause 5.7(a) (*Letter of Credit Expiration Date - Deficiencies*) of the Issuer
 Facility Agreement, an amount equal to the Issuing Bank's Pro Rata Share of the lesser
 of (x) the greater of (A) the excess, if any, of the Adjusted Asset Coverage Threshold
 Amount over the Issuer Aggregate Asset Amount, in each case, as of the date that is sixteen
 (16) Business Days prior to the scheduled expiration date of the Letter of Credit (after
 giving effect to all deposits to, and withdrawals from, the Issuer Reserve Account and the
 Issuer L/C Cash Collateral Account on such date), excluding the Letter of Credit but taking
 into account any substitute Letter of Credit that has been obtained from an Eligible Letter
 of Credit Provider and is in full force and effect on such date and (B) the excess,
 if any, of the Required Liquid Enhancement Amount over the Adjusted Liquid Enhancement Amount,
 in each case, as of the date that is sixteen (16) Business Days prior to the scheduled expiration
 date of the Letter of Credit (after giving effect to all deposits to, and withdrawals from,
 the Issuer Reserve Account and the Issuer L/C Cash Collateral Account on such date), excluding
 the Letter of Credit but taking into account each substitute Letter of Credit that has been
 obtained from an Eligible Letter of Credit Provider and is in full force and effect on such
 date, and (y) the amount available to be drawn on the expiring Letter of Credit on such
 date has been allocated to making a drawing under the Letter of Credit.] <sup>2</sup>

<sup>1</sup> To be included where the Issuer Security Trustee serves the demand notice.

<sup>2</sup> Use in case of an expiring Letter of Credit.

[The Issuer Security Trustee has not received the notice required from the Issuer pursuant to Clause 5.7(a) (*Letter of Credit Expiration Date - Deficiencies*) of the Issuer Facility Agreement on or prior to the date that is fifteen (15) Business Days prior to each Letter of Credit Expiration Date. As such, pursuant to such Clause 5.7(a) (*Letter of Credit Expiration Date - Deficiencies*) of the Issuer Facility Agreement, the Issuer Security Trustee is making a drawing for the full amount of the Letter of Credit.]<sup>3</sup>

[Pursuant to Clause 5.7(b) (*Letter of Credit Provider Downgrades*) of the Issuer Facility Agreement, an amount equal to the lesser of (i) the greater of (A) the excess, if any, of the Adjusted Asset Coverage Threshold Amount over the Issuer Aggregate Asset Amount as of the thirtieth (30) day after the occurrence of a Downgrade Event with respect to the Issuing Bank, excluding the available amount under the Letter of Credit on such date and (B) the excess, if any, of the Required Liquid Enhancement Amount over the Adjusted Liquid Enhancement Amount as of the thirtieth (30) day after the occurrence of a Downgrade Event, excluding the available amount under the Letter of Credit on such date, excluding the available amount under the Letter of Credit on such date, and (ii) the amount available to be drawn on the Letter of Credit on such date has been allocated to making a drawing under the Letter of Credit.]<sup>4</sup>

3. [Pursuant to Clause [5.7(a) (*Letter of Credit Expiration Date – Deficiencies*)] <sup>5</sup> [5.7(b) (*Letter of Credit Provider Downgrades*)] <sup>6</sup> of the Issuer Facility Agreement, the [Issuer]/[Issuer Security Trustee] is making a drawing in the amount of €[ ●] which is a L/C Termination Disbursement (the "**L/C Termination Disbursement**") and is equal to the amount allocated to making a drawing on the Letter of Credit under such Clause [5.7(a) (*Letter of Credit Expiration Date – Deficiencies*)] <sup>7</sup> [5.7(b) (*Letter of Credit Provider Downgrades*)] <sup>8</sup> of the Issuer Facility Agreement as described above. L/C Termination Disbursement does not exceed the amount that is available to be drawn by the Issuer or the Issuer Security Trustee under the Letter of Credit on the date of this certificate.

4. The amount of the draft shall be delivered
 pursuant to the following instructions:

[*insert payment instructions (including payment date)] for wire to the Issuer.*]<sup>9</sup>

5. The [Issuer]/[Issuer Security Trustee] acknowledges
 that, pursuant to the terms of the Letter of Credit, upon the Issuing Bank honoring the draft
 accompanying this certificate, the Letter of Credit Amount shall be automatically reduced
 to zero and the Letter of Credit shall terminate and be immediately returned to the Issuing
 Bank.

<sup>3</sup> Use if the Issuer does not provide the Issuer Security Trustee with notices required under Clause 5.7(a) (Letters of Credit and L/C Cash Collateral Account) of the Issuer Facility Agreement with respect to an expiring Letter of Credit.

<sup>4</sup> Use in case of Issuing Bank being subject to a Downgrade Event.

<sup>5</sup> Use in case of an expiring Letter of Credit.

<sup>6</sup> Use in case of a Letter of Credit Provider being subject to a Downgrade Event.

<sup>7</sup> Use in case of an expiring Letter of Credit.

<sup>8</sup> Use in case of a Letter of Credit Provider being subject to a Downgrade Event.

<sup>9</sup> See footnote 1 above.

IN WITNESS WHEREOF, the [Issuer]/[Issuer Security Trustee] has executed and delivered this certificate on this [●] day of [●],[●].

---

| | |
|:---|:---|
| **INTERNATIONAL FLEET FINANCING NO.2** | **INTERNATIONAL FLEET FINANCING NO.2** |
| **B.V.**, as Issuer | **B.V.**, as Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| **BNP PARIBAS TRUST CORPORATION UK LIMITED**, as Issuer Security Trustee | **BNP PARIBAS TRUST CORPORATION UK LIMITED**, as Issuer Security Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

**ANNEX C**

**CERTIFICATE OF REINSTATEMENT<br> OF LETTER OF CREDIT AMOUNT**

[*Insert name and address of Issuing Bank*]

Attention: [●]

cc:

International Fleet Financing No. 2 B.V. (the "**Issuer**")

BNP Paribas Trust Corporation UK Limited (the "**Issuer Security Trustee**")

as trustee on behalf of the Issuer

10 Harewood Avenue

London, NW1 6AA

**Certificate of Reinstatement of Letter of Credit Amount under the Irrevocable Letter of Credit No. [** **●] (the "Letter of Credit"), dated [●], issued by [●], as the Issuing Bank, in favor of International Fleet Financing No.2 B.V. (the "Issuer") and BNP Paribas Trust Corporation UK Limited (the "Issuer Security Trustee") as trustee on behalf of the Issuer.**

Capitalized terms used herein and not defined herein have the meanings set forth in the master definitions and constructions agreement signed by, amongst others, the parties to the Issuer Facility Agreement (as defined in the Letter of Credit), dated on [●], 2018

The undersigned, a duly authorized officer of Hertz Europe Limited, hereby certifies to the Issuing Bank as follows:

1. As of the date of this certificate, the Issuing Bank has been reimbursed by The Hertz Corporation ()"**Hertz**") in the amount €[ ●] (the "**Reimbursement Amount**") in respect of the Credit Demand made on [ *date* ].

2. The Reimbursement Amount was paid to the Issuing
 Bank prior to payment in full of the Issuer Notes.

3. Hertz Europe Limited hereby notifies you that, pursuant to the terms and conditions of the Letter of Credit, the Letter of Credit Amount of the Issuing Bank is hereby reinstated in the amount of €[ ●], effective upon the date of receipt by the Issuing Bank of this Certificate of Reinstatement of Letter of Credit Amount, so that the Letter of Credit Amount of the Issuing Bank after taking into account such reinstatement is in amount equal to €[ ●] .

4. As of the date of this certificate, no Event
 of Bankruptcy with respect to Hertz has occurred and is continuing. "**Event of Bankruptcy** "
 with respect to Hertz means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Hertz:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** is
 unable or admits inability to pay its debts as they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** is
 deemed to or is declared to, be unable to pay its debts under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** suspends
 or threatens to suspend making payments on any of its debts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** by
 reason of actual or anticipated financial difficulties, commences negotiations with one or
 more of its creditors with a view to rescheduling any of its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The
 value of the assets of Hertz is less than its liabilities (taking into account contingent
 and prospective liabilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** A
 moratorium is declared in respect of any indebtedness of Hertz. If a moratorium occurs, the
 ending of the moratorium will not remedy any Amortization Event, Liquidation Event or Servicer
 Default caused by that moratorium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Any
 corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the
 suspension of payments, a moratorium of any indebtedness, insolvency proceeding, winding-up,
 liquidation (including provisional liquidation), dissolution, examinership, administration,
 receivership, or reorganisation (by way of voluntary arrangement, scheme of arrangement,
 restructuring plan or otherwise) of Hertz or any other relief is sought by or in respect
 Hertz under any law relating to bankruptcy, insolvency, reorganization, winding up or composition
 or adjustment of debts or other similar law affecting creditors' rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** a
 composition, compromise, assignment, arrangement or readjustment with any creditor of Hertz;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** the
 appointment of an Insolvency Official in respect of Hertz or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** enforcement
 of any Security over any assets of Hertz;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** or
 any analogous or similar procedure or step is taken in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** Paragraph
 (d) shall not apply to any winding-up petition which is frivolous or vexatious and is
 discharged, stayed or dismissed within 10 Business Days of commencement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** any
 expropriation, attachment, sequestration, distress, enforcement or execution or any analogous
 process in any jurisdiction affects any assets of Hertz; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** Hertz
 takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence
 in, any of the foregoing acts.

IN WITNESS WHEREOF, Hertz Europe Limited has executed and delivered this certificate on this [●] day of [●], [●].

---

| | |
|:---|:---|
| **HERTZ EUROPE LIMITED** | **HERTZ EUROPE LIMITED** |
| By | |
|  | Title: |

---

Acknowledged and Agreed:

The undersigned hereby acknowledges receipt of the Reimbursement Amount (as defined above) in the amount set forth above and agrees that the undersigned's Letter of Credit Amount is in an amount equal to €[●] as of this [*insert day*] day of [*insert year*] after taking into account the reinstatement of the Letter of Credit Amount by an amount equal to the Reimbursement Amount.

---

| |
|:---|
| [Name of Issuing Bank] |
| By: |
| Name: |
| Title: |
| By: |
| Name: |
| Title: |

---

**ANNEX D**

**INSTRUCTION TO TRANSFER**

**(COMPANY LETTERHEAD)**

**TO: CREDIT AGRICOLE CORPORATE & INVESTMENT BANK**

**NEW YORK BRANCH**

**1301 AVENUE OF THE AMERICAS**

**NEW YORK, NY 10019**

**ATTN: LETTER OF CREDIT DEPARTMENT**

**DATE: _________________**

**RE: YOUR LETTER OF CREDIT NO. ____________ISSUED ON ________________IN FAVOR OF THE UNDERSIGNED.**

**GENTLEMEN:**

**FOR VALUE RECEIVED, THE UNDERSIGNED BENEFICIARY HEREBY IRREVOCABLY TRANSFERS, IN ITS ENTIRETY, ALL RIGHTS TO DRAW UNDER THE ABOVE REFERENCED LETTER OF CREDIT**

---

| |
|:---|
| **TO:** |
| **THE "TRANSFEREE"** |
| **ADDRESS** |

---

**ALL RIGHTS OF THE BENEFICIARY IN THE LETTER OF CREDIT, ARE TRANSFERRED TO THE ABOVE TRANSFEREE, WHO SHALL HEREAFTER BE THE BENEFICIARY FOR ALL PURPOSES AND THE BENEFICIARY SHALL HAVE NO FURTHER RIGHTS THEREUNDER, INCLUDING RIGHTS RELATING TO ANY AMENDMENTS OF THE STATED AMOUNT OF THE LETTER OF CREDIT OR TO THE EXPIRY DATE OR OTHER AMENDMENTS, AND WHETHER NOW EXISTING OR HEREAFTER MADE. ALL AMEDNMENTS ARE TO BE ADVISED DIRETCLY TO THE TRANSFEREE WITHOUT NECESSITY OF ANY CONSENT OF OR NOTICE TO THE BENEFICIARY.**

**THE ORIGINAL LETTER OF CREDIT IS RETURNED HEREWITH, AND THE BENEFICIARY HEREBY REQUESTS THE AUTHORIZED BANK TO ENDORSE THE TRANSFER ON THE REVERSE THEREOF AND FORWARD IT DIRECTLY TO THE TRANSFEREE WITH THE ISSUING BANK'S CUSTOMARY NOTICE OF TRANSFER.**

**(TOGETHER WITH YOUR REQUEST FOR TRANSFER, PLEASE ENCLOSE YOUR CHECK FOR 1/4% OF THE AMOUNT BEING TRANSFERRED OR MINIMUM $250.00, UNLESS OTHERWISE ARRANGED)**

---

| | |
|:---|:---|
| **VERY TRULY YOURS** | **VERY TRULY YOURS** |
| **(COMPANY NAME)** | **(COMPANY NAME)** |
| **BY:** | |
|  | **AUTHORIZED SIGNATURE** |
|  | **(NAME PRINTED)** |

---

---

| | | |
|:---|:---|:---|
| | | **THE PERSON WHOSE NAME AND SIGNATURE** |
| | | **APPEARS HEREWITH IS A DULY AUTHORIZED** |
| **AS ITS:** | | **SIGNATURE OF THE BENFICIARY:** |
|  | **TITLE** | **NAME OF BANK (WITH BANK STAMP OR SEAL)** |
| | | **SIGNATURE OF BANK OFFICER** |

---

**TITLE:**

The Letter of Credit is returned herewith and in accordance therewith we ask that this transfer be effective and that the Issuing Bank transfer the Letter of Credit to our transferee and that the Issuing Bank endorse the Letter of Credit returned herewith in favor of the transferee or, if requested by the transferee, issue a new irrevocable letter of credit in favor of the transferee with provisions consistent with the Letter of Credit.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **BNP PARIBAS TRUST CORPORATION UK LIMITED**, as Issuer Security Trustee | **BNP PARIBAS TRUST CORPORATION UK LIMITED**, as Issuer Security Trustee |
| By | |
|  | Name: |
|  | Title: |
| By | |
|  | Name: |
|  | Title: |

---

**ANNEX E**

**NOTICE OF REDUCTION OF LETTER OF CREDIT AMOUNT**

[*Insert name and address of Issuing Bank*]

Attention: [●]

Notice of Reduction of Letter of Credit Amount under the Irrevocable Letter of Credit No. [●] (the "**Letter of Credit**"), dated [●], issued by [*name of Issuing Bank*], as the Issuing Bank, in favor of the Issuer and the Issuer Security Trustee on behalf of the Issuer. Capitalized terms not otherwise defined herein shall have the meanings assigned thereto in the Letter of Credit or, if not defined therein, the Master Definitions and Constructions Agreement (as defined in the Letter of Credit).

The undersigned, a duly authorized officer of the Issuer Security Trustee, hereby notifies the Issuing Bank as follows:

1. The Issuer Security Trustee has received a notice in accordance with the Issuer Facility Agreement authorizing it to request a reduction of the Letter of Credit Amount to €[ ●] and is delivering this notice in accordance with the terms of the Letter of Credit Agreement.

2. The Issuing Bank acknowledges that the aggregate maximum amount of the Letter of Credit is reduced to €[ ●] from €[ ●] pursuant to and in accordance with the terms and provisions of the Letter of Credit and that the reference in the first paragraph of the Letter of Credit to " <u> </u> (€ <u> </u>)" is amended to read " <u> </u> (€ <u> </u>).

3. This request, upon your acknowledgment set forth below, shall constitute an amendment to the Letter of
Credit and shall form an integral part thereof and confirms that all other terms of the Letter of Credit remain unchanged.

4. The Issuing Bank is requested to execute and deliver its acknowledgment and agreement to this notice to
the Issuer Security Trustee in the manner provided in Section [3.2(a)] of the Letter of Credit Agreement.

IN WITNESS WHEREOF, the Issuer Security Trustee has executed and delivered this certificate on this [●] day of [●], [●].

---

| | |
|:---|:---|
| **BNP PARIBAS TRUST CORPORATION UK LIMITED, as Issuer Security Trustee** | **BNP PARIBAS TRUST CORPORATION UK LIMITED, as Issuer Security Trustee** |
| By | |
|  | Name: |
|  | Title: |
| By | |
|  | Name: |
|  | Title: |

---

**ANNEX F**

**NOTICE OF INCREASE OF LETTER OF CREDIT AMOUNT**

Beneficiaries:

International Fleet Financing No. 2 B.V. the ("**Issuer**")

BNP Paribas Trust Corporation UK Limited (the "**Issuer Security Trustee**"),

as trustee on behalf of the Issuer

10 Harewood Avenue

London, NW1 6AA

---

| | |
|:---|:---|
| cc: | Hertz Europe Limited |
|  | Hertz House |
|  | 11 Vine Street |
|  | Uxbridge |
|  | UB8 1QE |

---

Notice of Increase of Letter of Credit Amount under the Irrevocable Letter of Credit No. [●] (the "**Letter of Credit**"), dated [●], issued by [*insert name of Issuing Bank*], as the Issuing Bank, in favor of the Issuer and the Issuer Security Trustee.

Capitalized terms not otherwise defined herein shall have the meanings assigned thereto in the Letter of Credit or, if not defined therein, in the Master Definitions and Constructions Agreement (as defined in the Letter of Credit).

The undersigned, duly authorized officers of the Issuing Bank, hereby notify the Issuer and the Issuer Security Trustee as follows:

1. The Issuing Bank has received a request from Hertz Europe Limited to increase the Letter of Credit Amount by €[ ●] , which increase shall not result in the Letter of Credit Amount exceeding an amount equal to €[ ●] .

2. Upon your acknowledgment set forth below, the aggregate maximum amount of the Letter of Credit is increased to €[ ●] from €[ ●] pursuant to and in accordance with the terms and provisions of the Letter of Credit and that the reference in the first paragraph of the Letter of Credit to " <u> </u> (€ <u> </u>)" is amended to read " <u> </u> (€ <u> </u>)".

3. This notice, upon your acknowledgment set forth below, shall constitute an amendment to the Letter of
Credit and shall form an integral part thereof and confirms that all other terms of the Letter of Credit remain unchanged.

4. The Issuer and the Issuer Security Trustee are requested to execute and deliver their acknowledgment and
acceptance to this notice to the Issuing Bank, in the manner provided in Section [3.2(a)] of the Letter of Credit Agreement and upon
receipt by the Issuing Bank of such acknowledgement, the increase in the Letter of Credit Amount shall be immediately effective.

IN WITNESS WHEREOF, the Issuing Bank has executed and delivered this certificate on this [●] day of [●], [●].

---

| | |
|:---|:---|
| [*Name of Issuing Bank*] | [*Name of Issuing Bank*] |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| |
|:---|
| **INTERNATIONAL FLEET FINANCING NO.2** |
| **B.V.** |
| Issuer |
| By: |
| Name: |
| Title: |
| **BNP PARIBAS TRUST CORPORATION UK LIMITED** |
| Issuer Security Trustee |
| By: |
| Name: |
| Title: |

---

**ANNEX G**

**INTEREST ON QUOTED EUROBONDS**

[*See overleaf*]

**Interest on Quoted Eurobonds**

**Declaration of residence outside Ireland for the purposes of Section 64(7) Taxes Consolidation Act 1997** <sup>1</sup>

**Before completing this declaration, please consult the notes overleaf in relation to residence.**

**Declaration on own behalf**

I / we *I* the company\* declare that I am / we are *I* the company\* is beneficially entitled to the interest in respect of which this declaration is made and that

• I
 am/ we are *I* the company is\* not resident in Ireland, and

• Should
 I/ we *I* the company\* become resident in Ireland I will/ we will\* so inform you, in
 writing, accordingly.

\*Delete as appropriate

**Declaration on behalf of beneficial owner** **<sup>2</sup>**

I / we *I* the company\* being the person to whom the interest is payable declare:

• That
 the person(s) named below is/are beneficially entitled to the interest to which this
 declaration refers;

• That
 the person(s) who is/are beneficially entitled to the interest is/are not resident in
 Ireland; and,

• I/
 we *I* the company\* will inform you in writing if I/ we *I* the company\* become
 aware that the beneficial owner(s) of the interest becomes resident in Ireland .

\*Delete as appropriate

Name and address of beneficial owner:

Country of residence: _

Name and address of the person to whom the interest is payable on behalf of the beneficial owner, (where applicable):_

<sup>3</sup>Signature of declarer: _ <sup>4</sup>Capacity<u> </u> <br>Date / /

**IMPORTANT NOTES**

<sup>1</sup> This declaration must be made to the "relevant person". (See overleaf for definition)

<sup>2</sup> This section applies where the interest is paid to a nominee, agent or trustee on behalf of the beneficial owner.

<sup>3</sup> This declaration must be signed by either the beneficial owner or the person to whom the interest is payable on behalf of the beneficial owner. In the case of a company the declaration must be signed by the company secretary or other such authorised officer. Where the declaration is signed under power of attorney, a copy of the power of attorney must be furnished in support of the signature.

<sup>4</sup> State whether you are signing as beneficial owner or as the person to whom the interest is payable on behalf of the beneficial owner.

This is a Revenue authorised declaration. It is subject to inspection by Revenue. It is an offence to make a false declaration.

**A relevant person is:**

(a) the person by or through whom the interest is paid, or

(b) a banker or any other person in the State who receives or obtains payment of Eurobond interest for another
person by means of presenting coupons, or

(c) a bank in the state which sells or otherwise realises coupons and pays over the proceeds to another person
or carries them into an account for another person, or

(d) a dealer in coupons who purchases coupons.

**Residence - Individual**

An individual will be regarded as being resident in Ireland for a tax year ifs/he:

(1) spends 183 days or more in the State in that tax year;

(2) has a combined presence of 280 days or more in the State, taking into account
the number of days spent in the State in that tax year together with the number of days spent in the State in the preceding year .

Presence in a tax year by an individual of not more than 30 days in the State will not be reckoned for the purpose of applying the two-year test. Presence in the State for a day means the personal presence of an individual at any time during the day.

**Residence - Company**

A company which has its central management and control in Ireland (the State) is resident in the State irrespective of where it is incorporated. A company is tax resident in the State if it was incorporated in Ireland unless the company is treated as a tax resident of another jurisdiction and not a tax resident of Ireland under a Double Taxation Agreement between Ireland and that jurisdiction.

The information in this document is provided as a guide only and is not professional advice, including legal advice. It should not be assumed that the guidance is comprehensive or that it provides a definitive answer in every case.

The Revenue Commissioners collect taxes and duties and implement customs controls. Revenue requires customers to provide certain personal data for these purposes and certain other statutory functions as assigned by the Oireachtas. Your personal data may be exchanged with other Government Departments and agencies in certain circumstances where this is provided for by law. Revenue's data protection policy and information on your data protection rights are available on **www.revenue.ie.**

![](tm2612882d1_ex10-13img01.jpg)

**EXHIBIT J-1<br> TO<br> ISSUER FACILITY AGREEMENT**

**CLASS A FORM OF ADVANCE REQUEST**

**INTERNATIONAL FLEET FINANCING NO.2 B.V.**

To: Addressees on Schedule I hereto Ladies and Gentlemen:

This Class A Advance Request is delivered to you pursuant to Clause 2.2(a) of the issuer facility agreement, dated as of 25 September 2018 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the "**Issuer Facility Agreement**") and entered into between, among others, International Fleet Financing No.2 BV (the "**Issuer**"), BNP Paribas Trust Corporation UK Limited (the "**Issuer Security Trustee**") and Credit Agricole Corporate and Investment Bank (the "**Administrative Agent**").

Capitalized terms used herein have the meanings provided in the master definitions and constructions agreement entered into on or about the date of the Issuer Facility Agreement (as amended, modified or supplemented from time to time) between, amongst others, the Issuer, the Issuer Security Trustee and the Administrative Agent.

The parties hereto acknowledge and agree that the rights and obligations under this Class A Advance Request shall become effective at the Effective Date.

The undersigned hereby requests that a [Class A Ordinary Advance] [Class A Reserve Advance] be made in the aggregate principal amount of €<u> </u>on [●] 20[●]. The undersigned hereby acknowledges that, subject to the terms of the Issuer Facility Agreement, any Class A Advance that is not funded at the Class A CP Rate by a Class A Conduit Investor or otherwise shall be made at the Reference Rate and the related Interest Period shall commence on the date of the Class A Advance made at such Reference Rate and end on the next Payment Date.

The Issuer Aggregate Asset Amount as of the date hereof is an amount equal to €<u> </u>.

The Class A Expected Payment Date of the Class A Advance requested hereby is ____________.

The undersigned hereby acknowledges that the delivery of this Class A Advance Request and the acceptance by the undersigned of the proceeds of the Class A Advance requested hereby constitute a representation and warranty by the undersigned that, on the date of such Class A Advance, and before and after giving effect thereto and to the application of the proceeds therefrom, [all conditions set forth in the definition of Class A Funding Conditions have been satisfied]<sup>25</sup> [all conditions set forth in clauses (a)-(c), (e) and (g)-(h) of the definition of Class A Funding Conditions have been satisfied]<sup>26</sup>.

<sup>25</sup> To be used in the case of an Ordinary Advance.

<sup>26</sup> To be used in the case of a Reserve Advance.

The undersigned agrees that if prior to the time of the [Class A Advance] requested hereby any matter certified to herein by it will not be true and correct at such time as if then made, it will immediately so notify both you and each Class A Committed Note Purchaser and each Class A Conduit Investor, if any, in your Class A Investor Group. Except to the extent, if any, that prior to the time of the [Class A Advance], requested hereby from you and each Class A Committed Note Purchaser and each Class A Conduit Investor, if any, in your Class A Investor Group shall receive written notice to the contrary from the undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such [Class A Advance] as if then made.

Please wire transfer the proceeds of each of the [Class A Advance] to the following account pursuant to the following instructions:

[INSERT PAYMENT INSTRUCTIONS]

The undersigned has caused this Class A Advance Request to be executed and delivered, and the certification and warranties contained herein to be made, by its duly Authorized Officer this day of [●] 20[●].

---

| |
|:---|
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| By: |
| Name: |
| Title: |

---

**SCHEDULE I**

**Credit Agricole Corporate and Investment Bank**

12 Place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

**Deutsche Bank AG, London Branch**

21 Moorfields,

London EC2Y 9DB

United Kingdom

**Matchpoint Finance PLC**

Charlotte House

Charlemont Street

Dublin 2

D02 NV26

Ireland

**BNP Paribas S.A.**

16, boulevard des Italiens

75009 Paris, France

**Barclays Bank PLC**

1 Churchill Place,

Canary Wharf,

London E14 5HP

United Kingdom

**Sunderland Receivables S.A.**

28 Boulevard F.W. Raiffeisen

2411 Luxembourg

**HSBC Continental Europe (formerly known as HSBC France)**

38, Avenue Kléber

75116 Paris

France

**Managed and Enhanced Tap (Magenta) Funding S.T.**

127, rue Amelot

75011 Paris

France

**Natixis S.A.**

30, avenue Pierre Mendès-France

75013 Paris

France

**Royal Bank of Canada, acting through its London Branch**

100 Bishopsgate

London EC2N 4AA

United Kingdom

**Gresham Receivables (No.32) UK Limited**

Wilmington Trust SP Services (London) Limited

Third Floor, King's Arms Yard

London EC2R 7AF

United Kingdom

**Lloyds Bank Plc**

33 Old Broad Street

London, EC2N 1HZ, United Kingdom

(in its capacity as a Class A Funding Agent)

**BNP Paribas Trust Corporation UK Limited**

10 Harewood Avenue

London NW1 6AA

United Kingdom

**SCHEDULE II**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Bank** | &nbsp;&nbsp;**Commitment Amount** | &nbsp;&nbsp;**Allocation Percentage** | &nbsp;&nbsp;**Funding Amount** |
| &nbsp;&nbsp;**Totals:** |  | &nbsp;&nbsp;**100%** |  |

---

**EXHIBIT J-2<br> TO<br> ISSUER FACILITY AGREEMENT**

**CLASS B FORM OF ADVANCE REQUEST**

**INTERNATIONAL FLEET FINANCING NO.2 B.V.**

To: Addressees on Schedule I hereto Ladies and Gentlemen:

This Class B Advance Request is delivered to you pursuant to Clause 2.2(a) of the issuer facility agreement, dated as of 25 September 2018 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the "**Issuer Facility Agreement**") and entered into between, among others, International Fleet Financing No.2 BV (the "**Issuer**"), BNP Paribas Trust Corporation UK Limited (the "**Issuer Security Trustee**") and Credit Agricole Corporate and Investment Bank (the "**Administrative Agent**").

Capitalized terms used herein have the meanings provided in the master definitions and constructions agreement entered into on or about the date of the Issuer Facility Agreement (as amended, modified or supplemented from time to time) between, amongst others, the Issuer, the Issuer Security Trustee and the Administrative Agent.

The parties hereto acknowledge and agree that the rights and obligations under this Class B Advance Request shall become effective at the Effective Date.

The undersigned hereby requests that a Class B Advance be made in the aggregate principal amount of €<u> </u>on [●] 20[●]. The undersigned hereby acknowledges that, subject to the terms of the Issuer Facility Agreement, any Class B Advance that is not funded at the Class B CP Rate by a Class B Conduit Investor or otherwise shall be made at the Reference Rate and the related Interest Period shall commence on the date of the Class B Advance made at such Reference Rate and end on the next Payment Date.

The Issuer Aggregate Asset Amount as of the date hereof is an amount equal to €__________________.

The Class B Expected Payment Date of the Class B Advance requested hereby is ____________.

The undersigned hereby acknowledges that the delivery of this Class B Advance Request and the acceptance by undersigned of the proceeds of the Class B Advance requested hereby constitute a representation and warranty by the undersigned that, on the date of such Class B Advance, and before and after giving effect thereto and to the application of the proceeds therefrom, all conditions set forth in the definition of Class B Funding Conditions have been satisfied.

The undersigned agrees that if prior to the time of the Class B Advance requested hereby any matter certified to herein by it will not be true and correct at such time as if then made, it will immediately so notify both you and each Class B Committed Note Purchaser and each Class B Conduit Investor, if any, in your Class B Investor Group. Except to the extent, if any, that prior to the time of the Class B Advance, requested hereby from you and each Class B Committed Note Purchaser and each Class B Conduit Investor, if any, in your Class B Investor Group shall receive written notice to the contrary from the undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such Class B Advance as if then made.

Please wire transfer the proceeds of each of the Class B Advance to the following account pursuant to the following instructions:

[INSERT PAYMENT INSTRUCTIONS]

The undersigned has caused this Class B Advance Request to be executed and delivered, and the certification and warranties contained herein to be made, by its duly Authorized Officer this day of [●] 20[●].

---

| |
|:---|
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| By: |
| Name: |
| Title: |

---

**SCHEDULE I**

**BNP Paribas Trust Corporation UK Limited as Issuer Security Trustee**

Address:10 Harewood Avenue

London NW1 6AA

United Kingdom

**Credit Agricole Corporate and Investment Bank as Administrative Agent**

12 Place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

[*Name and address details of any other Funding Agent, Committed Note Purchaser and Conduit Investors to be included*]

**EXHIBIT J-3<br> TO<br> ISSUER FACILITY AGREEMENT**

**CLASS C FORM OF ADVANCE REQUEST**

**INTERNATIONAL FLEET FINANCING NO.2 B.V.**

To: Addressees on Schedule I hereto Ladies and Gentlemen:

This Class C Advance Request is delivered to you pursuant to Clause 2.2(a) of the issuer facility agreement, dated as of 25 September 2018 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the "**Issuer Facility Agreement**") and entered into between, among others, International Fleet Financing No.2 BV (the "**Issuer**"), BNP Paribas Trust Corporation UK Limited (the "**Issuer Security Trustee**") and Credit Agricole Corporate and Investment Bank (the "**Administrative Agent**").

Capitalized terms used herein have the meanings provided in the master definitions and constructions agreement entered into on or about the date of the Issuer Facility Agreement (as amended, modified or supplemented from time to time) between, amongst others, the Issuer, the Issuer Security Trustee and the Administrative Agent.

The parties hereto acknowledge and agree that the rights and obligations under this Class C Advance Request shall become effective at the Effective Date.

The undersigned hereby requests that a Class C Advance be made in the aggregate principal amount of €<u> </u>on [●] 20[●]. The undersigned hereby acknowledges that, subject to the terms of the Issuer Facility Agreement, any Class C Advance shall be made at the Fixed Rate and the related Interest Period shall commence on the date of the Class C Advance made at such Fixed Rate and end on the next Payment Date.

The Issuer Aggregate Asset Amount as of the date hereof is an amount equal to €__________________.

The Class C Expected Payment Date of the Class C Advance requested hereby is ____________.

The undersigned hereby acknowledges that the delivery of this Class C Advance Request and the acceptance by undersigned of the proceeds of the Class C Advance requested hereby constitute a representation and warranty by the undersigned that, on the date of such Class C Advance, and before and after giving effect thereto and to the application of the proceeds therefrom, all conditions set forth in the definition of Class C Funding Conditions have been satisfied.

The undersigned agrees that if prior to the time of the Class C Advance requested hereby any matter certified to herein by it will not be true and correct at such time as if then made, it will immediately so notify both you and each Class C Committed Note Purchaser in your Class C Investor Group. Except to the extent, if any, that prior to the time of the Class C Advance, requested hereby from you and each Class C Committed Note Purchaser in your Class C Investor Group shall receive written notice to the contrary from the undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such Class C Advance as if then made.

Please wire transfer the proceeds of each of the Class C Advance to the following account pursuant to the following instructions:

[INSERT PAYMENT INSTRUCTIONS]

The undersigned has caused this Class C Advance Request to be executed and delivered, and the certification and warranties contained herein to be made, by its duly Authorized Officer this day of [●] 20[●].

---

| |
|:---|
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| By: |
| Name: |
| Title: |

---

**SCHEDULE I**

**BNP Paribas Trust Corporation UK Limited as Issuer Security Trustee**

Address:10 Harewood Avenue

London NW1 6AA

United Kingdom

**Credit Agricole Corporate and Investment Bank as Administrative Agent**

12 Place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

**Motion Lux S.à r.l. as Class C Committed Note Purchaser**

8, rue Genistre,

L-1623 Luxembourg,

Grand Duchy of Luxembourg

[*Name and address details of any other Funding Agent, Committed Note Purchaser and Conduit Investors to be included*]

**EXHIBIT K-1<br> TO<br> ISSUER FACILITY AGREEMENT**

**<u>CLASS A ADDITIONAL INVESTOR GROUP</u>**

**<u>ADDENDUM TO ISSUER FACILITY AGREEMENT</u>**

Capitalized terms used herein have the meanings provided in the master definitions and constructions agreement entered into on or about the date of the Issuer Facility Agreement (as amended, modified or supplemented from time to time) between, amongst others, International Fleet Financing No.2 BV (the "**Issuer**"), BNP Paribas Trust Corporation UK Limited (the "**Issuer Security Trustee**") and Credit Agricole Corporate and Investment Bank (the "**Administrative Agent**") (the "**Issuer Facility Agreement**").

The parties hereto acknowledge and agree that the rights and obligations under this Addendum shall become effective at the Effective Date.

Each of the undersigned:

1. confirms that it has received a copy of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Issuer Facility Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. such other agreements, documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into this Addendum;

2. appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers under the Issuer Facility Agreement as are delegated to the Administrative Agent by the terms thereof, together with such
powers as are reasonably incidental thereto;

3. agrees to all of the provisions of the Issuer Facility Agreement;

4. agrees that the related Class A Maximum
 Investor Group Principal Amount is € <u> </u> (including
 any portion of the Class A Maximum Investor Group Principal Amount of such Class A
 Investor Group acquired pursuant to an assignment to such Class A Investor Group as
 a Class A Acquiring Investor Group) and the related Class A Committed Note Purchaser's
 Class A Committed Note Purchaser Percentage is <u> </u> per cent (%);

5. designates <u> </u> as the Class A Funding Agent for itself, and such Class A Funding Agent
hereby accepts such appointment;

6. becomes a party to the Issuer Facility Agreement and a Class A Conduit Investor, Class A Committed
Note Purchaser and/or Class A Funding Agent, as the case may be, thereunder with the same effect as if the undersigned were an original
signatory to the Issuer Facility Agreement; and

7. each member of the Class A Additional Investor Group hereby represents and warrants that the representations
and warranties contained in paragraph 3 (*Conduit Investors and Committed Note Purchasers*) of Annex I to the Issuer Facility Agreement
are true and correct with respect to the Class A Additional Investor Group on and as of the date hereof and the Class A Additional
Investor Group shall be deemed to have made such representations and warranties contained in paragraph 3 (*Conduit Investors and Committed Note Purchasers*) of Annex I to the Issuer Facility Agreement on and as of the date hereof.

8. The notice address for each member of the Class A Additional Investor Group is as follows:

[INSERT CONTACT INFORMATION FOR EACH ENTITY]

9. This Addendum shall be effective when a counterpart hereof, signed by the undersigned and Issuer and has
been delivered to the parties hereto.

10. This Addendum and any non-contractual obligations arising out of or in connection with it shall be governed
by and construed in accordance with English law.

IN WITNESS WHEREOF, the undersigned have caused this Addendum to be duly executed and delivered by its duly authorized officer or agent as of this day of ___ 20 __.

---

| |
|:---|
| [NAME OF ADDITIONAL FUNDING AGENT], as Class A Funding Agent |
| By: |
| Name: |
| Title: |
| [NAME OF ADDITIONAL CONDUIT INVESTOR], as Class A Conduit Investor |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| [NAME OF ADDITIONAL COMMITTED NOTE PURCHASER], as Class A Committed Note Purchaser |
| By: |
| Name: |
| Title: |

---

Acknowledged and agreed to as of the date

first above written:

---

| |
|:---|
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| as Issuer |
| By: |
| Name: |
| Title: |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK** |
| as Administrative Agent |
| By: |
| Name: |
| Title: |

---

**EXHIBIT K-2<br> TO<br> ISSUER FACILITY AGREEMENT**

**<u>CLASS B ADDITIONAL INVESTOR GROUP</u>**

**<u>ADDENDUM TO ISSUER FACILITY AGREEMENT</u>**

Capitalized terms used herein have the meanings provided in the master definitions and constructions agreement entered into on or about the date of the Issuer Facility Agreement (as amended, modified or supplemented from time to time) between, amongst others, International Fleet Financing No.2 BV (the "**Issuer**"), BNP Paribas Trust Corporation UK Limited (the "**Issuer Security Trustee**") and Credit Agricole Corporate and Investment Bank (the "**Administrative Agent**") (the "**Issuer Facility Agreement**").

The parties hereto acknowledge and agree that the rights and obligations under this Addendum shall become effective at the Effective Date.

Each of the undersigned:

1. confirms that it has received a copy of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Issuer Facility Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. such other agreements, documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into this Addendum;

2. appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers under the Issuer Facility Agreement as are delegated to the Administrative Agent by the terms thereof, together with such
powers as are reasonably incidental thereto;

3. agrees to all of the provisions of the Issuer Facility Agreement;

4. agrees that the related Class B Maximum
 Investor Group Principal Amount is € <u> </u> (including
 any portion of the Class B Maximum Investor Group Principal Amount of such Class B
 Investor Group acquired pursuant to an assignment to such Class B Investor Group as
 a Class B Acquiring Investor Group) and the related Class B Committed Note Purchaser's
 Class B Committed Note Purchaser Percentage is <u> </u> per cent (%);

5. designates <u> </u> as the Class B Funding Agent for itself, and such Class B Funding Agent
hereby accepts such appointment;

6. becomes a party to the Issuer Facility Agreement and a Class B Conduit Investor, Class B Committed
Note Purchaser and/or Class B Funding Agent, as the case may be, thereunder with the same effect as if the undersigned were an original
signatory to the Issuer Facility Agreement; and

7. each member of the Class B Additional Investor Group hereby represents and warrants that the representations
and warranties contained in paragraph 3 (*Conduit Investors and Committed Note Purchasers*) of Annex I to the Issuer Facility Agreement
are true and correct with respect to the Class B Additional Investor Group on and as of the date hereof and the Class B Additional
Investor Group shall be deemed to have made such representations and warranties contained in paragraph 3 (*Conduit Investors and Committed Note Purchasers*) of Annex I to the Issuer Facility Agreement on and as of the date hereof.

8. The notice address for each member of the Class B Additional Investor Group is as follows:

[INSERT CONTACT INFORMATION FOR EACH ENTITY]

9. This Addendum shall be effective when a counterpart hereof, signed by the undersigned and Issuer and has
been delivered to the parties hereto.

10. This Addendum and any non-contractual obligations arising out of or in connection with it shall be governed
by and construed in accordance with English law.

IN WITNESS WHEREOF, the undersigned have caused this Addendum to be duly executed and delivered by its duly authorized officer or agent as of this day of ___ 20 __.

---

| |
|:---|
| [NAME OF ADDITIONAL FUNDING AGENT], as Class B Funding Agent |
| By: |
| Name: |
| Title: |
| [NAME OF ADDITIONAL CONDUIT INVESTOR], as Class B Conduit Investor |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| [NAME OF ADDITIONAL COMMITTED NOTE PURCHASER], as Class B Committed Note Purchaser |
| By: |
| Name: |
| Title: |

---

Acknowledged and agreed to as of the date

first above written:

---

| |
|:---|
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| as Issuer |
| By: |
| Name: |
| Title: |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK** |
| as Administrative Agent |
| By: |
| Name: |
| Title: |

---

**EXHIBIT K-3<br> TO<br> ISSUER FACILITY AGREEMENT**

**<u>CLASS C ADDITIONAL INVESTOR GROUP</u>**

**<u>ADDENDUM TO ISSUER FACILITY AGREEMENT</u>**

Capitalized terms used herein have the meanings provided in the master definitions and constructions agreement entered into on or about the date of the Issuer Facility Agreement (as amended, modified or supplemented from time to time) between, amongst others, International Fleet Financing No.2 BV (the "**Issuer**"), BNP Paribas Trust Corporation UK Limited (the "**Issuer Security Trustee**") and Credit Agricole Corporate and Investment Bank (the "**Administrative Agent**") (the "**Issuer Facility Agreement**").

The parties hereto acknowledge and agree that the rights and obligations under this Addendum shall become effective at the Effective Date.

Each of the undersigned:

1. confirms that it has received a copy of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Issuer Facility Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. such other agreements, documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into this Addendum;

2. appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers under the Issuer Facility Agreement as are delegated to the Administrative Agent by the terms thereof, together with such
powers as are reasonably incidental thereto;

3. agrees to all of the provisions of the Issuer Facility Agreement;

4. agrees that the related Class C Maximum
 Investor Group Principal Amount is € <u> </u> and
 the related Class C Committed Note Purchaser's Class C Committed Note Purchaser
 Percentage is <u> </u> per cent (%);

5. designates <u> </u> as the Class C Funding Agent for itself, and such Class C Funding Agent
hereby accepts such appointment;

6. becomes a party to the Issuer Facility Agreement and a Class C Committed Note Purchaser and/or Class C
Funding Agent, as the case may be, thereunder with the same effect as if the undersigned were an original signatory to the Issuer Facility
Agreement; and

7. each member of the Class C Additional Investor Group hereby represents and warrants that the representations
and warranties contained in paragraph 3 (*Conduit Investors and Committed Note Purchasers*) of Annex I to the Issuer Facility Agreement
are true and correct with respect to the Class C Additional Investor Group on and as of the date hereof and the Class C Additional
Investor Group shall be deemed to have made such representations and warranties contained in paragraph 3 (*Conduit Investors and Committed Note Purchasers*) of Annex I to the Issuer Facility Agreement on and as of the date hereof.

8. The notice address for each member of the Class C Additional Investor Group is as follows:

[INSERT CONTACT INFORMATION FOR EACH ENTITY]

9. This Addendum shall be effective when a counterpart hereof, signed by the undersigned and Issuer and has
been delivered to the parties hereto.

10. This Addendum and any non-contractual obligations arising out of or in connection with it shall be governed
by and construed in accordance with English law.

IN WITNESS WHEREOF, the undersigned have caused this Addendum to be duly executed and delivered by its duly authorized officer or agent as of this day of ___ 20 __.

---

| |
|:---|
| [NAME OF ADDITIONAL FUNDING AGENT], as Class C Funding Agent |
| By: |
| Name: |
| Title: |
| [NAME OF ADDITIONAL COMMITTED NOTE PURCHASER], as Class C Committed Note Purchaser |
| By: |
| Name: |
| Title: |

---

Acknowledged and agreed to as of the date

first above written:

---

| |
|:---|
| **INTERNATIONAL FLEET FINANCING NO.2 B.V.** |
| as Issuer |
| By: |
| Name: |
| Title: |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK** |
| as Administrative Agent |
| By: |
| Name: |
| Title: |

---

**EXHIBIT M-1<br> TO<br> ISSUER FACILITY AGREEMENT**

<u>CLASS A INVESTOR GROUP MAXIMUM PRINCIPAL INCREASE ADDENDUM</u>

In order to effect a Class A Investor Group Maximum Principal Increase with respect to its Class A Investor Group, each of the undersigned:

(i) confirms that it has received a copy of the Issuer Facility Agreement, dated as of 25 September 2018
(as from time to time further amended, supplemented or otherwise modified in accordance with the terms thereof; terms defined therein
being used herein as defined therein), among International Fleet Financing No.2 B.V. (the" <u>Issuer</u> "), the Conduit Investors
named therein, the Committed Note Purchasers named therein, the Funding Agents named therein, Hertz Europe Limited as Issuer Administrator,
Credit Agricole Corporate and Investment Group (in such capacity, the " <u>Administrative Agent</u> ") and BNP Paribas Trust Corporation
UK Limited, as Issuer Security Trustee, and such other agreements, documents and information as it has deemed appropriate to make its
own credit analysis and decision to enter into this Class A Investor Group Maximum Principal Increase Addendum;

(ii) reaffirms its appointment and authorization of the Administrative Agent to take such action as agent on
its behalf and to exercise such powers under the Issuer Facility Agreement as are delegated to the Administrative Agent by the terms thereof,
together with such powers as are reasonably incidental thereto;

(iii) reaffirms its agreement to all of the provisions of the Issuer Facility Agreement;

(iv) agrees to (1) a Class A Investor Group Maximum Principal Increase in an amount equal to € <u> </u> and (2) a Class A Investor Group Maximum Principal Increase Amount in an amount equal to € <u> </u>;

(v) agrees that the related Class A Maximum Investor Group Principal Amount is € <u> </u> and
the related Class A Committed Note Purchaser's Class A Committed Note Purchaser Percentage is <u> </u> percent (__ %)
(in each case after giving effect to the Class A Investor Group Maximum Principal Increase described in <u>clause (iv)</u> above);
and

(vi) each member of the Class A Investor Group hereby represents and warrants that the representations
and warranties contained in Section 3 of Annex 1 to the Issuer Facility Agreement are true and correct with respect to the Class A
Investor Group on and as of the date hereof and the Class A Investor Group shall be deemed to have made such representations and
warranties contained in Section 3 of Annex 1 to the Issuer Facility on and as of the date hereof.

This Class A Investor Group Maximum Principal Increase Addendum shall be effective when a counterpart hereof, signed by the undersigned and the Issuer, has been delivered to the parties hereof.

This Class A Investor Group Maximum Principal Increase Addendum shall be governed by and construed in accordance with English law.

IN WITNESS WHEREOF, the undersigned have caused this Class A Investor Group Maximum Principal Increase Addendum to be duly executed and delivered by its duly authorized officer or agent as of this<u> </u> day of<u> </u>, 20 .

---

| |
|:---|
| [NAME OF CLASS A FUNDING AGENT], |
| as Class A Funding Agent |
| By: |
| Name: |
| Title: |
| [NAME OF CLASS A CONDUIT INVESTOR], |
| as Class A Conduit Investor |
| By: |
| Name: |
| Title: |
| [NAME OF CLASS A COMMITTED NOTE |
| PURCHASER], as Class A Committed Note |
| Purchaser |
| By: |
| Name: |
| Title: |

---

**EXHIBIT M-2<br> TO<br> ISSUER FACILITY AGREEMENT**

<u>CLASS B INVESTOR GROUP MAXIMUM PRINCIPAL INCREASE ADDENDUM</u>

In order to effect a Class B Investor Group Maximum Principal Increase with respect to its Class B Investor Group, each of the undersigned:

(i) confirms that it has received a copy of the Issuer Facility Agreement, dated as of 25 September 2018
(as from time to time further amended, supplemented or otherwise modified in accordance with the terms thereof; terms defined therein
being used herein as defined therein), among International Fleet Financing No.2 B.V. (the " <u>Issuer</u> "), the Conduit Investors
named therein, the Committed Note Purchasers named therein, the Funding Agents named therein, Hertz Europe Limited as Issuer Administrator,
Credit Agricole Corporate and Investment Group (in such capacity, the "  **<u>Administrative Agent</u>**") and BNP Paribas
Trust Corporation UK Limited, as Issuer Security Trustee, and such other agreements, documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Class B Investor Group Maximum Principal Increase Addendum;

(ii) reaffirms its appointment and authorization of the Administrative Agent to take such action as agent on
its behalf and to exercise such powers under the Issuer Facility Agreement as are delegated to the Administrative Agent by the terms thereof,
together with such powers as are reasonably incidental thereto;

(iii) reaffirms its agreement to all of the provisions of the Issuer Facility Agreement;

(iv) agrees to (1) a Class B Investor
 Group Maximum Principal Increase in an amount equal to € <u> </u> and (2) a Class B Investor Group Maximum Principal Increase Amount in an amount
 equal to € <u> </u>;

(v) agrees that the related Class B Maximum Investor Group Principal Amount is € <u> </u> and
the related Class B Committed Note Purchaser's Class B Committed Note Purchaser Percentage is <u> </u> percent (__ %)
(in each case after giving effect to the Class B Investor Group Maximum Principal Increase described in <u>clause (iv)</u> above);
and

(vi) each member of the Class B Investor Group hereby represents and warrants that the representations
and warranties contained in Section 3 of Annex 1 to the Issuer Facility Agreement are true and correct with respect to the Class B
Investor Group on and as of the date hereof and the Class B Investor Group shall be deemed to have made such representations and
warranties contained in Section 3 of Annex 1 to the Issuer Facility on and as of the date hereof.

This Class B Investor Group Maximum Principal Increase Addendum shall be effective when a counterpart hereof, signed by the undersigned and the Issuer, has been delivered to the parties hereof.

This Class B Investor Group Maximum Principal Increase Addendum shall be governed by and construed in accordance with English law.

IN WITNESS WHEREOF, the undersigned have caused this Class B Investor Group Maximum Principal Increase Addendum to be duly executed and delivered by its duly authorized officer or agent as of this<u> </u> day of<u> </u>, 20<u>[•]</u>.

---

| |
|:---|
| [NAME OF CLASS B FUNDING AGENT], |
| as Class B Funding Agent |
| By: |
| Name: |
| Title: |
| [NAME OF CLASS B CONDUIT INVESTOR], |
| as Class B Conduit Investor |
| By: |
| Name: |
| Title: |
| [NAME OF CLASS B COMMITTED NOTE |
| PURCHASER], as Class B Committed Note |
| Purchaser |
| By: |
| Name: |
| Title: |

---

**EXHIBIT M-3<br> TO<br> ISSUER FACILITY AGREEMENT**

<u>CLASS C INVESTOR GROUP MAXIMUM PRINCIPAL INCREASE ADDENDUM</u>

In order to effect a Class C Investor Group Maximum Principal Increase with respect to its Class C Investor Group, each of the undersigned:

(i) confirms that it has received a copy of the Issuer Facility Agreement, dated as of 25 September 2018
(as from time to time further amended, supplemented or otherwise modified in accordance with the terms thereof; terms defined therein
being used herein as defined therein), among International Fleet Financing No.2 B.V. (the " <u>Issuer</u> "), the Conduit Investors
named therein, the Committed Note Purchasers named therein, the Funding Agents named therein, Hertz Europe Limited as Issuer Administrator,
Credit Agricole Corporate and Investment Group (in such capacity, the "  **<u>Administrative Agent</u>**") and BNP Paribas
Trust Corporation UK Limited, as Issuer Security Trustee, and such other agreements, documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Class C Investor Group Maximum Principal Increase Addendum;

(ii) reaffirms its appointment and authorization of the Administrative Agent to take such action as agent on
its behalf and to exercise such powers under the Issuer Facility Agreement as are delegated to the Administrative Agent by the terms thereof,
together with such powers as are reasonably incidental thereto;

(iii) reaffirms its agreement to all of the provisions of the Issuer Facility Agreement;

(iv) agrees to (1) a Class C Investor Group Maximum Principal Increase in an amount equal to € <u> </u> and (2) a Class C Investor Group Maximum Principal Increase Amount in an amount equal to € <u> </u>;

(v) agrees that the related Class C Maximum Investor Group Principal Amount is € <u> </u> and
the related Class C Committed Note Purchaser's Class C Committed Note Purchaser Percentage is <u> </u> percent (__ %)
(in each case after giving effect to the Class C Investor Group Maximum Principal Increase described in <u>clause (iv)</u> above);
and

(vi) each member of the Class C Investor Group hereby represents and warrants that the representations
and warranties contained in Section 3 of Annex 1 to the Issuer Facility Agreement are true and correct with respect to the Class C
Investor Group on and as of the date hereof and the Class C Investor Group shall be deemed to have made such representations and
warranties contained in Section 3 of Annex 1 to the Issuer Facility on and as of the date hereof.

This Class C Investor Group Maximum Principal Increase Addendum shall be effective when a counterpart hereof, signed by the undersigned and the Issuer, has been delivered to the parties hereof.

This Class C Investor Group Maximum Principal Increase Addendum shall be governed by and construed in accordance with English law.

IN WITNESS WHEREOF, the undersigned have caused this Class C Investor Group Maximum Principal Increase Addendum to be duly executed and delivered by its duly authorized officer or agent as of this day of<u> </u>, 20<u>[•]</u>.

---

| |
|:---|
| [NAME OF CLASS C FUNDING AGENT], |
| as Class C Funding Agent |
| By: |
| Name: |
| Title: |
| [NAME OF CLASS C COMMITTED NOTE |
| PURCHASER], as Class C Committed Note |
| Purchaser |
| By: |
| Name: |
| Title: |

---

**EXHIBIT N<br> TO<br> ISSUER FACILITY AGREEMENT**

**FORM OF REQUIRED INVOICE**

## Exhibit 10.14

**Exhibit 10.14**

**The symbol "[\*]" denotes places where certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential**

---

| | |
|:---|:---|
| ![](tm2612882d1_ex10-14img002.jpg) | **Clifford Chance LLP** |

---

AMENDED AND RESTATED

**ORIGINALLY DATED 25 SEPTEMBER 2018, AS AMENDED ON 8 NOVEMBER<br> 2019 AND 23 DECEMBER 2020, AS AMENDED AND RESTATED ON 29 APRIL<br> 2021, 21 DECEMBER 2021, 21 JUNE 2022, 20 DECEMBER 2022 AND 22<br> SEPTEMBER 2023, AS AMENDED ON 16 APRIL 2024, AS AMENDED AND<br> RESTATED ON 26 June 2024, 9 MAY 2025, 17 July 2025 and <u>24</u> APRIL 2026**

**MASTER DEFINITIONS AND CONSTRUCTIONS AGREEMENT**

**AMONG**

**INTERNATIONAL FLEET FINANCING NO. 2 B.V.** **<br> as Issuer, Belgian Noteholder, Dutch Noteholder, FCT Noteholder, German Noteholder,<br> Spanish Noteholder and Italian Noteholder**

**HERTZ AUTOMOBIELEN NEDERLAND B.V.**<br> **as Dutch OpCo, Dutch Lessee, Dutch Administrator and Dutch Servicer**

**STUURGROEP FLEET (NETHERLANDS) B.V.**<br> **as Dutch B FleetCo, Dutch FleetCo, Belgian Instalment Seller, Dutch Lessor and, acting<br> through its Spanish Branch, Spanish FleetCo and Spanish Lessor**

**HERTZ FRANCE S.A.S.**<br> **as French OpCo, French Lessee, French Administrator and French Servicer**

**RAC FINANCE S.A.S.**<br> **as French FleetCo and French Lessor**

**HERTZ DE ESPANA SLU**<br> **as Spanish OpCo, Spanish Lessee, Spanish Administrator and Spanish Servicer**

**HERTZ AUTOVERMIETUNG GMBH**<br> **as German OpCo, German Lessee and German Servicer**

**HERTZ FLEET LIMITED**<br> **as German FleetCo and German Lessor**

**EUROTITRISATION S.A.<br> FCT** **Management Company on behalf of FCT YELLOW CAR**

**BNP PARIBAS S.A.**<br> **(acting through its Securities Services business)<br> FCT Custodian**

**BNP PARIBAS S.A.**<br> **(acting through its Securities Services business)<br> FCT Registrar**

**BNP PARIBAS S.A.**<br> **(acting through its Securities Services business)<br> FCT Paying Agent**

**BNP PARIBAS, ITALIAN BRANCH**<br> **as Italian Paying Agent and Italian Payment Account Bank**

**BNP PARIBAS S.A.** **<br> as French Lender and FCT Servicer**

**HERTZ ITALIANA S.R.L.** **<br> as Italian OpCo and Italian Lessee**

**IFM SPV S.R.L.** **<br> as Italian FleetCo and Italian Lessor**

**HERTZ BELGIUM BV**<br> **as Belgian Instalment Purchaser, Instalment Sale Administrator, Belgian OpCo and <br> Belgian Administrator**

**HERTZ FLEET ITALIANA S.R.L.** **<br> as Italian Fleet Seller, Italian Administrator and Italian Fleet Servicer**

**CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK** **<br> as Administrative Agent**

**HERTZ EUROPE LIMITED** **<br> as Issuer Administrator and German Administrator**

**THE HERTZ CORPORATION** **<br> as THC and Guarantor**

**BNP PARIBAS, LUXEMBOURG BRANCH**<br> **as Registrar**

**TMF ADMINISTRATIVE SERVICES B.V.** **<br> as Issuer Back-Up Administrator, Belgian Back-Up Administrator, Dutch Back-Up <br> Administrator, French Back-Up Administrator, German Back-Up Administrator, <br> Spanish Back-Up Administrator and Italian Back-Up Administrator**

**TMF France Management SARL**<br> **as TMF SARL**

**TMF France SAS**<br> **as TMF SAS**

**INTERPATH (FRANCE)** **SAS<br> as Belgian Liquidation Co-ordinator, Dutch Liquidation Co-ordinator, French<br> Liquidation Co-ordinator, German Liquidation Co-ordinator, Spanish Liquidation <br> Co-ordinator and Italian Liquidation Co-ordinator**

**BNP PARIBAS TRUST CORPORATION UK LIMITED** **<br> as Issuer Security Trustee, Dutch Security Trustee, French Security Trustee, German<br> Security Trustee, Spanish Security Trustee and Belgian Security Trustee**

**BNP PARIBAS S.A.**<br> **(acting through its Securities Services business)<br> as FCT Account Bank**

**BNP PARIBAS S.A.**<br> **as French Account Bank**

**BNP PARIBAS S.A., DUBLIN BRANCH**<br> **as Issuer Account Bank and German Account Bank (Irish Branch)**

**BNP PARIBAS S.A., DUBLIN BRANCH**<br> **as Italian Notes Custodian**

**BNP PARIBAS S.A., NETHERLANDS BRANCH**<br> **as Dutch Account Bank and Belgian Account Bank**

**BANCA NAZIONALE DEL LAVORO S.P.A.**<br> **as Italian Account Bank**

**BANCA FINANZIARIA INTERNAZIONALE S.P.A**<br> **as Italian FleetCo Corporate Services Provider and Italian Master Servicer**

**APEX FINANCIAL SERVICES (TRUST COMPANY) LIMITED**<br> **as Trustee of The Hertz Funding France Trust and Securitisation Company <br> Shareholder**

**CERTAIN ENTITIES NAMED HEREIN**<br> **as Committed Note Purchasers**

**CERTAIN ENTITIES NAMED HEREIN**<br> **as Conduit Investors**

**CERTAIN ENTITIES NAMED HEREIN**<br> **as Funding Agents**

**HERTZ HOLDINGS NETHERLANDS 2 B.V.**<br> **as Subordinated Noteholder and Subordinated Note Registrar**

**AND**

**HERTZ INTERNATIONAL LIMITED**<br> **as HIL**

**table of Contents**

**Page No.**

1. DEFINITIONS 1

2. PRINCIPLES OF INTERPRETATION AND CONSTRUCTION 240

3. COMMON TERMS 247

4. AMENDMENTS AND WAIVERS 269

5. ENFORCEMENT UNDER FRENCH LAW RELATED DOCUMENTS 270

6. DUTCH POWER OF ATTORNEY 270

**THIS MASTER DEFINITIONS AND CONSTRUCTIONS AGREEMENT** is originally dated 25 September 2018, as amended on 8 November 2019 and 23 December 2020, as amended and restated on 29 April 2021, 21 December 2021, 21 June 2022, 20 December 2022, 22 September 2023, as amended on 16 April 2024, as amended and restated on 26 June 2024, 9 May 2025 and 17 July 2025 and as further amended and restated on 28 April 2026.

1. **DEFINITIONS** 

In this Master Definitions and Constructions Agreement and in any document that incorporates this Clause of the Master Definitions and Constructions Agreement (unless a term defined below is defined otherwise in the relevant document, in which case the definition of the relevant document shall prevail):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **General Definitions** 

"**2010 Assigned Receivables**" means the receivables assigned under the Receivables Assignment Agreement 2010.

"**2010 Fleet Vehicle**" means each Vehicle (i) which German OpCo has purchased under a Vehicle Purchasing Agreement, (ii) in respect of which German OpCo has acquired title (*Eigentum*) or an expectancy/inchoate right (*Anwartschaftsrecht*) and where the Initial Purchase Price was paid in full to the relevant Supplier prior to the date of this Agreement, (iii) in respect to which legal title or expectancy/inchoate rights (*Anwartschaftsrechte*) to such Vehicles have been transferred to the Security Agent 2010 and (iv) in respect to which German FleetCo has not yet disposed of.

"**2022 Liquidity Drawstop**" means, at any time from and including the Third Amendment Date, the occurrence of a Level 1 Minimum Liquidity Test Breach.

"**Acceptable Bank**" means a bank, depositary institution or other entity authorised to accept deposits in the Relevant Jurisdiction and in each case, whose long-term senior unsecured debt obligations are rated at least "BBB" (or the equivalent thereof) by DBRS (or if such entity is not rated by DBRS, "Baa2" by Moody's or "BBB" by S&P).

"**Acceptable Financial Accounting Standard**" means International Financial Reporting Standards and the generally accepted accounting principles of Australia, Brazil, Canada, a Member State of the European Union, an EEA state, Hong-Kong (China), Japan, Mexico, New-Zealand, the People's Republic of China, the Republic of India, the Republic of Korea, Russia, Singapore, Switzerland, the United Kingdom and the United States of America.

"**Account**" means any of the accounts established pursuant to the International Account Bank Agreement, the FCT Account Bank Agreement, the French Account Bank Agreement, the Spanish Account Letter of Acknowledgement and the Italian Cash Allocation, Management and Payments Agreement.

"**Account Bank**" means, the Issuer Account Bank, the Belgian Account Bank, the Dutch Account Bank, the FCT Account Bank, the French Account Bank, the German Account Bank, the Spanish Account Bank and the Italian Account Bank, as applicable.

"**Account Bank Agreement**" means the International Account Bank Agreement and/or the French Account Bank Agreement and/or the FCT Account Bank Agreement and/or the Spanish Account Letter of Acknowledgement and/or the Italian Cash Allocation, Management and Payments Agreement, as applicable.

"**Account Bank Termination Event**" has the meaning set out in the relevant Account Bank Agreement.

"**Account Conditions**" has the meaning specified in the International Account Bank Agreement.

"**Account Holder**" means each of the parties listed in Part I of Schedule 1 (*Account Holders*) of the International Account Bank Agreement, or identified as an account holder in the French Account Bank Agreement or FCT Account Bank Agreement or Spanish Account Letter of Acknowledgement or Italian Cash Allocation, Management and Payments Agreement, as the context shall require.

"**Account Mandate**" means a FleetCo Account Mandate or an Issuer Account Mandate, as the context shall require.

"**Accrued Amounts**" means, on any date of determination, the sum of the amounts payable (without taking into account availability of funds) pursuant to Clauses 5.2 (a) through (i), (k) and (l) (*Application of Funds in the Issuer Interest Collection Account*) of the Issuer Facility Agreement that have accrued and remain unpaid as of such date.

"**Accumulated Depreciation**" means, with respect to any Lease Vehicle or Instalment Sale Vehicle, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Monthly Base Rent or Monthly Base Instalments with respect to such Lease
Vehicle or Instalment Sale Vehicle paid or payable (since such Lease Vehicle's or Instalment Sale Vehicle's most recent
Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date) under the applicable Master Lease or the Belgian Master
Instalment Sale and Administration Agreement on or prior to the Payment Date occurring in the calendar month in which such date of determination
occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Final Base Rent or Final Base Instalment with respect to such Lease
Vehicle or Instalment Sale Vehicle, if any, paid or payable (since such Lease Vehicle's or Instalment Sale Vehicle's
most recent Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date) under the applicable Master Lease or the Belgian
Master Instalment Sale and Administration Agreement on or prior to the Payment Date occurring in the calendar month immediately following
such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Pre-VLCD Program Vehicle Depreciation Amount with respect to such Lease
Vehicle or Instalment Sale Vehicle, if any, paid or payable (since such Lease Vehicle's most recent Vehicle Lease Commencement
Date or Vehicle Instalment Sale Commencement Date) under the applicable Master Lease or the Belgian Master Instalment Sale and Administration
Agreement on or prior to the Payment Date occurring in the calendar month immediately following such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Redesignation to Non-Program Amounts with respect to such Lease Vehicle or Instalment Sale Vehicle, if any, paid or payable (since such Lease Vehicle's or Instalment Sale Vehicle's most recent Vehicle
Lease Commencement Date or Vehicle Instalment Sale Commencement Date) under the applicable Master Lease or the Belgian Master Instalment
Sale and Administration Agreement on or prior to the Payment Date occurring in the calendar month in which such date of determination
occurs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Program Vehicle Depreciation Assumption True-Up Amount with respect
to such Lease Vehicle or Instalment Sale Vehicle, if any, paid or payable (since such Lease Vehicle's or Instalment Sale
Vehicle's most recent Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date) under the applicable Master
Lease by the applicable Lessee or under or the Belgian Master Instalment Sale and Administration Agreement by the Instalment Seller on
or prior to the Payment Date occurring in the calendar month immediately following such date; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of all Redesignation to Program Amounts with respect to such Lease
Vehicle or Instalment Sale Vehicle, if any, paid or payable (since such Lease Vehicle's or Instalment Sale Vehicle's
most recent Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date) under the applicable Master Lease by the applicable
Lessor or under the Belgian Master Instalment Sale and Administration Agreement by the Instalment Seller on or prior to the Payment Date
occurring in the calendar month in which such date of determination.

"**Additional Class A Notes**" has the meaning specified in Clause 2.1(e)(i) (*Conditions to Issuance of Additional Issuer Notes*) of the Issuer Facility Agreement.

"**Additional Class B Notes**" has the meaning specified in Clause 2.1(e)(ii) (*Conditions to Issuance of Additional Issuer Notes*) of the Issuer Facility Agreement.

"**Additional Class C Notes**" has the meaning specified in Clause 2.1(e)(iii) (*Conditions to Issuance of Additional Issuer Notes*) of the Issuer Facility Agreement.

**Additional Instalment Purchaser**" has the meaning specified in the preamble of the Belgian Master Instalment Sale and Administration Agreement.

"**Additional Issuer Notes**" means Additional Class A Notes, Additional Class B Notes or Additional Class C Notes.

"**Additional Leasing Company**" means a special purpose Affiliate of Hertz (other than the FleetCos) that is engaged in the business of acquiring, financing, refinancing and/or leasing Vehicles, designated as such by the Issuer, subject to Annex 2 paragraph 23 (*Additional Leasing Companies*) of the Issuer Facility Agreement.

"**Additional Leasing Company Note**" means a variable funding rental car asset backed note or other Indebtedness owing from an Additional Leasing Company to the Issuer and issued or incurred pursuant to an additional FleetCo Facility Agreement.

"**Additional Leasing Company Liquidation Event**" means an Amortization Event that occurred or is continuing under Clause 7.1(e) of the Issuer Facility Agreement as a result of any Leasing Company Amortization Event arising under Clause 10.1(c), (d), (g) or (k) of the Belgian Facility Agreement, Dutch Facility Agreement, the German Facility Agreement, the Spanish Facility Agreement or under Clause 11.1(c), (d), (g) or (k) of the French Facility Agreement or under the Italian Condition 13.1(c), (d), (f), (h) or (i).

"**Additional Lessee**" has the meaning specified in the preamble of each Master Lease.

"**Additional Permitted Investment**" has the meaning specified in paragraph 17 of Annex 2 (*Standard & Poor's Limitation on Permitted Investments*) of the Issuer Facility Agreement.

"**Adjusted Asset Coverage Threshold Amount**" means, as of any date of determination, the excess, if any, of (i) the Asset Coverage Threshold Amount over (ii) the sum of (A) the Letter of Credit Amount and (B) the Available Reserve Account Amount, in each case, as of such date.

"**Adjusted Letter of Credit/Cash Liquid Enhancement Amount**" means, as of any date of determination, the Letter of Credit/Cash Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Defaulted Letter of Credit, as of such date.

"**Adjusted Liquid Enhancement Amount**" means, as of any date of determination, the Liquid Enhancement Amount, as of such date, excluding from the calculation thereof the amount available to be drawn under any Defaulted Letter of Credit, as of such date.

"**Adjusted Principal Amount**" means, as of any date of determination, the excess, if any, of (A) the Principal Amount as of such date over (B) the Principal Collection Account Amount as of such date.

"**Administration Agreement**" means the Issuer Administration Agreement and/or each FleetCo Administration Agreement, as applicable.

"**Administrative Agent**" has the meaning specified in the Preamble of the Issuer Facility Agreement.

"**Administrative Agent Fee**" has the meaning specified in the Administrative Agent Fee Letter.

"**Administrative Agent Fee Letter**" means that certain fee letter, dated on or about the Signing Date, between the Administrative Agent and the Issuer setting forth the definition of Administrative Agent Fee.

"**Administrative Agent Indemnified Liabilities**" has the meaning specified in Clause 11.4(c) (*Indemnification of the Administrative Agent and each Funding Agent*) of the Issuer Facility Agreement.

"**Administrative Agent Indemnified Parties**" has the meaning specified in Clause 11.4(c) (*Indemnification of the Administrative Agent and each Funding Agent*) of the Issuer Facility Agreement.

"**Administrator**" means the Issuer Administrator and/or each FleetCo Administrator, as applicable.

"**Administrator Termination Notice**" has the meaning given to it in Clause 1.5 (*Issuer Back-Up Administrator*) of the International Account Bank Agreement.

"**Advance**" means a Class A Advance, a Class B Advance, a Class C Advance, or has the meaning given to it in Clause 2.3 (*Advances*) of each FleetCo Facility Agreement, as applicable, or with respect to the Italian Securitisation, has the meaning given to it in Clause 2.4 (a) of the Italian Note Purchase Agreement.

"**Affected Person**" means a Class A Affected Person and/or a Class B Affected Person and/or a Class C Affected Person, as applicable.

"**Affiliate**" means, with respect to any specified Person, another Person that directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, 'control' means the power to direct the management and policies of a Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise; and 'controlled' and 'controlling' have meanings correlative to the foregoing.

"**Affiliate Joinder in Lease**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) means, in respect of the Belgian Master Instalment Sale and Administration Agreement, Affiliate Joinder
in Instalment Sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 12.1 of each Master
Lease.

"**Agent Indemnified Liabilities**" has the meaning specified in Clause 11.4(c) of the Issuer Facility Agreement.

"**Agent Indemnified Parties**" has the meaning specified in Clause 11.4(c) of the Issuer Facility Agreement.

"**Aggregate Asset Amount Deficiency**" means that, as of any date of determination, the Adjusted Asset Coverage Threshold Amount as of such date is greater than the Issuer Aggregate Asset Amount as of such date.

"**Aggregate Leasing Company Principal Amount**" means, as of any date of determination, the sum of the Belgian Note Principal Amount, the Dutch Note Principal Amount, the French Facility Principal Amount, the German Note Principal Amount, the Spanish Note Principal Amount and the Italian Note Principal Amount, in each case Outstanding as of such date.

"**Aggregate Transaction Account Amount**" means, as of any date of determination, the amount of cash representing principal on deposit in and Permitted Investments credited to each FleetCo Transaction Account and the FCT Account.

"**Aggregate Unpaids**" has the meaning specified in Clause 10.1 (*Authorization and Action of the Administrative Agent*) of the Issuer Facility Agreement.

"**Alternative Payment Date**" means each of October 15 2018, October 25 2018, November 9 2018 and thereafter the 10th Business Day following any Payment Date.

"**Amendment and Restatement Agreements**" means the Issuer Amendment and Restatement Deed, Dutch Amendment and Restatement Agreement, German Amendment and Restatement Agreement, Spanish Amendment and Restatement Agreement, the Italian Amendment and Restatement Deed, the French Amendment and Restatement Agreement and the Belgian Amendment and Restatement Agreement.

"**Amortization Event**" means each event listed in Clause 7.1 (*Amortization Events*) of the Issuer Facility Agreement and any event defined as an 'Amortization Event' in any Related Document.

"**Annual Financial Statements**" means the Financial Statements for a fiscal year to be delivered by each Lessee pursuant to Clause 8.5(a) (*Reporting Requirements*) of each Master Lease, save for the Italian Lessee, in which case the delivery of such the Financial Statements shall be pursuant to Clause 8.5(a) (*Reporting Requirements*) of the Italian Fleet Servicing Agreement and by the Belgian Instalment Purchaser pursuant to Clause 8.5(a) (*Reporting Requirements*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Appointee**" means any attorney, manager, agent, delegate, nominee, custodian, Receiver or other person appointed by the Issuer Security Trustee.

"**Asset Coverage Threshold Amount**" means, as of any date of determination, the greater of the Class A Asset Coverage Threshold Amount, the Class B Asset Coverage Threshold Amount and the Class C Asset Coverage Threshold Amount, in each case as of such date.

"**Assumed Remaining Holding Period**" means, as of any date of determination and with respect to any Lease Vehicle or Instalment Sale Vehicle that is a Non-Program Vehicle as of such date, the greater of (a) the number of months remaining from such date until the then-expected Disposition Date of such Lease Vehicle or Instalment Sale Vehicle, as estimated by the applicable Lessor (or its designee) on such date in its sole and absolute discretion and (b) 1.

"**Assumed Residual Value**" means, as of any date of determination and with respect to any Lease Vehicle or Instalment Sale Vehicle that is a Non-Program Vehicle as of such date, the proceeds expected to be realized upon the disposition of such Lease Vehicle or Instalment Sale Vehicle, as estimated by the Lessor (or its designee) on such date in its sole and absolute discretion.

"**Auction**" means the set of procedures specified in a Guaranteed Depreciation Program for sale or disposition of Program Vehicles through auctions and at auction sites designated by such Program Vehicles' Manufacturer pursuant to such Guaranteed Depreciation Program.

"**Auction Seller**" means any third-party selling vehicles through a vehicle auction house in the business of facilitating the buying and selling of vehicles.

"**Authorized Instructions**" means a communication received by an Account Bank in writing or by electronic transfer containing all the information required by such Account Bank to enable it to carry out the instructions, and bearing a signature that such Account Bank assumes in good faith to have been issued by or on behalf of an Account Holder or a Servicer or the Issuer Administrator or a FleetCo Administrator or its delegate or, following the issue of an Issuer Enforcement Notice or an Issuer Administrator Termination Notice or a FleetCo Administrator Termination Notice and/or a FleetCo Enforcement Notice, in accordance with the relevant Account Bank Agreement by the relevant FleetCo Security Trustee or the Issuer Security Trustee (as applicable).

"**Authorized Officer**" means, as to the Issuer, any director, and as to Hertz or any of its Affiliates, any of (i) the President, (ii) the Chief Financial Officer, (iii) the Treasurer, (iv) any Assistant Treasurer, or (v) any Vice President in the tax, legal or treasury department, in each case of Hertz or such Affiliate, as applicable.

"**Authorized Signatory**" means, in relation to any party, any person who is duly authorized and in respect of whom a certificate has been provided signed by a director or another duly authorized person of such party setting out the name and signature of such person and confirming such person's authority to act.

"**Available L/C Cash Collateral Account Amount**" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Issuer L/C Cash Collateral Account as of such date.

"**Available Reserve Account Amount**" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Issuer Reserve Account as of such date.

"**Backstop Date**" means, with respect to any Program Vehicle subject to a Guaranteed Depreciation Program that has been turned back under such Guaranteed Depreciation Program, the date on which the Manufacturer of such Program Vehicle is obligated to purchase such Program Vehicle in accordance with the terms of such Guaranteed Depreciation Program.

"**Bankruptcy Code**" means The Bankruptcy Reform Act of 1978, as amended from time to time, and as codified as 11 U.S.C. Clause 101 et seq.

"**Base Instalment**" means, Monthly Base Instalment and Final Base Instalment, collectively.

"**Base Rent**" means, Monthly Base Rent and Final Base Rent, collectively.

"**Basic Lease Vehicle Information**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Belgian Instalment Purchaser and Instalment Seller, the Basic Instalment Sale Vehicle
Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, the following terms specified by a Lessee in a Lease Vehicle Acquisition Schedule pursuant
to Clause 2.1(a) of each Master Lease: a list of the vehicles such Lessee desires to be made available by the applicable Lessor to
such Lessee for lease as 'Lease Vehicles', and, with respect to each such vehicle, the VIN, make, model, model year, and requested
lease commencement date of each such vehicle.

"**Board of Directors**" means the board of directors of the Issuer, any FleetCo or any Leasing Company, as applicable, or an authorized committee thereof.

"**Business Day**" means any day other than a Saturday or Sunday and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any date for payment or purchase of Euro or calculation of an amount payable in Euro, a
day which is not a public holiday or a bank holiday in London, Paris, Amsterdam, Madrid, Milan, Brussels, Munich, Dublin, New York, Luxembourg
and in the principal financial centre of the jurisdiction of each of the payer and the payee, and which is a TARGET Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any date for payment or purchase of or calculation of an amount payable in a currency other
than Euro, a day on which banks are open for general business in London, Paris, Milan, Munich, Dublin, New York, Luxembourg and in the
principal financial centre of the jurisdiction of each of the payer and the payee, and in the principal financial centre of the country
of that currency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to any other date, a day on which banks are open for general business in London, Paris, Milan,
Munich, Dublin, New York, Luxembourg and in the principal financial centre of the jurisdiction in which the person(s) to whom the
relevant provision relates operates,

provided that for the purposes of any payment to be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. by a FleetCo or OpCo to a Manufacturer or Dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. by any Lessee to a Lessor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. by the Instalment Purchaser to the Instalment Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. by the Issuer to a FleetCo or the Subordinated Noteholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. by the Subordinated Noteholder to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. by a FleetCo to the Issuer or the French Servicer on behalf of the FCT,

"**Business Day**" shall instead mean any day other than a Saturday or Sunday on which banks are open for general business in the principal financial centre of the jurisdiction of each of the payer and the payee.

"**Capital Account**" has the meaning given to it in the Issuer Co-operation Agreement.

"**Capital Stock**" means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests (including membership and partnership interests) in a Person (other than a corporation) and any and all warrants or options to purchase any of the foregoing.

"**Capitalized Cost**" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Lease Vehicle or Instalment Sale Vehicle that
is a Non-Program Vehicle as of its Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unless such Lease Vehicle or Instalment Sale Vehicle is an Inter-Group
Transferred Vehicle, the capitalized cost calculated in accordance with U.S. GAAP, as recorded in any FleetCo's or its designee's
computer systems as at such date of determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Lease Vehicle or Instalment Sale Vehicle is an Inter-Group
Transferred Vehicle, the Legacy NBV of such Lease Vehicle or Instalment Sale Vehicle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Lease Vehicle or Instalment Sale Vehicle that
is a Program Vehicle as of its Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date, the capitalized cost calculated
in accordance with U.S. GAAP, as recorded in any FleetCo's or its designee's computer systems as at such date of determination.

"**Capped Issuer Administrator Fee Amount**" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Issuer Administrator Fee Amount with respect to such Payment Date and (ii) €100,000.

"**Capped Issuer Operating Expense Amount**" means, with respect to any Payment Date the lesser of (i) the Issuer Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) €100,000 over (y) the sum of the Issuer Administrator Fee Amount and the Issuer Security Trustee Fee Amount, in each case with respect to such Payment Date.

"**Capped Issuer Security Trustee Fee Amount**" means, with respect to any Payment Date, an amount equal to the lesser of (i) the Issuer Security Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of €100,000 over the Issuer Administrator Fee Amount with respect to such Payment Date.

"**Carrying Charges**" means as of any day, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all fees or other costs, expenses and indemnity amounts, if any, payable by the Issuer to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer Security Trustee other than the Capped Issuer Security Trustee Fee Amount,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer Administrator (other than Issuer Administrator Fee Amounts),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Administrative Agent (other than Administrative Agent Fees),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Noteholders (other than Monthly Interest Amounts and Monthly Default Interest Amounts), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any other party to an Issuer Related Document,

in each case under and in accordance with such Issuer Related Document, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other operating expenses of the Issuer that have been invoiced as of such date and are then payable
by the Issuer relating to the Issuer Notes (including fees, costs, charges and expenses due and payable to Vienna MTF and the Listing
Agents for the purposes of maintaining the listing of the outstanding Class B Notes and Class C Notes on Vienna MTF) (in each
case, exclusive of any FleetCo Carrying Charges).

"**Cash AUP**" has the meaning specified in paragraph 5 of Annex 2 (*Cash AUP*) of the Issuer Facility Agreement.

"**Cashflow and Liquidity Forecast**" shall have the meaning given to it in clause 2.1 (*Cashflow and Liquidity Forecast*) of the Refinancing Deed of Covenant.

"**Casualty**" means, with respect to any Eligible Vehicle, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Eligible Vehicle is destroyed, seized or otherwise rendered permanently unfit or unavailable for
use, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Eligible Vehicle is lost or stolen and is not recovered for one hundred and eighty (180) days following
the occurrence thereof.

"**Casualty Payment Amount**" means, with respect to any Lease Vehicle or Instalment Sale Vehicle that suffers a Casualty or becomes an Ineligible Vehicle, the result of (a) the Net Book Value of such Lease Vehicle or Instalment Sale Vehicle as of the later of (i) such Lease Vehicle's Vehicle Lease Commencement Date or Instalment Sale Vehicle's Vehicle Instalment Sale Commencement Date and (ii) the first day of the calendar month in which such Lease Vehicle or Instalment Sale Vehicle became a Casualty or became an Ineligible Vehicle minus (b) the Final Base Rent or Final Base Instalment for such Lease Vehicle or Instalment Sale Vehicle.

"**CEA Assets**" means Eligible Vehicles (or the Net Book Value thereof), Spanish AAA Components, Manufacturer Receivables and/or Eligible Manufacturer Receivables.

"**Certificate of Credit Demand**" means a certificate substantially in the form of Annex A to a Letter of Credit.

"**Certificate of Termination Demand**" means a certificate substantially in the form of Annex B to a Letter of Credit.

"**CFC Charge**" means a controlled foreign company charge under Section 835R(2) of the TCA.

"**Change in Law**" means (a) any law, rule, regulation or treaty or any change therein or in the interpretation or application thereof (whether or not having the force of law), in each case, adopted, issued, occurring, or taking effect after the Closing Date or (b) any request, guideline or directive (whether or not having the force of law) from any government or political subdivision or agency, authority, bureau, central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not part of government) that is responsible for the establishment or interpretation of national or international accounting principles, in each case, whether foreign or domestic (each an "**Official Body**") charged with the administration, interpretation or application thereof, or the compliance with any request or directive of any Official Body (whether or not having the force of law) made, issued, occurring, or taking effect after the Closing Date; provided that, notwithstanding anything in the foregoing to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith and (y) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or any other United States or foreign regulatory authorities, in each case, pursuant to Basel III, shall, in each case, be deemed to be a "Change in Law", regardless of the date enacted, adopted, issued or implemented.

"**Change of Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any "person" (as such term is used in Clauses 13(d) and 14(d) of the Exchange Act),
other than one or more Permitted Holders or a Parent, becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Hertz, provided that
so long as Hertz is a Subsidiary of any Parent, no "person" shall be deemed to be or become a "beneficial owner"
of more than 50% of the total voting power of the Voting Stock of Hertz unless such "person" shall be or become a "beneficial
owner" of more than 50% of the total voting power of the Voting Stock of such Parent (other than a Parent that is a Subsidiary of
another Parent); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Hertz sells or transfers (in one or a series of related transactions) all or substantially all of the
assets of Hertz and its Subsidiaries to another Person (other than one or more Permitted Holders) and any "person" (as defined
in clause (a) above), other than one or more Permitted Holders or any Parent, is or becomes the "beneficial owner" (as
so defined), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the transferee Person in such sale
or transfer of assets, as the case may be, provided that so long as such transferee Person is a Subsidiary of a parent Person, no "person"
shall be deemed to be or become a "beneficial owner" of more than 50% of the total voting power of the Voting Stock of such
surviving or transferee Person unless such "person" shall be or become a "beneficial owner" of more than 50% of
the total voting power of the Voting Stock of such parent Person (other than a parent Person that is a Subsidiary of another parent Person);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hertz ceasing to (i) own, directly or indirectly, 100% of the shares of any FleetCo, any OpCo or
HHN2 or (ii) control HHN2, other than pursuant to a transaction where Hertz directly or indirectly owns 100% of a successor in interest
to HHN2 and otherwise controls such successor in interest.

"**Class**" means, as of a relevant date, each class of Issuer Notes then issued or any of them.

"**Class A Acquiring Committed Note Purchaser**" has the meaning specified in Clause 9.3(a)(i) (*Class A Assignments*) of the Issuer Facility Agreement.

"**Class A Acquiring Investor Group**" has the meaning specified in Clause 9.3(a)(iii) (*Class A Assignments*) of the Issuer Facility Agreement.

"**Class A Action**" has the meaning specified in Clause 9.2(a)(i)(E) (*Replacement of Class A Investor Group*) of the Issuer Facility Agreement.

"**Class A Addendum**" means an addendum substantially in the form of Exhibit K-1 of the Issuer Facility Agreement.

"**Class A Additional Investor Group**" means collectively, a Class A Conduit Investor, if any, and the Class A Committed Note Purchaser(s) with respect to such Class A Conduit Investor or, if there is no Class A Conduit Investor, the Class A Committed Note Purchaser with respect to the Class A Investor Group, in each case, that becomes party to the Issuer Facility Agreement pursuant to Clause 2.1(a)(i) (*Class A Notes*) of the Issuer Facility Agreement in connection with an increase in the Class A Maximum Principal Amount; provided that, for the avoidance of doubt, a Class A Investor Group that is both a Class A Additional Investor Group and a Class A Acquiring Investor Group shall be deemed to be a Class A Additional Investor Group solely in connection with, and to the extent of, the commitment of such Class A Investor Group that increases the Class A Maximum Principal Amount when such Class A Additional Investor Group becomes a party to the Issuer Facility Agreement and Class A Additional Issuer Notes are issued pursuant to Clause 2.1(e)(i) (*Conditions to Issuance of Additional Issuer Notes*) of the Issuer Facility Agreement, and references in the Issuer Facility Agreement to such Class A Investor Group as a "Class A Additional Investor Group" shall not include the commitment of such Class A Investor Group as a Class A Acquiring Investor Group (the Class A Maximum Investor Group Principal Amount of any such "Class A Additional Investor Group" shall not include any portion of the Class A Maximum Investor Group Principal Amount of such Class A Investor Group acquired pursuant to an assignment to such Class A Investor Group as a Class A Acquiring Investor Group, whereas references to the Class A Maximum Investor Group Principal Amount of such "Class A Investor Group" shall include the entire Class A Maximum Investor Group Principal Amount of such Class A Investor Group as both a Class A Additional Investor Group and a Class A Acquiring Investor Group).

"**Class A Additional Investor Group Initial Principal Amount**" means, with respect to each Class A Additional Investor Group, on the effective date of the addition of each member such Class A Additional Investor Group as a party to the Issuer Facility Agreement, the amount scheduled to be advanced by such Class A Additional Investor Group on such effective date, which amount may not exceed the product of (a) the Class A Drawn Percentage (immediately prior to the addition of such Class A Additional Investor Group as a party hereto) and (b) the Class A Maximum Investor Group Principal Amount of such Class A Additional Investor Group on such effective date (immediately after the addition of such Class A Additional Investor Group as a party hereto).

"**Class A Adjusted Asset Coverage Threshold Amount**" means, as of any date of determination, the excess, if any, of (i) the Class A Asset Coverage Threshold Amount over (ii) the sum of (A) the Letter of Credit Amount and (B) the Available Reserve Account Amount, in each case, as of such date.

"**Class A Adjusted Principal Amount**" means, as of any date of determination, the excess, if any, of (A) the Class A Principal Amount as of such date over (B) the Principal Collection Account Amount as of such date.

"**Class A Advance**" has the meaning specified in Clause 2.2(a)(i) (*Class A Advances*) of the Issuer Facility Agreement.

"**Class A Advance Deficit**" has the meaning specified in Clause 2.2(a)(vii) (*Class A Funding Defaults*) of the Issuer Facility Agreement.

"**Class A Advance Request**" means, with respect to any Class A Advance requested by the Issuer, a Class A Advance Request substantially in the form of Exhibit J-1 (*Form of Advance Request*) of the Issuer Facility Agreement with respect to such Class A Advance;

"**Class A Affected Person**" has the meaning specified in Clause 3.3(a) (*Lending Unlawful*) of the Issuer Facility Agreement.

"**Class A Aggregate Asset Amount Deficiency**" means, as of any date of determination, the Class A Adjusted Asset Coverage Threshold Amount as of such date is greater than the Issuer Aggregate Asset Amount as of such date.

"**Class A Asset Coverage Threshold Amount**" means the Class A Adjusted Principal Amount divided by the Issuer Class A Blended Advance Rate.

"**Class A Assignment and Assumption Agreement**" has the meaning specified in Clause 9.3(a)(i) (*Class A Assignments*) of the Issuer Facility Agreement.

"**Class A Available Delayed Amount Committed Note Purchaser**" means, with respect to any Class A Advance, any Class A Committed Note Purchaser that either (i) has not delivered a Class A Delayed Funding Notice with respect to such Class A Advance or (ii) has delivered a Class A Delayed Funding Notice with respect to such Class A Advance, but (x) has a Class A Delayed Amount with respect to such Class A Advance equal to zero and (y) after giving effect to the funding of any amount in respect of such Class A Advance to be made by such Class A Committed Note Purchaser or the Class A Conduit Investor in such Class A Committed Note Purchaser's Class A Investor Group on the proposed date of such Class A Advance, has a Class A Required Non-Delayed Amount that is greater than zero.

"**Class A Available Delayed Amount Purchaser**" means, with respect to any Class A Advance, any Class A Available Delayed Amount Committed Note Purchaser, or any Class A Conduit Investor in such Class A Available Delayed Amount Committed Note Purchaser's Class A Investor Group, that funds all or any portion of a Class A Second Delayed Funding Notice Amount with respect to such Class A Advance on the date of such Class A Advance.

"**Class A Available Headroom Amount**" means the excess of the Issuer Aggregate Asset Amount over the Class A Adjusted Asset Coverage Threshold Amount multiplied by the Issuer Class A Blended Advance Rate, which amount shall not exceed the result (expressed as a Euro amount) of (x) the Class A Maximum Principal Amount minus (y) the aggregate Principal Amount Outstanding of the Class A Notes.

"**Class A Commercial Paper**" means the promissory notes of each Class A Noteholder issued by such Class A Noteholder (or the Person(s) issuing promissory notes on behalf of such Class A Noteholder) in the commercial paper market and allocated to the funding of Class A Advances in respect of the Class A Notes.

"**Class A Commitment**" means the obligation of the Class A Committed Note Purchasers included in each Class A Investor Group to fund Class A Advances pursuant to Clause 2.2(a) (*Class A Advances*) of the Issuer Facility Agreement in an aggregate stated amount up to the Class A Maximum Investor Group Principal Amount for such Class A Investor Group.

"**Class A Commitment Percentage**" means, on any date of determination, with respect to any Class A Investor Group, the fraction, expressed as a percentage, the numerator of which is such Class A Investor Group's Class A Maximum Investor Group Principal Amount on such date and the denominator is the Class A Maximum Principal Amount on such date.

"**Class A Committed Note Purchaser**" means those financial institutions that serve as committed note purchasers of Class A Notes set forth in Schedule 2 (*Conduit Investors and Committed Note Purchasers*) of the Issuer Facility Agreement.

"**Class A Committed Note Purchaser Percentage**" means, with respect to any Class A Committed Note Purchaser, the percentage set forth opposite the name of such Class A Committed Note Purchaser on Schedule 2 (*Conduit Investors and Committed Note Purchaser*) of the Issuer Facility Agreement.

"**Class A Concentration Adjusted Advance Rate**" means in respect of a FleetCo and as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the relevant
FleetCo Class A Baseline Advance Rate with respect to such Eligible Investment Grade Non-Program Vehicle Amount of such FleetCo over
the Class A Concentration Excess Advance Rate Adjustment with respect to such Eligible Investment Grade Non-Program Vehicle Amount,
in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the
relevant FleetCo Class A Baseline Advance Rate with respect to such Eligible Non-Investment Grade Non-Program Vehicle Amount of such
FleetCo over the Class A Concentration Excess Advance Rate Adjustment with respect to such Eligible Non-Investment Grade Non-Program
Vehicle Amount, in each case as of such date.

"**Class A Concentration Excess Advance Rate Adjustment**" means, with respect to any FleetCo AAA Select Component, as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Concentration Excess Amount, if any, allocated to such FleetCo AAA Select Component by the Issuer and (B) the relevant FleetCo Class A Baseline Advance Rate with respect to such FleetCo AAA Select Component, and the denominator of which is (II) such FleetCo AAA Select Component, in each case as of such date, and (b) the relevant FleetCo Class A Baseline Advance Rate with respect to such FleetCo AAA Select Component; provided that, the portion of the Concentration Excess Amount allocated pursuant to the preceding item (a)(I)(A) shall not exceed the portion of such FleetCo AAA Select Component that was included in determining whether such Concentration Excess Amount exists; provided further that, for the avoidance of doubt, Concentration Excess Amounts shall not be allocated to the Remainder AAA Amount for such FleetCo or the Net VAT Receivables for such FleetCo.

"**Class A Conduit Assignee**" means, with respect to any Class A Conduit Investor, any commercial paper conduit, whose commercial paper has ratings of at least "A-2" from Standard & Poor's and "P2" from Moody's, that is administered by the Class A Funding Agent with respect to such Class A Conduit Investor or any Affiliate of such Class A Funding Agent, in each case, designated by such Class A Funding Agent to accept an assignment from such Class A Conduit Investor of the Class A Investor Group Principal Amount or a portion thereof with respect to such Class A Conduit Investor pursuant to Clause 9.3(a) (*Class A Assignments*) of the Issuer Facility Agreement.

"**Class A Conduit Investor**" means, in respect of Class A Notes, the several commercial paper conduits or special purpose entities issuing variable funding notes to affiliated commercial paper conduits listed in Schedule 2 (*Conduit Investors and Committed Note Purchasers*) of the Issuer Facility Agreement.

"**Class A Conduits**" has the meaning set forth in the definition of "Class A CP Rate".

"**Class A CP Fall-back Rate**" means, as of any date of determination and with respect to any Class A Advance funded or maintained by any Class A Funding Agent's Class A Investor Group through the issuance of Class A Commercial Paper during any Interest Period, the Euro Interbank Offered Rate appearing on the EURIBOR Rates Page at approximately 11:00 a.m. (London time) on the first day of such Interest Period as the rate for euro deposits with a one-month maturity.

"**Class A CP Notes**" has the meaning set forth in Clause 2.2(a)(iii) (*Class A Conduit Investor Funding*) of the Issuer Facility Agreement.

"**Class A CP Rate**" means, with respect to a Class A Conduit Investor in any Class A Investor Group (i) for any day during any Interest Period funded by such a Class A Conduit Investor set forth in Schedule 2 of the Issuer Facility Agreement or any other such Class A Conduit Investor that elects in its Class A Assignment and Assumption Agreement to make this clause (i) applicable (collectively, the "**Class A Conduits**"), the greater of (A) zero and (B) the per annum rate equivalent to the weighted average of the per annum rates paid or payable by such Class A Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduits) from time to time as interest on or otherwise (by means of interest rate hedges or otherwise taking into consideration any incremental carrying costs associated with short term promissory notes issued by such Class A Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduits) maturing on dates other than those certain dates on which such Class A Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduits) are to receive funds) in respect of the promissory notes issued by such Class A Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduits) that are allocated in whole or in part by their respective Class A Funding Agent (on behalf of such Class A Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduits)) to fund or maintain the Class A Principal Amount or that are issued by such Class A Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduits) specifically to fund or maintain the Class A Principal Amount, in each case, during such period, as determined by their respective Class A Funding Agent (on behalf of such Class A Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduits)), including (x) the commissions of placement agents and dealers in respect of such promissory notes, to the extent such commissions are allocated, in whole or in part, to such promissory notes by the related Class A Committed Note Purchasers (on behalf of such Class A Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduits)), (y) all reasonable costs and expenses of any issuing and paying agent or other Person responsible for the administration of such Class A Conduits' (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduits') commercial paper programs in connection with the preparation, completion, issuance, delivery or payment of Class A Commercial Paper, and (z) the costs of other borrowings by such Class A Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduits) including borrowings to fund small or odd euro amounts that are not easily accommodated in the commercial paper market; provided, however, that if any component of such rate in this clause (i) is a discount rate, in calculating the Class A CP Rate, the respective Class A Funding Agent for such Class A Conduits shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum and (ii) for any Interest Period for any portion of the Commitment of the related Class A Investor Group funded by any other Class A Conduit Investor, the "Class A CP Rate" applicable to such Class A Conduit Investor (or the Person(s) issuing short term promissory notes on behalf of such Class A Conduit) as set forth in its Class A Assignment and Assumption Agreement. Notwithstanding anything to the contrary in the preceding provisions of this definition, if any Class A Funding Agent shall fail to notify the Issuer and the Issuer Administrator of the applicable Class A CP Rate for the Class A Advances made by its Class A Investor Group for the related Interest Period by 11:00 a.m. London time on any Determination Date in accordance with Clause 3.1(b)(i) (*Notice of Interest Rates*) of the Issuer Facility Agreement, then the Class A CP Rate with respect to such Class A Funding Agent's Class A Investor Group for each day during such Interest Period shall equal the Class A CP Fall-back Rate with respect to such Interest Period.

"**Class A CP Tranche**" means that portion of the Class A Principal Amount purchased or maintained with Class A Advances that bear interest by reference to the Class A CP Rate.

"**Class A CP True-Up Payment Amount**" has the meaning given to it in Clause 3.1(f) (*CP True-Up Payment Amount*) of the Issuer Facility Agreement.

"**Class A Daily Interest Amount**" means, for any day in an Interest Period, an amount equal to the result of (a) the product of (i) the Class A Note Rate for such Interest Period and (ii) the Class A Principal Amount as of the close of business on such date divided by (b) 360.

"**Class A Decrease**" means a Class A Mandatory Decrease, a Class A Voluntary Decrease or a Class A Expected Decrease, as applicable.

"**Class A Defaulting Committed Note Purchaser**" has the meaning specified in Clause 2.2(a)(vii) (*Class A Funding Defaults*) of the Issuer Facility Agreement.

"**Class A Deficiency Amount**" has the meaning specified in Clause 3.1(c)(ii) (*Payment of Interest; Funding Agent Failure to Provide Rate*) of the Issuer Facility Agreement.

"**Class A Delayed Amount**" has the meaning given to it in Clause 2.2(a)(v) (*Class A Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class A Delayed Funding Date**" has the meaning specified in Clause 2.2(a)(v) (*Class A Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class A Delayed Funding Notice**" has the meaning specified in Clause 2.2(a)(v) (*Class A Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class A Delayed Funding Procedures**" has the meaning specified in Clause 2.2(a)(v) (*Class A Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class A Delayed Funding Purchaser**" means, as of any date of determination, each Class A Committed Note Purchaser party to the Issuer Facility Agreement.

"**Class A Delayed Funding Purchaser Group**" means, collectively, each Class A Delayed Funding Purchaser.

"**Class A Delayed Funding Reimbursement Amount**" means, with respect to any Class A Delayed Funding Purchaser, with respect to the portion of the Class A Delayed Amount of such Class A Delayed Funding Purchaser funded by the Class A Available Delayed Amount Purchaser(s) on the date of the Class A Advance related to such Class A Delayed Amount, an amount equal to the excess, if any, of (a) such portion of the Class A Delayed Amount funded by the Class A Available Delayed Amount Purchaser(s) on the date of the Class A Advance related to such Class A Delayed Amount over (b) the amount, if any, by which the portion of any payment of principal (including any Class A Decrease), if any, made by the Issuer to each such Class A Available Delayed Amount Purchaser on any date during the period from and including the date of the Class A Advance related to such Class A Delayed Amount to but excluding the Class A Delayed Funding Date for such Class A Delayed Amount, was greater than what it would have been had such portion of the Class A Delayed Amount been funded by such Class A Delayed Funding Purchaser on the date of the Class A Advance related to such Class A Delayed Amount.

"**Class A Designated Delayed Advance**" has the meaning specified in Clause 2.2(a)(v) (*Class A Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class A Drawn Percentage**" means, as of any date of determination, a fraction expressed as a percentage, the numerator of which is the Class A Principal Amount and the denominator of which is the Class A Maximum Principal Amount, in each case as of such date.

"**Class A Excess Principal Event**" shall be deemed to have occurred if, on any date, the Class A Principal Amount as of such date exceeds the Class A Maximum Principal Amount as of such date.

"**Class A Excess Principal Mandatory Decrease**" has the meaning given to it in Clause 2.3 (*Procedure for Decreasing the Principal Amount*) of the Issuer Facility Agreement.

"**Class A Excess Principal Mandatory Decrease Amount**" has the meaning given to it in Clause 2.3(c) (*Procedure for Decreasing the Principal Amount*) of the Issuer Facility Agreement.

"**Class A Expected Decrease**" has the meaning specified in Clause 2.3(b)(i)(C) of the Issuer Facility Agreement.

"**Class A Expected Decrease Amount**" has the meaning specified in Clause 2.3(b)(i)(B) of the Issuer Facility Agreement.

"**Class A Expected Payment Date**" has the meaning specified in Clause 2.3(b)(i)(A) of the Issuer Facility Agreement.

"**Class A Funding Agent**" means the financial institution set forth opposite the name of each Class A Conduit Investor or the Class A Committed Note Purchaser with respect to such Class A Investor Group, on Schedule 2 to the Issuer Facility Agreement.

"**Class A Funding Conditions**" means, with respect to any Class A Advance requested by the Issuer pursuant to Clause 2.2(a) (*Class A Advances*) of the Issuer Facility Agreement, the following shall be true and correct both immediately before and immediately after giving effect to such Class A Advance, provided that paragraphs (d) and (f) below shall not apply to Class A Reserve Advances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer Repeating Representations and the representations and warranties of the Subordinated Noteholder
set out in Clause 10 (*Subordinated Noteholder Representations and Warranties*) of the Issuer Subordinated Facility Agreement, in
each case, shall be true and accurate as of the date of such Class A Ordinary Advance with the same effect as though made on that
date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as
of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the related Class A Funding Agent shall have received an executed Class A Advance Request certifying
as to the current Issuer Aggregate Asset Amount delivered in accordance with the provisions of Clause 2.2(a) (*Class A Advances*)
of the Issuer Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Class A Excess Principal Event is continuing; provided that, solely for purposes of calculating
whether a Class A Excess Principal Event is continuing under this clause (c), the Class A Principal Amount shall be deemed to
be increased by all Class A Delayed Amounts, if any, that any Class A Delayed Funding Purchaser(s) in a Class A Investor
Group are required to fund on a Class A Delayed Funding Date that is scheduled to occur after the date of such requested Class A
Advance that have not been funded on or prior to the date of such requested Class A Advance; provided further that, if a 2022 Liquidity
Drawstop occurs, the Issuer shall not request a Class A Advance and no Class A Noteholder, Class A Committed Note Purchaser
or Class A Conduit Investor shall be required to fund any Class A Advance further;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Amortization Event or Potential Amortization Event, in each case with respect to the Issuer Notes,
exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if such Advance is in connection with any issuance of Additional Class A Notes or any Class A
Investor Group Maximum Principal Increase, then the amount of such issuance or increase shall be equal to or greater than EUR 5,000,000
and in integral multiples of EUR 100,000 per Class A Investor Group in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Revolving Period is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the Net Book Value of any vehicle owned by a FleetCo is included in the calculation of the Issuer Aggregate
Asset Amount as of such date (on a pro forma basis after giving effect to the application of such Advance on such date), then the representations
and warranties of such FleetCo set out in Clause 8 (*Representations and Warranties*) of the relevant FleetCo Facility Agreement
shall be true and accurate as of the date of such Class A Advance with the same effect as though made on that date (unless stated
to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Commitment Termination Date has not occurred.

"**Class A Illegality Mandatory Decrease**" has the meaning given to it in Clause 2.3 (*Procedure for Decreasing the Principal Amount*) of the Issuer Facility Agreement.

"**Class A Illegality Principal Mandatory Decrease Amount**" has the meaning given to it in Clause 2.3 (*Procedure for Decreasing the Principal Amount*) of the Issuer Facility Agreement.

"**Class A Initial Advance Amount**" means, with respect to any Class A Noteholder, the amount specified as such on Schedule 2 to the Issuer Facility Agreement with respect to such Class A Noteholder.

"**Class A Initial Investor Group Principal Amount**" means, with respect to each Class A Investor Group, the amount set forth and specified as such opposite the name of the Class A Committed Note Purchaser included in such Class A Investor Group on Schedule 2 (Conduit Investors and Committed Note Purchasers) of the Issuer Facility Agreement.

"**Class A Investor Group**" means, collectively, a Class A Conduit Investor, if any, and the Class A Committed Note Purchaser(s) with respect to such Class A Conduit Investor or, if there is no Class A Conduit Investor with respect to any Class A Investor Group, the Class A Committed Note Purchaser(s) with respect to such Class A Investor Group, in each case, party to the Issuer Facility Agreement as of the Closing Date.

"**Class A Investor Group Maximum Principal Increase**" has the meaning given to it in Clause 2.1(d)(i) (*Investor Group Maximum Principal Increase*) of the Issuer Facility Agreement.

"**Class A Investor Group Maximum Principal Increase Addendum**" means an addendum substantially in the form of Exhibit M-1 (*Form of Class A Investor Group Maximum Principal Increase Addendum*) of the Issuer Facility Agreement.

"**Class A Investor Group Principal Amount**" means, as of any date of determination with respect to any Class A Investor Group, the result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Class A Investor Group's Class A Initial Investor Group Principal Amount; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class A Investor Group Maximum Principal Increase Amount with respect to each Class A Investor
Group Maximum Principal Increase applicable to such Class A Investor Group, if any, on or prior to such date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the principal amount of the portion of all Class A Advances funded by such Class A Investor
Group on or prior to such date (excluding, for the avoidance of doubt, any Class A Initial Advance Amount from the calculation of
such Class A Advances); minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of principal payments (whether pursuant to a Class A Decrease, a redemption or otherwise)
made to such Class A Investor Group in respect of its Class A Advances only pursuant to the Issuer Facility Agreement on or
prior to such date.

"**Class A Investor Group Maximum Principal Increase Amount**" means, with respect to each Class A Investor Group Maximum Principal Increase, on the effective date of any Class A Investor Group Maximum Principal Increase with respect to any Class A Investor Group, the amount scheduled to be advanced by such Class A Investor Group on such effective date, which amount may not exceed the product of (a) the Class A Drawn Percentage (immediately prior to the effectiveness of such Class A Investor Group Maximum Principal Increase) and (b) the amount of such Class A Investor Group Maximum Principal Increase.

"**Class A Investor Group Supplement**" the meaning specified in Clause 9.3(a)(iii) (*Class A Assignments*) of the Issuer Facility Agreement.

"**Class A Maximum Investor Group Principal Amount**" means with respect to each Class A Investor Group as of any date of determination, the amount specified as such for such Class A Investor Group on Schedule 2 of the Issuer Facility Agreement for such date of determination, as such amount may be increased or decreased from time to time in accordance with the terms thereof; provided that, on any day after the occurrence and during the continuance of an Amortization Event with respect to the Class A Notes, the Class A Maximum Investor Group Principal Amount with respect to each Class A Investor Group shall not exceed the Class A Investor Group Principal Amount for such Class A Investor Group.

"**Class A Maximum Principal Amount**" means EUR 1,272,100,000.00, and/or following a 2022 Liquidity Drawstop, EUR 1,070,000,000.00; provided further that such amount may be (i) reduced at any time and from time to time by the Issuer upon notice to each Class A Noteholder, the Administrative Agent, each Class A Conduit Investor, each Class A Committed Note Purchaser and their Funding Agents in accordance with the terms of the Issuer Facility Agreement, or (ii) increased at any time and from time to time upon the effective date for any Class A Investor Group Maximum Principal Increase pursuant to clause 2 (Initial Issuance; Increases and Decreases of Principal Amount Of Issuer Notes) of the Issuer Facility Agreement;

"**Class A Majority Program Support Provider**" means, with respect to the related Class A Investor Group, Class A Program Support Providers holding more than 50% of the aggregate commitments of all Class A Program Support Providers.

"**Class A Mandatory Decrease**" means each Class A Excess Principal Mandatory Decrease and each Class A Illegality Mandatory Decrease.

"**Class A Mandatory Decrease Amount**" means the Class A Excess Principal Mandatory Decrease Amount or the Class A Illegality Mandatory Decrease Amount, as applicable.

"**Class A Monthly Default Interest Amount**" means, with respect to any Payment Date, an amount equal to the sum of (i) an amount equal to the product of (x) 2.0%, (y) the result of (a) the sum of the Class A Principal Amount as of each day during the related Interest Period (after giving effect to any increases or decreases to the Class A Principal Amount on such day) during which an Amortization Event with respect to the Class A Notes has occurred and is continuing divided by (b) the actual number of days in the related Interest Period during which an Amortization Event with respect to the Class A Notes has occurred and is continuing, and (z) the result of (a) the actual number of days in the related Interest Period during which an Amortization Event with respect to the Class A Notes has occurred and is continuing divided by (b) 360 plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Interest Periods (together with interest on such unpaid amounts required to be paid in this clause (ii) at the rate specified in clause (i)).

"**Class A Monthly Interest Amount**" means an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class A Daily Interest Amount for each day in the Interest Period related to such Payment Date;
plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all previously due and unpaid amounts described in clause (a) with respect to prior Interest Periods
(together with interest on such unpaid amounts required to be paid in this clause (b) at the Class A Note Rate); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A Undrawn Fee with respect to each Investor Group for such Payment Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A Program Fee with respect to each Class A Investor Group for such Payment Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Class A CP True-Up Payment Amounts, if any, owing to each Class A Noteholder on such Payment
Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Class A Restructuring Fee with respect to each Class A Investor Group, if any due, to each
Investor Group on such Payment Date in accordance with clause 3.2(c) of the Issuer Facility Agreement.

"**Class A MTM/DT Advance Rate Adjustment**" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product
of (i) the Failure Percentage as of such date and (ii) the Class A Concentration Adjusted Advance Rate with respect to
the Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the
product of (i) the Failure Percentage as of such date and (ii) the Class A Concentration Adjusted Advance Rate with respect
to the Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any other FleetCo AAA Component, zero.

"**Class A Non-Consenting Purchaser**" has the meaning specified in Clause 9.2(a)(i) (*Replacement of Class A Investor Group*) of the Issuer Facility Agreement.

"**Class A Non-Defaulting Committed Note Purchaser**" has the meaning specified in Clause 2.2(a)(vii) (*Class A Funding Defaults*) of the Issuer Facility Agreement.

"**Class A Non-Delayed Amount**" means, with respect to any Class A Delayed Funding Purchaser and a Class A Advance for which the Class A Delayed Funding Purchaser delivered a Class A Delayed Funding Notice, an amount equal to the excess of such Class A Delayed Funding Purchaser's ratable portion of such Class A Advance over its Class A Delayed Amount in respect of such Class A Advance.

"**Class A Noteholder**" means each Person in whose name a Class A Note is registered in the Note Register.

"**Class A Note Rate**" means, for any Interest Period, the weighted average of the sum of (a) the weighted average (by outstanding principal balance) of the Class A CP Rates applicable to the Class A CP Tranche and (b) the Reference Rate applicable to the Class A Reference Rate Tranche in each case, for such Interest Period; provided, however, that the Class A Note Rate will in no event be higher than the maximum rate permitted by applicable law.

"**Class A Note Repurchase Amount**" has the meaning specified in Clause 11.1(a) (*Optional Repurchase of the Class A Notes*) of the Issuer Facility Agreement.

"**Class A Notes**" means the class A variable funding notes issued by the Issuer pursuant to the Issuer Facility Agreement on and subsequent to the Closing Date.

"**Class A Ordinary Advance**" means any Class A Advance specified as such in the related Class A Advance Request.

"**Class A Participants**" has the meaning specified in Clause 9.3(a)(iv) (*Class A Assignments*) of the Issuer Facility Agreement.

"**Class A Permitted Delayed Amount**" has the meaning given to it in Clause 2.2(a)(v) (*Class A Advances*) of the Issuer Facility Agreement.

"Class A Permitted Required Non-Delayed Percentage" means, 10% or 25%.

"**Class A Potential Terminated Purchaser**" has the meaning specified in Clause 9.2(a)(i) (*Replacement of Class A Investor Group*) of the Issuer Facility Agreement.

"**Class A Principal Amount**" means the sum of the Class A Investor Group Principal Amount as of such date with respect to each Class A Investor Group as of such date; provided that, during the Revolving Period, for purposes of determining whether or not the Required Noteholders have given any consent, waiver, direction or instruction, the Principal Amount held by each Class A Noteholder shall be deemed to include, without double counting, such Class A Noteholder's undrawn portion of the "Class A Maximum Investor Group Principal Amount", (i.e., the unutilized purchase commitments under the Issuer Facility Agreement) for such Class A Noteholder's Class A Investor Group.

"**Class A Program Fee Letter**" means that certain fee letter, dated on or around the Second Amendment Date, that certain fee letter, dated on or around the Third Amendment Date, and that certain fee letter, dated on or around the Fifth Amendment Date, by and among each initial Class A Conduit Investor, each initial Class A Committed Note Purchaser, the Administrative Agent and the Issuer setting forth the definition of Class A Program Fee Rate and the definition of Class A Undrawn Fee.

"**Class A Program Fee**" means, with respect to each Payment Date and each Class A Investor Group, an amount equal to the sum with respect to each day in the related Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class A Program Fee Rate for such Class A Investor Group (or, if applicable, Class A
Program Fee Rate for the related Class A Conduit Investor and Class A Committed Note Purchaser in such Class A Investor
Group, respectively, if each of such Class A Conduit Investor and Class A Committed Note Purchaser is funding a portion of such
Class A Investor Group's Class A Investor Group Principal Amount) for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class A Investor Group Principal Amount for such Class A Investor Group (or, if applicable,
the portion of the Class A Investor Group Principal Amount for the related Class A Conduit Investor and Class A Committed
Note Purchaser in such Class A Investor Group, respectively, if each of such Class A Conduit Investor and Class A Committed
Note Purchaser is funding a portion of such Class A Investor Group's Class A Investor Group Principal Amount) for such
day (after giving effect to all Class A Advances and Class A Decreases on such day), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1/360.

"**Class A Program Fee Rate**" has the meaning specified in the Class A Program Fee Letter.

"**Class A Program Support Provider**" means any financial institutions and any other or additional Person now or hereafter extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, a Class A Committed Note Purchaser or a Class A Conduit Investor in respect of such Class A Committed Note Purchaser's or Class A Conduit Investor's Class A Notes, and/or agreeing to issue a letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such Class A Conduit Investor's securitization program as it relates to any Class A Commercial Paper issued by such Class A Conduit Investor, in each case pursuant to a program support agreement and any guarantor of any such person; provided that, no Disqualified Party shall be a "**Class A Program Support Provider**" without the prior written consent of an Authorized Officer of the Issuer, which consent may be withheld for any reason in the Issuer's sole and absolute discretion.

"**Class A Reference Rate Tranche**" means the portion of the Class A Principal Amount purchased or maintained with Class A Advances that bear interest by reference to the Reference Rate.

"**Class A Replacement Purchaser**" has the meaning specified in Clause 9.2(a)(i) (*Replacement of Class A Investor Group*) of the Issuer Facility Agreement.

"**Class A Required Letter of Credit/Cash Liquid Enhancement Amount**" means, as of any date of determination, an amount equal to the product of (a) the Class A Program Fee during the Rapid Amortization Period plus the Maximum Weighted Average Interest Cap Rate, (b) the ratio of 8 months over 12 months and (c) the Class A Adjusted Principal Amount as of such date.

"**Class A Required Non-Delayed Amount**" means with respect to a Class A Delayed Funding Purchaser and a proposed Class A Advance, the excess, if any, of (i) the Class A Required Non-Delayed Percentage of such Class A Delayed Funding Purchaser's Class A Maximum Investor Group Principal Amount as of the date of such proposed Class A Advance over (ii) with respect to each previous Class A Advance designated as a Class A Designated Delayed Advance of such Class A Delayed Funding Purchaser with respect to which the related Class A Advance occurred during the thirty five (35) days preceding the date of such proposed Class A Advance, if any, the sum of, with respect to each such previous Class A Advance designated as a Class A Designated Delayed Advance for which the related Class A Delayed Funding Date will not have occurred on or prior to the date of such proposed Class A Advance, the Class A Non-Delayed Amount with respect to each such previous Class A Designated Delayed Advance.

"**Class A Required Non-Delayed Percentage**" means, as of the Second Amendment Date, 10%, and as of any date thereafter, the Class A Permitted Required Non-Delayed Percentage most recently specified in a written notice delivered by the Issuer to the Administrative Agent, each Class A Funding Agent, each Class A Committed Note Purchaser and each Class A Conduit Investor at least 35 days prior to the effective date specified therein.

"**Class A Reserve Advance**" means any Class A Advance specified as such in the related Class A Advance Request.

"**Class A Restructuring Fee**" for each Class A Committed Note Purchaser has the meaning specified in the Class A Restructuring Fee Letter, if any, for such Class A Committed Note Purchaser.

"**Class A Restructuring Fee Letter**" means, with respect to a Class A Committed Note Purchaser, if applicable, that certain fee letter dated on or about the Second Amendment Date, by and among such Class A Committed Note Purchaser, the Administrative Agent and the Issuer setting forth the definition of Class A Restructuring Fee for such Class A Committed Note Purchaser.

"**Class A Second Delayed Funding Notice**" is defined in Clause 2.2(a)(v) (Class A Delayed Funding Procedures) of the Issuer Facility Agreement.

"**Class A Second Delayed Funding Notice Amount**" has the meaning specified in Clause 2.2(a)(v) (Class A Delayed Funding Procedures) of the Issuer Facility Agreement.

"**Class A Second Permitted Delayed Amount**" is defined in Clause 2.2(a)(v) (Class A Delayed Funding Procedures) of the Issuer Facility Agreement.

"**Class A Terminated Purchaser**" has the meaning specified in Clause 9.2(a)(i)(E) (*Replacement of Class A Investor Group*) of the Issuer Facility Agreement.

"**Class A Transferee**" has the meaning specified in Clause 9.3(a)(v) (*Class A Assignments*) of the Issuer Facility Agreement.

"**Class A Up-Front Fee**" for each Class A Committed Note Purchaser has the meaning specified in the Class A Up-Front Fee Letter, if any, for such Class A Committed Note Purchaser.

"**Class A Up-Front Fee Letter**" means, with respect to a Class A Committed Note Purchaser, if applicable, that certain fee letter dated on or about the Signing Date, that certain fee letter dated on or about the First Amendment Date, that certain fee letter dated on or about the Third Amendment Date, that certain fee letter dated on or about the Fifth Amendment Date, that certain fee letter dated on or about the Sixth Amendment Date, that certain fee letter dated on or about the Seventh Amendment Date, that certain fee letter dated on or about the Ninth Amendment Date, and that certain fee letter dated on or about the Eleventh Amendment Date by and among such Class A Committed Note Purchaser, the Administrative Agent and the Issuer setting forth the definition of Class A Up-Front Fee for such Class A Committed Note Purchaser.

"**Class A Undrawn Fee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Payment Date on or prior to the Commitment Termination Date and each Class A
Investor Group, an amount equal to the sum with respect to each day in the Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A Undrawn Fee Rate for such Class A Investor Group for such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the excess, if any, of (x) the Class A Maximum Investor Group Principal Amount for the related
Class A Investor Group over (y) the Class A Investor Group Principal Amount for the related Class A Investor Group
(after giving effect to all Class A Advances and Class A Decreases on such day), in each case for such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 1/360; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Payment Date following the Commitment Termination Date, zero.

"**Class A Undrawn Fee Rate**" has the meaning specified in the Class A Program Fee Letter.

"**Class A Voluntary Decrease**" has the meaning given to it in Clause 2.3(d)(i) (*Voluntary Decrease*) of the Issuer Facility Agreement.

"**Class A Voluntary Decrease Amount**" has the meaning specified in Clause 2.3(d)(i) (*Voluntary Decrease*) of the Issuer Facility Agreement.

"**Class B Acquiring Committed Note Purchaser**" has the meaning specified in Clause 9.3(b)(i) (*Class B Assignments*) of the Issuer Facility Agreement.

"**Class B Acquiring Investor Group**" has the meaning specified in Clause 9.3(b)(iii) (*Class B Assignments*) of the Issuer Facility Agreement.

"**Class B Action**" has the meaning specified in Clause 9.2(b)(i)(E) (*Replacement of Class B Investor Group*) of the Issuer Facility Agreement.

"**Class B Addendum**" means an addendum substantially in the form of Exhibit K-2 of the Issuer Facility Agreement.

"**Class B Additional Investor Group**" means collectively, a Class B Conduit Investor, if any, and the Class B Committed Note Purchaser(s) with respect to such Class B Conduit Investor or, if there is no Class B Conduit Investor, the Class B Committed Note Purchaser with respect to the Class B Investor Group, in each case, that becomes party to the Issuer Facility Agreement pursuant to Clause 2.1(a)(ii) (*Class B Notes*) of the Issuer Facility Agreement in connection with an increase in the Class B Maximum Principal Amount; provided that, for the avoidance of doubt, a Class B Investor Group that is both a Class B Additional Investor Group and a Class B Acquiring Investor Group shall be deemed to be a Class B Additional Investor Group solely in connection with, and to the extent of, the commitment of such Class B Investor Group that increases the Class B Maximum Principal Amount when such Class B Additional Investor Group becomes a party to the Issuer Facility Agreement and Class B Additional Issuer Notes are issued pursuant to Clause 2.1(a)(ii) (*Class B Notes*) of the Issuer Facility Agreement, and references in the Issuer Facility Agreement to such Class B Investor Group as a "Class B Additional Investor Group" shall not include the commitment of such Class B Investor Group as a Class B Acquiring Investor Group (the Class B Maximum Investor Group Principal Amount of any such "Class B Additional Investor Group" shall not include any portion of the Class B Maximum Investor Group Principal Amount of such Class B Investor Group acquired pursuant to an assignment to such Class B Investor Group as a Class B Acquiring Investor Group, whereas references to the Class B Maximum Investor Group Principal Amount of such "Class B Investor Group" shall include the entire Class B Maximum Investor Group Principal Amount of such Class B Investor Group as both a Class B Additional Investor Group and a Class B Acquiring Investor Group).

"**Class B Additional Investor Group Initial Principal Amount**" means, with respect to each Class B Additional Investor Group, on the effective date of the addition of each member such Class B Additional Investor Group as a party to the Issuer Facility Agreement, the amount scheduled to be advanced by such Class B Additional Investor Group on such effective date, which amount may not exceed the product of (a) the Class B Drawn Percentage (immediately prior to the addition of such Class B Additional Investor Group as a party hereto) and (b) the Class B Maximum Investor Group Principal Amount of such Class B Additional Investor Group on such effective date (immediately after the addition of such Class B Additional Investor Group as a party hereto).

"**Class B Adjusted Asset Coverage Threshold Amount**" means, as of any date of determination, the excess, if any, of (i) the Class B Asset Coverage Threshold Amount over (ii) the sum of (A) the Letter of Credit Amount and (B) the Available Reserve Account Amount, in each case, as of such date.

"**Class B Advance**" has the meaning specified in Clause 2.2(b)(i) (*Class B Advances*) of the Issuer Facility Agreement.

"**Class B Advance Request**" means, with respect to any Class B Advance requested by the Issuer, a Class B Advance Request substantially in the form of Exhibit J-2 (*Form of Advance Request*) of the Issuer Facility Agreement with respect to such Class B Advance.

"**Class B Affected Person**" has the meaning specified in Clause 3.3(b) (*Lending Unlawful*) of the Issuer Facility Agreement.

"**Class B Aggregate Asset Amount Deficiency**" means, as of any date of determination, the Class B Adjusted Asset Coverage Threshold Amount as of such date is greater than the Issuer Aggregate Asset Amount as of such date.

"**Class B Asset Coverage Threshold Amount**" means (A) the sum of (x) the Class A Adjusted Principal Amount and (y) the Class B Principal Amount, divided by (B) the Issuer Class B Blended Advance Rate.

"**Class B Assignment and Assumption Agreement**" has the meaning specified in Clause 9.3(b)(i) (*Assignments*) of the Issuer Facility Agreement.

"**Class B Available Delayed Amount Committed Note Purchaser**" means, with respect to any Class B Advance, any Class B Committed Note Purchaser that either (i) has not delivered a Class B Delayed Funding Notice with respect to such Class B Advance or (ii) has delivered a Class B Delayed Funding Notice with respect to such Class B Advance, but (x) has a Class B Delayed Amount with respect to such Class B Advance equal to zero and (y) after giving effect to the funding of any amount in respect of such Class B Advance to be made by such Class B Committed Note Purchaser or the Class B Conduit Investor in such Class B Committed Note Purchaser's Class B Investor Group on the proposed date of such Class B Advance, has a Class B Required Non-Delayed Amount that is greater than zero.

"**Class B Available Delayed Amount Purchaser**" means, with respect to any Class B Advance, any Class B Available Delayed Amount Committed Note Purchaser, or any Class B Conduit Investor in such Class B Available Delayed Amount Committed Note Purchaser's Class B Investor Group, that funds all or any portion of a Class B Second Delayed Funding Notice Amount with respect to such Class B Advance on the date of such Class B Advance.

"**Class B Available Headroom Amount**" means the excess of the Issuer Aggregate Asset Amount over the Class B Adjusted Asset Coverage Threshold Amount multiplied by the Issuer Class B Blended Advance Rate, which amount shall not exceed the result (expressed as a Euro amount) of (x) the Class B Maximum Principal Amount minus (y) the aggregate Principal Amount Outstanding of the Class B Notes.

"**Class B Commercial Paper**" means the promissory notes of each Class B Noteholder issued by such Class B Noteholder (or the Person(s) issuing promissory notes on behalf of such Class B Noteholder) in the commercial paper market and allocated to the funding of Class B Advances in respect of the Class B Notes.

"**Class B Commitment**" means, the obligation of the Class B Committed Note Purchasers included in each Class B Investor Group to fund Class B Advances pursuant to Clause 2.2(b) (*Class B Advances*) of the Issuer Facility Agreement in an aggregate stated amount up to the Class B Maximum Investor Group Principal Amount for such Class B Investor Group.

"**Class B Commitment Percentage**" means, on any date of determination, with respect to any Class B Investor Group, the fraction, expressed as a percentage, the numerator of which is such Class B Investor Group's Class B Maximum Investor Group Principal Amount on such date and the denominator is the Class B Maximum Principal Amount on such date.

"**Class B Committed Note Purchaser**" means those financial institutions which become party to the Issuer Facility Agreement as committed note purchasers of Class B Notes from time to time, whose details can be found in Schedule 2 (*Conduit Investors and Committed Note Purchasers*) of the Issuer Facility Agreement.

"**Class B Committed Note Purchaser Percentage**" means, with respect to any Class B Committed Note Purchaser, the percentage set forth opposite the name of such Class B Committed Note Purchaser on Schedule 2 (*Conduit Investors and Committed Note Purchasers*) of the Issuer Facility Agreement.

"**Class B Concentration Adjusted Advance Rate**" means in respect of a FleetCo and as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the relevant
FleetCo Class B Baseline Advance Rate with respect to such Eligible Investment Grade Non-Program Vehicle Amount of such FleetCo over
the Class B Concentration Excess Advance Rate Adjustment with respect to such Eligible Investment Grade Non-Program Vehicle Amount,
in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the
relevant FleetCo Class B Baseline Advance Rate with respect to such Eligible Non-Investment Grade Non-Program Vehicle Amount of such
FleetCo over the Class B Concentration Excess Advance Rate Adjustment with respect to such Eligible Non-Investment Grade Non-Program
Vehicle Amount, in each case as of such date.

"**Class B Concentration Excess Advance Rate Adjustment**" means, with respect to any FleetCo AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Concentration Excess Amount, if any, allocated to such FleetCo AAA Select Component by the Issuer and (B) the relevant FleetCo Class B Baseline Advance Rate with respect to such FleetCo AAA Select Component, and the denominator of which is (II) such FleetCo AAA Select Component, in each case as of such date, and (b) the relevant FleetCo Class B Baseline Advance Rate with respect to such FleetCo AAA Select Component; provided that, the portion of the Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such FleetCo AAA Select Component that was included in determining whether such Concentration Excess Amount exists.

"**Class B Conduit Assignee**" means, with respect to any Class B Conduit Investor, any commercial paper conduit, whose commercial paper has ratings of at least "A-2" from Standard & Poor's and "P2" from Moody's, that is administered by the Class B Funding Agent with respect to such Class B Conduit Investor or any Affiliate of such Class B Funding Agent, in each case, designated by such Class B Funding Agent to accept an assignment from such Class B Conduit Investor of the Class B Investor Group Principal Amount or a portion thereof with respect to such Class B Conduit Investor pursuant to Clause 9.3(b) (*Class B Assignments*) of the Issuer Facility Agreement.

"**Class B Conduit Investor**" means, in respect of Class B Notes, the several commercial paper conduits or special purpose entities issuing variable funding notes to affiliated commercial paper conduits listed from time to time pursuant to the Issuer Facility Agreement, whose details can be found in Schedule 2 (*Conduit Investors and Committed Note Purchasers*) of the Issuer Facility Agreement.

"**Class B Conduits**" has the meaning set forth in the definition of "Class B CP Rate".

"**Class B CP Fall-back Rate**" means, as of any date of determination and with respect to any Class B Advance funded or maintained by any Class B Funding Agent's Class B Investor Group through the issuance of Class B Commercial Paper during any Interest Period, the Euro Interbank Offered Rate appearing on the EURIBOR Rates Page at approximately 11:00 a.m. (London time) on the first day of such Interest Period as the rate for euro deposits with a one-month maturity.

"**Class B CP Notes**" has the meaning set forth in Clause 2.2(b)(iii) (*Class B Conduit Investor Funding*) of the Issuer Facility Agreement.

"**Class B CP Rate**" means, with respect to a Class B Conduit Investor in any Class B Investor Group (i) for any day during any Interest Period funded by such a Class B Conduit Investor set forth in Schedule 2 of the Issuer Facility Agreement or any other such Class B Conduit Investor that elects in its Class B Assignment and Assumption Agreement to make this clause (i) applicable (collectively, the "**Class B Conduits**"), the greater of (A) zero and (B) the per annum rate equivalent to the weighted average of the per annum rates paid or payable by such Class B Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduits) from time to time as interest on or otherwise (by means of interest rate hedges or otherwise taking into consideration any incremental carrying costs associated with short term promissory notes issued by such Class B Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduits) maturing on dates other than those certain dates on which such Class B Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduits) are to receive funds) in respect of the promissory notes issued by such Class B Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduits) that are allocated in whole or in part by their respective Class B Funding Agent (on behalf of such Class B Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduits)) to fund or maintain the Class B Principal Amount or that are issued by such Class B Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduits) specifically to fund or maintain the Class B Principal Amount, in each case, during such period, as determined by their respective Class B Funding Agent (on behalf of such Class B Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduits)), including (x) the commissions of placement agents and dealers in respect of such promissory notes, to the extent such commissions are allocated, in whole or in part, to such promissory notes by the related Class B Committed Note Purchasers (on behalf of such Class B Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduits)), (y) all reasonable costs and expenses of any issuing and paying agent or other Person responsible for the administration of such Class B Conduits' (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduits') commercial paper programs in connection with the preparation, completion, issuance, delivery or payment of Class B Commercial Paper, and (z) the costs of other borrowings by such Class B Conduits (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduits) including borrowings to fund small or odd euro amounts that are not easily accommodated in the commercial paper market; provided, however, that if any component of such rate in this clause (i) is a discount rate, in calculating the Class B CP Rate, the respective Class B Funding Agent for such Class B Conduits shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum and (ii) for any Interest Period for any portion of the Commitment of the related Class B Investor Group funded by any other Class B Conduit Investor, the "Class B CP Rate" applicable to such Class B Conduit Investor (or the Person(s) issuing short term promissory notes on behalf of such Class B Conduit) as set forth in its Class B Assignment and Assumption Agreement. Notwithstanding anything to the contrary in the preceding provisions of this definition, if any Class B Funding Agent shall fail to notify the Issuer and the Issuer Administrator of the applicable Class B CP Rate for the Class B Advances made by its Class B Investor Group for the related Interest Period by 11:00 a.m. London time on any Determination Date in accordance with Clause 3.1(b)(i) (*Notice of Interest Rates*) of the Issuer Facility Agreement, then the Class B CP Rate with respect to such Class B Funding Agent's Class B Investor Group for each day during such Interest Period shall equal the Class B CP Fall-back Rate with respect to such Interest Period.

"**Class B CP Tranche**" means that portion of the Class B Principal Amount purchased or maintained with Class B Advances that bear interest by reference to the Class B CP Rate.

"**Class B CP True-Up Payment Amount**" has the meaning given to it in Clause 3.1(f) (*CP True-Up Payment Amount*) of the Issuer Facility Agreement.

"**Class B Daily Interest Amount**" means, for any day in an Interest Period, an amount equal to the result of (a) the product of (i) the Class B Note Rate for such Interest Period and (ii) the Class B Principal Amount as of the close of business on such date divided by (b) 360.

"**Class B Decrease**" means a Class B Mandatory Decrease, a Class B Voluntary Decrease or a Class B Expected Decrease, as applicable.

"**Class B Deficiency Amount**" has the meaning specified in Clause 3.1(c)(ii) (*Payment of Interest; Funding Agent Failure to Provide Rate*) of the Issuer Facility Agreement.

"**Class B Delayed Amount**" has the meaning given to it in Clause 2.2(b)(v) (*Class B Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class B Delayed Funding Date**" has the meaning specified in Clause 2.2(b)(v) (*Class B Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class B Delayed Funding Notice**" has the meaning specified in Clause 2.2(b)(v) (*Class B Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class B Delayed Funding Procedures**" has the meaning specified in Clause 2.2(b)(v) (*Class B Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class B Delayed Funding Purchaser**" means, as of any date of determination, each Class B Committed Note Purchaser party to the Issuer Facility Agreement.

"**Class B Delayed Funding Purchaser Group**" means, collectively, each Class B Delayed Funding Purchaser.

"**Class B Delayed Funding Reimbursement Amount**" means, with respect to any Class B Delayed Funding Purchaser, with respect to the portion of the Class B Delayed Amount of such Class B Delayed Funding Purchaser funded by the Class B Available Delayed Amount Purchaser(s) on the date of the Class B Advance related to such Class B Delayed Amount, an amount equal to the excess, if any, of (a) such portion of the Class B Delayed Amount funded by the Class B Available Delayed Amount Purchaser(s) on the date of the Class B Advance related to such Class B Delayed Amount over (b) the amount, if any, by which the portion of any payment of principal (including any Class B Decrease), if any, made by the Issuer to each such Class B Available Delayed Amount Purchaser on any date during the period from and including the date of the Advance related to such Class B Delayed Amount to but excluding the Class B Delayed Funding Date for such Class B Delayed Amount, was greater than what it would have been had such portion of the Class B Delayed Amount been funded by such Class B Delayed Funding Purchaser on the date of the Class B Advance related to such Class B Delayed Amount.

"**Class B Designated Delayed Advance**" has the meaning specified in Clause 2.2(b)(v) (*Class B Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class B Drawn Percentage**" means, as of any date of determination, a fraction expressed as a percentage, the numerator of which is the Class B Principal Amount and the denominator of which is the Class B Maximum Principal Amount, in each case as of such date.

"**Class B Excess Principal Event**" shall be deemed to have occurred if, on any date, the Class B Principal Amount as of such date exceeds the Class B Maximum Principal Amount as of such date.

"**Class B Expected Decrease**" has the meaning specified in Clause 2.3(b)(ii) of the Issuer Facility Agreement.

"**Class B Expected Decrease Amount**" has the meaning specified in Clause 2.3(b)(ii)(B) of the Issuer Facility Agreement.

"**Class B Expected Payment Date**" has the meaning specified in Clause 2.3(b)(ii)(A) of the Issuer Facility Agreement.

"**Class B Excess Principal Mandatory Decrease Amount**" has the meaning given to it in Clause 2.3(c) (*Procedure for Decreasing the Principal Amount*) of the Issuer Facility Agreement.

"**Class B Funding Agent**" means the financial institution set forth opposite the name of each Class B Conduit Investor, or if there is no Class B Conduit Investor with respect to any Class B Investor Group, the Class B Committed Note Purchaser with respect to such Class B Investor Group, on Schedule 2 to the Issuer Facility Agreement.

"**Class B Funding Conditions**" means, with respect to any Class B Advance requested by the Issuer pursuant to Clause 2.2(b) (*Class B Advances*) of the Issuer Facility Agreement, the following shall be true and correct both immediately before and immediately after giving effect to such Class B Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer Repeating Representations and the representations and warranties of the Subordinated Noteholder
set out in Clause 10 (*Subordinated Noteholder Representations* and *Warranties*) of the Issuer Subordinated Facility Agreement,
in each case, shall be true and accurate as of the date of such Class B Advance with the same effect as though made on that date
(unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of
such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the related Class B Funding Agent shall have received an executed Class B Advance Request certifying
as to the current Issuer Aggregate Asset Amount delivered in accordance with the provisions of Clause 2.2(b) (*Class B Advances*)
of the Issuer Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Class B Excess Principal Event is continuing; provided that, solely for purposes of calculating
whether a Class B Excess Principal Event is continuing under this clause (c), the Class B Principal Amount shall be deemed to
be increased by all Class B Delayed Amounts, if any, that any Class B Delayed Funding Purchaser(s) in a Class B Investor
Group are required to fund on a Class B Delayed Funding Date that is scheduled to occur after the date of such requested Class B
Advance that have not been funded on or prior to the date of such requested Class B Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Amortization Event or Potential Amortization Event, in each case with respect to the Issuer Notes,
exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if such Advance is in connection with any issuance of Additional Class B Notes or any Class B
Investor Group Maximum Principal Increase, then the amount of such issuance or increase shall be equal to or greater than EUR 5,000,000
and integral multiples of EUR 100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Revolving Period is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the Net Book Value of any vehicle owned by a FleetCo is included in the calculation of the Issuer Aggregate
Asset Amount as of such date (on a pro forma basis after giving effect to the application of such Advance on such date), then the representations
and warranties of such FleetCo set out in Clause 8 (*Representations and Warranties*) of the relevant FleetCo Facility Agreement
shall be true and accurate as of the date of such Class B Advance with the same effect as though made on that date (unless stated
to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

"**Class B Illegality Mandatory Decrease**" has the meaning given to it in Clause 2.3 (*Procedure for Decreasing the Principal Amount*) of the Issuer Facility Agreement.

"**Class B Initial Advance Amount**" means, with respect to any Class B Noteholder, the amount specified as such on Schedule 2 to the Issuer Facility Agreement with respect to such Class B Noteholder.

"**Class B Initial Investor Group Principal Amount**" means, with respect to each Class B Investor Group, the amount set forth and specified as such opposite the name of the Class B Committed Note Purchaser included in such Class B Investor Group on Schedule 2 (Conduit Investors and Committed Note Purchasers) of the Issuer Facility Agreement.

"**Class B Investor Group**" means, collectively, a Class B Conduit Investor, if any, and the Class B Committed Note Purchaser(s) with respect to such Class B Conduit Investor or, if there is no Class B Conduit Investor with respect to any Class B Investor Group, the Class B Committed Note Purchaser(s) with respect to such Class B Investor Group, in each case, party to the Issuer Facility Agreement as of the Closing Date.

"**Class B Investor Group Maximum Principal Increase**" has the meaning given to it in Clause 2.1(d)(ii) (*Investor Group Maximum Principal Increase*) of the Issuer Facility Agreement.

"**Class B Investor Group Maximum Principal Increase Addendum**" means an addendum substantially in the form of Exhibit M-2 (*Form of Class B Investor Group Maximum Principal Increase Addendum*) of the Issuer Facility Agreement.

"**Class B Investor Group Maximum Principal Increase Amount**" means, with respect to each Class B Investor Group Maximum Principal Increase, on the effective date of any Class B Investor Group Maximum Principal Increase with respect to any Class B Investor Group, the amount scheduled to be advanced by such Class B Investor Group on such effective date, which amount may not exceed the product of (a) the Class B Drawn Percentage (immediately prior to the effectiveness of such Class B Investor Group Maximum Principal Increase) and (b) the amount of such Class B Investor Group Maximum Principal Increase.

"**Class B Investor Group Principal Amount**" means, as of any date of determination with respect to any Class B Investor Group, the result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Class B Investor Group's Class B Initial Investor Group Principal Amount; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class B Investor Group Maximum Principal Increase Amount with respect to each Class B Investor
Group Maximum Principal Increase applicable to such Class B Investor Group, if any, on or prior to such date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the principal amount of the portion of all Class B Advances funded by such Class B Investor
Group on or prior to such date (excluding, for the avoidance of doubt, any Class B Initial Advance Amount from the calculation of
such Class B Advances); minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of principal payments (whether pursuant to a Class B Decrease, a redemption or otherwise)
made to such Class B Investor Group pursuant to the Issuer Facility Agreement on or prior to such date.

"**Class B Investor Group Supplement**" the meaning specified in Clause 9.3(b)(iii) (*Class B Assignments*) of the Issuer Facility Agreement.

"**Class B Majority Program Support Provider**" means, with respect to the related Class B Investor Group, Class B Program Support Providers holding more than 50% of the aggregate commitments of all Class B Program Support Providers.

"**Class B Mandatory Decrease**" means each Class B Excess Principal Mandatory Decrease and each Class B Illegality Mandatory Decrease.

"**Class B Mandatory Decrease Amount**" means the Class B Excess Principal Mandatory Decrease Amount or the Class B Illegality Mandatory Decrease Amount, as applicable.

"**Class B Maximum Investor Group Principal Amount**" means, with respect to each Class B Investor Group as of any date of determination, the amount specified as such for such Class B Investor Group on Schedule 2 of the Issuer Facility Agreement for such date of determination, as such amount may be increased or decreased from time to time in accordance with the terms thereof; provided that, on any day after the occurrence and during the continuance of an Amortization Event with respect to the Class B Notes, the Class B Maximum Investor Group Principal Amount with respect to each Class B Investor Group shall not exceed the Class B Investor Group Principal Amount for such Class B Investor Group.

"**Class B Maximum Principal Amount**" means EUR 50,000,000, and/or following a 2022 Liquidity Drawstop, the higher of (i) the Class B Principal Amount then outstanding or (ii) EUR 42,000,000 provided that such amount may be (i) reduced at any time and from time to time by the Issuer upon notice to each Class B Noteholder, the Administrative Agent, each Class B Conduit Investor and each Class B Committed Note Purchaser in accordance with the terms of the Issuer Facility Agreement, or (ii) increased at any time and from time to time upon the effective date for any Class B Investor Group Maximum Principal Increase.

"**Class B Monthly Default Interest Amount**" means, with respect to any Payment Date, an amount equal to the sum of (i) an amount equal to the product of (x) 2.0%, (y) the result of (a) the sum of the Class B Principal Amount as of each day during the related Interest Period (after giving effect to any increases or decreases to the Class B Principal Amount on such day) during which an Amortization Event with respect to the Class B Notes has occurred and is continuing divided by (b) the actual number of days in the related Interest Period during which an Amortization Event with respect to the Class B Notes has occurred and is continuing, and (z) the result of (a) the actual number of days in the related Interest Period during which an Amortization Event with respect to the Class B Notes has occurred and is continuing divided by (b) 360 plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Interest Periods (together with interest on such unpaid amounts required to be paid in this clause (ii) at the rate specified in clause (i)).

"**Class B Monthly Interest Amount**" means, with respect to any Payment Date, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class B Daily Interest Amount for each day in the Interest Period related to such Payment Date;
plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all previously due and unpaid amounts described in clause (a) with respect to prior Interest Periods
(together with interest on such unpaid amounts required to be paid in this clause (b) at the Class B Note Rate); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Class B Undrawn Fee with respect to each Investor Group for such Payment Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Class B Program Fee with respect to each Class B Investor Group for such Payment Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Class B CP True-Up Payment Amounts, if any, owing to each Class B Noteholder on such Payment
Date.

"**Class B MTM/DT Advance Rate Adjustment**" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product
of (i) the Failure Percentage as of such date and (ii) the Class B Concentration Adjusted Advance Rate with respect to
the Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the
product of (i) the Failure Percentage as of such date and (ii) the Class B Concentration Adjusted Advance Rate with respect
to the Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any other FleetCo AAA Component, zero.

"**Class B Non-Consenting Purchaser**" has the meaning specified in Clause 9.2(b)(i)(E) (*Replacement of Class B Investor Group*) of the Issuer Facility Agreement.

"**Class B Non-Delayed Amount**" means, with respect to any Class B Delayed Funding Purchaser and a Class B Advance for which the Class B Delayed Funding Purchaser delivered a Class B Delayed Funding Notice, an amount equal to the excess of such Class B Delayed Funding Purchaser's ratable portion of such Class B Advance over its Class B Delayed Amount in respect of such Class B Advance.

"**Class B Noteholder**" means each Person in whose name a Class B Note is registered in the Note Register.

"**Class B Note Rate**" means, for any Interest Period, the weighted average of the sum of (a) the weighted average (by outstanding principal balance) of the Class B CP Rates applicable to the Class B CP Tranche and (b) the Reference Rate applicable to the Class B Reference Rate Tranche in each case, for such Interest Period; provided, however, that the Class B Note Rate will in no event be higher than the maximum rate permitted by applicable law.

"**Class B Note Repurchase Amount**" has the meaning specified in Clause 11.1(b) (*Optional Repurchase of the Class B Notes*) of the Issuer Facility Agreement.

"**Class B Notes**" means the class B variable funding notes issued by the Issuer pursuant to the Issuer Facility Agreement subsequent to the Closing Date.

"**Class B Participants**" has the meaning specified in Clause 9.3(b)(iv) (*Class B Assignments*) of the Issuer Facility Agreement.

"**Class B Permitted Delayed Amount**" has the meaning given to it in Clause 2.2(b)(v) (*Class B Advances*) of the Issuer Facility Agreement.

"**Class B Permitted Required Non-Delayed Percentage**" means, 10% or 25%.

"**Class B Potential Terminated Purchaser**" has the meaning specified in Clause 9.2(b)(i)(E) (*Replacement of Class B Investor Group*) of the Issuer Facility Agreement.

"**Class B Principal Amount**" means, when used with respect to any date, an amount equal to the sum of the Class B Investor Group Principal Amount as of such date with respect to each Class B Investor Group as of such date; provided that, during the Revolving Period, for purposes of determining whether or not the Required Noteholders have given any consent, waiver, direction or instruction, the Principal Amount held by each Class B Noteholder shall be deemed to include, without double counting, such Class B Noteholder's undrawn portion of the "Class B Maximum Investor Group Principal Amount" (i.e., the unutilized purchase commitments under the Issuer Facility Agreement) for such Class B Noteholder's Class B Investor Group.

"**Class B Program Fee Letter**" means any fee letter that is entered into in connection with the issuance of Class B Notes on or around the Ninth Amendment Date by and among each initial Class B Conduit Investor, each initial Class B Committed Note Purchaser, the Administrative Agent and the Issuer setting forth the definition of Class B Program Fee Rate and the definition of Class B Undrawn Fee.

"**Class B Program Fee**" means, with respect to each Payment Date and each Class B Investor Group, if any, an amount equal to the sum with respect to each day in the related Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class B Program Fee Rate for such Class B Investor Group (or, if applicable, Class B
Program Fee Rate for the related Class B Conduit Investor and Class B Committed Note Purchaser in such Class B Investor
Group, respectively, if each of such Class B Conduit Investor and Class B Committed Note Purchaser is funding a portion of such
Class B Investor Group's Class B Investor Group Principal Amount) for such day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class B Investor Group Principal Amount for such Class B Investor Group (or, if applicable,
the portion of the Class B Investor Group Principal Amount for the related Class B Conduit Investor and Class B Committed
Note Purchaser in such Class B Investor Group, respectively, if each of such Class B Conduit Investor and Class B Committed
Note Purchaser is funding a portion of such Class B Investor Group's Class B Investor Group Principal Amount) for such
day (after giving effect to all Class B Advances and Class B Decreases on such day), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1/360.

"**Class B Program Fee Rate**" has the meaning specified in the Class B Program Fee Letter, the margin for which shall be a fixed rate (or rates) and not be determined by reference to the performance of the underlying assets.

"**Class B Program Support Provider**" means any financial institutions and any other or additional Person now or hereafter extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, a Class B Committed Note Purchaser or a Class B Conduit Investor in respect of such Class B Committed Note Purchaser's or Class B Conduit Investor's Class B Notes, and/or agreeing to issue a letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such Class B Conduit Investor's securitization program as it relates to any Class B Commercial Paper issued by such Class B Conduit Investor, in each case pursuant to a program support agreement and any guarantor of any such person; provided that, no Disqualified Party shall be a "**Class B Program Support Provider**" without the prior written consent of an Authorized Officer of the Issuer, which consent may be withheld for any reason in the Issuer's sole and absolute discretion.

"**Class B Reference Rate Tranche**" means the portion of the Class B Principal Amount purchased or maintained with Class B Advances that bear interest by reference to the Reference Rate.

"**Class B Replacement Purchaser**" has the meaning specified in Clause 9.2(b)(i) (*Replacement of Class B Investor Group*) of the Issuer Facility Agreement.

"**Class B Required Letter of Credit/Cash Liquid Enhancement Amount**" means, as of any date of determination, an amount equal to the product of (a) the Class B Program Fee during the Rapid Amortization Period plus the Maximum Weighted Average Interest Cap Rate, (b) the ratio of 8 months over 12 months and (c) the Class B Principal Amount as of such date.

"**Class B Required Non-Delayed Amount**" means, with respect to a Class B Delayed Funding Purchaser and a proposed Class B Advance, the excess, if any, of (a) the Class B Required Non-Delayed Percentage of such Class B Delayed Funding Purchaser's Class B Maximum Investor Group Principal Amount as of the date of such proposed Class B Advance over (b) with respect to each previous Class B Designated Delayed Advance of such Class B Delayed Funding Purchaser with respect to which the related Class B Advance occurred during the thirty five (35) days preceding the date of such proposed Class B Advance, if any, the sum of, with respect to each such previous Class B Designated Delayed Advance for which the related Class B Delayed Funding Date will not have occurred on or prior to the date of such proposed Class B Advance, the Class B Non-Delayed Amount with respect to each such previous Class B Designated Delayed Advance.

"**Class B Required Non-Delayed Percentage**" means, as of the Closing Date, 10%, and as of any date thereafter, the Class B Permitted Required Non-Delayed Percentage most recently specified in a written notice delivered by the Issuer to the Administrative Agent, each Class B Funding Agent, each Class B Committed Note Purchaser and each Class B Conduit Investor at least 35 days prior to the effective date specified therein.

"**Class B Second Delayed Funding Notice**" is defined in Clause 2.2(b)(v)(C) (*Class B Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class B Second Delayed Funding Notice Amount**" has the meaning specified in Clause 2.2(b)(v)(C) (*Class B Delayed Funding Procedures*) of the Issuer Facility Agreement.

"**Class B Terminated Purchaser**" has the meaning specified in Clause 9.2(b) (*Replacement of Class B Investor Group*) of the Issuer Facility Agreement.

"**Class B Transferee**" has the meaning specified in Clause 9.3(b)(v)(E) (*Class B Assignments*) of the Issuer Facility Agreement.

"**Class B Up-Front Fee**" for each Class B Committed Note Purchaser has the meaning specified in the Class B Up-Front Fee Letter, if any, for such Class B Committed Note Purchaser.

"**Class B Up-Front Fee Letter**" means, with respect to a Class B Committed Note Purchaser, if applicable, that certain fee letter dated on or about the Ninth Amendment Date, and that certain fee letter dated on or about the Eleventh Amendment Date by and among such Class B Committed Note Purchaser, the Administrative Agent and the Issuer setting forth the definition of Class B Up-Front Fee for such Class B Committed Note Purchaser.

"**Class B Undrawn Fee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Payment Date on or prior to the Commitment Termination Date and each Class B
Investor Group, an amount equal to the sum with respect to each day in the Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class B Undrawn Fee Rate for such Class B Investor Group for such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the excess, if any, of (x) the Class B Maximum Investor Group Principal Amount for the related
Class B Investor Group over (y) the Class B Investor Group Principal Amount for the related Class B Investor Group
(after giving effect to all Class B Advances and Class B Decreases on such day), in each case for such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 1/360; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Payment Date following the Commitment Termination Date, zero.

"**Class B Undrawn Fee Rate**" has the meaning specified in the Class B Program Fee Letter.

"**Class B Voluntary Decrease**" has the meaning given to it in Clause 2.3(d)(ii) (*Voluntary Decrease*) of the Issuer Facility Agreement.

"**Class B Voluntary Decrease Amount**" has the meaning specified in Clause 2.3(d)(ii) (*Voluntary Decrease*) of the Issuer Facility Agreement.

"**Class C Acquiring Committed Note Purchaser**" has the meaning specified in Clause 9.3(c)(i) (*Assignments*) of the Issuer Facility Agreement.

"**Class C Action**" has the meaning specified in Clause 9.2(c)(i)(D) (*Replacement of Class C Investor Group*) of the Issuer Facility Agreement.

"**Class C Addendum**" means an addendum substantially in the form of Exhibit K-3 of the Issuer Facility Agreement.

"**Class C Additional Investor Group**" means collectively, the Class C Committed Note Purchaser with respect to the Class C Investor Group, in each case, that becomes party to the Issuer Facility Agreement pursuant to Clause 2.1(a)(iii) (*Class C Notes*) of the Issuer Facility Agreement in connection with an increase in the Class C Maximum Principal Amount; provided that, for the avoidance of doubt, a Class C Investor Group that is both a Class C Additional Investor Group and a Class C Acquiring Investor Group shall be deemed to be a Class C Additional Investor Group solely in connection with, and to the extent of, the commitment of such Class C Investor Group that increases the Class C Maximum Principal Amount when such Class C Additional Investor Group becomes a party to the Issuer Facility Agreement and Class C Additional Issuer Notes are issued pursuant to Clause 2.1(a)(iii) (*Class C Notes*) of the Issuer Facility Agreement, and references in the Issuer Facility Agreement to such Class C Investor Group as a "Class C Additional Investor Group" shall not include the commitment of such Class C Investor Group as a Class C Acquiring Investor Group (the Class C Maximum Investor Group Principal Amount of any such "Class C Additional Investor Group" shall not include any portion of the Class C Maximum Investor Group Principal Amount of such Class C Investor Group acquired pursuant to an assignment to such Class C Investor Group as a Class C Acquiring Investor Group, whereas references to the Class C Maximum Investor Group Principal Amount of such "Class C Investor Group" shall include the entire Class C Maximum Investor Group Principal Amount of such Class C Investor Group as both a Class C Additional Investor Group and a Class C Acquiring Investor Group).

"**Class C Additional Investor Group Initial Principal Amount**" means, with respect to each Class C Additional Investor Group, on the effective date of the addition of each member such Class C Additional Investor Group as a party to the Issuer Facility Agreement, the amount scheduled to be advanced by such Class C Additional Investor Group on such effective date, which amount may not exceed the product of (a) the Class C Drawn Percentage (immediately prior to the addition of such Class C Additional Investor Group as a party hereto) and (b) the Class C Maximum Investor Group Principal Amount of such Class C Additional Investor Group on such effective date (immediately after the addition of such Class C Additional Investor Group as a party hereto).

"**Class C Adjusted Asset Coverage Threshold Amount**" means, as of any date of determination, the excess, if any, of (i) the Class C Asset Coverage Threshold Amount over (ii) the sum of (A) the Letter of Credit Amount and (B) the Available Reserve Account Amount, in each case, as of such date.

"**Class C Advance**" has the meaning specified in Clause 2.2(c)(i) (*Class C Advances*) of the Issuer Facility Agreement.

"**Class C Advance Deficit**" has the meaning specified in Clause 2.2(b)(vii) (*Class C Funding Defaults*) of the Issuer Facility Agreement.

"**Class C Advance Request**" means, with respect to any Class C Advance requested by the Issuer, a Class C Advance Request substantially in the form of Exhibit J-2 (*Form of Advance Request*) of the Issuer Facility Agreement with respect to such Class C Advance.

"**Class C Affected Person**" has the meaning specified in Clause 3.3(b) (*Lending Unlawful*) of the Issuer Facility Agreement.

"**Class C Aggregate Asset Amount Deficiency**" means, as of any date of determination, the Class C Adjusted Asset Coverage Threshold Amount as of such date is greater than the Issuer Aggregate Asset Amount as of such date.

"**Class C Asset Coverage Threshold Amount**" means (A) the Adjusted Principal Amount, divided by (B) the Issuer Class C Blended Advance Rate.

"**Class C Assignment and Assumption Agreement**" has the meaning specified in Clause 9.3(b)(i) (*Assignments*) of the Issuer Facility Agreement.

"**Class C Available Headroom Amount**" means the excess of the Issuer Aggregate Asset Amount over the Class C Adjusted Asset Coverage Threshold Amount multiplied by the Issuer Class C Blended Advance Rate, which amount shall not exceed the result (expressed as a Euro amount) of (x) the Class C Maximum Principal Amount minus (y) the aggregate Principal Amount Outstanding of the Class C Notes.

"**Class C Commitment**" means, the obligation of the Class C Committed Note Purchasers included in each Class C Investor Group to fund Class C Advances pursuant to Clause 2.2(c) (*Class C Advances*) of the Issuer Facility Agreement in an aggregate stated amount up to the Class C Maximum Investor Group Principal Amount for such Class C Investor Group.

"**Class C Commitment Percentage**" means, on any date of determination, with respect to any Class C Investor Group, the fraction, expressed as a percentage, the numerator of which is such Class C Investor Group's Class C Maximum Investor Group Principal Amount on such date and the denominator is the Class C Maximum Principal Amount on such date.

"**Class C Committed Note Purchaser**" means those financial institutions which become party to the Issuer Facility Agreement as committed note purchasers of Class C Notes from time to time, whose details can be found in Schedule 2 (*Conduit Investors and Committed Note Purchasers*) of the Issuer Facility Agreement.

"**Class C Committed Note Purchaser Percentage**" means, with respect to any Class C Committed Note Purchaser, the percentage set forth opposite the name of such Class C Committed Note Purchaser on Schedule 2 (*Conduit Investors and Committed Note Purchasers*) of the Issuer Facility Agreement.

"**Class C Concentration Adjusted Advance Rate**" means in respect of a FleetCo and as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the relevant
FleetCo Class C Baseline Advance Rate with respect to such Eligible Investment Grade Non-Program Vehicle Amount of such FleetCo over
the Class C Concentration Excess Advance Rate Adjustment with respect to such Eligible Investment Grade Non-Program Vehicle Amount,
in each case as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the
relevant FleetCo Class C Baseline Advance Rate with respect to such Eligible Non-Investment Grade Non-Program Vehicle Amount of such
FleetCo over the Class C Concentration Excess Advance Rate Adjustment with respect to such Eligible Non-Investment Grade Non-Program
Vehicle Amount, in each case as of such date.

"**Class C Concentration Excess Advance Rate Adjustment**" means, with respect to any FleetCo AAA Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product of (A) the portion of the Concentration Excess Amount, if any, allocated to such FleetCo AAA Select Component by the Issuer and (B) the relevant FleetCo Class C Baseline Advance Rate with respect to such FleetCo AAA Select Component, and the denominator of which is (II) such FleetCo AAA Select Component, in each case as of such date, and (b) the relevant FleetCo Class C Baseline Advance Rate with respect to such FleetCo AAA Select Component; provided that, the portion of the Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such FleetCo AAA Select Component that was included in determining whether such Concentration Excess Amount exists.

"**Class C Daily Interest Amount**" means, for any day in an Interest Period, an amount equal to the result of (a) the product of (i) the Class C Note Rate for such Interest Period and (ii) the Class C Principal Amount as of the close of business on such date divided by (b) 360.

"**Class C Decrease**" means a Class C Mandatory Decrease, a Class C Voluntary Decrease or a Class C Expected Decrease, as applicable.

"**Class C Defaulting Committed Note Purchaser**" has the meaning specified in Clause 2.2(b)(vii) (*Class C Funding Defaults*) of the Issuer Facility Agreement.

"**Class C Deficiency Amount**" has the meaning specified in Clause 3.1(c)(ii) (*Payment of Interest; Funding Agent Failure to Provide Rate*) of the Issuer Facility Agreement.

"**Class C Drawn Percentage**" means, as of any date of determination, a fraction expressed as a percentage, the numerator of which is the Class C Principal Amount and the denominator of which is the Class C Maximum Principal Amount, in each case as of such date.

"**Class C Excess Principal Event**" shall be deemed to have occurred if, on any date, the Class C Principal Amount as of such date exceeds the Class C Maximum Principal Amount as of such date.

"**Class C Excess Principal Mandatory Decrease Amount**" has the meaning given to it in Clause 2.3(c) (*Procedure for Decreasing the Principal Amount*) of the Issuer Facility Agreement.

"**Class C Expected Decrease**" has the meaning specified in Clause 2.3(b)(iii) of the Issuer Facility Agreement.

"**Class C Expected Decrease Amount**" has the meaning specified in Clause 2.3(b)(iii)(B) of the Issuer Facility Agreement.

"**Class C Expected Payment Date**" has the meaning specified in Clause 2.3(b)(iii)(A) of the Issuer Facility Agreement.

"**Class C Funding Agent**" means the financial institution set forth opposite the name of each Class C Committed Note Purchaser with respect to such Class C Investor Group, on Schedule 2 to the Issuer Facility Agreement.

"**Class C Funding Conditions**" means, with respect to any Class C Advance requested by the Issuer pursuant to Clause 2.2(c) (*Class C Advances*) of the Issuer Facility Agreement, the following shall be true and correct both immediately before and immediately after giving effect to such Class C Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer Repeating Representations and the representations and warranties of the Subordinated Noteholder
set out in Clause 10 (*Subordinated Noteholder Representations* and *Warranties*) of the Issuer Subordinated Facility Agreement,
in each case, shall be true and accurate as of the date of such Class C Advance with the same effect as though made on that date
(unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of
such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the related Class C Funding Agent shall have received an executed Class C Advance Request certifying
as to the current Issuer Aggregate Asset Amount delivered in accordance with the provisions of Clause 2.2(c) (*Class C Advances*)
of the Issuer Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Class C Excess Principal Event is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Amortization Event or Potential Amortization Event, in each case with respect to the Issuer Notes,
exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if such Advance is in connection with any issuance of Additional Class C Notes or any Class C
Investor Group Maximum Principal Increase, then the amount of such issuance or increase shall be equal to or greater than EUR 1,000,000
and integral multiples of EUR 100,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Revolving Period is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the Net Book Value of any vehicle owned by a FleetCo is included in the calculation of the Issuer Aggregate
Asset Amount as of such date (on a pro forma basis after giving effect to the application of such Advance on such date), then the representations
and warranties of such FleetCo set out in Clause 8 (*Representations and Warranties*) of the relevant FleetCo Facility Agreement
shall be true and accurate as of the date of such Class C Advance with the same effect as though made on that date (unless stated
to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).

"**Class C Illegality Mandatory Decrease**" has the meaning given to it in Clause 2.3 (*Procedure for Decreasing the Principal Amount*) of the Issuer Facility Agreement.

"**Class C Initial Advance Amount**" means, with respect to any Class C Noteholder, the amount specified as such on Schedule 2 to the Issuer Facility Agreement with respect to such Class C Noteholder.

"**Class C Initial Investor Group Principal Amount**" means, with respect to each Class C Investor Group, the amount set forth and specified as such opposite the name of the Class C Committed Note Purchaser included in such Class C Investor Group on Schedule 2 (*Conduit Investors and Committed Note Purchasers*) of the Issuer Facility Agreement.

"**Class C Interest Rate Letter**" means any fee letter related to Class C Notes dated on or about the Eleventh Amendment Date by and among each initial Class C Committed Note Purchaser, the Administrative Agent and the Issuer setting forth the definition of Fixed Rate and the definition of Class C Undrawn Fee.

"**Class C Investor Group**" means, collectively, the Class C Committed Note Purchaser(s) with respect to such Class C Investor Group, in each case, party to the Issuer Facility Agreement as of the Closing Date.

"**Class C Investor Group Maximum Principal Increase**" has the meaning given to it in Clause 2.1(d)(iii) (*Investor Group Maximum Principal Increase*) of the Issuer Facility Agreement.

"**Class C Investor Group Maximum Principal Increase Addendum**" means an addendum substantially in the form of Exhibit M-3 (*Form of Class C Investor Group Maximum Principal Increase Addendum*) of the Issuer Facility Agreement.

"**Class C Investor Group Maximum Principal Increase Amount**" means, with respect to each Class C Investor Group Maximum Principal Increase, on the effective date of any Class C Investor Group Maximum Principal Increase with respect to any Class C Investor Group, the amount scheduled to be advanced by such Class C Investor Group on such effective date, which amount may not exceed the product of (a) the Class C Drawn Percentage (immediately prior to the effectiveness of such Class C Investor Group Maximum Principal Increase) and (b) the amount of such Class C Investor Group Maximum Principal Increase.

"**Class C Investor Group Principal Amount**" means, as of any date of determination with respect to any Class C Investor Group, the result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Class C Investor Group's Class C Initial Investor Group Principal Amount; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class C Investor Group Maximum Principal Increase Amount with respect to each Class C Investor
Group Maximum Principal Increase applicable to such Class C Investor Group, if any, on or prior to such date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the principal amount of the portion of all Class C Advances funded by such Class C Investor
Group on or prior to such date (excluding, for the avoidance of doubt, any Class C Initial Advance Amount from the calculation of
such Class C Advances); minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of principal payments (whether pursuant to a Class C Decrease, a redemption or otherwise)
made to such Class C Investor Group pursuant to the Issuer Facility Agreement on or prior to such date.

"**Class C Mandatory Decrease**" means each Class C Excess Principal Mandatory Decrease and each Class C Illegality Mandatory Decrease.

"**Class C Mandatory Decrease Amount**" means the Class C Excess Principal Mandatory Decrease Amount or the Class C Illegality Mandatory Decrease Amount, as applicable.

"**Class C Maximum Investor Group Principal Amount**" means, with respect to each Class C Investor Group as of any date of determination, the amount specified as such for such Class C Investor Group on Schedule 2 of the Issuer Facility Agreement for such date of determination, as such amount may be increased or decreased from time to time in accordance with the terms thereof; provided that, on any day after the occurrence and during the continuance of an Amortization Event with respect to the Class C Notes, the Class C Maximum Investor Group Principal Amount with respect to each Class C Investor Group shall not exceed the Class C Investor Group Principal Amount for such Class C Investor Group.

"**Class C Maximum Principal Amount**" means EUR 100,000,000, provided that such amount may be (i) reduced at any time and from time to time by the Issuer upon notice to each Class C Noteholder, the Administrative Agent and each Class C Committed Note Purchaser in accordance with the terms of the Issuer Facility Agreement, or (ii) increased at any time and from time to time upon the effective date for any Class C Investor Group Maximum Principal Increase.

"**Class C Monthly Default Interest Amount**" means, with respect to any Payment Date, an amount equal to the sum of (i) an amount equal to the product of (x) 1.0%, (y) the result of (a) the sum of the Class C Principal Amount as of each day during the related Interest Period (after giving effect to any increases or decreases to the Class C Principal Amount on such day) during which an Amortization Event with respect to the Class C Notes has occurred and is continuing divided by (b) the actual number of days in the related Interest Period during which an Amortization Event with respect to the Class C Notes has occurred and is continuing, and (z) the result of (a) the actual number of days in the related Interest Period during which an Amortization Event with respect to the Class C Notes has occurred and is continuing divided by (b) 360 plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Interest Periods (together with interest on such unpaid amounts required to be paid in this clause (ii) at the rate specified in clause (i)).

"**Class C Monthly Interest Amount**" means, with respect to any Payment Date, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Class C Daily Interest Amount for each day in the Interest Period related to such Payment Date;
plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all previously due and unpaid amounts described in clause (a) with respect to prior Interest Periods
(together with interest on such unpaid amounts required to be paid in this clause (b) at the Class C Note Rate); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Class C Undrawn Fee with respect to each Investor Group for such Payment Date.

"**Class C MTM/DT Advance Rate Adjustment**" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product
of (i) the Failure Percentage as of such date and (ii) the Class C Concentration Adjusted Advance Rate with respect to
the Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the
product of (i) the Failure Percentage as of such date and (ii) the Class C Concentration Adjusted Advance Rate with respect
to the Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any other FleetCo AAA Component, zero.

"**Class C Non-Consenting Purchaser**" has the meaning specified in Clause 9.2(c)(i)(D) (*Replacement of Class C Investor Group*) of the Issuer Facility Agreement.

"**Class C Noteholder**" means each Person in whose name a Class C Note is registered in the Note Register.

"**Class C Note Rate**" means, for any Interest Period the Fixed Rate applicable to the Class C Notes for such Interest Period; provided, however, that the Class C Note Rate will in no event be higher than the maximum rate permitted by applicable law.

"**Class C Note Repurchase Amount**" has the meaning specified in Clause 11.1(c) (*Optional Repurchase of the Class C Notes*) of the Issuer Facility Agreement.

"**Class C Notes**" means the Class C variable funding notes issued by the Issuer pursuant to the Issuer Facility Agreement subsequent to the Ninth Amendment Date.

"**Class C Participants**" has the meaning specified in Clause 9.3(c)(ii) (*Class C Assignments*) of the Issuer Facility Agreement.

"**Class C Potential Terminated Purchaser**" has the meaning specified in Clause 9.2(c)(i)(D) (*Replacement of Class C Investor Group*) of the Issuer Facility Agreement.

"**Class C Principal Amount**" means, when used with respect to any date, an amount equal to the sum of the Class C Investor Group Principal Amount as of such date with respect to each Class C Investor Group as of such date; provided that, during the Revolving Period, for purposes of determining whether or not the Required Noteholders have given any consent, waiver, direction or instruction, the Principal Amount held by each Class C Noteholder shall be deemed to include, without double counting, such Class C Noteholder's undrawn portion of the "Class C Maximum Investor Group Principal Amount" (i.e., the unutilized purchase commitments under the Issuer Facility Agreement) for such Class C Noteholder's Class C Investor Group.

"**Class C Replacement Purchaser**" has the meaning specified in Clause 9.2(c)(i) (*Replacement of Class C Investor Group*) of the Issuer Facility Agreement.

"**Class C Required Letter of Credit/Cash Liquid Enhancement Amount**" means, as of any date of determination, an amount equal to the product of (a) the Class C Note Rate during the Rapid Amortization Period, (b) the ratio of 8 months over 12 months and (c) the Class C Principal Amount as of such date.

"**Class C Terminated Purchaser**" has the meaning specified in Clause 9.2(c) (*Replacement of Class C Investor Group*) of the Issuer Facility Agreement.

"**Class C Transferee**" has the meaning specified in Clause 9.3(c)(iii) (*Class C Assignments*) of the Issuer Facility Agreement.

"**Class C Up-Front Fee**" for each Class C Committed Note Purchaser has the meaning specified in the Class C Up-Front Fee Letter, if any, for such Class C Committed Note Purchaser.

"**Class C Up-Front Fee Letter**" means, with respect to a Class C Committed Note Purchaser, if applicable, that certain fee letter dated on or about the Tenth Amendment Date, and that certain fee letter dated on or about the Eleventh Amendment Date by and among such Class C Committed Note Purchaser, the Administrative Agent and the Issuer setting forth the definition of Class C Up-Front Fee for such Class C Committed Note Purchaser.

"**Class C Undrawn Fee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Payment Date on or prior to the Commitment Termination Date and each Class C
Investor Group, an amount equal to the sum with respect to each day in the Interest Period of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class C Undrawn Fee Rate for such Class C Investor Group for such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the excess, if any, of (x) the Class C Maximum Investor Group Principal Amount for the related
Class C Investor Group over (y) the Class C Investor Group Principal Amount for the related Class C Investor Group
(after giving effect to all Class C Advances and Class C Decreases on such day), in each case for such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 1/360; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Payment Date following the Commitment Termination Date, zero.

"**Class C Undrawn Fee Rate**" has the meaning specified in the Class C Interest Rate Letter.

"**Class C Voluntary Decrease**" has the meaning given to it in Clause 2.3(d)(iii) (*Voluntary Decrease*) of the Issuer Facility Agreement.

"**Class C Voluntary Decrease Amount**" has the meaning specified in Clause 2.3(d)(iii) (*Voluntary Decrease*) of the Issuer Facility Agreement.

"**Clearstream**" means Clearstream Banking, Luxembourg with offices at 42 avenue JF Kennedy, L-1855 Luxembourg.

"**Closing Date**" means the date on which the Effective Time occurs.

"**Commercial Paper**" means Class A Commercial Paper and/or Class B Commercial Paper, as applicable.

"**Commitment**" means, the obligation of the Committed Note Purchasers included in each Investor Group to fund Advances pursuant to Clause 2.2 (*Advances*) of the Issuer Facility Agreement in an aggregate stated amount up to the Class A Maximum Investor Group Principal Amount, the Class B Maximum Investor Group Principal Amount and/or the Class C Maximum Investor Group Principal Amount, as applicable, for each such Investor Group.

"**Commitment Termination Date**" means, without prejudice to the provisions of sub-clause 9.5 and/or sub-clause 9.6 of the Issuer Facility Agreement, in relation to (i) the Class A Notes, 30 April 2028, (ii) the Class B Notes, 30 April 2028, (iii) the Class C Notes, 30 April 2028, or such later dates designated in accordance with Clause 2.6 (*Commitment Terms and Extensions of Commitments*) of the Issuer Facility Agreement.

"**Committed Note Purchaser**" means the Class A Committed Note Purchaser(s), the Class B Committed Note Purchaser(s) and/or the Class C Committed Note Purchaser(s), as applicable.

"**Common Terms**" means the terms set out in Clause 3 of this Agreement.

"**Company Order**" and "**Company Request**" means a written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Issuer Security Trustee.

"**Concentration Excess Amount**" means, as of any date of determination, the sum of (i) the Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any, and (iii) the Vehicle Concentration Excess Amount as of such date, if any, subject to the Concentration Excess Amount Calculation Convention.

"**Concentration Excess Amount Calculation Convention**" means (i) any CEA Asset designated as satisfying any Individual Concentration Excess Amount may also be designated as satisfying any other Individual Concentration Excess Amount so long as such CEA Asset bears the characteristics that give rise to such other Individual Concentration Excess Amount and (ii) the determination of which CEA Assets are to be designated as constituting any Individual Concentration Excess Amount shall be made iteratively by the Issuer or any FleetCo, as applicable, in its reasonable discretion.

"**Conduit Investor**" means the Class A Conduit Investor(s) and/or the Class B Conduit Investor(s), as applicable.

"**Conduits**" means the Class A Conduits and/or the Class B Conduits, as applicable.

"**Confidential Information**" means information that the Issuer, Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Administrative Agent, but does not include any such information (i) that is or becomes generally available to the public other than as a result of a disclosure by a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Administrative Agent or other Person to which a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Administrative Agent delivered such information, (ii) that was in the possession of a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Administrative Agent prior to its being furnished to such Committed Note Purchaser, such Conduit Investor, such Funding Agent or the Administrative Agent by the Issuer, Hertz or any Affiliate thereof; provided that, there exists no obligation of any such Person to keep such information confidential, or (iii) that is or becomes available to a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Administrative Agent from a source other than the Issuer, Hertz or an Affiliate thereof; provided that, such source is not (1) known, or would not reasonably be expected to be known, to a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Administrative Agent to be bound by a confidentiality agreement with the Issuer, Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be expected to be known, to a Committed Note Purchaser, a Conduit Investor, a Funding Agent or the Administrative Agent to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

"**Consolidated Financial Statements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the financial statements prepared by an entity in accordance with an Acceptable Financial Accounting Standard,
in which the assets, liabilities, income, expenses and cash flows of that entity, and of any entities in which it has a Controlling Interest
are presented as those of a single economic unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the financial statements of a Group to which paragraph (b) of the definition of 'Group'
below applies prepared by an entity in accordance with an Acceptable Financial Accounting Standard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where an Ultimate Parent Entity has prepared financial statements described in paragraphs (a) or
(b) above, that are not prepared in accordance with an Acceptable Financial Accounting Standard, the financial statements of the
Ultimate Parent Entity that have been subsequently adjusted to prevent any Material Competitive Distortions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where an Ultimate Parent Entity does not prepare financial statements as described in paragraph (a), (b) or
(c) above, the financial statements that would have been prepared if the Ultimate Parent Entity were required to prepare such financial
statements in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an Acceptable Financial Accounting Standard; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) another financial accounting standard, provided such financial statements have been adjusted to prevent
any Material Competitive Distortions.

"**Contingent Obligation**" means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person (a) with respect to any indebtedness, lease, dividend, letter of credit or other obligation of another if the primary purpose or intent thereof by the Person incurring the Contingent Obligation is to provide assurance to the obligee of such obligation of another that such obligation of another will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such obligation will be protected (in whole or in part) against loss in respect thereof or (b) under any letter of credit issued for the account of that Person or for which that Person is otherwise liable for reimbursement thereof. Contingent Obligations shall include (a) the direct or indirect guarantee, endorsement (otherwise than for collection or deposit in the ordinary course of business), co making, discounting with recourse or sale with recourse by such Person of the obligation of another and (b) any liability of such Person for the obligations of another through any agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), (ii) to maintain the solvency of any balance sheet item, level of income or financial condition of another or (iii) to make take-or-pay or similar payments if required regardless of non-performance by any other party or parties to an agreement, if in the case of any agreement described under subclause (i) or (ii) of this sentence the primary purpose or intent thereof is as described in the preceding sentence. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported.

"**Contractual Obligation**" means, with respect to any Person, any provision of any security issued by that Person or of any material indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any material portion of its properties is bound or to which it or any material portion of its properties is subject.

"**Controlled Investment Affiliate**" means as to any person, any other person which directly or indirectly is in control of, is controlled by, or is under common control with, such person and is organised by such person (or any person controlling such person) primarily for making equity or debt investments in Hertz or its direct or indirect parent company or other portfolio companies of such person.

"**Controlling Interest**" means any equity interest that carries rights to the profits, capital or reserves of an entity whereby the interest holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is required to consolidate the assets, liabilities, income, expenses and cash flows of the entity on a
line-by-line basis, in accordance with an Acceptable Financial Accounting Standard; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) would have been required to consolidate the assets, liabilities, income, expenses and cash flows of the
entity on a line-by-line basis if the interest holder had prepared Consolidated Financial Statements.

"**Corresponding DBRS Rating**" means, for each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **Moody's** | **S&P** | **Fitch** | **DBRS** |
| Aaa | AAA | AAA | AAA |
| Aa1 | AA+ | AA+ | AA(H) |
| Aa2 | AA | AA | AA |
| Aa3 | AA- | AA- | AA(L) |
| A1 | A+ | A+ | A(H) |
| A2 | A | A | A |
| A3 | A- | A- | A(L) |
| Baa1 | BBB+ | BBB+ | BBB(H) |
| Baa2 | BBB | BBB | BBB |
| Baa3 | BBB- | BBB- | BBB(L) |
| Ba1 | BB+ | BB+ | BB(H) |
| Ba2 | BB | BB | BB |
| Ba3 | BB- | BB- | BB(L) |
| B1 | B+ | B+ | B-High |
| B2 | B | B | B |
| B3 | B- | B- | B(L) |
| Caa1 | CCC+ | CCC | CCC(H) |
| Caa2 | CCC | CC | CCC |
| Caa3 | CCC- | C | CCC(L) |
| Ca | CC |  | CC(H) |
| C |  |  | CC |
|  |  |  | CC(L) |
|  |  |  | C(H) |
|  |  |  | C |
|  |  |  | C(L) |

---

"**Credit Support Annex**" has the meaning specified in Clause 4.4(c) (*Collateral Posting for Ineligible Interest Rate Cap Providers*) of the Issuer Facility Agreement.

"**Credit Vehicle**" means, on any date, a Vehicle which has been delivered to or to the order of any FleetCo (i) by a Manufacturer or Dealer pursuant to a Vehicle Purchasing Agreement or (ii) in respect of Belgium and Germany, by the relevant OpCo pursuant to the relevant Master Fleet Purchase Agreement, but for which the full purchase price payable by or on behalf of such FleetCo or OpCo (as applicable) has not been received by or on behalf of the relevant Manufacturer or Dealer.

"**Daily Interest Allocation**" means, on each Deposit Date, an amount equal to the sum of (i) the aggregate amount of Issuer Interest Collections deposited into the Issuer Interest Collection Account on such date and (ii) all amounts received by the Issuer in respect of the Interest Rate Caps on such date.

"**Daily Principal Allocation**" means, on each Deposit Date, an amount equal to the aggregate amount of Issuer Principal Collections deposited into the Issuer Principal Collection Account on such date.

"**DBRS**" means DBRS, Inc.

"**DBRS Equivalent Rating**" means, with respect to any date and any Person with respect to whom DBRS does not maintain a public Relevant DBRS Rating as of such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Person has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies as
of such date, then the median of the Corresponding DBRS Ratings for such Person as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Person has Equivalent Rating Agency Ratings from only two of the Equivalent Rating Agencies as
of such date, then the lower Corresponding DBRS Rating for such Person as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Person has an Equivalent Rating Agency Rating from only one of the Equivalent Rating Agencies
as of such date, then the Corresponding DBRS Rating for such Person as of such date.

"**DBRS Trigger Required Ratings**" means, with respect to any entity, rating requirements that are satisfied if such entity has a long-term rating of at least "BBB" by DBRS (or, if such entity is not rated by DBRS, "Baa2" by Moody's or "BBB" by S&P).

"**Dealer**" means any vehicles dealer (which is not, for the avoidance of doubt, a Manufacturer), including, without limitation, any vehicle auction house in the business of buying and selling vehicles.

"**Deed of Pledge over Convertible Notes**" means the receivables pledge between the Issuer, as pledgor, Hertz Holdings Netherlands 2 B.V. as pledgor, and the Issuer Security Trustee, as pledgee, dated as of the Signing Date.

"**Defaulted Letter of Credit**" means, as of any date of determination, each Letter of Credit that, as of such date, an Authorized Officer of the Issuer Administrator has actual knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Letter of Credit is not be in full force and effect (other than in accordance with its terms or otherwise
as expressly permitted in such Letter of Credit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Event of Bankruptcy has occurred with respect to the Letter of Credit Provider of such Letter of Credit
and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Letter of Credit Provider has repudiated such Letter of Credit or such Letter of Credit Provider
has failed to honor a draw thereon made in accordance with the terms thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect
to the Letter of Credit Provider of such Letter of Credit.

"**Delegee**" has the meaning given to that term in Clause 6.7 (*Delegees*) of the Belgian Master Instalment Sale and Administration Agreement and in Clause 7 (*Delegees*) of the Belgian Master Fleet Purchase Agreement (as applicable).

"**Deposit Date**" means each Business Day on which any Issuer Collections are deposited into the Issuer Interest Collection Account and/or the Issuer Principal Collection Account.

"**Depreciation Charge**" means, as of any date of determination, with respect to any Lease Vehicle that is a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-Program Vehicle, an amount at least equal to the greater of: (i) the depreciation charge recorded
in any FleetCo's or its designee's computer systems calculated in accordance with U.S. GAAP; and (ii) such higher percentage
of the Capitalized Cost of such Lease Vehicle or Instalment Sale Vehicle as of such date, selected by the Lessor in its sole and absolute
discretion, that would cause the weighted average of the "Depreciation Charges" (weighted by Net Book Value as of such date)
with respect to all Lease Vehicles or Instalment Sale Vehicles that are Non-Program Vehicles as of such date to be equal to or greater
than 1.25%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Program Vehicle and such date occurs during the Estimation Period for such Lease Vehicle or Instalment
Sale Vehicle, if any, the Initially Estimated Depreciation Charge with respect to such Lease Vehicle or Instalment Sale Vehicle, as of
such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Program Vehicle and such date does not occur during the Estimation Period, if any, for such Lease Vehicle
or Instalment Sale Vehicle, an amount at least equal to the depreciation charge recorded in any FleetCo's or its designee's
computer systems calculated in accordance with U.S. GAAP.

"**Depreciation Record**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Instalment Sale Vehicle, has the meaning specified in Clause 4.1 (*Depreciation Records and Depreciation Charges*) of the Belgian Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 4.1 of each Master Lease.

"**Determination Date**" means the date five (5) Business Days prior to each Payment Date.

"**Disbursement**" shall mean any L/C Credit Disbursement or any L/C Termination Disbursement under the Letters of Credit or any combination thereof, as the context may require.

"**Discharge Date**" means the date earliest to occur on which the Issuer Security Trustee notifies or confirms to the Issuer Secured Parties, each FleetCo and each FleetCo Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there is no reasonable likelihood of there being any further payment, recovery or realization, whether
due and payable on such date, or which shall or may become due and payable, whether from the relevant party under a Related Document or
from the realization of the enforcement of any Issuer Security, or otherwise that would be available for distribution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all amounts owed to the relevant Issuer Secured Parties (other than the Subordinated Noteholder) under
the Issuer Priority of Payments have been fully and unconditionally discharged in full.

"**Disposition Date**" means, with respect to any Eligible Vehicle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Eligible Vehicle was returned to a Manufacturer for repurchase pursuant to a Repurchase Program,
the Turnback Date with respect to such Eligible Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Eligible Vehicle was subject to a Guaranteed Depreciation Program and not sold to any third party
prior to the Backstop Date with respect to such Eligible Vehicle, the Backstop Date with respect to such Eligible Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Eligible Vehicle was sold to any Person (other than to the Manufacturer thereof pursuant to such
Manufacturer's Manufacturer Program) the date on which the proceeds of such sale are deposited in the relevant FleetCo Collection
Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if such Eligible Vehicle becomes a Casualty or an Ineligible Vehicle (other than as a result of a sale
thereof that would be included in any of clause (i) through (iii) above), the day on which such Eligible Vehicle suffers a Casualty
or becomes an Ineligible Vehicle.

"**Disposition Proceeds**" means, with respect to each Non-Program Vehicle (which for the purposes of this definition shall exclude (a) Non-Program Vehicles acquired by the Italian FleetCo which are designated as Italian Fleet Seller Buy-Back Vehicles (b) Non-Program Vehicles acquired by the Belgian OpCo which are designated as Belgian Fleet Seller Buy-Back Vehicles), the net proceeds from the sale or disposition (i) by a Fleetco, or (ii) following the sale or disposition by a FleetCo to the relevant OpCo, by such OpCo, of such Eligible Vehicle to any Person (other than any portion of such proceeds payable by the Lessee thereof pursuant to any Master Lease or by the Belgian Instalment Purchaser pursuant to the Belgian Master Instalment Sale and Administration Agreement).

"**Dispute**" means any dispute arising out of or in connection with the relevant Related Document (including a dispute regarding the existence, validity or termination of such Related Document).

"**Disqualified Party**" means any Person engaged in the business of renting, leasing, financing or disposing of motor vehicles or equipment operating under the name "Advantage", "Alamo", "Amerco", "AutoNation", "Avis", "Budget", "CarMax", "Courier Car Rentals", "Edge Auto Rental", "Enterprise", "EuropCar", "Ford", "Fox", "Google", "Lyft", "Midway Fleet Leasing", "National", "Payless", "Red Dog Rental Services", "Silvercar", "Triangle", "Uber", "Vanguard", "ZipCar", "Angel Aerial", "Studio Services"; "Sixt", "Penske", "Sunbelt Rentals", "United Rentals", "ARI", "LeasePlan", "PHH", "U-Haul", "Virgin" or "Wheels" or any Affiliate of any of the foregoing.

"**Downgrade Event**" has the meaning specified in Clause 5.7(b) (*Letter of Credit Provider Downgrades*) of the Issuer Facility Agreement.

"**Downgrade Withdrawal Amount**" has the meaning specified in Clause 5.7(b) (*Letter of Credit Provider Downgrades*) of the Issuer Facility Agreement.

"**Due and Unpaid Instalment Payment Amount**" means in respect of the Dutch B FleetCo, all amounts (other than Monthly Variable Instalments) known by the Belgian Instalment Purchasers to be due and payable by such Belgian Instalment Purchasers to Dutch B FleetCo on either of the next two succeeding Payment Dates pursuant to Clause 4.7 (*Payments*) of the Belgian Master Instalment Sale and Administration Agreement as of such date (other than (i) Monthly Base Instalments payable on the second such succeeding Payment Date and (ii) Monthly Variable Instalments), together with all amounts due and unpaid as of such date by the Belgian Instalment Purchaser to Dutch B FleetCo pursuant to Clause 4.7 (*Payments*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Due and Unpaid Lease Payment Amount**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Dutch B FleetCo, the Due and Unpaid Instalment Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of other FleetCos, as of any date of determination, all amounts (other than Monthly Variable
Rent) known by the applicable Servicer to be due and payable by the applicable Lessees to the applicable FleetCo on either of the next
two succeeding Payment Dates pursuant to Clause 4.7 of the applicable Master Lease as of such date (other than (i) Monthly Base Rent
payable on the second such succeeding Payment Date and (ii) Monthly Variable Rent), together with all amounts due and unpaid as of
such date by such Lessees to such FleetCo pursuant to Clause 4.7 of the applicable Master Lease.

"**Due Date**" means, with respect to any payment due from a Manufacturer or auction dealer in respect of a Program Vehicle turned back for repurchase or sale pursuant to the terms of the related Manufacturer Program, the ninetieth (90th) day after the Disposition Date for such Eligible Vehicle.

"**Dutch Merger**" means the legal merger as referred to in title 2.7 of the Dutch Civil Code, with Hertz Automobielen Nederland B.V. acquiring all the assets and liabilities of Stuurgroep Holland B.V. under the universal transfer of succession and Stuurgroep Holland B.V. ceasing to exist by operation of law and without liquidation as a result.

"**Dutch Amendment and Restatement Agreement**" means the amendment and restatement agreement entered into, by amongst others, Dutch FleetCo, Dutch OpCo and the Dutch Security Trustee dated on or about the Eighth Amendment Date.

"**Early Program Return Payment Amount**" means, with respect to each Payment Date and each Lease Vehicle and each Instalment Sale Vehicle that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was a Program Vehicle as of its Turnback Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Turnback Date for which occurred during the Related Month with respect to such Payment Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Turnback Date for which occurred prior to the Minimum Program Term End
Date for such Lease Vehicle or Instalment Sale Vehicle,

an amount equal to the excess, if any, of (i) the Net Book Value of such Lease Vehicle or Instalment Sale Vehicle (as of its Turnback Date) over (ii) the Repurchase Price received or receivable with respect to such Lease Vehicle or Instalment Sale Vehicle (or that would have been received but for a Manufacturer Event of Default, as applicable).

"**EBA**" means the European Banking Authority (formerly known as the Committee of European Banking Supervisors), or any predecessor, successor or replacement agency or authority.

"**Eighth Amendment Date**" means the Eighth Amendment Date as defined in the amendment deed in respect of certain issuer level related documents dated on or around 26 June 2024.

"**Effective Time**" has the meaning given to it in the Escrow Deed dated 26 September 2018.

"**Election Period**" has the meaning specified in Clause 2.6(c) (*Procedures for Extension Consents*) of the Issuer Facility Agreement.

"**Eleventh Amendment Date**" means the Eleventh Amendment Date as defined in the amendment deed in respect of certain issuer level related documents dated __ April 2026.

"**Eligible Account**" means a separately identifiable deposit account established with an Acceptable Bank.

"**Eligible Due and Unpaid Instalment Payment Amount**" means, with respect to the Dutch B FleetCo as of any date of determination, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the FleetCo Due and Unpaid Instalment Payment Amount as of such date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the product of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sum of the relevant FleetCo AAA Components as of such date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 4.0%.

"**Eligible Due and Unpaid Lease Payment Amount**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Dutch B FleetCo as of any date of determination, the Eligible Due and Unpaid Instalment
Payment Amount for such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to a FleetCo (other than the Dutch B FleetCo) as of any date of determination, the lesser
of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relevant FleetCo Due and Unpaid Lease Payment Amount as of such date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the product of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the sum of the relevant FleetCo AAA Components as of such date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 4.0%.

"**Eligible Interest Rate Cap Provider**" means a counterparty to an Interest Rate Cap that is a bank, other financial institution or Person that as of any date of determination satisfies the DBRS Trigger Required Ratings (or whose present and future obligations under its Interest Rate Cap are guaranteed pursuant to a guarantee in a form and substance satisfactory to the Administrative Agent (acting reasonably) and satisfying the other requirements set forth in the related Interest Rate Cap provided by a guarantor that satisfies the DBRS Trigger Required Ratings); provided that, as of the date of the acquisition, replacement or extension (whether in connection with an extension of the Commitment Termination Date or otherwise) of any Interest Rate Cap, the applicable counterparty satisfies the Initial Counterparty Required Ratings or such counterparty's present and future obligations under its Interest Rate Cap are guaranteed pursuant to a guarantee (in form and substance satisfactory to the Administrative Agent (acting reasonably) and satisfying the other requirements set forth in the related Interest Rate Cap) provided by a guarantor that satisfies the Initial Counterparty Required Ratings.

"**Eligible Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"**Eligible Investment Grade Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to any FleetCo, as of such date by all Investment Grade Manufacturers.

"**Eligible Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Program Vehicle for which the Disposition Date has not occurred as of such date.

"**Eligible Letter of Credit Provider**" means a Person having, at the time of the issuance of the related Letter of Credit and as of the date of any amendment or extension of the Commitment Termination Date a long-term senior unsecured debt rating (or the equivalent thereof) of at least "BBB" from DBRS (or if such Person is not rated by DBRS, "Baa2" by Moody's or "BBB" by S&P).

"**Eligible Manufacturer Receivable**" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Manufacturer Receivable payable to any FleetCo by any Manufacturer that has a Relevant DBRS Rating
as of such date of at least "A(L)" from DBRS (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date,
then a DBRS Equivalent Rating of at least "A(L)") as of such date pursuant to a Manufacturer Program that, as of such date,
has not remained unpaid for more than 150 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to
such Manufacturer Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Manufacturer Receivable payable to any FleetCo by any Manufacturer that (a) has a Relevant DBRS
Rating as of such date of (i) less than "A(L)" from DBRS as of such date and (ii) at least "BBB(L)"
from DBRS as of such date or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent
Rating of (i) less than "A(L)" as of such date and (ii) at least "BBB(L)" as of such date, in either
such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for
more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Manufacturer Receivable payable to any FleetCo by a Non-Investment Grade (High) Manufacturer or a
Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid
for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

"**Eligible Non-Investment Grade (High) Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to the FleetCos, as of such date by all Non-Investment Grade (High) Manufacturers.

"**Eligible Non-Investment Grade (Low) Program Receivable Amount**" means, as of any date of determination, the sum of all Manufacturer Receivables payable to the FleetCos, as of such date by all Non-Investment Grade (Low) Manufacturers.

"**Eligible Non-Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value of each Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such date.

"**Eligible Non-Investment Grade Program Vehicle Amount**" means, as of any date of determination, the Net Book Value as of such date of each Non-Investment Grade (High) Program Vehicle and each Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

"**Eligible Vehicle**" means a Vehicle that is owned by a FleetCo and leased or, in respect of a Belgian Collateral, subject to an instalment sale by such FleetCo to any Lessee or to the Belgian Instalment Purchaser pursuant to the applicable Master Lease or the Belgian Master Instalment Sale and Administration Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that is not older than seventy-two (72) months from December 31 of the calendar year preceding the
model year of such Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that is owned by such FleetCo free and clear of all Security (other than Permitted Security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that is designated on the applicable Servicer's computer systems as
leased under a Master Lease or designated on the applicable Instalment Sale Administrator's computer systems as subject to an instalment
sale under the Belgian Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that is not a Credit Vehicle.

"**Enhancement**" means, with respect to the Issuer Notes, the rights and benefits provided to the Noteholders of the Issuer Notes pursuant to any letter of credit, surety bond, cash collateral account, overcollateralization, issuance of Class B Notes, Class C Notes and/or Subordinated Notes, spread account, guaranteed rate agreement, maturity guaranty facility, tax protection agreement, interest rate swap, hedging instrument or any other similar agreement.

"**Enhancement Agreement**" means any contract, agreement, instrument or document governing the terms of any Enhancement or pursuant to which any Enhancement is issued or outstanding.

"**Enhancement Provider**" means the Person providing any Enhancement as designated in the Issuer Facility Agreement.

"**Equivalent Rating Agency**" means each of Fitch, Moody's and S&P.

"**Equivalent Rating Agency Rating**" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date.

"**Escrow Deed**" means the escrow deed dated 26 September 2018 between, amongst others, the Credit Agricole Corporate and Investment Bank as escrow agent, the existing securitisation parties as described therein, the existing rcf parties as described therein and the new securitisation parties as described therein.

"**ESMA**" means the European Securities and Markets Authority.

"**ESMA Reporting Templates**" means the standardised disclosure templates published by ESMA on 23 September 2020 as amended from time to time.

"**Estimation Period**" means, with respect to any Lease Vehicle or Instalment Sale Vehicle that is a Program Vehicle with respect to which the applicable depreciation charge set forth in the related Manufacturer Program for such Lease Vehicle or Instalment Sale Vehicle has not been recorded in the applicable FleetCo's or its designee's computer systems or has been recorded in such computer systems, but has not been applied to such Program Vehicle therein, the period commencing on such Lease Vehicle's Vehicle Lease Commencement Date or Instalment Sale Vehicle's Vehicle Instalment Sale Commencement Date and terminating on the date such applicable depreciation charge has been recorded in such FleetCo's or its designee's computer systems and applied to such Program Vehicle therein.

"**EU ABCP Asset Report**" means a monthly report as then required by and in accordance with Article 7(1)(a) of the EU Securitisation Regulation in the form of the applicable ESMA reporting template equivalent to Annex 11 to the ESMA Reporting Templates.

"**EU ABCP Investor Report**" means a monthly report as then required by and in accordance with Article 7(1)(e) of the EU Securitisation Regulation in the form of the applicable ESMA reporting template equivalent to Annex 13 to the ESMA Reporting Templates.

"**EU Asset Report**" means a monthly report as then required by and in accordance with Article 7(1)(a) of the EU Securitisation Regulation in the form of the applicable ESMA reporting template equivalent to Annex 9 to the ESMA Reporting Templates.

"**EU Investor Report**" means a monthly report as then required by and in accordance with Article 7(1)(e) of the EU Securitisation Regulation in the form of the applicable ESMA reporting template equivalent to Annex 12 to the ESMA Reporting Templates.

"**EU Retention Requirement Law**" means the EU Securitisation Regulation.

"**EU Securitisation Regulation**" means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 (as amended) laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation together with any relevant regulatory and/or implementing technical standards adopted by the European Commission in relation thereto, any relevant regulatory and/or implementing technical standards applicable in relation thereto pursuant to any transitional arrangements made pursuant to Regulation (EU) 2017/2402, and, in each case, any guidelines or related documents published from time to time in relation thereto by the European Banking Authority or ESMA (or successor agency or authority) and adopted by the European Commission.

"**EURIBOR**" means the greater of zero and the offered rate which appears on the display designated on the Bloomberg Screen "BTMMEU" page (or such other page or service as may replace it for the purpose of displaying EURIBOR rates), as applicable to one month Euro deposits, or, in the case of Credit Agricole Corporate and Investment Bank (in its capacity as a Class A Committed Note Purchaser and Class B Committed Note Purchaser), as applicable to three month Euro deposits.

"**European Group**" has the meaning given to it in Clause 1.1 of the Refinancing Deed of Covenant.

"**Event of Bankruptcy**" shall be deemed to have occurred with respect to a Person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is unable or admits inability to pay its debts as they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is deemed to or is declared to, be unable to pay its debts under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) suspends or threatens to suspend making payments on any of its debts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of
its creditors with a view to rescheduling any of its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The value of the assets of such Person is less than its liabilities (taking into account contingent and
prospective liabilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A moratorium is declared in respect of any indebtedness of such Person. If a moratorium occurs, the ending
of the moratorium will not remedy any Amortization Event, Liquidation Event, Servicer Default or Instalment Sale Administrator Default
caused by that moratorium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the suspension of payments, a moratorium of any indebtedness, insolvency proceeding, winding-up, liquidation
(including provisional liquidation), dissolution, examinership, statutory rescue process, administration, receivership, or reorganisation
(by way of voluntary arrangement, scheme of arrangement, restructuring plan or otherwise) of such Person or any other relief is sought
by or in respect of such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment
of debts or other similar law affecting creditors' rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a composition, compromise, assignment, arrangement or readjustment with any creditor of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the appointment of an Insolvency Official in respect of any such Person or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enforcement of any Security over any (A) assets of such Person, (B) Vehicle leased or in the
possession of such Person, or (C) the FleetCo Collateral;

or any analogous or similar procedure or step is taken in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Paragraph (d) shall not apply to any winding-up petition which is frivolous or vexatious and is discharged,
stayed or dismissed within 10 Business Days of commencement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any expropriation, attachment, sequestration, distress, enforcement or execution or any analogous process
in any jurisdiction affects any (i) asset or assets of such Person, (ii) any Vehicle leased or in the possession of such Person,
or (iii) the FleetCo Collateral; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such Person takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence
in, any of the foregoing acts,

***provided that***, if such Person is a company or corporation incorporated in Italy, an "*Event of Bankruptcy*" shall be deemed to have occurred if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such company or corporation is declared insolvent or the competent judicial authorities instated a special
administration proceedings, liquidation of such company/corporation or the appointment of liquidator/administrator or such company or
corporation has become subject to any applicable bankruptcy, liquidation, administration, insolvency, composition or reorganisation (including,
without limitation, "*fallimento* ", "*liquidazione coatta amministrativa* ", "*concordato preventivo* ",
and "*amministrazione straordinaria* ", each such expression bearing the meaning ascribed to it by the laws of the Republic
of Italy, including the seeking of liquidation, winding-up, reorganisation, dissolution, administration) or similar proceedings or the
whole or any substantial part of the undertaking or assets of such company or corporation are subject to a *pignoramento* or similar
procedure having a similar effect (other than, in the case of the Italian FleetCo, any portfolio of assets purchased by the Italian FleetCo
for the purposes of further securitisation transactions) unless, in the opinion of the Italian Noteholder (who may in this respect rely
on the advice of a lawyer selected by it), such proceedings are being disputed in good faith with a reasonable prospect of success; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an application for the commencement of any of the proceedings under roman (i) above is made in respect
of or by such company or corporation or such proceedings are otherwise initiated against such company or corporation and, in the opinion
of the Italian Noteholder (who may in this respect rely on the advice of a lawyer selected), the commencement of such proceedings are
not being disputed in good faith with a reasonable prospect of success; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such company or corporation takes any action for a re-adjustment of or deferment of any of its obligations
or makes a general assignment or an arrangement or composition with or for the benefit of its creditors (other than, in the case of the
Italian FleetCo, the Other Italian FleetCo Creditors) or is granted by a competent court a moratorium in respect of any of its indebtedness
or any guarantee, indemnity or assurance against loss given by it in respect of any indebtedness or applies for suspension of payments;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an order is made or an effective resolution is passed for the winding-up, liquidation or dissolution in
any form of such company or corporation or any of the events under article 2484 of the Italian Civil Code occurs with respect to such
company or corporation (except a winding-up for the purposes of, or pursuant to, a solvent amalgamation or reconstruction, the terms of
which have been previously approved in writing by the Italian Noteholder); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such company or corporation becomes subject to any proceedings equivalent or analogous to those above
under the law of any jurisdiction in which such company or corporation is deemed to carry on business.

"**Excess Administrator Fee Allocation Amount**" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Issuer Administrator Fee Amount with respect to such Payment Date over (ii) the Capped Issuer Administrator Fee Amount with respect to such Payment Date.

"**Excess Damage Charges**" means, with respect to any Program Vehicle, the amount charged or deducted from the Repurchase Price by the Manufacturer of such Vehicle due to (a) damage over a prescribed limit, (b), if applicable, damage not subject to a prescribed limit and (c) missing equipment, in each case with respect to such Vehicle at the time that such Vehicle is turned in to such Manufacturer or its agent for repurchase or Auction pursuant to the applicable Manufacturer Program.

"**Excess Mileage Charges**" means, with respect to any Program Vehicle, the amount charged or deducted from the Repurchase Price, by the Manufacturer of such Vehicle due to the fact that such Vehicle has mileage over a prescribed limit at the time that such Vehicle is turned in to such Manufacturer or its agent for repurchase or Auction pursuant to the applicable Manufacturer Program.

"**Excess Issuer Operating Expense Amount**" means, with respect to any Payment Date the excess, if any, of (i) the Issuer Operating Expense Amount with respect to such Payment Date over (ii) the Capped Issuer Operating Expense Amount with respect to such Payment Date.

"**Excess Trustee Fee Amount**" means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Issuer Security Trustee Fee Amount with respect to such Payment Date over (ii) the Capped Issuer Security Trustee Fee Amount with respect to such Payment Date.

"**Excluded Payments**" means (a) all incentive payments payable by a Manufacturer to purchase Vehicles (but not any amounts payable by a Manufacturer as an incentive for selling Program Vehicles outside of the related Manufacturer Program), (b) all amounts payable by a Manufacturer as compensation for the preparation of newly delivered vehicles, (c) all amounts payable by a Manufacturer as compensation for interest payable after the purchase price for a Vehicle is paid, (d) all amounts payable by a Manufacturer in reimbursement for warranty work performed by or on behalf of a FleetCo on the relevant Vehicles and (e) any volume rebates in connection with the purchase of Vehicles which are due to any OpCo.

"**Existing/Prior Financing**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Issuer, French FleetCo and Dutch FleetCo, the financing pursuant to the VFN Purchase
Facility Agreement dated 8 July 2010 (as amended from time to time) between (among others) the Issuer and BNP Paribas Trust Corporation
UK Limited as Issuer Security Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of German FleetCo, the financing pursuant to the Euro revolving credit facility agreement dated
24 June 2010, as amended from time to time (including for the avoidance of doubt any seasonal facilities or intragroup financing
arrangements entered into in connection therewith); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of German FleetCo, the financing pursuant to the high yield bonds issued on 23 March 2018.

"**Expected Final Payment Date**" means, in relation to each Class of Notes, (a) the Commitment Termination Date, or (b) to the extent the Issuer fails to procure the achievement of the MatchPoint Removal Completion by the date falling 2 Business Days before the MatchPoint Commitment Longstop Date, 30 April 2027 or (c) to the extent the Issuer fails to procure the achievement of the Magenta Removal Completion by the date falling 2 Business Days before the Magenta Commitment Longstop Date, 30 April 2027.

"**Extension Length**" has the meaning specified in Clause 2.6 (*Commitment Terms and Extensions of Commitments*) of the Issuer Facility Agreement.

"**Facility Term**" has the meaning specified in Clause 2.6(a) of the Issuer Facility Agreement.

"**Failure Percentage**" means, as of any date of determination, a percentage equal to 100% minus the lower of (x) the lowest Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Closing Date) and (y) the lowest Market Value Average as of any Determination Date within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Closing Date).

"**FCA**" means the UK's Financial Conduct Authority.

"**FCA Handbook**" means the handbook of rules and guidance adopted by the FCA.

"**Fifth Amendment Date**" means the Fifth Amendment Date as defined in the amendment and restatement deed in respect of certain issuer level related documents dated on or around 20 December 2022.

"**Final Base Instalment**" has the meaning specified in Clause 4.3 (*Final Base Instalment*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Final Base Rent**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Seller and any Belgian Instalment Purchaser, means Final Base Instalment;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 4.3 of each Master Lease.

"**Financial Advisor**" means any financial advisor appointed by the Required Noteholders in accordance with the Issuer Related Documents or the FleetCo Related Documents and notified as being appointed to the Administrator, each FleetCo Administrator, each FleetCo, each OpCo and the Liquidation Co-ordinator.

"**Financial Statement**" means, in respect of any Person, audited financial statements of such Person for a specified period (including a balance sheet, profit and loss account (or other form of income statement), but excluding for the avoidance of doubt any statement of cash flow).

"**First Amendment Date**" means the Amendment Date as defined in the amendment deed in respect of certain Related Documents dated 8 November 2019.

"**First Supplemental Dutch Security Trust Deed**" means the first supplemental security trust deed dated on or around the Fifth Amendment Date entered into by, amongst others, the Dutch Security Trustee and the Dutch FleetCo and as further amended, restated or supplemented from time to time.

"**First Supplemental French Security Trust Deed**" means the first supplemental security trust deed dated on or around the Fifth Amendment Date entered into by, amongst others, the French Security Trustee and the French FleetCo and as further amended, restated or supplemented from time to time.

"**First Supplemental German Security Trust Deed**" means the first supplemental security trust deed dated on or around the Fifth Amendment Date entered into by, amongst others, the German Security Trustee and the German FleetCo and as further amended, restated or supplemented from time to time.

"**First Supplemental Issuer Security Trust Deed**" means the first supplemental security trust deed dated on or around the Fifth Amendment Date entered into by, amongst others, the Issuer Security Trustee and the Issuer and as further amended, restated or supplemented from time to time.

"**First Supplemental Spanish Security Trust Deed**" means the first supplemental security trust deed dated on or around the Fifth Amendment Date entered into by, amongst others, the Spanish Security Trustee and the Spanish FleetCo and as further amended, restated or supplemented from time to time.

"**First Rating Trigger Event**" means that at any time the Interest Rate Cap Provider or (where applicable) the guarantor of the Interest Rate Cap Provider ceases to have the Initial Counterparty Required Ratings.

"**Fitch**" means Fitch Ratings.

"**Fixed Rate**" means has the meaning specified in the Class C Interest Rate Letter.

"**FleetCo**" means the Dutch FleetCo, the Dutch B FleetCo, the French FleetCo, the German FleetCo, the Spanish FleetCo and/or the Italian FleetCo, as applicable.

"**FleetCo AAA Component**" means the Belgian AAA Component, the Dutch AAA Component, the French AAA Component, the German AAA Component, the Spanish AAA Component and/or the Italian AAA Component, as applicable.

"**FleetCo AAA Select Component**" means each FleetCo AAA Component other than any Eligible Due and Unpaid Lease Payment Amount or Eligible Due and Unpaid Instalment Payment Amount.

"**FleetCo Acceleration Notice**" means a Belgian Acceleration Notice, a Dutch Acceleration Notice, a French Acceleration Notice, a German Acceleration Notice, a Spanish Acceleration Notice and/or an Italian Acceleration Notice, as applicable.

"**FleetCo Account**" means any Belgian Accounts, any Dutch Accounts, any French Accounts, any German Accounts, any Spanish Accounts and any Italian Accounts, as applicable.

"**FleetCo Account Mandates**" means the signature authorities relating to a FleetCo Account, as amended from time to time in accordance with the relevant Account Bank Agreement.

"**FleetCo Administration Agreement**" means the Belgian Administration Agreement, the Dutch Administration Agreement, the French Administration Agreement, the German Administration Agreement, the Spanish Administration Agreement and/or the Italian Administration Agreement, as applicable.

"**FleetCo Administrator**" means the Belgian Administrator, the Dutch Administrator, the French Administrator, the German Administrator, the Spanish Administrator and/or the Italian Administrator, as applicable.

"**FleetCo Administrator Default**" means a Belgian Administrator Default, a Dutch Administrator Default, a French Administrator Default, a German Administrator Default, a Spanish Administrator Default and/or an Italian Administrator Default, as applicable.

"**FleetCo Administrator Termination Notice**" has the meaning given to it in Clause 1.4 (*Issuer Back-Up Administrator*) of the International Account Bank Agreement.

"**FleetCo Aggregate Asset Amount**" means the Belgian Aggregate Asset Amount, the Dutch Aggregate Asset Amount, the French Aggregate Asset Amount, the German Aggregate Asset Amount, the Spanish Aggregate Asset Amount and/or the Italian Aggregate Asset Amount, as applicable.

"**FleetCo Back-Up Administration Agreement**" means the Belgian Back-Up Administration Agreement, the Dutch Back-Up Administration Agreement, the French Back-Up Administration Agreement, the German Back-Up Administration Agreement, the Spanish Back-Up Administration Agreement and/or the Italian Back-Up Administration Agreement, as applicable.

"**FleetCo Back-Up Administrator**" means the Belgian Back-Up Administrator, the Dutch Back-Up Administrator, the French Back-Up Administrator, the German Back-Up Administrator, the Spanish Back-Up Administrator and/or the Italian Back-Up Administrator, as applicable.

"**FleetCo Blended Advance Rate**" means the Belgian Blended Advance Rate, the Dutch Blended Advance Rate, the French Blended Advance Rate, the German Blended Advance Rate, the Spanish Blended Advance Rate and/or the Italian Blended Advance Rate, as applicable.

"**FleetCo Blended Advance Rate Weighting Denominator**" means the Belgian Blended Advance Rate Weighting Denominator, the Dutch Blended Advance Rate Weighting Denominator, the French Blended Advance Rate Weighting Denominator, the German Blended Advance Rate Weighting Denominator, the Spanish Blended Advance Rate Weighting Denominator and the Italian Blended Advance Rate Weighting Denominator, as applicable.

"**FleetCo Carrying Charges**" means the Belgian Carrying Charges, the Dutch Carrying Charges, the French Carrying Charges, the German Carrying Charges, the Spanish Carrying Charges and/or the Italian Carrying Charges, as applicable.

"**FleetCo Class A Baseline Advance Rate**" means the Belgian Class A Baseline Advance Rate, the Dutch Class A Baseline Advance Rate, the French Class A Baseline Advance Rate, the Spanish Class A Baseline Advance Rate, the German Class A Baseline Advance Rate and/or the Italian Class A Baseline Advance Rate, as applicable.

"**FleetCo Class A Blended Advance Rate**" means the Belgian Class A Blended Advance Rate, the Dutch Class A Blended Advance Rate, the French Class A Blended Advance Rate, the German Class A Blended Advance Rate, the Spanish Class A Blended Advance Rate and/or the Italian Class A Blended Advance Rate, as applicable.

"**FleetCo Class A Blended Advance Rate Weighting Numerator**" means the Belgian Class A Blended Advance Rate Weighting Numerator, the Dutch Class A Blended Advance Rate Weighting Numerator, the French Class A Blended Advance Rate Weighting Numerator, the German Class A Blended Advance Rate Weighting Numerator, the Spanish Class A Blended Advance Rate Weighting Numerator and the Italian Class A Blended Advance Rate Weighting Numerator, as applicable.

"**FleetCo Class B Baseline Advance Rate**" means the Belgian Class B Baseline Advance Rate, the Dutch Class B Baseline Advance Rate, the French Class B Baseline Advance Rate, the Spanish Class B Baseline Advance Rate, the German Class B Baseline Advance Rate and/or the Italian Class B Baseline Advance Rate, as applicable.

"**FleetCo Class B Blended Advance Rate**" means Belgian Class B Blended Advance Rate, the Dutch Class B Blended Advance Rate, the French Class B Blended Advance Rate, the German Class B Blended Advance Rate, the Spanish Class B Blended Advance Rate and/or the Italian Class B Blended Advance Rate, as applicable.

"**FleetCo Class B Blended Advance Rate Weighting Numerator**" means the Belgian Class B Blended Advance Rate Weighting Numerator, the Dutch Class B Blended Advance Rate Weighting Numerator, the French Class B Blended Advance Rate Weighting Numerator, the German Class B Blended Advance Rate Weighting Numerator, the Spanish Class B Blended Advance Rate Weighting Numerator and the Italian Class B Blended Advance Rate Weighting Numerator, as applicable.

"**FleetCo Class C Baseline Advance Rate**" means the Belgian Class C Baseline Advance Rate, the Dutch Class C Baseline Advance Rate, the French Class C Baseline Advance Rate, the Spanish Class C Baseline Advance Rate, the German Class C Baseline Advance Rate and/or the Italian Class C Baseline Advance Rate, as applicable.

"**FleetCo Class C Blended Advance Rate**" means the Belgian Class C Blended Advance Rate, the Dutch Class C Blended Advance Rate, the French Class C Blended Advance Rate, the German Class C Blended Advance Rate, the Spanish Class C Blended Advance Rate and/or the Italian Class C Blended Advance Rate, as applicable.

"**FleetCo Class C Blended Advance Rate Weighting Numerator**" means the Belgian Class C Blended Advance Rate Weighting Numerator, the Dutch Class C Blended Advance Rate Weighting Numerator, the French Class C Blended Advance Rate Weighting Numerator, the German Class C Blended Advance Rate Weighting Numerator, the Spanish Class C Blended Advance Rate Weighting Numerator and the Italian Class C Blended Advance Rate Weighting Numerator, as applicable.

"**FleetCo Collateral**" means the Belgian Collateral, the Dutch Collateral, the French Collateral, the German Collateral and/or the Spanish Collateral and/or the Italian Collateral, as applicable.

"**FleetCo Collection Account**" means the Belgian Collection Account, the Dutch Collection Account, the French Collection Account, the German Collection Account, the Spanish Collection Account and/or the Italian Collection Account, as applicable.

"**FleetCo Collections**" means the Belgian Collections, the Dutch Collections, the French Collections, the German Collections, the Spanish Collections and/or the Italian Collections, as applicable.

"**FleetCo Daily Collection Report**" means the Belgian Daily Collection Report, the Dutch Daily Collection Report, the French Daily Collection Report, the German Daily Collection Report, the Spanish Daily Collection Report and/or the Italian Daily Collection Report, as applicable.

"**FleetCo Due and Unpaid Instalment Payment Amount**" means the Due and Unpaid Instalment Payment Amount with respect to the Belgian Master Instalment Sale and Administration Agreement.

"**FleetCo Due and Unpaid Lease Payment Amount**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of Dutch B FleetCo, FleetCo Due and Unpaid Instalment Payment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any other FleetCo, the Due and Unpaid Lease Payment Amount with respect to the Dutch Master
Lease, the French Master Lease, the German Master Lease, the Spanish Master Lease and the Italian Master Lease.

"**FleetCo Enforcement Notice**" means a Belgian Enforcement Notice, a Dutch Enforcement Notice, a French Enforcement Notice, a German Enforcement Notice, a Spanish Enforcement Notice and/or an Italian Enforcement Notice, as applicable.

"**FleetCo Facility Agreement**" means the Belgian Facility Agreement, the Dutch Facility Agreement, the French Facility Agreement, the German Facility Agreement, the Spanish Facility Agreement and/or the Italian Note Purchase Agreement, as applicable.

"**FleetCo Interest Collections**" means the Belgian Interest Collections, the Dutch Interest Collections, the French Interest Collections, the German Interest Collections, the Spanish Interest Collections and/or the Italian Interest Collections, as applicable.

"**FleetCo Maximum Principal Amount**" means the Belgian Maximum Principal Amount, the Dutch Maximum Principal Amount, the French Maximum Principal Amount, the German Maximum Principal Amount, the Spanish Maximum Principal Amount and/or the Italian Maximum Principal Amount, as applicable.

"**FleetCo Note Framework Agreement**" means each of the Belgian Note Framework Agreement, the Dutch Note Framework Agreement, the Spanish Note Framework Agreement and the German Note Framework Agreement, as applicable.

"**FleetCo Note Register**" means each of the Belgian Note Register, the Dutch Note Register, the Spanish Note Register and the German Note Register, as applicable.

"**FleetCo Notes**" means the Belgian Note, the Dutch Note, the Spanish Note, the German Note and the Italian Note as applicable.

"**FleetCo Principal Collections**" means the Belgian Principal Collections, the Dutch Principal Collections, the French Principal Collections, the German Principal Collections, the Spanish Principal Collections and/or the Italian Principal Collections, as applicable.

"**FleetCo Priority of Payments**" means the Belgian Priority of Payments, the Dutch Priority of Payments, the French Priority of Payments, the German Priority of Payments, the Spanish Priority of Payments and/or the Italian Priority of Payments, as applicable.

"**FleetCo Registrar**" means the Belgian Registrar, the Dutch Registrar, the German Registrar, the Spanish Registrar as applicable.

"**FleetCo Related Documents**" means the THC Guarantee and Indemnity, the Refinancing Deed of Covenant, the Belgian Related Documents, the Dutch Related Documents, the French Related Documents, the German Related Documents, the Spanish Related Documents and/or the Italian Related Documents, as applicable.

"**FleetCo Repeating Representations**" means the Belgian Repeating Representations, the Dutch Repeating Representations, the French Repeating Representations, the German Repeating Representations, the Spanish Repeating Representations and the Italian Repeating Representations, as applicable.

"**FleetCo Required Reserve Advance**" means the Belgian Required Reserve Advance, the Dutch Required Reserve Advance, the French Required Reserve Advance, the German Required Reserve Advance, the Spanish Required Reserve Advance and/or the Italian Required Reserve Advance, as applicable.

"**FleetCo Reserve Advance**" means the Belgian Reserve Advance, the Dutch Reserve Advance, the French Reserve Advance, the German Reserve Advance, the Spanish Reserve Advance and/or the Italian Reserve Advance, as applicable.

"**FleetCo Secured Obligations**" means the Belgian Secured Obligations, the Dutch Secured Obligations, the French Secured Obligations, the German Secured Obligations and/or the Spanish Secured Obligations, as applicable.

"**FleetCo Secured Party**" means the Belgian Secured Parties, the Dutch Secured Parties, the French Secured Parties, the German Secured Parties and/or the Spanish Secured Parties, as applicable.

"**FleetCo Security**" means the Belgian Security, the Dutch Security, the French Security, the German Security, the Italian Security and/or the Spanish Security, as applicable.

"**FleetCo Security Documents**" means the Belgian Security Documents, the Dutch Security Documents, the French Security Documents, the German Security Documents, the Italian Security Documents and/or the Spanish Security Documents, as applicable.

"**FleetCo Security Trustee**" means the Belgian Security Trustee, the Dutch Security Trustee, the French Security Trustee, the German Security Trustee and/or the Spanish Security Trustee, as applicable.

"**FleetCo Transaction Account**" means the Belgian Transaction Account, the Dutch Transaction Account, the French Transaction Account, the German Transaction Account, the Spanish Transaction Account and/or the Italian Transaction Account, as applicable.

"**Forecasted Liquidity**" means the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The European Group's cash in hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any credit balance on any deposit, savings, current or other account held with a bank or financial institution
and to which a member (or members) of the European Group is alone beneficially entitled and which is available to be freely withdrawn
during the forecast period (net of any debit balance on any such account to the extent that such accounts are reported and operated on
a net basis in the ordinary day-to-day course of the European Group's cash management arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an amount equal to the then current Class A Maximum Principal amount less any Class A Principal
Amount save to the extent that the Class A Funding Conditions would otherwise prevent such Class A Maximum Principal Amount
from being utilised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other undrawn financing commitments which are either unconditionally available to any member of the
European Group or which are subject to conditions which HHN2 (acting reasonably) believes would be satisfied if the European Group attempted
to draw upon those commitments (and for the avoidance of doubt HHN2 will be deemed to have acted reasonably if acting on advice from a
professional advisor),

in each case for the 13-week period from and including the date of the applicable Cashflow and Liquidity Forecast.

"**Fourth Amendment Date**" means the Fourth Amendment Date as defined in the amendment and restatement deed in respect of certain issuer level related documents dated on or around 21 June 2022.

**"Fourth Ranking Deed of Pledge of Convertible Notes"** means the fourth ranking deed of pledge of convertible notes of the Issuer dated on or about the Seventh Amendment Date, granted by Hertz Holdings Netherlands 2 B.V..

**"Fourth Ranking Deed of Pledge of Registered Shares"** means the fourth ranking deed of pledge of registered shares of the Issuer dated on or about the Seventh Amendment Date, granted by Hertz Holdings Netherlands 2 B.V. and Wilmington Trust SP Services (Dublin) Limited.

"**Fourth Supplemental Issuer Security Trust Deed**" means the fourth supplemental security trust deed dated on or around the Eleventh Amendment Date entered into by, amongst others, the Issuer Security Trustee and the Issuer and as further amended, restated or supplemented from time to time.

"**Franchisee Sublease Contractual Criteria**" means, with respect to the sublease of Lease Vehicles or Instalment Sale Vehicles by a Lessee or a Belgian Instalment Purchaser to a franchisee, the related sublease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) states in writing that it is subject to the terms and conditions of the applicable Master Lease or the
Belgian Master Instalment Sale and Administration Agreement and is subject and subordinate in all respects to such Master Lease or the
Belgian Master Instalment Sale and Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) requires that the Lease Vehicles or Instalment Sale Vehicles subleased
under such sublease may only be used in furtherance of the business contemplated by any applicable franchise or license agreement entered
into by the sublessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than renting such subleased Lease Vehicles or Instalment Sale
Vehicles to customers in the ordinary course of such franchisee's business, prohibits such franchisee from subleasing such Lease
Vehicles or Instalment Sale Vehicles or otherwise assigning any of its rights with respect to such Lease Vehicles or Instalment Sale Vehicles
or assigning any of its rights or obligations in, to or under such sublease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) does not permit the termination date for such subleased Lease Vehicles or
Instalment Sale Vehicles under such sublease to exceed the Maximum Lease Termination Date with respect to such Lease Vehicle under the
applicable Master Lease or exceed the Maximum Instalment Sale Termination Date with respect to such Instalment Sale Vehicles under the
Belgian Master Instalment Sale and Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) limits such franchisee's use of such subleased Lease Vehicles or
Instalment Sale Vehicles to primarily in the Relevant Jurisdiction (which will include all normal course movements of vehicles across
borders in connection with customer rentals and following any such movements until convenient to return such Lease Vehicles or Instalment
Sale Vehicles to the Relevant Jurisdiction, in each case in the franchisee's course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) requires such franchisee to report the location of such subleased Lease
Vehicles or Instalment Sale Vehicles no less frequently than weekly and grant inspection rights to the applicable Lessee or Belgian
Instalment Purchaser upon reasonable request of such Lessee or Belgian Instalment Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) prohibits such franchisee from using any such subleased Lease Vehicles or
Instalment Sale Vehicles in violation of any laws or regulations or contrary to the provisions of any applicable insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) contains an express acknowledgement and agreement from such franchisee that
each such subleased Lease Vehicle or Instalment Sale Vehicles is at all times the property of the applicable Lessor and that such
franchisee acquires no right, title or interest in or to such Lease Vehicle or Instalment Sale Vehicles except a leasehold interest with
respect to such subleased Lease Vehicle or Instalment Sale Vehicles, subject to the applicable Master Lease and the Belgian Master Instalment
Sale and Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) allows the applicable Lessor or such Lessee or Belgian Instalment Purchaser,
upon the occurrence of an event of default pursuant to such sublease, to enter the premises where such subleased Lease Vehicles or
Instalment Sale Vehicles may be located and take possession of such subleased Lease Vehicles or Instalment Sale Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) contains an express covenant from such franchisee that prior to the date that is one year and one day
after the payment of the latest maturing applicable FleetCo Note, it will not institute against or join with any other Person in instituting
against the applicable Lessor or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings, under any national or state bankruptcy or similar law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) states that such sublease shall terminate upon the termination of the applicable Master Lease or the Belgian
Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) requires that the Lease Vehicles or Instalment Sale Vehicles subleased
under such sublease must primarily be used in the course of the applicable franchisee's daily car rental business.

"**French Amendment and Restatement Agreement**" means the amendment and restatement agreement entered into, by amongst others, French FleetCo, French OpCo and the French Security Trustee dated on or about the Eighth Amendment Date.

"**FSMA**" means the Financial Services and Markets Act 2000.

"**Funding Agent**" means the Class A Funding Agent(s), the Class B Funding Agent(s) and/or the Class C Funding Agent(s), as applicable.

"**GAAP**" means generally accepted accounting principles in the Relevant Jurisdiction, as applicable.

"**German Amendment and Restatement Agreement**" means the amendment and restatement agreement entered into, by amongst others, German FleetCo, German OpCo and the German Security Trustee dated on or about the Eighth Amendment Date.

"**Global Deed of Termination and Release**" means the deed of termination and release dated on or about the Signing Date entered into between the parties to the existing European ABS transaction of the Hertz Group.

"**Governmental Authority**" means any national, state, local or foreign court or governmental department, commission, board, bureau, agency, authority, instrumentality or regulatory body.

"**Group**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all entities which are related through ownership or control for the purpose of the preparation of Consolidated
Financial Statements by the Ultimate Parent Entity, including any entity that is excluded from the Consolidated Financial Statements of
the Ultimate Parent Entity solely based on its small size, on materiality grounds, or on the grounds that it is held for sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an entity that has one or more places of business or deemed places of business in a jurisdiction outside
of where the entity is located, provided that the entity is not part of another group referred to in paragraph (a) above.

"**Guaranteed Depreciation Program**" means a guaranteed depreciation program pursuant to which a Manufacturer has agreed to (a) cause Vehicles manufactured by it or one of its Affiliates that are turned back during the specified Repurchase Period to be sold at Auction, (b) cause the proceeds of any such sale to be deposited in the applicable FleetCo Collection Account by such auction dealer promptly following such sale and (c) pay to the applicable FleetCo the excess, if any, of the guaranteed payment amount with respect to any such Vehicle calculated as of the Turnback Date in accordance with the provisions of such guaranteed depreciation program over the amount deposited in the applicable FleetCo Collection Account by an auction dealer pursuant to clause (b) above.

"**Guarantor**" means The Hertz Corporation.

"**HEH**" means Hertz Europe Holdings B.V..

"**Hertz Management Team**" means the management team of Hertz Holdings Netherlands 2 B.V.

"**Hertz**" means The Hertz Corporation, a Delaware corporation.

"**Hertz 2021 Chapter 11 Effective Date**" means, with respect to the Hertz 2021 Chapter 11 Plan, the date that is a Business Day (as defined in the Hertz 2021 Chapter 11 Plan) on which (i) no stay of the Confirmation Order (as defined in the Chapter 11 Plan) is in effect; (ii) all conditions precedent to effectiveness of the Hertz 2021 Chapter 11 Plan have been satisfied or waived; and (iii) the Hertz 2021 Chapter 11 Plan is declared effective by the debtors. Without limiting the foregoing, any action to be taken on the Hertz 2021 Chapter 11 Effective Date may be taken on or as soon as reasonably practicable after the Hertz 2021 Chapter 11 Effective Date.

"**Hertz 2021 Chapter 11 Plan**" means Hertz's Fourth Modified Second Amended Joint Chapter 11 Plan of Reorganisation of The Hertz Corporation and its Debtor Affiliates (as such may be amended, modified, supplement or amended and restated from time to time by, on behalf or with the support of the debtors thereof) in respect of Case No. 20-11218 under chapter 11 of title 11 of the United States Code.

"**Hertz 2021 Chapter 11 Plan Sponsors**" has the meaning given to "Plan Sponsors" in the Hertz 2021 Chapter 11 Plan.

"**Hertz Group**" means collectively, Hertz and each Affiliate.

"**Hertz Senior Credit Facility Default**" means the occurrence of an event that (i) results in all amounts under each of Hertz's Senior Credit Facilities becoming immediately due and payable and (ii) has not been waived by the lenders under each of Hertz's Senior Credit Facilities.

"**HIL**" means Hertz International Limited.

"**HGH**" means Hertz Global Holdings, Inc., and any successor in interest thereto.

"**HHN2**" means Hertz Holdings Netherlands 2 B.V..

"**Holdings**" means Rental Car Intermediate Holdings, LLC, and any successor in interest thereto.

"**IFRS**" means International Financial Reporting Standards.

"**Indebtedness**" means, as applied to any Person, without duplication, (a) all indebtedness for borrowed money, (b) that portion of obligations with respect to any lease of any property (whether real, personal or mixed) that is properly classified as a liability on a balance sheet in conformity with GAAP, (c) notes payable and drafts accepted representing extensions of credit whether or not representing obligations for borrowed money, (d) any obligation owed for all or any part of the deferred purchase price for property or services, which purchase price is (i) due more than six months from the date of the incurrence of the obligation in respect thereof or (ii) evidenced by a note or similar written instrument, (e) all indebtedness in respect of any of the foregoing secured by any Security on any property or asset owned by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person, and (f) all Contingent Obligations of such Person in respect of any of the foregoing.

"**Indemnified Liabilities**" has the meaning specified in Clause 11.4(b) (*Indemnification*) of the Issuer Facility Agreement.

"**Indemnified Parties**" has the meaning specified in Clause 11.4(b) (*Indemnification*) of the Issuer Facility Agreement.

"**Independent Director**" means a Person who is not currently and has not been during the five years prior to his or her appointment as Independent Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a stockholder, member, partner, director, officer, employee, Affiliate, associate, creditor (other than
the corporate services provider), franchisee, major supplier, major customer or independent contractor of any FleetCo, any OpCo or any
Affiliate thereof (excluding, however, any service provided by a Person engaged as an "independent" manager or director, as
the case may be); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Person owning directly or beneficially any outstanding shares of common stock of any FleetCo, any OpCo
or any Affiliate thereof, or a stockholder, director, officer, employee, Affiliate, associate, creditor or independent contractor of such
beneficial owner or any of such beneficial owner's Affiliates or associates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a director, officer, employee, member or partner or member of the immediate family of, or a Person otherwise
owning a direct or indirect ownership interest in, any Person described in clauses (a) or (b) above.

"**Individual Concentration Excess Amounts**" means the Italy Concentration Excess Amount, the Spain Concentration Excess Amount, the Non-Program Vehicle Concentration Excess Amount, the Light-Duty Truck Concentration Excess Amount, the Manufacturer Concentration Excess Amount, (up to and including the Non-RCC Expiry Date only) the Non-RCC Compliant Eligible Vehicle Concentration Excess Amount and the Non-Investment Grade (High) Program Receivable Concentration Excess Amount.

"**Ineligible Vehicle**" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Vehicle that is owned by Dutch B FleetCo and subject to an instalment sale by Dutch B FleetCo to the
Belgian Instalment Purchaser pursuant to the Belgian Master Instalment Sale and Administration Agreement that is not an Eligible Vehicle
as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Vehicle that is owned by a FleetCo and leased by such FleetCo to any Lessee pursuant to the applicable
Master Lease that is not an Eligible Vehicle as of such date.

"**Initial Counterparty Required Ratings**" means, with respect to any entity, rating requirements that are satisfied if such entity has a long-term rating of at least "A" by DBRS (or, if such entity is not rated by DBRS, "A2" by Moody's or "A" by S&P).

"**Initially Estimated Depreciation Charge**" means, with respect to any Lease Vehicle or Instalment Sale Vehicle that is a Program Vehicle, as of any date of determination during the Estimation Period for such Lease Vehicle or Instalment Sale Vehicle, the monthly depreciation charge (expressed as a monthly Euro amount), if any, for such Lease Vehicle or Instalment Sale Vehicle reasonably estimated by the applicable FleetCo (or its designee) as of such date.

"**In-Service Date**" means (i) in relation to a Program Vehicle, the date on which depreciation commences with regard to such Vehicle in accordance with the terms of the relevant Manufacturer Program and (ii) in relation to a Non-Program Vehicle, the date on which such Vehicle is first available to be placed in service under the terms of the applicable Master Lease or the Belgian Master Instalment Sale and Administration Agreement.

"**Insolvency Official**" means a liquidator, provisional liquidator, administrator, insolvency administrator, preliminary insolvency administrator, *conciliator*, *mandataire ad hoc*, administrative receiver, sequestrator receiver, receiver and manager, examiner, interim examiner, process agent, compulsory or interim manager, moratorium supervisor, nominee, supervisor, custodian, trustee, assignee or official assignee, conservator, guardian or other similar officer in respect of such Person or any of its assets or in respect of any arrangement, compromise or composition with any creditors or any equivalent or analogous officer under the law of any jurisdiction.

"**Inspection Period**" has the meaning specified in Clause 2.2.6 of each Master Lease and specified in Clause 2.1(f) (*Instalment Sale Vehicle Acceptance or Non-conforming Instalment Sale Vehicle Rejection*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Instalment**" means Base Instalment and Monthly Variable Instalment, collectively.

"**Instalment Purchaser**" means the Belgian Instalment Purchaser.

"**Instalment Seller**" means Dutch B FleetCo.

"**Insurance Policies**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of an Instalment Sale Vehicle, has the meaning given to the term in Clause 5.1.2 (*Insurance*)
of the Belgian Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 5.1.2 of each Master Lease.

"**Inter-Group Transferred Vehicle**" means any Lease Vehicle that, immediately prior to its Vehicle Lease Commencement Date, was owned by a member of the Hertz Group and was initially purchased by a member of the Hertz Group from an unaffiliated third party which was subsequently acquired by a FleetCo pursuant to clause 6.3 (C) of the relevant Master Lease.

"**Interest Period**" means a period commencing on and including the second Business Day preceding a Determination Date and ending on and including the day preceding the second Business Day preceding the next succeeding Determination Date; provided, however, that (i) the first Interest Period related to the Class B Notes shall commence on and include the Ninth Amendment Date and end on and include the day preceding the second Business Day preceding the next succeeding Determination Date, (ii) the first Interest Period related to the Class A Notes subscribed by the Royal Bank of Canada, acting through its London Branch shall commence on and include 14 May 2025 and end on and include the day preceding the second Business Day preceding the next succeeding Determination Date, and (iii) the first Interest Period related to Class C Notes shall commence on and include such Class C Notes' issuance date and end on and include the day preceding the second Business Day preceding the next succeeding Determination Date; provided further, however, that the final Interest Period with respect to the Class A Notes, Class B Notes and/or the Class C Notes shall commence on and include the second Business Day preceding the Determination Date immediately preceding the Payment Date upon which the Class A Principal Amount, Class B Principal Amount and/or Class C Principal Amount, as applicable, is reduced to zero and end on and include such Payment Date.

"**Interest Rate Cap**" means any interest rate cap entered into in accordance with the provisions of Clause 4.4 (*Interest Rate Caps*) of the Issuer Facility Agreement, including, the Interest Rate Cap Documents with respect thereto.

"**Interest Rate Cap Documents**" means, with respect to any Interest Rate Cap, the documentation that governs such Interest Rate Cap.

"**Interest Rate Cap Provider**" means the Issuer's counterparty under any Interest Rate Cap.

"**International Account Bank Agreement**" means the account bank agreement entered into by, among others, the Issuer, the Dutch Account Bank, the Issuer Account Bank, the German Account Bank, the Issuer Security Trustee and the Issuer Administrator dated on or about the Signing Date and as further amended, restated or supplemented from time to time.

"**Intra-Group Transfer**" has the meaning specified in Clause 2.1 of Schedule 3 to each Master Lease, except for Italy, in which case it has the meaning specified in Clause 2.1 of Schedule 1 (*Required Contractual Criteria for Vehicle Purchasing Agreements*) to the Italian Fleet Servicing Agreement.

"**Intra-Group Vehicle Purchasing Agreement**" means, during the Revolving Period, an agreement pursuant to which a FleetCo (other than the German FleetCo and the Dutch B FleetCo) purchases a Non-Program Vehicle from other FleetCo or OpCo or other Affiliate of such FleetCo pursuant to Clause 6.3 of the Master Lease (except for the Italian FleetCo, in which case, pursuant to Clause 2.5 (*Required Contractual Criteria*) of the Italian Fleet Servicing Agreement), and in form and substance substantially the same as the template intra-group vehicle purchasing agreement set out in Schedule V (*Draft Intra-Group Vehicle Purchasing Agreement*) of the applicable Master Lease (except for Italy, which template is set out in Schedule 3 (*Draft Intra-Group Vehicle Purchasing Agreement*) of the Italian Fleet Servicing Agreement).

"**Intra-Lease Lessee Transfer Schedule**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Seller and any Belgian Instalment Purchaser, has the meaning given to the
term "Intra-Instalment Sale Transfer Schedule" specified in Clause 2.2(b) (*Intra-Instalment Sale Transfers*) of
the Belgian Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 2.3.2 of each Master Lease.

"**Investment Company Act**" means the United States Investment Company Act of 1940, as amended.

"**Investment Grade Manufacturer**" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of at least "BBB(L)" from DBRS (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then, a DBRS Equivalent Rating of "BBB(L)") as of such date; provided that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in the applicable FleetCo's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any FleetCo Administrator, any FleetCo or any Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the FleetCo Security Trustee notifies the applicable FleetCo Administrator in writing of such withdrawal or downgrade (as applicable).

"**Investment Grade Non-Program Vehicle**" means, as of any date of determination, any Eligible Vehicle manufactured by an Investment Grade Manufacturer that is not an Investment Grade Program Vehicle as of such date.

"**Investment Grade Program Vehicle**" means, as of any date of determination, any Program Vehicle that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) manufactured by an Investment Grade Manufacturer (as determined as of such date of determination) that
is subject to a Manufacturer Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to an agreement with a Dealer which agreement is guaranteed by an Investment Grade Manufacturer
(as determined as of such date of determination); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to an agreement with a Dealer which agreement is not guaranteed by an Investment Grade Manufacturer
and which Dealer has the Relevant DBRS Rating or DBRS Equivalent Rating set out in the definition of "Investment Grade Manufacturer"
(as determined as of such date of determination);

and, in each case, such Program Vehicle is subject to such Manufacturer Program or agreement, as applicable, on the Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Clause 2.5 (*Redesignation of Vehicles*) of the applicable Master Lease or Clause 2.5 (*Redesignation of Vehicles*) of the Belgian Master Instalment Sale and Administration Agreement as of such date.

"**Investor Group**" means the Class A Investor Group, Class B Investor Group and the Class C Investor Group, as applicable.

"**Issuer**" means International Fleet Financing No. 2 B.V., a private company with limited liability (*besloten vernootschap met beperkte aansprakelijkheid*) incorporated in The Netherlands and registered with the Trade Register of the Dutch Chamber of Commerce under number 34394429, with corporate seat in Amsterdam, the Netherlands and having its registered address at Fourth Floor, 3 George's Dock, IFSC, Dublin 1, Ireland.

"**Issuer Acceleration Notice**" has the meaning specified in Clause 6 (*Enforcement*) of the Issuer Security Trust Deed.

**"Issuer Account Bank"** means BNP Paribas, Dublin Branch or, as the case may be, any other Acceptable Bank which would be subsequently appointed as Issuer Account Bank pursuant to the terms of the International Account Bank Agreement.

"**Issuer Accounts Deed of Charge**" means the deed of charge of bank accounts entered into between the Issuer and the Issuer Security Trustee dated on or about the Signing Date and as further amended, restated or supplemented from time to time.

"**Issuer Account Collateral**" means all the assets of the Issuer which from time to time are, or are expressed to be, the subject of the security granted under the Issuer Accounts Deed of Charge.

"**Issuer Accounts**" has the meaning specified in Clause 4.2(a) (*Establishment of Accounts*) of the Issuer Facility Agreement and for the avoidance of doubt shall exclude Capital Accounts.

"**Issuer Account Mandate**" means the signature authorities relating to the Issuer Accounts as amended from time to time.

"**Issuer Administration Agreement**" means the Issuer administration agreement entered into between the Issuer, the Issuer Administrator, the Administrative Agent and the Issuer Security Trustee dated on or about the Signing Date and as further amended, restated or supplemented from time to time.

"**Issuer Administrator**" means Hertz Europe Limited in its capacity as the administrator under the Issuer Administration Agreement.

"**Issuer Administrator Default**" has the meaning set forth in Clause 9(c) (*Term of Agreement; Resignation and Removal of Issuer Administrator*) of the Issuer Administration Agreement.

"**Issuer Administrator Fee Amount**" means, with respect to any Payment Date, an amount equal to the fees payable to the Issuer Administrator pursuant to the Issuer Administration Agreement on such Payment Date.

"**Issuer Administrator Termination Notice**" has the meaning given to it in Clause 1.5 (*Issuer Back-Up Administrator*) of the International Account Bank Agreement.

"**Issuer Aggregate Asset Amount**" means the aggregate of each FleetCo Aggregate Asset Amount plus the Aggregate Transaction Account Amount.

"**Issuer Amendment and Restatement Deed**" means the amendment and restatement deed in respect of certain Issuer Related Documents between, amongst others, the Issuer, Issuer Administrator, Issuer Security Trustee, each FleetCo, each OpCo, each FleetCo Administrator each Servicer dated on or about the Sixth Amendment Date.

"**Issuer Back-Up Administrator**" means TMF Administrative Services B.V. and any successor or replacement appointed pursuant to the Issuer Back-Up Administration Agreement.

"**Issuer Back-Up Administration Termination Event**" has the meaning set forth in Clause 5.1 of the Issuer Back-Up Administration Agreement.

"**Issuer Back-Up Administration Agreement**" means that certain Issuer Back-Up Administration Agreement dated on or about the Signing Date by and among the Issuer Back-Up Administrator, the Issuer, the Issuer Security Trustee and the Issuer Administrator (and as may be amended, restated or supplemented from time to time), and any successor agreement entered into with a successor back-up administrator in accordance with the foregoing agreement and the Issuer Facility Agreement.

"**Issuer Back-Up Servicing Fee**" has the meaning given to it in Clause 6.1(a) of the Issuer Back-Up Administration Agreement.

"**Issuer Class A Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Issuer Class A Blended Advance Rate Weighting Numerator and the denominator of which is the Issuer Blended Advance Rate Weighting Denominator, in each case as of such date, provided that the Issuer Class A Blended Advance Rate shall not exceed seventy five (75) per cent.

"**Issuer Blended Advance Rate Weighting Denominator**" means, as of any date of determination, an amount equal to the sum of all FleetCo AAA Components, in each case as of such date.

"**Issuer Class A Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the aggregate sum of, for each FleetCo, the product of (A) the sum of such FleetCo's FleetCo AAA Components, multiplied by (B) the relevant FleetCo Class A Blended Advance Rate, in each case as of such date.

"**Issuer Class B Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Issuer Class B Blended Advance Rate Weighting Numerator and the denominator of which is the Issuer Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Issuer Class B Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the aggregate sum of, for each FleetCo, the product of (A) the sum of such FleetCo's FleetCo AAA Components, multiplied by (B) the relevant FleetCo Class B Blended Advance Rate, in each case as of such date.

"**Issuer Class C Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Issuer Class C Blended Advance Rate Weighting Numerator and the denominator of which is the Issuer Blended Advance Rate Weighting Denominator, in each case as of such date, provided that the Issuer Class C Blended Advance Rate shall not exceed eighty five (85) per cent.

"**Issuer Class C Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the aggregate sum of, for each FleetCo, the product of (A) the sum of such FleetCo's FleetCo AAA Components, multiplied by (B) the relevant FleetCo Class C Blended Advance Rate, in each case as of such date.

"**Issuer Collateral**" means all of the assets which from time to time are, or are expressed to be, the subject of the Issuer Security created pursuant to the Issuer Security Documents.

"**Issuer Collections**" means all payments on or in respect of the Issuer Collateral.

"**Issuer Co-operation Agreement**" means the co-operation agreement between the Issuer, Hertz Holdings Netherlands B.V. and Wilmington Trust SP Services (Dublin) Limited dated on or about the Signing Date.

"**Issuer Corporate Services Agreement**" means the corporate services agreement between the Issuer and the Issuer Corporate Services Provider dated on or about the Signing Date and as further amended, restated or supplemented from time to time.

"**Issuer Corporate Services Provider**" means Wilmington Trust SP Services (Dublin) Limited.

"**Issuer Daily Collection Report**" has the meaning specified in Clause 10.1(a) (*Reports and Instructions to Trustee*) of the Issuer Note Framework Agreement.

"**Issuer Declaration of Trust**" means the declaration of trust over shares in the Issuer by the Issuer Corporate Services Provider dated 8 July 2010 as amended and restated on or about the Signing Date.

"**Issuer Enforcement Notice**" has the meaning specified in Clause 6 (*Enforcement*) of the Issuer Security Trust Deed.

"**Issuer Facility Agreement**" means the VFN issuance facility agreement entered into between the Issuer, the Administrative Agent, certain Committed Note Purchasers, certain Conduit Investors, certain Funding Agents for the Investor Groups and the Issuer Security Trustee dated on or about the Signing Date and as further amended, restated or supplemented from time to time.

"**Issuer Fee Letter**" means the Administrative Agent Fee Letter, the Class A Program Fee Letter, the Class A Up-Front Fee Letter, the Class A Restructuring Fee Letter, the Class B Program Fee Letter, the Class B Up-Front Fee Letter, the Class C Interest Rate Letter, the Class C Up-Front Fee Letter and any fee letter that is entered into in connection with the Issuer Facility Agreement.

"**Issuer Interest Collections**" means on any date of determination, all Issuer Collections that represent interest payments on the Leasing Company Notes and the French Facility plus any amounts earned on Permitted Investments in the Issuer Interest Collection Account that are available for distribution on such date and any indemnity amounts received by the Issuer from any Related Document.

"**Issuer Interest Collection Account**" has the meaning specified in Clause 4.2(a) (*Establishment of Accounts*) of the Issuer Facility Agreement.

"**Issuer IR Cap CSA Collateral Account**" has the meaning specified in Clause 4.2(a) (*Establishment of Accounts*) of the Issuer Facility Agreement.

"**Issuer L/C Cash Collateral Account**" has the meaning specified in Clause 4.2(a) (*Establishment of Accounts*) of the Issuer Facility Agreement.

"**Issuer Maximum Principal Amount**" means, as of any date of determination, the sum of the Class A Maximum Principal Amount *plus* the Class B Maximum Principal Amount *plus* the Class C Maximum Principal Amount, in each case as of such date.

"**Issuer Minimum Profit Amount**" means €10,000 per annum.

"**Issuer Note Framework Agreement**" means the note framework agreement entered into between, amongst others, the Issuer and the Issuer Security Trustee dated on or about the Signing Date and as further amended, restated or supplemented from time to time.

"**Issuer Notes**" means the Class A Notes, the Class B Notes and the Class C Notes.

"**Issuer Operating Expense Amount**" means, with respect to any Payment Date, the aggregate amount of Carrying Charges on such Payment Date.

"**Issuer Principal Collections**" means any Issuer Collections other than Issuer Interest Collections.

"**Issuer Principal Collection Account**" has the meaning specified in Clause 4.2(a) (*Establishment of Accounts*) of the Issuer Facility Agreement.

"**Issuer Priority of Payments**" means the priority of payments set out in Clause 5 (*Priority of Payments*) of the Issuer Facility Agreement.

"**Issuer Related Documents**" means this Master Definitions and Construction Agreement, the Issuer Amendment and Restatement Deed, the Issuer Note Framework Agreement, the Issuer Facility Agreement, the Issuer Subordinated Facility Agreement, the Subordinated Issuer Convertible Notes Purchase Agreement, the Preference Certificate Purchase Agreement, the FCT Note Purchase Agreement, the French Payment Direction Agreement, the Issuer Administration Agreement, the Issuer Back-up Administration Agreement, the Belgian Facility Agreement, the Dutch Facility Agreement, the Spanish Facility Agreement, the German Facility Agreement, the Italian Note Purchase Agreement, the International Account Bank Agreement, the Issuer Corporate Services Agreement, the Issuer Co-operation Agreement, the Issuer Security Documents, the Tax Deed of Covenant, the Refinancing Deed of Covenant, the Interest Rate Cap Documents, the Credit Support Annex, the Risk Retention Letter, the Global Deed of Termination and Release, the Issuer Fee Letters and any other agreements relating to the issuance or purchase of the Issuer Notes.

"**Issuer Repeating Representations**" means the representations and warranties of the Issuer and the Issuer Administrator set out in Clause 1 and Annex I (*Representations and Warranties*) of the Issuer Facility Agreement and the representations and warranties of the Issuer set out in the Issuer Note Framework Agreement save for the representations and warranties set out in the following clauses in the Issuer Note Framework Agreement: (i) Sub-Clause 5.3 (*No Consent*); (ii) Sub-Clause 5.12 (*Ownership of Shares; Subsidiary*); (iii) Sub-Clause 5.15 (*Centre of Main Interests*); (iv) Sub-Clause 5.16 (*Taxes*); (v) Sub-Clause 5.17 (*Capitalisation*); (vi) Sub-Clause 5.20 (Beneficial Owner); (vii) Sub-Clause 5.18 (*No Distributions*); and (viii) Sub-Clause 5.23 (*Filings*).

"**Issuer Reserve Account**" has the meaning specified in Clause 4.2(a) (*Establishment of Accounts*) of the Issuer Facility Agreement.

"**Issuer Secured Obligations**" means the aggregate of the Issuer's Indebtedness, liabilities and obligations which are now or may at any time hereafter be due, owing or incurred in any manner whatsoever to the Issuer Secured Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether actually or contingently, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether presently due or falling due at some future time,

arising under the Issuer Related Documents and the Issuer Notes, whether solely or jointly with another person, whether as principal or surely and whether or not the Issuer Secured Parties shall have been an original party to the relevant transaction and in whatever currency denominated.

"**Issuer Secured Party**" means each of the parties listed at Schedule 1 (*Issuer Secured Parties*) to the Issuer Security Trust Deed.

"**Issuer Security**" means the security granted pursuant to the Issuer Security Documents.

"**Issuer Security Documents**" means the Issuer Security Trust Deed, the Issuer Accounts Deed of Charge, the Issuer Shares Pledge, the Deed of Pledge over Convertible Notes, the Issuer Declaration of Trust, the Italian Note Accounts Security Deed, the Italian Notes Custody Agreement, the Second Ranking Deed of Pledge of Registered Shares, the Second Ranking Deed of Pledge of Convertible Notes, the Third Ranking Deed of Pledge of Registered Shares, the Third Ranking Deed of Pledge of Convertible Notes, the Fourth Ranking Deed of Pledge of Registered Shares, the Fourth Ranking Deed of Pledge of Convertible Notes, the First Supplemental Issuer Security Trust Deed, the Second Supplemental Issuer Security Trust Deed, the Third Supplemental Issuer Security Trust Deed and the Fourth Supplemental Issuer Security Trust Deed.

"**Issuer Security Trust Deed**" means the security trust deed dated on or around the Signing Date entered into by the Issuer Security Trustee and the Issuer and as further amended, restated or supplemented from time to time.

"**Issuer Security Trust Deed of Accession**" has the meaning specified in the Issuer Security Trust Deed.

"**Issuer Security Trustee**" means BNP Paribas Trust Corporation UK Limited.

"**Issuer Security Trustee Fee Amount**" has the meaning specified in the fee letter between the Issuer Security Trustee and the Issuer.

"**Issuer Shares Pledge**" means the deed of pledge of registered shares of the Issuer dated on or about the Closing Date, granted by Hertz Holdings Netherlands 2 B.V. and Wilmington Trust SP Services (Dublin) Limited.

"**Issuer Subordinated Facility Agreement**" means the subordinated debt facility agreement entered into between the Issuer, Hertz Holdings Netherlands 2 B.V. and the Issuer Security Trustee dated on or about the Signing Date and as further amended, restated or supplemented from time to time.

"**Italy Concentration Excess Amount**" means, as of any date of determination, the excess, if any, of the aggregate amount of the Italian AAA Components as of such date over the Maximum Italian AAA Amount as of such date, subject to the Concentration Excess Amount Calculation Convention.

"**Italy Enforcement Notice**" has the meaning given to such term in Clause 8.1.1 of the Italian Master Lease Agreement.

"**Italian Note Accounts Security Deed**" means the Irish law governed deed of charge over securities and cash account agreement entered into between Italian Noteholder and Issuer Security Trustee dated on or about the Fifth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Italian Notes Custodian**" means BNP Paribas S.A., Dublin Branch pursuant to the terms of the Italian Notes Custody Agreement.

"**Italian Notes Custody Agreement**" means the custody agreement between the Italian Noteholder and the Italian Notes Custodian dated 16 December 2022, as amended from time to time, pursuant to which the Italian Notes Securities Account and the Italian Notes Cash Account have been opened.

"**Italian Notes Cash Account**" means the Italian notes cash account opened with the Italian Notes Custodian and identified as such in Schedule 1 (*Account Details*) to the Italian Notes Custody Agreement.

"**Italian Notes Securities Account**" means the Italian notes securities account opened with the Italian Notes Custodian and identified as such in Schedule 1 (*Account Details*) to the Italian Notes Custody Agreement.

"**Joinder**" has the meaning specified in Annex A of the Master Lease and in Annex A of the Belgian Master Instalment Sale and Administration Agreement.

"**Joinder Date**" has the meaning specified in Annex A of the Master Lease and in Annex A of the Belgian Master Instalment Sale and Administration Agreement.

"**L/C Cash Collateral Account Collateral**" means the Issuer Account Collateral with respect to the Issuer L/C Cash Collateral Account.

"**L/C Cash Collateral Account Surplus**" means, with respect to any Payment Date, the lesser of (a) the Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Adjusted Liquid Enhancement Amount over the Required Liquid Enhancement Amount on such Payment Date.

"**L/C Cash Collateral Percentage**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Letter of Credit Amount as of such date.

"**L/C Credit Disbursement**" means an amount drawn under a Letter of Credit pursuant to a Certificate of Credit Demand.

"**L/C Termination Disbursement**" means an amount drawn under a Letter of Credit pursuant to a Certificate of Termination Demand.

"**Lease Commencement Date**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Seller and any Belgian Instalment Purchaser, means the Instalment Sale Commencement
Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 3.2 of the Master Lease.

"**Lease Event of Default**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Belgian Master Instalment Sale and Administration Agreement, means an Instalment Sale
Event of Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 9.1 of the Master Lease.

"**Lease Expiration Date**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to the Belgian Master Instalment Sale and Administration Agreement, means Instalment Sale
Expiration Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 3.2 of the Master Lease.

"**Lease Interest Payment Deficit**" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Issuer Interest Collections that would have been deposited into the Issuer Interest Collection Account if all payments of Monthly Variable Rent and Monthly Variable Instalments required to have been made under the Master Leases and the Belgian Master Instalment Sale and Administration Agreement from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Issuer Interest Collections that have been received for deposit into the Issuer Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"**Lease Material Adverse Effect**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to the Belgian Master Instalment Sale and Administration Agreement, an Instalment Sale Material
Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, with respect to any occurrence, event or condition applicable to any party to any Master Lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material adverse effect on the ability of such party to perform its obligations under such Master Lease
or the applicable FleetCo Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a material adverse effect on the applicable Lessor's beneficial ownership interest in the Lease
Vehicles or on the ability of the applicable Lessor to grant Security on any after-acquired property that would constitute FleetCo Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a material adverse effect on the validity or enforceability of such Master Lease; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a material adverse effect on the validity, perfection or priority of the lien of the FleetCo Security
Trustee in the applicable FleetCo Collateral (other than in an immaterial portion of such FleetCo Collateral), other than, in each case,
a material adverse effect on any priority arising due to the existence of a Permitted Security.

"**Lease Payment Deficit**" means either a Lease Interest Payment Deficit or a Lease Principal Payment Deficit.

"**Lease Payment Deficit Notice**" has the meaning specified in Clause 5.9(b) (*Certain Instructions to the Issuer Security Trustee*) of the Issuer Facility Agreement.

"**Lease Principal Payment Carryover Deficit**" means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Lease Principal Payment Deficit, if any, on the preceding Payment Date over (y) all amounts deposited into the Issuer Principal Collection Account on or prior to such Payment Date on account of such Lease Principal Payment Deficit.

"**Lease Principal Payment Deficit**" means on any Payment Date the sum of (a) the Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Lease Principal Payment Carryover Deficit for such Payment Date.

"**Lease Vehicle Acquisition Schedule**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Seller and any Belgian Instalment Purchaser, means the Instalment Sale Vehicle
Acquisition Schedule; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 2.1 (*Lease Vehicle Acquisition Schedules*) of the
Master Lease.

"**Lease Vehicles**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Instalment Sale Vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as of any date of determination, each vehicle (i) that has been accepted by a Lessee in accordance
with Clause 2.1(d) of the Master Lease, and (ii) as of such date the Vehicle Lease Expiration Date with respect to such vehicle
has not occurred since such vehicle's most recent Vehicle Lease Commencement Date; provided that, solely with respect to the calculation
and payment of Final Base Rent, any Non-Program Vehicle Special Default Payment Amount, any Program Vehicle Special Default Payment Amount,
any Casualty Payment Amount, any Early Program Return Payment Amount, any Pre-VLCD Program Vehicle Depreciation Amount, any Program Vehicle
Depreciation Assumption True-up Amount, any Redesignation to Program Amount or any Redesignation to Non-Program Amount, in each case with
respect to any vehicle satisfying the preceding clause (i), such vehicle shall be deemed to be a 'Lease Vehicle' (notwithstanding
the occurrence of such Vehicle Lease Expiration Date with respect thereto) until such Final Base Rent, Non-Program Vehicle Special Default
Payment Amount, Program Vehicle Special Default Payment Amount, Casualty Payment Amount, Early Program Return Payment Amount, Pre-VLCD
Program Vehicle Depreciation Amount, Program Vehicle Depreciation Assumption True-up Amount, Redesignation to Program Amount or Redesignation
to Non-Program Amount, as applicable, has been paid by the Lessee of such vehicle (as of such Vehicle Lease Expiration Date with respect
thereto), none of which, for the avoidance of doubt, shall be payable more than once with respect to any such vehicle by such Lessee.

"**Leasing Company**" means each FleetCo and each Additional Leasing Company.

"**Leasing Company Amortization Event**" means a Belgian Instalment Purchaser Amortization Event, a Dutch Leasing Company Amortization Event, French Leasing Company Amortization Event, German Leasing Company Amortization Event, Spanish Leasing Company Amortization Event or an Italian Leasing Company Amortization Event, as applicable.

"**Leasing Company Note**" means the Belgian Note, the Dutch Note, German Note, Spanish Note and Italian Note, as applicable.

"**Legacy NBV**" means, with respect to any Lease Vehicle or Instalment Sale Vehicle that is an Inter-Group Transferred Vehicle, the net book value of such Inter-Group Transferred Vehicle, as recorded in any FleetCo's or its designee's computer systems as at the relevant purchase date taking into account the sum of all depreciation charges that accrued with respect to such Inter-Group Transferred Vehicle immediately prior to such purchase date, in each case calculated in accordance with U.S. GAAP.

"**Legal Final Payment Date**" means, in relation to each Class of Notes, the one-year anniversary of the Expected Final Payment Date.

"**Legal Reservations**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation
of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time barring of claims under the Limitation Act 1980, the possibility that an undertaking to assume
liability for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the required perfection of any Issuer Security and FleetCo Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) similar principles, rights and defences under the laws of any Relevant Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other matters which are set out as assumptions, qualifications or reservations as to matters of law
in the legal opinions delivered to the Class A Committed Note Purchasers, the Class A Conduit Investors and the Class A
Funding Agents from time to time.

"**Lessee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Belgian OpCo and each Additional Instalment Purchaser, in each case in its capacity as an instalment purchaser
under the Belgian Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each OpCo and each Additional Lessee, in each case in its capacity as a lessee under the Master Lease.

"**Lessee Resignation Notice**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Belgian Instalment Purchaser, an Instalment Purchaser Resignation Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 26 (*Lessee Termination and Resignation*) of each
Master Lease.

"**Lessee Resignation Notice Effective Date**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Belgian Instalment Purchaser, the Instalment Purchaser Resignation Notice Effective
Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 26 (*Lessee Termination and Resignation*) of the Master
Lease.

"**Lessor**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dutch B FleetCo, in its capacity as the instalment seller under the Belgian Master Instalment Sale and
Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each FleetCo, in its capacity as the lessor under the applicable Master Lease.

"**Letter of Credit**" means an irrevocable letter of credit, substantially in the form of Exhibit I (*Form of Letter of Credit*) of the Issuer Facility Agreement issued by an Eligible Letter of Credit Provider in favor of the Issuer Security Trustee for the benefit of the Noteholders; provided that, any Letter of Credit issued after the Closing Date not substantially in the form of Exhibit I (*Form of Letter of Credit*) of the Issuer Facility Agreement shall be subject to the written consent of the Required Noteholders.

"**Letter of Credit Amount**" means, as of any date of determination, the sum of (i) the aggregate amount available to be drawn as of such date under the Letters of Credit, as specified therein, and (ii) if the Issuer L/C Cash Collateral Account has been established and funded pursuant to Clause 4.2(a)(ii) (*Establishment of Accounts*) of the Issuer Facility Agreement, the Available L/C Cash Collateral Account Amount as of such date.

"**Letter of Credit/Cash Liquid Enhancement Amount**" means, as of any date of determination, the sum of (a) the Letter of Credit Amount and (b) the Available Reserve Account Amount.

"**Letter of Credit/Cash Liquid Enhancement Deficiency**" means, as of any date of determination, the Adjusted Letter of Credit/Cash Liquid Enhancement Amount is less than the Required Letter of Credit/Cash Liquid Enhancement Amount as of such date.

"**Letter of Credit Expiration Date**" means, with respect to any Letter of Credit, the expiration date set forth in such Letter of Credit, as such date may be extended in accordance with the terms of such Letter of Credit.

"**Letter of Credit Liquidation Event Advance**" means the amount deposited to the Issuer Reserve Account pursuant to clause 5.5(d) (*Letters of Credit*) of the Issuer Facility Agreement.

"**Letter of Credit Provider**" means each issuer of a Letter of Credit.

"**Letter of Credit Reimbursement Agreement**" means any and each reimbursement agreement providing for the reimbursement of a Letter of Credit Provider for draws under its Letter of Credit.

"**Level 1 Minimum Liquidity Test Breach**" shall occur on any date of determination where the Cashflow and Liquidity Forecast delivered on or prior to that date shows that Forecasted Liquidity for any two or more consecutive calendar weeks in the period covered by that Cashflow and Liquidity Forecast is or will be less than € 40,000,000.

"**Level 2 Minimum Liquidity Test Breach**" shall occur on any date of determination where the Cashflow and Liquidity Forecast delivered on or prior to that date shows that Forecasted Liquidity for any two or more consecutive calendar weeks falling within the first 8 weeks of the period covered by that Cashflow and Liquidity Forecast is or will be less than € 15,000,000.

"**Liabilities**" means, in respect of any person, any losses, damages, costs, charges, awards, claims, demands, expenses, judgments, actions, proceedings or other liabilities, whatsoever, including any amounts arising directly or indirectly from a breach of contract, any reasonable legal fees and any Taxes and penalties incurred by that person, together with any irrecoverable VAT charged or chargeable in respect of any of the sums referred to in this definition.

"**Light-Duty Truck Concentration Excess Amount**" means, as of any date of determination, the excess, if any, of the aggregate Net Book Value of all Eligible Vehicles which are light-duty trucks as of such date (and light-duty truck shall, for the avoidance of doubt, exclude vans) over the Maximum Light-Duty Truck Amount as of such date, subject to the Concentration Excess Amount Calculation Convention.

"**Liquid Enhancement Amount**" means, as of any date of determination, the sum of (a) the Letter of Credit Amount, (b) the Available Reserve Account Amount as of such date and (c) Class A Available Headroom Amount.

"**Liquid Enhancement Deficiency**" means, as of any date of determination, the Adjusted Liquid Enhancement Amount is less than the Required Liquid Enhancement Amount as of such date.

"**Liquidation Co-ordination Agreement**" means the Belgian Liquidation Co-ordination Agreement, the Dutch Liquidation Co-ordination Agreement, the French Liquidation Co-ordination Agreement, the German Liquidation Co-ordination Agreement, the Spanish Liquidation Co-ordination Agreement and the Italian Liquidation Co-ordination Agreement, as applicable.

"**Liquidation Co-ordinator**" means the Belgian Liquidation Co-ordinator, the Dutch Liquidation Co-ordinator, the French Liquidation Co-ordinator, the German Liquidation Co-ordinator, the Spanish Liquidation Co-ordinator and the Italian Liquidation Co-ordinator, as applicable.

"**Liquidation Event**" means, so long as such event or condition continues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Amortization Event with respect to the Issuer Notes described in clauses (a), (b), (d), (h) through
(k), (n), (o), (p) (with respect to a failure to comply by the Administrator) or (r), (s), (t) or (v) of Clause 7.1 (*Amortization Events*) of the Issuer Facility Agreement that continues for fourteen (14) consecutive days (without double counting the cure period,
if any, provided therein) after declaration thereof (whether by notice or automatic); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Amortization Event with respect to the Issuer Notes described in Clause 7.1(c) of the Issuer
Facility Agreement, any Additional Leasing Company Liquidation Event or any Amortization Event specified in clauses (y) or (z) of
Clause 7.1 (*Amortization Events*) of the Issuer Facility Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Amortization Event with respect to the Issuer Notes described in Clause 7.1(aa) of the Issuer Facility
Agreement after declaration thereof by not less than 14 days written notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Issuer shall fail to acquire one or more Interest Rate Caps within 10 days following the Closing Date
in accordance with all the requirements set out in Sub-Clause 4.4 of the Issuer Facility Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other event or circumstance which is expressly specified as constituting a Liquidation Event under
the terms of any of the Related Document.

"**Listing Agent**" means Arthur Cox Listing Services Limited.

"**Magenta Commitment Longstop Date**" has the meaning specified in Clause 9.6(a) (*Termination of Managed and Enhanced Tap (Magenta) Funding S.T.*) of the Issuer Facility Agreement.

"**Magenta Removal Completion**" has the meaning specified in Clause 9.6(a) (*Termination of Managed and Enhanced Tap (Magenta) Funding S.T.*) of the Issuer Facility Agreement.

"**Main Entity**" means an entity that includes in its financial statements the financial accounting net income or loss of a place of business or deemed place of business in a jurisdiction outside of where the entity is located.

"**Management Investors**" means the collective reference to the officers, directors, employees and other members of the management of any Parent, Hertz or any of their respective Subsidiaries, or family members or relatives thereof, or trusts, partnerships or limited liability companies for the benefit of any of the foregoing, or any of their heirs, executors, successors and legal representatives, who at any date shall beneficially own or have the right to acquire, directly or indirectly, Capital Stock of Hertz or any Parent.

"**Manufacturer**" means each Person that has manufactured an Eligible Vehicle.

"**Manufacturer Amount**" means, as of any date of determination and with respect to any Manufacturer, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount of all Eligible Manufacturer Receivables with respect to such Manufacturer.

"**Manufacturer Concentration Excess Amount**" means, with respect to any Manufacturer as of any date of determination, the excess, if any, of the Manufacturer Amount with respect to such Manufacturer as of such date over the Maximum Manufacturer Amount with respect to such Manufacturer as of such date, subject to the Concentration Excess Amount Calculation Convention.

"**Manufacturer Event of Default**" means with respect to any Manufacturer , (i) there shall be Past Due Amounts owing to a FleetCo with respect to such Manufacturer in an amount equal to or in excess of the lesser of (x) €30 million and (y) the then outstanding aggregate amount of repurchase obligations of such Manufacturer under its Manufacturer Program in respect of all Vehicles, in each case, on an aggregate basis for all FleetCos and net of Past Due Amounts aggregating no more than €30 million, (A) that are the subject of a good faith dispute as evidenced in a writing by such FleetCo or the Manufacturer questioning the accuracy of amounts paid or payable in respect of certain Vehicles tendered for repurchase under a Manufacturer Program (as distinguished from any dispute relating to the repudiation by such Manufacturer generally of its obligations under such Manufacturer Program or the assertion by such Manufacturer of the invalidity or unenforceability as against it of such Manufacturer Program) and (B) with respect to which such FleetCo as the case may be, has provided adequate reserves as reasonably determined by such Person, (ii) the occurrence and continuance of an Event of Bankruptcy with respect to such Manufacturer; or (iii) the termination of such Manufacturer's Manufacturer Program or the failure of such Manufacturer's Repurchase Program or Guaranteed Depreciation Program to qualify as a Manufacturer Program.

"**Manufacturer Percentage**" means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer in such table.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Manufacturer** | &nbsp;&nbsp;**Manufacturer Percentage** |
| &nbsp;&nbsp;BMW | &nbsp;&nbsp;55% |
| &nbsp;&nbsp;BYD | &nbsp;&nbsp;10% |
| &nbsp;&nbsp;Chrysler / Fiat / Stellantis | &nbsp;&nbsp;55% |
| &nbsp;&nbsp;DR Automobiles | &nbsp;&nbsp;3% |
| &nbsp;&nbsp;Ford | &nbsp;&nbsp;55% |
| &nbsp;&nbsp;GM | &nbsp;&nbsp;35% |
| &nbsp;&nbsp;Honda | &nbsp;&nbsp;35% |
| &nbsp;&nbsp;Hyundai | &nbsp;&nbsp;15% |
| &nbsp;&nbsp;Iveco | &nbsp;&nbsp;5% |
| &nbsp;&nbsp;Jaguar / Land Rover | &nbsp;&nbsp;15% |
| &nbsp;&nbsp;Kia | &nbsp;&nbsp;15% |
| &nbsp;&nbsp;Mazda | &nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;55% |
| &nbsp;&nbsp;Mitsubishi | &nbsp;&nbsp;15% |
| &nbsp;&nbsp;Nissan | &nbsp;&nbsp;55% |
| &nbsp;&nbsp;Renault | &nbsp;&nbsp;55% |
| &nbsp;&nbsp;SAIC | &nbsp;&nbsp;10% |
| &nbsp;&nbsp;Subaru | &nbsp;&nbsp;15% |
| &nbsp;&nbsp;Suzuki | &nbsp;&nbsp;15% |
| &nbsp;&nbsp;Tesla | &nbsp;&nbsp;10% |
| &nbsp;&nbsp;Toyota | &nbsp;&nbsp;55% |
| &nbsp;&nbsp;Volkswagen | &nbsp;&nbsp;55% |
| &nbsp;&nbsp;Volvo | &nbsp;&nbsp;25% |
| &nbsp;&nbsp;Any other individual Manufacturer | &nbsp;&nbsp;3% |

---

"**Manufacturer Program**" means at any time any Repurchase Program or Guaranteed Depreciation Program that is in full force and effect with a Manufacturer and that, in any such case, satisfies the Required Contractual Criteria.

"**Manufacturer Receivable**" means any amount payable to a FleetCo by a Manufacturer in respect of or in connection with the disposition of a Program Vehicle; provided that, with respect to any outstanding Manufacturer Receivable payable to any FleetCo by Daimler AG, or to Spanish FleetCo by a Non-Accepting Entity (as defined in the Spanish Master Lease), such amount shall be reduced by any payables owing from such FleetCo to Daimler AG or such Non-Accepting Entity, respectively, pursuant to the terms of the related Manufacturer Program; provided further that, the maximum amount of any such reduction shall be the amount of such outstanding Manufacturer Receivable.

"**Market Value**" means, with respect to each Eligible Vehicle, as of any date of determination during a calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Market Value Procedures with respect to such Eligible Vehicle have been completed for such month
as of such date, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Monthly Third Party Mark, if any, for such Eligible Vehicle obtained in such calendar month in accordance
with such Market Value Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, pursuant to the Market Value Procedures, a Monthly Third Party Mark for such Eligible Vehicle was
not obtained for such calendar month (regardless of whether such value was not obtained because (A) a Monthly Third Party Mark was
not obtained in undertaking the Market Value Procedures or (B) such Eligible Vehicle experienced its Vehicle Lease Commencement Date
or Vehicle Instalment Sale Commencement Date on or after the first day of such calendar month), then the relevant Servicer's reasonable
estimation of the fair market value of such Eligible Vehicle as of such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Market Value Procedures have been completed for such calendar month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Eligible Vehicle experienced its Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement
Date prior to the first day of such calendar month, the Market Value obtained in the immediately preceding calendar month, in accordance
with the Market Value Procedures for such immediately preceding calendar month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Eligible Vehicle experienced its Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement
Date on or after the first day of such calendar month, then the relevant Servicer's reasonable estimation of the fair market value
of such Eligible Vehicle as of such date of determination.

"**MatchPoint Commitment Longstop Date**" has the meaning specified in Clause 9.5(a) (*Termination of MatchPoint Finance Plc*) of the Issuer Facility Agreement.

"**MatchPoint Removal Completion**" has the meaning specified in Clause 9.5(a) (*Termination of MatchPoint Finance Plc*) of the Issuer Facility Agreement.

"**Market Value Average**" means, as of any date of determination, commencing with the third Determination Date following the Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the average of the Non-Program Fleet Market Value as of the three preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value of all Non-Program Vehicles as of such three preceding Determination Dates.

"**Market Value Procedures**" means, with respect to each calendar month and each Non-Program Vehicle, on or prior to the Determination Date for such calendar month, the relevant FleetCo shall use commercially reasonable efforts (or cause the relevant FleetCo Administrator to use commercially reasonable efforts) to obtain a Monthly Third Party Mark for any such Non-Program Vehicle.

"**Master Fleet Purchase Agreement**" means the Belgian Master Fleet Purchase Agreement and/or the German Master Fleet Purchase Agreement.

"**Master Instalment Sale Termination Notice**" has the meaning specified in Clause 9.3.2 (*Instalment Seller and Belgian Security Trustee Upon Instalment Sale Event of Default*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Master Lease**" means each of the Belgian Master Instalment Sale and Administration Agreement, the Dutch Master Lease, the French Master Lease, the German Master Lease, the Spanish Master Lease and/or the Italian Master Lease, as applicable.

"**Master Lease Termination Notice**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Belgian Master Instalment Sale and Administration Agreement, means a Master Instalment
Sale Termination Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 9.3.2 (*Rights of Lessor Upon Lease Event of Default*)
of each Master Lease.

"**Material Adverse Effect**" means a material adverse effect on (a) the business, operations, property or condition (financial or otherwise) of Hertz and its Subsidiaries taken as a whole or (b) the validity or enforceability as to any of a FleetCo or the Issuer of any Related Documents or the rights or remedies of the Administrative Agent, the FleetCo Security Trustee, the Issuer Security Trustee or the Noteholders under the Related Documents or with respect to the Issuer Collateral, the Issuer Security, the FleetCo Collateral or the FleetCo Security, in each case taken as a whole.

"**Material Competitive Distortion**" means, in respect of the application of a specific principle or procedure under a set of generally acceptable accounting principles, an application that results in an aggregate variation of income or expense of more than €75,000,000 in a fiscal year as compared to the amount that would have been determined by applying the corresponding principle or procedure under International Financial Reporting Standards, where the fiscal year for these purposes is that for which the Ultimate Parent Entity prepares its Consolidated Financial Statements or the calendar year where the Ultimate Parent Entity does not prepare Consolidated Financial Statements.

"**Maximum Investor Group Principal Amount**" means the Class A Maximum Investor Group Principal Amount, the Class B Maximum Investor Group Principal Amount and the Class C Maximum Investor Group Principal Amount.

"**Maximum Italian AAA Amount**" means, as of any date of determination, an amount equal to the product of (a) 40.0% and (b) the total of all FleetCo AAA Components as of such date.

"**Maximum Lease Termination Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of an Instalment Sale Vehicle, the Maximum Instalment Sale Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Lease Vehicle, the earlier of (x) the last Business Day of the month that is
48 months after the month in which the Vehicle Lease Commencement Date occurs with respect to such Lease Vehicle and (y) the last
Business Day of the month that is 72 months after December 31 of the calendar year prior to the model year of such Lease Vehicle.

"**Maximum Light-Duty Truck Amount**" means, as of any date of determination, an amount equal to the product of (a) 7.5% and (b) the aggregate Net Book Value of all Eligible Vehicles as of such date.

"**Maximum Manufacturer Amount**" means, as of any date of determination and with respect to any Manufacturer, an amount equal to the product of (a) the Manufacturer Percentage for such Manufacturer and (b) the total of all FleetCo AAA Components as of such date.

"**Maximum Non-Investment Grade (High) Program Receivable Amount**" means, as of any date of determination and with respect to any Non-Investment Grade (High) Manufacturer, an amount equal to 7.5% of the total of all FleetCo AAA Components as of such date.

"**Maximum Non-RCC Compliant Eligible Vehicle Amount**" means, as of any date of determination up to and including the Non-RCC Expiry Date only, an amount equal to 10% of the aggregate Net Book Value of all Eligible Vehicles as of such date.

"**Maximum Non-RCC Compliant Unpaid Vehicle Amount**" means, as of any date of determination up to and including the Non-RCC Expiry Date only, an amount equal to EUR 10,000,000 as of such date.

"**Maximum Repurchase Price**" means, as of any date of determination, with respect to any Lease Vehicle or Instalment Sale Vehicle that is a Program Vehicle as of such date, the Repurchase Price that would be applicable with respect to such Lease Vehicle or Instalment Sale Vehicle under the terms of the related Manufacturer Program, assuming that (i) no Depreciation Charges have accrued or have been applied with respect to such Lease Vehicle or Instalment Sale Vehicle under such Manufacturer Program, (ii) the Excess Damage Charges and Excess Mileage Charges with respect to such Lease Vehicle or Instalment Sale Vehicle are zero, (iii) no minimum holding period applies with respect to such Lease Vehicle or Instalment Sale Vehicle and (iv) all other applicable requirements for return (including the return) of such Lease Vehicles or Instalment Sale Vehicles under such Manufacturer Program have been complied with.

"**Maximum Spanish AAA Amount**" means, as of any date of determination, an amount equal to the product of (a) 40.0% and (b) the total of all FleetCo AAA Components as of such date.

**"Maximum Weighted Average Interest Cap Rate"** means at any date of determination, the greatest Weighted Average Strike Rate calculated for a forward-looking period of 8 months following such date of determination.

"**Measurement Month**" on any Determination Date, means each complete calendar month, or the smallest number of consecutive calendar months preceding such Determination Date, in which at least 1,500 vehicles were sold to unaffiliated third parties (provided that, the Issuer, in its sole discretion, may exclude salvage sales); provided, however, that no calendar month included in a single Measurement Month shall be included in any other Measurement Month.

"**Minimum Profit Amount**" means the Belgian Minimum Profit Amount, the Dutch Minimum Profit Amount, the French Minimum Profit Amount, the German Minimum Profit Amount, the Spanish Minimum Profit Amount or the Italian Minimum Profit Amount, as applicable.

"**Minimum Program Term End Date**" means, as of any date of determination and with respect to any Lease Vehicle or Instalment Sale Vehicle that is a Program Vehicle as of such date, the date determined based on the terms of the related Manufacturer Program, assuming compliance with all of the applicable requirements of such Manufacturer Program, after which either (i) the Manufacturer may become obligated to repurchase or guarantee the amount of disposition proceeds realized with respect to such Program Vehicle or (ii) the price at which the related Manufacturer is obligated to repurchase such Lease Vehicle or Instalment Sale Vehicle or the amount of disposition proceeds that is guaranteed by such Manufacturer in respect of such Lease Vehicle or Instalment Sale Vehicle in either case pursuant to such Manufacturer Program is first reduced by the passage of time.

"**Monthly Base Rent**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Seller and any Belgian Instalment Purchaser, means Monthly Base Instalment;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 4.2 of each Master Lease.

"**Monthly Casualty Report**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of an Instalment Sale Vehicle, has the meaning specified in Clause 4.6 (*Casualty; Ineligible Vehicles*) of the Belgian Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 4.6 of each Master Lease.

"**Monthly Collateral Certificate**" means a Belgian Monthly Collateral Certificate, a Dutch Monthly Collateral Certificate, a French Monthly Collateral Certificate, a German Monthly Collateral Certificate, a Spanish Monthly Collateral Certificate or an Italian Monthly Collateral Certificate, as applicable.

"**Monthly Default Interest Amount**" means the Class A Monthly Default Interest Amount, the Class B Monthly Default Interest Amount and the Class C Monthly Default Interest Amount.

"**Monthly Interest Amount**" means the Class A Monthly Interest Amount, the Class B Monthly Interest Amount and the Class C Monthly Interest Amount.

"**Monthly Lease Principal Payment Deficit**" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Issuer Principal Collections that would have been deposited into the Issuer Principal Collection Account if all payments required to have been made under the Master Leases and the Belgian Master Instalment Sale and Administration Agreement from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Issuer Principal Collections that have been received for deposit into the Issuer Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"**Monthly Noteholders' Statement**" means the statement delivered by the Issuer to the Administrative Agent and the Issuer Security Trustee pursuant to Clause 11.2 (*Information*) of the Issuer Facility Agreement.

"**Monthly Servicing Certificate**" means a Belgian Monthly Servicing Certificate, a Dutch Monthly Servicing Certificate, a French Monthly Servicing Certificate, a German Monthly Servicing Certificate, a Spanish Monthly Servicing Certificate and/or an Italian Monthly Servicing Certificate, as applicable.

"**Monthly Third Party Mark**" means, with respect to any Eligible Vehicle, as of any date the Third Party Provider obtains market values that can be used by a FleetCo, the market value of such Eligible Vehicle for the model class and model year of such Eligible Vehicle, based on the average equipment and the average mileage of each vehicle of such model class and model year as quoted in such Third Party Provider information most recently available as of such date.

"**Monthly Variable Rent**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Seller and any Belgian Instalment Purchaser, means Monthly Variable Instalment;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 4.5 of the Master Lease.

"**Moody's**" means Moody's Investors Service.

"**Motor Third Party Liability Cover**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of an Instalment Sale Vehicle, has the meaning given to the term in Clause 5.1.2 (*Insurance*)
of the Belgian Master Instalment Sale and Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 5.1.2 of the Master Lease.

"**MSRP**" means as of any date of determination, with respect to each Lease Vehicle and Instalment Sale Vehicle, the Manufacturer's suggested retail price for such Lease Vehicle or Instalment Sale Vehicle, as determined by the Servicer or (in the case of an Instalment Sale Vehicle) the relevant Instalment Sale Administrator, in each case in its reasonable discretion based on such Lease Vehicle's or Instalment Sale Vehicle's characteristics.

"**Net Book Value**" means, with respect to any Lease Vehicle or Instalment Sale Vehicle, as of any date of determination, the excess (if any) of (i) the Capitalized Cost of such Lease Vehicle or Instalment Sale Vehicle over (ii) the Accumulated Depreciation with respect to such Lease Vehicle, in each case as of such date, ***provided that*** for the purposes of determining the purchase price of an Inter-Group Transferred Vehicles, the Net Book Value shall be the Legacy NBV.

"**Net VAT Receivables**" means VAT Receivables less VAT Payables.

"**Ninth Amendment Date**" means the Ninth Amendment Date as defined in the amendment deed in respect of certain issuer level related documents dated on or around 9 May 2025.

"**Non-conforming Instalment Sale Vehicle**" means any vehicle made available for instalment sale by the Instalment Seller to the Belgian Instalment Purchaser pursuant to an Instalment Sale Vehicle Acquisition Schedule that does not conform in all material respects to the Basic Instalment Sale Vehicle Information with respect to such vehicle.

"**Non-conforming Lease Vehicle**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Seller and the Belgian Instalment Purchaser, a Non-conforming Instalment
Sale Vehicle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, any vehicle made available for lease by a Lessor to the applicable Lessee pursuant to a Lease
Vehicle Acquisition Schedule that does not conform in all material respects to the Basic Lease Vehicle Information with respect to such
vehicle.

"**Non-Extending Purchaser**" has the meaning specified in Clause 2.6(c) (*Procedures for Extension Consents*) of the Issuer Facility Agreement.

"**Non-Franchisee Third Party Sublease Contractual Criteria**" means, with respect to the sublease of Lease Vehicles by a Lessee or sublease of an Instalment Sale Vehicle by the Belgian Instalment Purchaser to a Person other than a franchisee, the related sublease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) states in writing that it is subject to the terms and conditions of, as
the case may be, the Master Lease or the Belgian Master Instalment Sale and Administration Agreement and is subject and subordinate
in all respects, as the case may be, to the Master Lease or to the Belgian Master Instalment Sale and Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not permit the termination date for such subleased Lease Vehicles or
Instalment Sale Vehicles under such sublease to exceed the Maximum Lease Termination Date or Maximum Instalment Sale Termination Date
with respect to such Lease Vehicle or Instalment Sale Vehicle under the Master Lease or the Belgian Master Instalment Sale and
Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than renting such subleased Lease Vehicles or Instalment Sale Vehicles to customers in the ordinary
course of such Person's business, prohibits such Person from subleasing such Lease Vehicles or Instalment Sale Vehicles or otherwise
assigning any of its rights with respect to such Lease Vehicles or Instalment Sale Vehicles or assigning any of its rights or obligations
in, to or under such sublease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) limits such sublessee's use of such subleased Lease Vehicles or Instalment Sale Vehicle to primarily
in the Relevant Jurisdiction (which will include all normal course movements of vehicles across borders in connection with customer rentals
and following any such movements until convenient to return such Lease Vehicles or Instalment Sale Vehicles to the Relevant Jurisdiction,
in each case in the sublessee's course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) requires such sublessee to report the location of such subleased Lease Vehicles or Instalment Sale Vehicles
no less frequently than weekly and grant inspection rights to the applicable Lessee upon reasonable request of such Lessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) prohibits such sublessee from using any such subleased Lease Vehicles or Instalment Sale Vehicles in violation
of any laws or regulations or contrary to the provisions of any applicable insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) contains an express acknowledgement and agreement from such sublessee that
each such subleased Lease Vehicle or Instalment Sale Vehicle is at all times the property of the applicable Lessor or the Instalment Seller
and that such sublessee acquires no right, title or interest in or to such Lease Vehicle or Instalment Sale Vehicle except a leasehold
interest with respect to such subleased Lease Vehicle or Instalment Sale Vehicle, subject to the Master Lease or the Belgian Master
Instalment Sale and Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) allows the applicable Lessor or such Lessee or the Instalment Seller or Belgian Instalment Purchaser,
upon the occurrence of an event of default pursuant to such sublease, to enter the premises where such subleased Lease Vehicles or Instalment
Sale Vehicles may be located and take possession of such subleased Lease Vehicles or Instalment Sale Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contains an express covenant from such sublessee that prior to the date that is one year and one day after
the payment of the latest maturing associated FleetCo Note, it will not institute against or join with any other Person in instituting
against the applicable Lessor or the Instalment Seller or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings, under any national or state bankruptcy or similar law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) states that such sublease shall terminate upon the termination of the Master
Lease or the Belgian Master Instalment Sale and Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) requires that the Lease Vehicles or Instalment Sale Vehicles subleased under such sublease must primarily
be used in the course of such Person's daily car rental business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) is with a sublessee that is located in the same jurisdiction as the applicable Lessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) does not conflict with any terms of the applicable Master Lease or the Belgian
Master Instalment Sale and Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) prohibits the transfer of title or proprietary interest in the Lease Vehicles or Instalment Sale Vehicles
subject to the sublease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) contains a statement of acknowledgment of the security granted to the FleetCo Security Trustee pursuant
to the FleetCo Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) may only be entered into if no Belgian Instalment Purchaser Amortization Event or Leasing Company Amortization
Event has occurred or is continuing immediately prior to the entry into such sublease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) may only be entered into if, to the knowledge of the applicable Lessee immediately prior to the entry
into such sublease, no Event of Bankruptcy has occurred in respect of the sublessee.

"**Non-Investment Grade (High) Manufacturer**" means, as of any date of determination, any Manufacturer that (a) has a Relevant DBRS Rating as of such date (i) less than "BBB(L)" from DBRS and (ii) at least "BB(L)" from DBRS, or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating of (i) less than "BBB(L)" as of such date and (ii) at least "BB(L)" as of such date; provided that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in any FleetCo's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (i) the date on which an Authorized Officer of any FleetCo Administrator, any Lessor, the Instalment Seller, any Servicer or any Instalment Sale Administrator obtains actual knowledge of such withdrawal or downgrade (as applicable) and (ii) the date on which the Issuer Security Trustee notifies the FleetCo Administrators in writing of such withdrawal or downgrade (as applicable).

"**Non-Investment Grade (High) Program Receivable Concentration Excess Amount**" means, with respect to any Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Non-Investment Grade (High) Manufacturer as of such date over the Maximum Non-Investment Grade (High) Program Receivable Amount with respect to such Non-Investment Grade (High) Manufacturer as of such date, subject to the Concentration Excess Amount Calculation Convention.

"**Non-Investment Grade (High) Program Vehicle**" means, as of any date of determination, any Program Vehicle that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject on the Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date for such Vehicle
to an agreement with a Dealer which agreement is not guaranteed by an Investment Grade Manufacturer and which Dealer has the Relevant
DBRS Rating or DBRS Equivalent Rating set out in the definition of "Non-Investment Grade (High) Manufacturer" (as determined
as of such date of determination); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) manufactured by a Non-Investment Grade (High) Manufacturer (as determined as of such date of determination)
that is or was subject to a Manufacturer Program on the Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date for
such Program Vehicle,

in each case, unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Clause 2.5 (*Redesignation of Vehicles*) of the applicable Master Lease or Clause 2.5 (*Redesignation of Vehicles*) of the Belgian Master Instalment Sale and Administration Agreement as of such date.

"**Non-Investment Grade (Low) Manufacturer**" means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of less than "BB(L)" from DBRS (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, a DBRS Equivalent Rating of "BB(L)") as of such date; provided that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any DBRS Equivalent Rating), such Manufacturer may, in any FleetCo's sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following the earlier of (x) the date on which any FleetCo Administrator, any FleetCo or any Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Issuer Security Trustee notifies the FleetCo Administrators in writing of such withdrawal or downgrade (as applicable).

"**Non-Investment Grade (Low) Program Vehicle**" means, as of any date of determination, any Program Vehicle that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject on the Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date for such Vehicle
to an agreement with a Dealer which agreement is not guaranteed by an Investment Grade Manufacturer and which Dealer has either (x) the
Relevant DBRS Rating or DBRS Equivalent Rating set out in the definition of "Non-Investment Grade (Low) Manufacturer" (as
determined as of such date of determination) or (y) no rating (as determined as of such date of determination); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) manufactured by a Non-Investment Grade (Low) Manufacturer (as determined as of such date of determination)
that is or was subject to a Manufacturer Program on the Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date for
such Program Vehicle,

in each case, unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Clause 2.6 (*Redesignation of Vehicles*) of the applicable Master Lease or Clause 2.5 (*Redesignation of Vehicles*) of the Belgian Master Instalment Sale and Administration Agreement as of such date.

"**Non-Investment Grade Non-Program Vehicle**" means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Non-Investment Grade (High) Manufacturer or a Non-Investment Grade (Low) Manufacturer and (ii) is not a Non-Investment Grade (High) Program Vehicle or a Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

"**Non-Program Fleet Market Value**" means, with respect to all Non-Program Vehicles as of any date of determination, the sum of the respective Market Values of each such Non-Program Vehicle as of such date.

"**Non-Program Vehicle**" means, as of any date of determination, an Eligible Vehicle that is not a Program Vehicle as of such date.

"**Non-Program Vehicle 3-month Look-back Concentration Failure Percentage**" means, as of any date of determination, a percentage equal to the greater of (i) the Non-Program Vehicle Rolling 3-month Look-back Average less (A) during the period from and including the Sixth Amendment Date to and including 30 April 2028, 70%; or (B) at any other time, 65%; and (ii) zero.

"**Non-Program Vehicle Concentration Excess Amount**" means, as of any date of determination, the product of the Non-Program Vehicle 3-month Look-back Concentration Failure Percentage as of such date multiplied by the aggregate Net Book Value of all Eligible Vehicles as of such date, subject to the Concentration Excess Amount Calculation Convention.

"**Non-Program Vehicle Disposition Proceeds Percentage Average**" means, with respect to any Measurement Month, commencing on the third Determination Date following the Closing Date, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds (excluding VAT) paid or payable in respect of all Non-Program Vehicles that are sold (i) by all Fleetcos, or (ii) following the sale or disposition by all FleetCos to their relevant OpCos, by such OpCos, to unaffiliated third parties (excluding salvage sales), during such Measurement Month and the two Measurement Months preceding such Measurement Month and the denominator of which is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate Final Base Rent and Final Base Instalments (without double counting) with respect such Non-Program Vehicles.

"**Non-Program Vehicle Report**" means the report to be delivered by the Issuer pursuant to the Issuer Security Trustee pursuant to paragraph 27 (*Non-Program Vehicle Report*) of Annex 2 (*Covenants*) of the Issuer Facility Agreement.

"**Non-Program Vehicle Rolling 3-month Look-back Average**" means, as of any date of determination the percentage equivalent of a fraction, the numerator of which is the daily average Net Book Value of all Non-Program Vehicles during the prior three (3) calendar months and the denominator of which is the daily average Net Book Value of all Eligible Vehicles during the prior three (3) calendar months, **provided that** from the Eighth Amendment Date only, the reference to Net Book Value of all Non-Program Vehicles in this definition shall exclude the Belgian Fleet Seller Buy-Back Vehicles.

"**Non-Program Vehicle Special Default Payment Amount**" means, with respect to any Payment Date and any (i) Lease Vehicle or Instalment Sale Vehicle (a) that was a Non-Program Vehicle as of its Vehicle Lease Expiration Date or Vehicle Instalment Sale Expiration Date, (b) the Vehicle Lease Expiration Date or Vehicle Instalment Sale Expiration Date for which occurred during the Related Month with respect to such Payment Date, (c) the Vehicle Lease Expiration Date or Vehicle Instalment Sale Expiration Date for which did not occur due to a sale by the applicable FleetCo pursuant to the applicable Master Lease, the Belgian Master Instalment Sale and Administration Agreement or applicable Vehicle Purchasing Agreement, and (d) that did not become a Casualty or an Ineligible Vehicle during such Related Month, an amount equal to (I) the sum of all Program Vehicle Special Default Payment Amounts payable by the Lessees on such Payment Date and the eleven (11) Payment Dates preceding such Payment Date divided by (II) the number of Program Vehicles that were turned back to Manufacturers or sold through auctions conducted by or through Manufacturers during the twelve (12) Related Months with respect to such twelve (12) Payment Dates and (ii) any other Lease Vehicle or Instalment Sale Vehicle, zero.

"**Non-RCC Compliant Eligible Vehicle**" means, as at any date of determination, a Non-Program Vehicle that is owned by a FleetCo (and, for the avoidance of doubt, for which the purchase price has been paid in full by or on behalf of such FleetCo) and that such FleetCo acquired from an Auction Seller or Dealer (or, in the case of Dutch B FleetCo, from OpCo itself who acquired it from a Supplier) without being required to comply with the Required Contractual Criteria provided that certain conditions were met in accordance with and pursuant to the applicable Master Lease or Belgian Master Fleet Purchase Agreement.

"**Non-RCC Compliant Eligible Vehicle Concentration Excess Amount**" means, as of any date of determination up to and including the Non-RCC Expiry Date, the excess, if any, of the aggregate Net Book Value of all Non-RCC Compliant Eligible Vehicles over the Maximum Non-RCC Compliant Eligible Vehicle Amount as of such date, subject to the Concentration Excess Amount Calculation Convention.

"**Non-RCC Compliant Unpaid Vehicle Concentration Excess Amount**" means, as of any date of determination up to and including the Non-RCC Expiry Date, the excess, if any, of the aggregate Net Book Value of all Vehicles where the Vehicles have been delivered to or to the order of a FleetCo by an Auction Seller or Dealer pursuant to a Vehicle Purchasing Agreement but for which the full purchase price payable by or on behalf of such FleetCo has not yet been paid by or on behalf of such FleetCo, over the Maximum Non-RCC Compliant Unpaid Vehicle Amount.

"**Non-RCC Expiry Date**" means 30 April 2028.

"**Note Register**" has the meaning set out in Clause 2.6 (*Note Register*) of the Issuer Note Framework Agreement.

"**Noteholder**" means the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, as applicable.

"**Noteholder Statement AUP**" has the meaning specified in paragraph 6 (*Noteholder Statement AUP*) of Annex 2 (*Covenants*) of the Issuer Facility Agreement.

"**Noteholder Territory**" means the jurisdiction in which the Noteholder or relevant Payee is registered, incorporated or created or, if different, where the Noteholder or relevant Payee has its place of effective management.

"**Notice of Reduction**" means a notice in the form of Annex G to a Letter of Credit.

"**Officer's Certificate**" means (i) with respect to any Person, a certificate signed by an authorized officer of such Person and (ii) with respect to any Affiliate of Hertz, a certificate signed by an Authorized Officer of such Affiliate.

"**Official Body**" has the meaning specified in the definition of "Change in Law".

"**Onward Purchase Price**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to the German Master Fleet Purchase Agreement, the purchase price payable by German FleetCo
to German OpCo for a Relevant Vehicle which, for the avoidance of doubt, shall be equal to the Initial Purchase Price and (if necessary)
calculated by way of break-down of the aggregate price for each type of Vehicles subject to the respective Purchase Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the Belgian Master Fleet Purchase Agreement, the purchase price payable by Dutch B FleetCo
to Belgian OpCo for a Relevant Vehicle which, for the avoidance of doubt, shall be equal to the Belgian Initial Purchase Price and (if
necessary) calculated by way of break-down of the aggregate price for each type of Vehicles subject to the respective Purchase Offer,
which amount shall include any VAT.

"**OpCo**" means each of Belgian OpCo, Dutch OpCo, French OpCo, German OpCo, Spanish OpCo and/or Italian OpCo, as applicable.

"**Operating Expense Amount**" means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount of Carrying Charges on such Payment Date (excluding any Carrying Charges payable to the Noteholders, the Administrative Agent or the Funding Agents) and (b) the aggregate amount of FleetCo Carrying Charges, if any, payable by the Issuer on such Payment Date (excluding any Carrying Charges payable to the Noteholders).

"**Opinion of Counsel**" means a written and signed opinion from legal counsel who is acceptable to the Issuer Security Trustee. If acceptable to the Issuer Security Trustee, the counsel may be an employee of or counsel to Hertz or any of its Affiliates, as the case may be. For the avoidance of doubt, the term 'Opinion of Counsel' shall not include any opinion not bearing a handwritten signature.

"**Original Class C Investor Group**" means the Investor Group constituted by Motion Lux S.À.R.L. as Class C Committed Note Purchaser and Class C Funding Agent as of the Tenth Amendment Date.

"**Outstanding**" means in relation to the Issuer Notes or the FleetCo Notes, as of any date of determination, all of the Issuer Notes, or all of the FleetCo Notes (as applicable) that have been issued and not redeemed or purchased and cancelled by the Issuer or the relevant FleetCo (as applicable).

"**Parent**" means any of HGH, Holdings, and any Other Parent, and any other Person that is a Subsidiary of HGH, Holdings, or any Other Parent and of which Hertz is a Subsidiary. As used herein, "**Other Parent**" means a Person of which Hertz becomes a Subsidiary after the Closing Date and that is designated by Hertz as an "Other Parent"; provided that, either (x) immediately after Hertz first becomes a Subsidiary of such Person, more than 50% of the Voting Stock of such Person shall be held by one or more Persons that held more than 50% of the Voting Stock of Hertz or a Parent of Hertz immediately prior to Hertz first becoming such Subsidiary or (y) such Person shall be deemed not to be an Other Parent for the purpose of determining whether a Change of Control shall have occurred by reason of Hertz first becoming a Subsidiary of such Person.

"**Past Due Amounts**" means, with respect to any Manufacturer, the amount that such Manufacturer shall have failed to pay when due under such Manufacturer's Manufacturer Program with respect to an Eligible Vehicle turned in to such Manufacturer with respect to which such failure shall have continued for more than one hundred and twenty (120) days following the Due Date.

"**Past Due Rent Payment**" means, with respect to any Lease Payment Deficit and any Lessee, any payment of Rent or other amounts payable by such Lessee under any Lease with respect to which such Lease Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Lease Payment Deficit and which payment is in satisfaction (in whole or in part) of such Lease Payment Deficit.

"**Past Due Rental Payments Priorities**" means the priorities of payments set forth in Clause 5.6 (*Past Due Rental Payments*) of the Issuer Facility Agreement.

"**Payee**" in respect of a payment means an individual or a person, undertaking, agreement, trust or other arrangement that has legal personality under the laws of the territory in which it is established or an association of persons recognised under the laws of the territory in which it is established as having the capacity to perform legal acts or any other legal arrangement of whatever nature or form, that owns or manages assets, or a permanent establishment of one of the aforementioned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which receives that payment or is treated as receiving that payment under the laws of any territory, other
than where that payment is received or treated as being received, as the case may be, in a fiduciary or representative capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to whom some or all of the profits or gains of an entity are treated as arising or accruing for the purposes
of tax charged under the tax law of a territory or would be so treated but for an insufficiency of profits or gains, where under the tax
law of another territory some or all of the profits or gains of that entity are treated as arising or accruing to the entity on its own
account or would be so treated but for an insufficiency of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the benefit of which the payment is treated as arising or accruing under the laws of any territory;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on which a CFC Charge is made by reference to that payment or, on which a charge is made under the laws
of a territory, other than the State, which is similar to a CFC Charge.

"**Payment Date**" means, the 25th day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day, with the first Payment Date being November 26, 2018.

"**Payment Date Available Interest Amount**" means, with respect to each Interest Period, the sum of the Daily Interest Allocations for each Deposit Date in such Interest Period.

"**Payment Date Interest Amount**" means, with respect to each Payment Date, the sum (without duplication) of the amounts payable pursuant to Clauses 5.3(a) through (e) (*Application of Funds in the Interest Collection Account*) of the Issuer Facility Agreement.

"**Permitted Holders**" means any of the following: (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) whose status as a "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) constitutes or results in a Change of Control that has been consented to by Noteholders holding more than 66⅔% of the Principal Amount, and any Affiliate thereof, (ii) any of the Management Investors, (iii) the Plan Sponsors, (iv) any "group" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) of which any of the Persons specified in clauses (i) to (iii) above is a member (provided that (without giving effect to the existence of such "group" or any other "group") one or more of such Persons collectively have beneficial ownership, directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the relevant Parent entity held by such "group"), and any other Person that is a member of such "group" and (v) any Person acting in the capacity of an underwriter in connection with a public or private offering of Capital Stock of Holdings or any Subsidiary thereof or any Parent entity.

"**Permitted Investment Qualifying Country**" means any of Austria, Belgium, Canada, the Channel Islands, Denmark, Finland, France, Germany, Iceland, the Republic of Ireland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom or the United States of America and any other country which has a Moody's local currency country risk ceiling of, at the time of acquisition of the relevant Permitted Investment, at least "Baa2" or "P-2" by Moody's and the foreign currency country issuer rating of which is rated, at the time of acquisition of the relevant Permitted Investment, at least "BBB-" by S&P.

"**Permitted Investments**" means negotiable instruments or securities, payable in Euros, represented by instruments in bearer or registered in book-entry form which evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obligations the full and timely payment of which are to be made by or is fully guaranteed by a Permitted
Investment Qualifying Country or any agency or instrumentality of a Permitted Investment Qualifying Country, other than financial contracts
whose value depends on the values or indices of asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) demand deposits of, time deposits in, or certificates of deposit issued by, any depositary institution
or trust company incorporated under the laws of a Permitted Investment Qualifying Country whose short-term debt is rated "P-1"
by Moody's and "A-1+" by S&P and subject to supervision and examination by governmental banking or depositary institution
authorities; provided, however, that at the earlier of (x) the time of the investment and (y) the time of the contractual commitment
to invest therein, the certificates of deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than such
obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary
institution or trust company shall have a credit rating from S&P of "A 1+" and a credit rating from Moody's of "P-1"
in the case of certificates of deposit or short-term deposits, or a rating from S&P not lower than "AA" and a rating from
Moody's not lower than "Aa2" in the case of long-term unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) commercial paper having, at the earlier of (x) the time of the investment and (y) the time of
the contractual commitment to invest therein, a rating from S&P of "A-1+" and a rating from Moody's of "P-1";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) bankers' acceptances issued by any depositary institution or trust company described in paragraph
(b) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) investments in money market funds rated "AAAm" by S&P and "Aaa-mf" by Moody's,
or otherwise approved in writing by S&P or Moody's, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Eurodollar time deposits having a credit rating from S&P of "A 1+" and a credit rating
from Moody's of "P-1"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) repurchase agreements involving any of the Permitted Investments described in paragraphs (a) and
(f) above and the certificates of deposit described in paragraph (b) above which are entered into with a depository institution
or trust company, having a commercial paper or short-term certificate of deposit rating of "A-1+" by S&P and "P-1"
by Moody's.

"**Permitted Lessee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Belgian Master Instalment Sale and Administration Agreement, a Permitted Instalment
Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 12 of each Master Lease.

"**Permitted Security**" means (i) Security for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics', materialmen's, landlords', warehousemen's and carriers' Security, and other Security imposed by law, securing obligations that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, and (iii) Security in favor of the Issuer Security Trustee pursuant to any Issuer Related Document or in favour of the FleetCo Security Trustee pursuant to any FleetCo Related Document.

"**Person**" means any natural person, corporation, business trust, joint venture, association, company, partnership, limited liability company, joint stock company, corporation, trust, unincorporated organization or Governmental Authority.

"**Plan Sponsors**" means collectively, certain funds and accounts managed or advised by Knighthead Capital Management, LLC or one of its Controlled Investment Affiliates ("**Knighthead**") and certain funds and accounts managed or advised by Certares Opportunities LLC or one of its Controlled Investment Affiliates ("**Certares**") and CK Amarillo LP, a Delaware limited partnership formed by Certares and Knighthead.

"**Potential Amortization Event**" means any occurrence or event that, with the giving of notice, the passage of time or both, would constitute an Amortization Event.

"**Potential Instalment Sale Event of Default**" means any occurrence or event that, with the giving of notice, the passage of time or both, would constitute an Instalment Sale Event of Default.

"**Potential Lease Event of Default**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Belgian Master Instalment Sale and Administration Agreement, a Potential Instalment
Sale Event of Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, means any occurrence or event that, with the giving of notice, the passage of time or both,
would constitute a Lease Event of Default.

"**Potential Leasing Company Amortization Event**" means a Belgian Potential Instalment Purchaser Amortization Event, Dutch Potential Leasing Company Amortization Event, French Potential Leasing Company Amortization Event, German Potential Leasing Company Amortization Event, Spanish Potential Leasing Company Amortization Event or Italian Potential Leasing Company Amortization Event, as applicable.

"**PRA Rulebook**" means the rulebook of published policy of the UK PRA.

"**PRA Securitisation Rules**" means the Securitisation Part of the PRA Rulebook.

"**Preference Certificates**" means the preferred equity note certificates issued by the Issuer on or about the Closing Date.

"**Preference Certificate Purchase Agreement**" means the purchase agreement relating to the Preference Certificates, dated on or about the Signing Date between the Issuer and Hertz Holdings Netherlands B.V.

"**Pre-VLCD Program Vehicle Depreciation Amount**" means, as of any date of determination, with respect to (a) any Lease Vehicle or Instalment Sale Vehicle that was a Program Vehicle as of the Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date with respect to such Lease Vehicle or Instalment Sale Vehicle and was not, prior to such Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date, leased or subject to an instalment sale by a FleetCo or any Affiliate thereof to the relevant OpCo or any Affiliate thereof, an amount equal to the excess, if any, of (i) the depreciation charges scheduled to accrue pursuant to the terms of the Manufacturer Program with respect to such Lease Vehicle or Instalment Sale Vehicle, if any, prior to such Vehicle Lease Commencement Date or Vehicle Instalment Sale Commencement Date over (ii) all payments in respect of clause (i) made by the applicable Lessees or the Belgian Instalment Purchaser to the applicable FleetCo pursuant to Clause 4.7.1 of the applicable Master Lease or Clause 4.7.1 of the Belgian Master Instalment Sale and Administration Agreement or Clause 4.9 of the applicable Master Lease or Clause 4.9 of the Belgian Master Instalment Sale and Administration Agreement on or prior to such date and (b) any other Lease Vehicle or Instalment Sale Vehicle, zero.

"**Principal Amount**" means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal Amount and the Class C Principal Amount, in each case as of such date.

"**Principal Collection Account Amount**" means, as of any date of determination, the amount of cash on deposit in and Permitted Investments credited to the Issuer Principal Collection Account as of such date.

"**Principal Deficit Amount**" means, on any date of determination, the excess, if any, of (a) the Adjusted Principal Amount on such date over (b) the Issuer Aggregate Asset Amount on such date.

"***Pro Rata* Share**" means, with respect to each Letter of Credit issued by any Letter of Credit Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Letters of Credit as of such date; provided, that solely for purposes of calculating the Pro Rata Share with respect to any Letter of Credit Provider as of any date, if the related Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under such Letter of Credit made prior to such date, the available amount under such Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount (provided that the foregoing calculation shall not in any manner reduce a Letter of Credit Provider's actual liability in respect of any failure to pay any demand under any of its Letters of Credit).

"**Program Maximum Term**" means, as of any date of determination and with respect to any Lease Vehicle or Instalment Sale Vehicle which is a Program Vehicle, the latest date determined based on the terms of the related Manufacturer Program, assuming compliance with all of the requirements of such Manufacturer Program, by which either (i) the Manufacturer/Dealer may become obliged to repurchase or guarantee the amount of disposition proceeds realized with respect to such Program Vehicle or (ii) the price at which the related Manufacturer/Dealer is obligated to repurchase such Lease Vehicle or Instalment Sale Vehicle or the amount of disposition proceeds that is guaranteed by such Manufacturer/Dealer in respect of such Lease Vehicle or Instalment Sale Vehicle in either case pursuant to such Manufacturer Program is first reduced by the passage of time.

"**Program Minimum Term**" means, as of any date of determination and with respect to any Lease Vehicle or Instalment Sale Vehicle which is a Program Vehicle, the date determined based on the terms of the related Manufacturer Program, assuming compliance with all of the requirements of such Manufacturer Program, after which either (i) the Manufacturer/Dealer may become obliged to repurchase or guarantee the amount of disposition proceeds realized with respect to such Program Vehicle or (ii) the price at which the related Manufacturer/Dealer is obligated to repurchase such Lease Vehicle or Instalment Sale Vehicle or the amount of disposition proceeds that is guaranteed by such Manufacturer/Dealer in respect of such Lease Vehicle or Instalment Sale Vehicle in either case pursuant to such Manufacturer Program is first reduced by the passage of time.

"**Program Support Provider**" means a Class A Program Support Provider and/or a Class B Program Support Provider, as applicable.

"**Program Vehicle**" means, as of any date of determination, an Eligible Vehicle that is (i) eligible under, and subject to, a Manufacturer Program as of such date and (ii) not designated as a Non-Program Vehicle pursuant to a Master Lease or the Belgian Master Instalment Sale and Administration Agreement as of such date.

"**Program Vehicle Depreciation Assumption True-Up Amount**" means, as of any date of determination, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Lease Vehicle or Instalment Sale Vehicle (x) that was a Program Vehicle as of the Vehicle Lease
Commencement Date or Vehicle Instalment Sale Vehicle for such Lease Vehicle or Instalment Sale Vehicle, and (y) to which an Estimation
Period applied, during which one or more calendar months ended, and which Estimation Period has ended as of such date, an amount equal
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the aggregate of all Base Rent or Base Instalments that
would have been paid with respect to such Lease Vehicle or Instalment Sale Vehicle calculated utilizing the Depreciation Charge
that would have been applicable to such Lease Vehicle or Instalment Sale Vehicle pursuant to the Manufacturer Program related to such
Lease Vehicle or Instalment Sale Vehicle for the period during which such Initially Estimated Depreciation Charges were utilized, had
such Depreciation Charge been known, or otherwise available, to the Servicer during such period; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate of all Monthly Base Rent or Monthly Base Instalments with
respect to such Lease Vehicle or Instalment Sale Vehicle paid or payable prior to such date calculated utilizing the Initially
Estimated Depreciation Charges with respect to such Lease Vehicle or Instalment Sale Vehicle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Lease Vehicle or Instalment Sale Vehicle, zero.

"**Program Vehicle Special Default Payment Amount**" means, with respect to any Payment Date and any Lease Vehicle or Instalment Sale Vehicle (a) that was a Program Vehicle on its Turnback Date and (b) with respect to which such Turnback Date occurred during the Related Month with respect to such Payment Date, an amount equal to the sum of the Excess Damage Charges and Excess Mileage Charges with respect to such Lease Vehicle or Instalment Sale Vehicle, if any.

"**Prospectus Regulation**" means Regulation (EU) 2017/1129 (as amended).

"**Public/Product Liability Cover**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Instalment Sale Vehicle, has the meaning specified in Clause 5.1.2 (*Insurance*)
of the Belgian Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 5.1.2 of each Master Lease.

"**Qualifying Noteholder**" means, any person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a bank, within the meaning of section 246(1) TCA, which is carrying on a bona fide banking business
in Ireland for the purposes of section 246(3)(a) TCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a person who is resident for tax purposes in a Relevant Territory under the laws of that territory except,
where such person is a body corporate, where such interest is paid to the body corporate in connection with a trade or business which
is carried on by it in Ireland through a branch or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a qualifying company within the meaning of section 110 of the TCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an exempt approved scheme within the meaning of section 774 TCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an investment undertaking within the meaning of section 739B TCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a company that is incorporated in the US and taxed in the US on its worldwide income provided that such
US company does not provide its commitment in connection with a trade or business carried on by it in Ireland through a branch or agency;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a US LLC where the ultimate recipients of the interest payable to such US LLC satisfy the requirements
set out in paragraph (b) above and the business conducted through such US LLC is so structured for market reasons and not for tax
avoidance purposes, provided that such US LLC does not provide its commitment in connection with a trade or business carried on by it
in Ireland trough a branch or agency.

"**Rapid Amortization Period**" means the period beginning on the earlier to occur of (i) the close of business on the Business Day immediately preceding the Class A Notes Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding the day on which an Amortization Event has occurred with respect to the Issuer Notes, and ending upon the earlier to occur of (i) the date on which the Issuer Notes have been paid in full and (ii) the termination of the Issuer Facility Agreement.

**"RCF Global Deed of Release"** has the meaning specified in the Escrow Deed.

**"Receivables Assignment Agreement 2010**" means the receivables assignment agreement dated 30 June 2010 (as confirmed on 31 October 2014) entered into between Security Agent 2010 and German FleetCo in connection with the conclusion of a revolving facility agreement.

"**Receiver**" has the meaning set forth in clause 10.5 of the Issuer Security Trust Deed.

"**Redesignation to Non-Program Amount**" has the meaning specified in Clause 2.5(e) (*Program Vehicle to Non-Program Vehicle Redesignation Payments*) of each Master Lease or the Belgian Master Instalment Sale and Administration Agreement.

"**Redesignation to Program Amount**" has the meaning specified in Clause 2.5(f) (*Non-Program Vehicle to Program Vehicle Redesignation Payments*) of each Master Lease or the Belgian Master Instalment Sale and Administration Agreement.

"**Reference Banks**" means Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch, Natixis S.A., Royal Bank of Canada, Lloyds Bank Plc and Barclays Bank PLC or such other four (4) banks as the Issuer and the Administrative Agent each acting reasonably from time to time agree to appoint.

"**Reference Lender**" means, with respect to each Investor Group, the related Funding Agent or if such Funding Agent does not have a prime rate, an Affiliate thereof designated by such Funding Agent.

"**Reference Rate**" means, with respect to any Interest Period, EURIBOR, as quoted at 10a.m. London time on the first day of the relevant Interest Period. If such rate is not available by 10.30 a.m. London time on such date, then the rate will be the arithmetic mean of the rates quoted by four of the Reference Banks to the relevant Funding Agent (and notified by it to the Issuer). The quotations will be for rates which such Reference Banks quoted or would have quoted at approximately 10.00 a.m., London time, on such date. If in respect of such date the rate for that date cannot be determined in accordance with the foregoing procedures then the rate will be the rate determined by the Funding Agent having regard to comparable indices then available. The rate so calculated or determined will be expressed as a percentage rate per annum and will be rounded up, if necessary, to the next higher one ten-thousandth of a percentage point (0.0001%).

"**Reference Rate Replacement Event**" means, in relation to a Reference Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the methodology, formula or others means of determining that a Reference Rate has, in the opinion of the
Required Noteholders and the Issuer Administrator materially changed;

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the administrator of that Reference Rate or its supervisor publicly announces that such administrator
is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. information is published in any order, decree, notice, petition or filing, however described, of or filed
with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms
that the administrator of that Reference Rate is insolvent, provided that, in each case, at that time, there is no successor administrator
to continue to provide that Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the administrator of that Reference Rate publicly announces that it has ceased or will cease, to provide
that Reference Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Reference
Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the supervisor of the administrator of that Reference Rate publicly announces that such Reference Rate
has been or will be permanently or indefinitely discontinued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. the administrator of that Reference Rate or its supervisor announces that that Reference Rate may no longer
be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the administrator of that Reference Rate determines that that Reference Rate should be calculated in accordance
with its reduced submissions or other contingency or fallback policies or arrangements and the circumstance(s) or event(s) leading
to such determination are not (in the opinion of the Required Noteholders and the Issuer Administrator) temporary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the opinion of the Required Noteholders and the Issuer Administrator, that Reference Rate is otherwise
no longer appropriate for the purposes of calculating interest under the Issuer Facility Agreement.

"**Refinancing**" means refinance, refund, replace, renew, repay, modify, restate, defer, substitute, supplement, reissue, resell or extend (including pursuant to any defeasance or discharge mechanism) and the terms "refinance," "refinances", "refinanced" and "refinancing" as used for any purpose in this Agreement shall have a correlative meaning.

"**Refinancing Deed of Covenant**" means the document so named entered into between, amongst others, the Issuer, the FleetCos, the OpCos, the Class A Committed Note Purchasers, the Class A Conduit Investors, the Class A Funding Agents, the Issuer Security Trustee and each FleetCo Security Trustee on or around the Second Amendment Date and as further amended, restated or supplemented from time to time.

"**Registrar**" means BNP Paribas, Luxembourg Branch.

"**Registrar International Operating Model**" means the international operating model delivered by the Registrar to the Issuer as amended from time to time.

"**Regulatory Direction**" means, in relation to any person, a direction or requirement of any Governmental Authority with whose directions or requirements such person is accustomed to comply.

"**Rejected Vehicle**" has the meaning specified in Clause 2.1(f) (*Lease Vehicle Acceptance or Nonconforming Lease Vehicle Rejection*) of each Master Lease and has the meaning specified in Clause 2.1(e) (*Instalment Sale Vehicle Acceptance or Non-conforming Instalment Sale Vehicle Rejection*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Rejection Date**" has the meaning specified in Clause 2.1(f) (*Lease Vehicle Acceptance or Nonconforming Lease Vehicle Rejection*) of each Master Lease and has the meaning specified in Clause 2.1(e) (*Instalment Sale Vehicle Acceptance or Non-conforming Instalment Sale Vehicle Rejection*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Related Documents**" means each of the Issuer Related Documents and the FleetCo Related Documents.

"**Related Month**" means, with respect to any date of determination, the most recently ended calendar month.

"**Relevant DBRS Rating**" means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person as of such date; provided that, if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date.

"**Relevant Fitch Rating**" means, with respect to any Person, (a) if such Person has both a senior unsecured rating by Fitch and a long term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, (b) if such Person has only one of a senior unsecured rating by Fitch and a long term issuer default rating by Fitch as of such date, then such rating of such Person as of such date; provided that, if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date.

"**Relevant Jurisdiction**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Netherlands in respect of Dutch FleetCo, Belgium in respect of Dutch B FleetCo, France in respect
of French FleetCo, Spain in respect of Spanish FleetCo, Germany in respect of German FleetCo and Italy in respect of the Italian FleetCo;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other party, its jurisdiction of incorporation.

"**Relevant Moody's Rating**" means, with respect to any Person as of any date of determination, the highest of: (a) if such Person has a long term rating by Moody's as of such date, then such rating as of such date, (b) if such Person has a senior unsecured rating by Moody's as of such date, then such rating as of such date and (c) if such Person has a long term corporate family rating by Moody's as of such date, then such rating as of such date; provided that, if such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody's Rating with respect to such Person as of such date.

"**Relevant Nominating Body**" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

"**Relevant Rating**" means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody's, the Relevant Moody's Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating with respect to such Person as of such date and (c) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date.

"**Relevant S&P Rating**" means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such date; provided that, if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date.

"**Relevant Territory**" means a Member State of the European Union (other than Ireland) or, not being such a Member State, a territory with which Ireland has signed a double tax treaty.

"**Relevant Vehicle**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to Belgian OpCo, any Vehicle (a) purchased by Belgian OpCo from the Supplier under a
Vehicle Purchasing Agreement and (b) subsequently sold by Belgian OpCo to Dutch B FleetCo (and whereby legal title to such vehicle
is transferred from Belgian OpCo to Dutch B FleetCo under the Belgian Master Fleet Purchase Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to German OpCo, any Vehicle (a) purchased by German OpCo from the Supplier under a Vehicle
Purchasing Agreement and (b) subsequently sold by German OpCo to German FleetCo (and whereby legal title to such vehicle is transferred
from German OpCo to German FleetCo under the German Master Fleet Purchase Agreement).

"**Remainder AAA Amount**" means, with respect to a FleetCo as of any date of determination, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the relevant FleetCo Aggregate Asset Amount as of such date over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of such FleetCo's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Eligible Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Eligible Investment Grade Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Eligible Non-Investment Grade Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Eligible Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) as the case may be, Due and Unpaid Lease Payment Amount and Due and Unpaid Instalment Payment Amount as
of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Net VAT Receivables as of such date.

"**Rent**" means Base Rent and Monthly Variable Rent, collectively.

"**Rental Adjustment**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to the Instalment Seller and the Belgian Instalment Purchaser, means Instalment Adjustment;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 4 (*Rent and Lease Charges*) of the applicable Master
Lease.

"**Replacement Issuer Back-Up Administrator**" has the meaning given to it in Clause 5.4(a) of the Issuer Back-Up Administration Agreement.

"**Replacement Reference Rate**" means a benchmark rate which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) formally designated, nominated or recommended as the replacement for a Reference Rate by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the administrator of that Reference Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement under paragraph (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Required Noteholders and the Issuer Administrator, generally accepted in the international
financial markets as the appropriate successor to a Reference Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of the Required Noteholders and the Issuer Administrator, an appropriate successor to a
Reference Rate.

"**Repurchase Period**" means, with respect to any Program Vehicle, the period during which such Vehicle may be turned in to the Manufacturer thereof for repurchase or sale at Auction pursuant to the applicable Manufacturer Program.

"**Repurchase Price**" with respect to any Program Vehicle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to a Repurchase Program, means the price paid or payable by the Manufacturer thereof to repurchase
such Program Vehicle pursuant to its Manufacturer Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to a Guaranteed Depreciation Program means the amount which the Manufacturer thereof guarantees
will be paid to the seller of such Program Vehicle by such Manufacturer and/or the related auction dealers upon the disposition of such
Program Vehicle pursuant to its Manufacturer Program.

"**Repurchase Program**" means a program pursuant to which a Manufacturer or one or more of its Affiliates has agreed to repurchase Vehicles manufactured by such Manufacturer or one or more of its Affiliates during the specified Repurchase Period.

"**Required Contractual Criteria**" means the contractual criteria applicable for each Vehicle Purchasing Agreement set out in Schedule 3 (*Required Contractual Criteria for Vehicle Purchasing Agreements*) to each Master Lease, except Belgium, in which case the contractual criteria are set out in Schedule 2 (*Required Contractual Criteria for Vehicle Purchasing Agreements*) to the Belgian Master Fleet Purchase Agreement and except for Italy, in which case the contractual criteria are set out in Schedule 1 (*Required Contractual Criteria for Vehicle Purchasing Agreements*) to the Italian Fleet Servicing Agreement.

"**Required Letter of Credit/Cash Liquid Enhancement Amount**" means, as of any date of determination, an amount equal to the sum of (i) the Class A Required Letter of Credit/Cash Liquid Enhancement Amount, (ii) the Class B Required Letter of Credit/Cash Liquid Enhancement Amount and (iii) the Class C Required Letter of Credit/Cash Liquid Enhancement Amount.

"**Required Liquid Enhancement Amount**" means, as of any date of determination, an amount equal to the sum of (i) the Required Letter of Credit/Cash Liquid Enhancement Amount and (ii) the product of (a) 2.25% and (b) the Class A Adjusted Principal Amount as of such date.

"**Required Noteholders**" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) so long as Class A Notes are Outstanding, Class A Noteholders holding more than 50% of the Principal
Amount of such Class A Notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no Class A Notes are Outstanding, so long as Class B Notes are Outstanding, Class B
Noteholders holding more than 50% of the Principal Amount of such Class B Notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if no Class A Notes and Class B Notes are Outstanding, so long as Class C Notes are Outstanding,
Class C Noteholders holding more than 50% of the Principal Amount of such Class C Notes.

"**Required Reserve Account Amount**" means with respect to any date of determination, an amount equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Required Liquid Enhancement Amount over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sum of the Letter of Credit Amount and the Class A Available Headroom Amount, in each case, as
of such date,

excluding from the calculation of such excess the amount available to be drawn under any Defaulted Letter of Credit as of such date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sum of the Adjusted Asset Coverage Threshold Amount and the Available Reserve Account Amount over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer Aggregate Asset Amount, in each case as of such date,

plus, in each case, prior to the Non-RCC Expiry Date, the Non-RCC Compliant Unpaid Vehicle Concentration Excess Amount (if any) on such date.

"**Required Reserve Advance Amount**" means with respect to any date of determination, the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Required Liquid Enhancement Amount, as of such date, over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Adjusted Letter of Credit/Cash Liquid Enhancement Amount, as of such date.

"**Required Supermajority Noteholders**" means, as of any date of determination, (i) for so long as any Class A Notes are Outstanding, Class A Noteholders holding more than 66⅔% of the Class A Principal Amount, (ii) if no Class A Notes are Outstanding as of such date of determination, then Class B Noteholders holding more than 66⅔% of the Class B Principal Amount and (iii) if no Class A Notes or Class B Notes are Outstanding as of such date of determination, then Class C Noteholders holding more than 66⅔% of the Class C Principal Amount.

"**Requirement of Law**" or "**Requirements of Law**" means, with respect to any Person or any of its property (other than its Subsidiaries), the certificate of incorporation or articles of association and by-laws, limited liability company agreement, partnership agreement or other organizational or governing documents of such Person or any of its property (other than its Subsidiaries), and any law, treaty, rule or regulation, or determination of any arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or any of its property (other than its Subsidiaries) or to which such Person or any of its property (other than its Subsidiaries) is subject, whether national, state or local.

"**Reserve Account Collateral**" means the Issuer Account Collateral with respect to the Issuer Reserve Account.

"**Reserve Account Deficiency Amount**" means, as of any date of determination, the excess, if any, of the Required Reserve Account Amount for such date over the Available Reserve Account Amount for such date.

"**Reserve Account Interest Withdrawal Shortfall**" has the meaning specified in Clause 5.4(a) (*Issuer Reserve Account Withdrawals*) of the Issuer Facility Agreement.

"**Reserve Account Legal Final Withdrawal Shortfall**" has the meaning specified in Clause 5.4(a) (*Issuer Reserve Account Withdrawals*) of the Issuer Facility Agreement.

"**Reserve Account Principal Withdrawal Shortfall**" has the meaning specified in Clause 5.4(a) (*Issuer Reserve Account Withdrawals*) of the Issuer Facility Agreement.

"**Reserve Account Surplus"** means, as of any date of determination, the excess, if any, of the Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Required Reserve Account Amount, in each case, as of such date.

"**Resigning Instalment Purchaser**" has the meaning specified in Clause 26 (*Instalment Purchaser Termination and Resignation*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Resigning Lessee**" has the meaning specified in Clause 26 (*Lessee Termination and Resignation*) of each Master Lease.

"**Restricted Lender**" is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Person that falls within the definition of Disqualified Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Person that Hertz determines (acting reasonably) to be a competitor of Hertz or any of its Subsidiaries *provided that* such Person has (i) been identified in a written notice delivered by the Issuer to the Administrative Agent,
each Funding Agent, each Committed Note Purchaser and each Conduit Investor (a "**Restricted Lender Notice** "), and (ii) the
Administrative Agent (acting on the instructions of all Noteholders in accordance with clause 9.1(e) of the Issuer Facility Agreement)
has confirmed in writing that such Person shall be a Restricted Lender and *provided further that* (A) if the Administrative
Agent rejects the assertion (acting reasonably) that the Person identified in the notice is a competitor of Hertz or any of its Subsidiaries
within 20 Business Days of receipt of the notice, that the Person identified in the notice shall not be a Restricted Lender and (B) if
the Administrative Agent does not provided such confirmation or rejection within 20 Business Days of receipt of such notice, that Person
identified in the notice shall be a Restricted Lender.

"**Retention Holder**" means HHN2.

"**Revolving Period**" means the period from and including the Closing Date to the earlier of (i) the Class A Notes' Commitment Termination Date and (ii) the commencement of the Rapid Amortization Period.

"**Risk Retention Letter**" means the risk retention letter entered into between the Issuer, the Retention Holder, Hertz and the Issuer Security Trustee originally dated 26 September 2018, as amended and restated on 8 November 2019 and again on 23 December 2020 and as further amended, restated or supplemented from time to time.

"**S&P**" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc.

"**Sale Agreement**" means a specific sale arrangement (not being a Manufacturer Program) between a FleetCo and a Manufacturer or a Dealer, as the case may be, pursuant to which such FleetCo purchases Vehicles.

"**SECN**" means the securitisation sourcebook of the FCA Handbook.

"**Second Amendment Date**" means the Second Amendment Date as defined in the amendment and restatement deed in respect of certain issuer level related documents dated 29 April 2021.

"**Second Ranking Deed of Pledge of Registered Shares**" means the second ranking deed of pledge of registered shares of the Issuer dated on or about the Fifth Amendment Date, granted by Hertz Holdings Netherlands 2 B.V. and Wilmington Trust SP Services (Dublin) Limited.

"**Second Ranking Deed of Pledge of Convertible Notes**" means the second ranking deed of pledge of convertible notes of the Issuer dated on or about the Fifth Amendment Date, granted by Hertz Holdings Netherlands 2 B.V..

"**Second Supplemental Dutch Security Trust Deed**" means the second supplemental security trust deed dated on or around the Sixth Amendment Date entered into by, amongst others, the Dutch Security Trustee and the Dutch FleetCo and as further amended, restated or supplemented from time to time.

"**Second Supplemental French Security Trust Deed**" means the second supplemental security trust deed dated on or around the Sixth Amendment Date entered into by, amongst others, the French Security Trustee and the French FleetCo and as further amended, restated or supplemented from time to time.

"**Second Supplemental German Security Trust Deed**" means the second supplemental security trust deed dated on or around the Sixth Amendment Date entered into by, amongst others, the German Security Trustee and the German FleetCo and as further amended, restated or supplemented from time to time.

"**Second Supplemental Issuer Security Trust Deed**" means the second supplemental security trust deed dated on or around the Sixth Amendment Date entered into by, amongst others, the Issuer Security Trustee and the Issuer and as further amended, restated or supplemented from time to time.

"**Second Supplemental Spanish Security Trust Deed**" means the second supplemental security trust deed dated on or around the Sixth Amendment Date entered into by, amongst others, the Spanish Security Trustee and the Spanish FleetCo and as further amended, restated or supplemented from time to time.

"**Securities Act**" means the United States Securities Act of 1933, as amended.

"**Security**" means, when used with respect to any Person, any interest in any real or personal property, asset or other right held, owned or being purchased or acquired by such Person that secures payment or performance of any obligation, and shall include any mortgage, lien, pledge, encumbrance, charge, retained security title of a conditional vendor or lessor, or other security interest of any kind, whether arising under a security agreement, mortgage, lease, deed of trust, chattel mortgage, assignment, pledge, retention or security title, financing or similar statement, or notice or arising as a matter of law, judicial process or otherwise; provided that, the foregoing shall not include, as of any date of determination, any interest in or right with respect to any Vehicle that is being rented (as of such date) to any third-party customer of Hertz or any Affiliate thereof, which interest or right secures payment or performance of any obligation of such third-party customer.

"**Security Agent 2010**" means Crédit Agricole Corporate and Investment Bank.

"**Security Trustee**" means any of the Issuer Security Trustee, the Belgian Security Trustee, the Dutch Security Trustee, the French Security Trustee, the German Security Trustee and the Spanish Security Trustee (and, any two or more of the foregoing together, the "**Security Trustees**").

"**Senior Credit Facilities**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the senior secured asset based revolving loan and term loan facility, provided under a credit agreement,
dated as of June 30, 2016, among Hertz together with certain of Hertz's subsidiaries, as borrower, the several banks and financial
institutions from time to time party thereto, as lenders, Barclays Bank PLC, as administrative agent and collateral agent, Credit Agricole
Corporate and Investment Bank, as syndication agent, and Bank of America, N.A., Bank of Montreal, BNP Paribas, Citibank, N.A., Goldman
Sachs Bank USA, JPMorgan Chase Bank, N.A. and Royal Bank of Canada, as co-documentation agents, and the other financial institutions party
thereto from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) following the Hertz 2021 Chapter 11 Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the USD 1,500,000,000 Exit Revolving Credit Facility provided under the Exit Revolving Credit Agreement
(each as defined in the Hertz 2021 Chapter 11 Plan); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the USD 1,300,000,000 Exit Term Loan Facility provided under the Exit Term Loan Credit Agreement (each
as defined in the Hertz 2021 Chapter 11 Plan); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any refinancing, successor or replacement revolving credit or term loan facility or facilities to the
facilities described in sub-clauses (a) and (b) above.

"**Senior Interest Waterfall Shortfall Amount**" means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without taking into account availability of funds) pursuant to Clauses 5.3(a) through (d) (*Application of Funds in the Issuer Interest Collection Account*) of the Issuer Facility Agreement on such Payment Date over (b) the sum of (i) the Payment Date Available Interest Amount with respect to the Interest Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Issuer Interest Collection Account with proceeds of the Issuer Reserve Account, each Letter of Credit and each Issuer L/C Cash Collateral Account, in each case made since the immediately preceding Payment Date; provided that, the amount calculated pursuant to the preceding clause (b)(ii) shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Issuer Principal Collection Account for deposit into the Issuer Interest Collection Account on such Payment Date.

"**Service Vehicle**" means any Vehicle which is not intended to be rented to a customer of OpCo as part of its daily rental business including, without limitation, Vehicles which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) used by an OpCo for transportation of either its customers or vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided to employees in their personal activities or activities related to the rental business.

"**Servicer**" means each of the Dutch Servicer, the French Servicer, the German Servicer, the Spanish Servicer and/or the Italian Fleet Servicer, as applicable.

"**Servicer Default**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Sale Administrator or Belgian OpCo, means an Instalment Sale Administrator
Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 9.6 (*Servicer Default*) of the Dutch Master Lease,
the French Master Lease, the German Master Lease and the Spanish Master Lease or, in the case of Italian Fleet Servicer, has the meaning
specified in Clause 6.2 (*Servicer Default*) of the Italian Fleet Servicing Agreement.

"**Servicer Records**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of Instalment Sale Vehicles, means Belgian Vehicle Records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of Italy, has the meaning specified in Clause 2.13 (*Italian Fleet Servicer Records and Italian Fleet Servicer Reports*) of the Italian Fleet Servicing Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise, has the meaning specified in Clause 6.8 (*Servicer Records and Servicer Reports*) of each
Master Lease.

"**Servicer Report**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of Instalment Sale Vehicles, means a Belgian Vehicle Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of Italy, has the meaning specified in Clause 2.13 (*Italian Fleet Servicer Records and Italian Fleet Servicer Reports*) of the Italian Fleet Servicing Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise, has the meaning specified in Clause 6.8 (*Servicer Records and Servicer Reports*) of each
Master Lease.

"**Servicing Standard**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) means, in respect of the Belgian Master Instalment Sale and Administration Agreement and the Belgian Master
Fleet Purchase Agreement, the Instalment Administrator Standard; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, means servicing that is performed with the promptness, diligence
and skill that a reasonably prudent Person would exercise in comparable circumstances and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) taken as a whole (i) is usual and customary in the daily motor vehicle rental, fleet leasing and/or
equipment rental or leasing industry or (ii) to the extent not usual and customary in any such industry, reflects changed circumstances,
practices, technologies, tactics, strategies or implementation methods and, in each case, is behaviour that any Servicer or its Affiliates
would undertake were such Servicer the owner of the Lease Vehicles and that would not reasonably be expected to have a Lease Material
Adverse Effect with respect to the applicable Lessor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any Lessor or any Lessee, would enable the applicable Servicer to cause such Lessor or
such Lessee to comply in all material respects with all the duties and obligations of such Lessor or such Lessee, as applicable, under
the applicable Master Lease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any Lessor or any Lessee, causes the applicable Servicer, such Lessor and/or such Lessee
to remain in compliance with all Requirements of Law, except to the extent that failure to remain in such compliance would not reasonably
be expected to result in a Lease Material Adverse Effect with respect to such Lessor.

"**Seventh Amendment Date**" means the Seventh Amendment Date as defined in the amendment deed in respect of certain issuer level related documents dated on or around 16 April 2024.

"**Signing Date**" means 25 September 2018.

"**Sixth Amendment Date**" means the Sixth Amendment Date as defined in the amendment deed in respect of certain Issuer level related documented dated on or around 22 September 2023.

"**Spain Concentration Excess Amount**" means, as of any date of determination, the excess, if any, of the aggregate amount of the Spanish AAA Components as of such date over the Maximum Spanish AAA Amount as of such date, subject to the Concentration Excess Amount Calculation Convention.

"**Spanish Amendment and Restatement Agreement**" means the amendment and restatement agreement entered into, by amongst others, Spanish FleetCo, Spanish OpCo and the Spanish Security Trustee dated on or about the Eighth Amendment Date.

"**Specified Cost Clause**" means Clauses 3.5 (*Increased or Reduced Costs, etc*.), 3.6 (*Funding Losses*), 3.7 (*Increased Capital Costs*) and/or 3.8 (*Taxes*) of the Issuer Facility Agreement.

"**Specified Office**" means, in relation to the Registrar or any FleetCo Registrar or the Italian Paying Agent, any office notified in accordance with the Issuer Note Framework Agreement or the relevant FleetCo Note Framework Agreement, as applicable.

"**SR 2024**" means the UK's Securitisation Regulations 2024 (SI 2024/102).

"**Subordinated Issuer Convertible Notes**" means the Notes (as defined in the Subordinated Issuer Convertible Notes Purchase Agreement).

"**Subordinated Issuer Convertible Notes Purchase Agreement**" means the subordinated notes purchase agreement relating to €100,000, 12.00 per cent. subordinated convertible notes issued by the Issuer, dated on or about the Signing Date between the Issuer and Hertz Holdings Netherlands B.V.

"**Subordinated Issuer Debt**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subordinated Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subordinated Issuer Convertible Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Preference Certificates.

"**Subordinated Note Event of Default**" has the meaning given to such term in Clause 1.1 of the Issuer Subordinated Facility Agreement.

"**Subordinated Notes**" means a subordinated variable funding note issued by the Issuer in accordance with the Issuer Subordinated Facility Agreement.

"**Subordinated Noteholder**" means HHN2.

"**Subordinated Utilization Request**" has the meaning specified in Clause 1.1 of the Issuer Subordinated Facility Agreement.

"**Sub-Servicer**" has the meaning specified in Clause 6.7 (*Sub-Servicers*) of each Master Lease, except for Italy, in which case it has the meaning specified in Clause 2.11 (*Sub-Servicers*) of the Italian Fleet Servicing Agreement and except for Belgium, in which case it shall mean Delegee.

"**Subsidiary**" of any Person means any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other equity interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person or (ii) one or more Subsidiaries of such Person.

"**Supplement**" means a supplement to the Belgian Note Framework Agreement, Dutch Note Framework Agreement, French Facility Agreement, Spanish Note Framework Agreement or the German Note Framework Agreement as applicable, complying (to the extent applicable) with the terms of Clause 12 of the Dutch Note Framework Agreement, French Facility Agreement, Spanish Note Framework Agreement, Belgian Note Framework Agreement or German Note Framework Agreement, as applicable.

"**Supplemental Agreement**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of German FleetCo and German OpCo, each supplemental agreement to be entered into in respect
of an Original Sale and Repurchase Agreement between German FleetCo, German OpCo and a Supplier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of Dutch B FleetCo, Belgian OpCo each supplemental agreement to be entered into in respect
of an Original Sale and Repurchase Agreement between Dutch B FleetCo, Belgian OpCo and a Supplier.

"**Supplemental Security Documents**" means each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) First Supplemental Issuer Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) First Supplemental Dutch Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) First Supplemental French Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) First Supplemental Spanish Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) First Supplemental German Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Second Supplemental Issuer Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Second Supplemental Dutch Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Second Supplemental French Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Second Supplemental Spanish Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Second Supplemental German Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Third Supplemental Issuer Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Third Supplemental Dutch Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Third Supplemental French Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Third Supplemental Spanish Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Third Supplemental German Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Fourth Supplemental Issuer Security Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Second Ranking Deed of Pledge of Registered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Second Ranking Deed of Pledge of Convertible Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Third Ranking Deed of Pledge of Registered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Third Ranking Deed of Pledge of Convertible Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Dutch Second Ranking Deed of Pledge of Registered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Dutch Second Ranking Deed of Non-Possessory Pledge of Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Dutch Second Ranking Receivables Pledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Dutch Third Ranking Deed of Pledge of Registered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Dutch Third Ranking Deed of Non-Possessory Pledge of Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Dutch Third Ranking Receivables Pledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Second Ranking French Bank Accounts Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Second Ranking French On-Going Business Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Second Ranking French Share Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Second Ranking French Receivables Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Second Ranking French Vehicle Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Third Ranking French Bank Accounts Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Third Ranking French On-Going Business Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Third Ranking French Share Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Third Ranking French Receivables Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Third Ranking French Vehicle Pledge Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Second German Account Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) Third German Account Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Fourth Ranking Deed of Pledge of Convertible Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Fourth Ranking Deed of Pledge of Registered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) Dutch Fourth Ranking Deed of Non-Possessory Pledge of Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Dutch Fourth Ranking Deed of Pledge of Registered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Dutch Fourth Ranking Receivables Pledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Dutch Fifth Ranking Deed of Pledge of Registered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Fourth Ranking French Bank Accounts Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) Fourth Ranking French On-Going Business Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) Fourth Ranking French Receivables Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) Fourth Ranking French Share Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) Fourth Ranking French Vehicle Pledge Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Fourth German Account Pledge Agreement.

"**Supplier**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to the Belgian Master Fleet Purchase Agreement, has the meaning given to such term in recital
(A) of the Belgian Master Fleet Purchase Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the German Master Fleet Purchase Agreement, has the meaning given to such term in recital
(A) of the German Master Fleet Purchase Agreement.

"**T2**" means the real time gross settlement system operated by the Eurosystem, or any successor system;

"**TARGET Day**" means any day on which T2 is open for the settlement of payments in euro;

"**Tax**" or "**Taxes**" means any tax, levy, duty, impost, assessment or other charge of whatsoever nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

"**Tax Authority**" means any government, state or municipality or any local, state, federal or other authority, body or official anywhere in the world exercising a fiscal, revenue, customs or excise function.

"**Tax Deduction**" means a deduction or withholding for or on account of Tax from a payment under the Related Documents.

"**Tax Deed of Covenant**" means the deed of covenant dated on or about the Signing Date entered into by, among others, the Issuer, the FleetCos, the OpCos, the Securitization Company Shareholders (as defined in the deed of covenant), the Subordinated Noteholders, the FCT, the FCT Management Company and the Issuer Security Trustee and as further amended, restated or supplemented from time to time.

"**Tenth Amendment Date**" means the Tenth Amendment Date as defined in the amendment deed in respect of certain issuer level related documents dated on or around 17 July 2025.

"**Term**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to the Belgian Master Instalment Sale and Administration Agreement, has the meaning specified
in Clause 3.2 (*Belgian Master Instalment Sale Term*) of the Belgian Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 3.2 (*Term*) of each Master Lease.

"**TCA**" means the Taxes Consolidation Act 1997 (as amended) of Ireland.

"**THC**" means The Hertz Corporation.

"**THC Guarantee and Indemnity**" means the guarantee and indemnity dated on or about the Third Amendment Date granted by The Hertz Corporation to the Issuer Security Trustee.

"**Third Amendment Date**" means the Third Amendment Date as defined in the amendment and restatement deed in respect of certain issuer level related documents dated 21 December 2021.

"**Third Party Provider**" means Cars2Click or such other equivalent, reputable third-party provider as is agreed by the Administrative Agent, acting on the instructions of the Required Noteholders, or for the provision of market values that can be used by the French FleetCo, German FleetCo, Spanish FleetCo, the Dutch B FleetCo and the Dutch FleetCo, Autovista, before being provided by Cars2Click.

"**Third Ranking Deed of Pledge of Registered Shares**" means the third ranking deed of pledge of registered shares of the Issuer dated on or about the Sixth Amendment Date, granted by Hertz Holdings Netherlands 2 B.V. and Wilmington Trust SP Services (Dublin) Limited.

"**Third Ranking Deed of Pledge of Convertible Notes**" means the third ranking deed of pledge of convertible notes of the Issuer dated on or about the Sixth Amendment Date, granted by Hertz Holdings Netherlands 2 B.V.

"**Third Supplemental Dutch Security Trust Deed**" means the third supplemental security trust deed dated on or around the Seventh Amendment Date entered into by, amongst others, the Dutch Security Trustee and the Dutch FleetCo and as further amended, restated or supplemented from time to time.

"**Third Supplemental French Security Trust Deed**" means the third supplemental security trust deed dated on or around the Seventh Amendment Date entered into by, amongst others, the French Security Trustee and the French FleetCo and as further amended, restated or supplemented from time to time.

"**Third Supplemental German Security Trust Deed**" means the third supplemental security trust deed dated on or around the Seventh Amendment Date entered into by, amongst others, the German Security Trustee and the German FleetCo and as further amended, restated or supplemented from time to time.

"**Third Supplemental Issuer Security Trust Deed**" means the third supplemental security trust deed dated on or around the Seventh Amendment Date entered into by, amongst others, the Issuer Security Trustee and the Issuer and as further amended, restated or supplemented from time to time.

"**Third Supplemental Spanish Security Trust Deed**" means the third supplemental security trust deed dated on or around the Seventh Amendment Date entered into by, amongst others, the Spanish Security Trustee and the Spanish FleetCo and as further amended, restated or supplemented from time to time.

"**Top Two Non-Investment Grade Manufacturers**" means, with respect to a FleetCo, the two Manufacturers designated as such by such FleetCo.

"**Transfer Date**" has the meaning specified in Clause 4.1 of the Issuer Back-Up Administration Agreement.

"**Transferee Lessee**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) means, in respect of the Belgian Master Instalment Sale and Administration Agreement, a Transferee Instalment
Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 2.2(b) (*Intra-Lease Transfers*) of each Master
Lease.

"**Transferor Lessee**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Seller and any Belgian Instalment Purchaser, means the Transferor Instalment
Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 2.2(b) (*Intra-Lease Transfers*) of each Master
Lease.

"**Treasury Transaction**" means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.

"**Trust Indenture Act**" means the Trust Indenture Act of 1939, as amended.

"**Turnback Date**" means, with respect to any Lease Vehicle or Instalment Sale Vehicle that is a Program Vehicle, the date on which such Lease Vehicle or Instalment Sale Vehicle is accepted for return by a Manufacturer or its agent pursuant to its Manufacturer Program.

"**UK Asset Report**" means a monthly report as then required by and in accordance with SECN 12.2.1R(7).

"**UK Investor Report**" means a monthly report as then required by and in accordance with SECN 12.3.1R.

"**UK PRA**" means the Prudential Regulation Authority of the Bank of England.

"**UK Retention Requirement Law**" means the UK Securitisation Framework.

"**UK Securitisation Framework**" means SR 2024, SECN, and PRA Securitisation Rules, together with the relevant provisions of FSMA.

"**UK Transparency Rules**" means SECN 6, SECN 11 (including its Annexes) and SECN 12 (including its Annexes).

"**Ultimate Parent Entity**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an entity that owns, directly or indirectly, a Controlling Interest in any other entity and that is not
owned, directly or indirectly, by another entity with a Controlling Interest in it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Main Entity of a group referred to in paragraph (b) of the definition of 'Group'
above.

"**U.S. GAAP**" means generally accepted accounting principles in the United States of America, used in all calculations relating to Lease Vehicles and Instalment Sale Vehicles.

"**US Risk Retention Rule**" means 17 C.F.R. Clause 246.

"**VAT**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any tax imposed in compliance with (but subject to the derogations from) the council directive of 28 November 2006
on the common system of value added tax (EC Directive 2006/112) and Sixth Council directive of 17 May 1977 on the harmonization of
the laws of member states relating to turnover taxes-common system of value added tax: uniform basis of assessment (EC Directive 77/388);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) or elsewhere.

"**VAT Payables**" in relation to each FleetCo means, at the time of calculation, and in relation to each VAT Week of that FleetCo, the aggregate on the Friday of the immediately preceding VAT Week of the output tax of that FleetCo attributable to that preceding VAT Week, including but not limited to amounts of output tax which relate to Vehicles sold and amounts not referable to the sales of Vehicles;

"**VAT Receivables**" in relation to each FleetCo means, at the time of calculation and in relation to each VAT Week of that FleetCo, the aggregate on the Friday of the immediately preceding VAT Week of amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which constitute input tax of that FleetCo, including but not limited to amounts in respect of purchased
Vehicles and amounts not referable to the purchases of Vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of which that FleetCo is entitled to credit or repayment from the relevant Tax Authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which that FleetCo has paid during the preceding VAT Week, provided that any such amount which appears
in an invoice relating to (or which otherwise forms part of a greater amount payable by that FleetCo for) the purchase of a Vehicle by
that FleetCo shall only be treated as paid for these purposes as and when the balance of that invoice (or the balance of that greater
amount) is also paid.

"**VAT Week**" means the period of seven (7) days commencing on Monday and ending on Sunday.

"**Vehicle**" means a passenger automobile, van, minibus or light-duty truck.

"**Vehicle Concentration Excess Amount**" means, as of any date of determination, the sum of (i) the Italy Concentration Excess Amount, (ii) the Spain Concentration Excess Amount as of such date, if any, (iii) the Non-Program Vehicle Concentration Excess Amount as of such date, if any, (iv) the Light-Duty Truck Concentration Excess Amount as of such date, if any, and (v) (up to and including the Non-RCC Expiry Date) the Non-RCC Compliant Eligible Vehicle Concentration Excess Amount, if any.

"**Vehicle Funding Date**" has the meaning specified in Clause 3.1(a) (*Vehicle Lease Commencement Date*) of each Master Lease and specified in Clause 3.1(a) (*Vehicle Instalment Sale Commencement Date*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Vehicle Lease Commencement Date**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Seller and any Belgian Instalment Purchaser, means the Vehicle Instalment
Sale Commencement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 3.1(a) (*Vehicle Lease Commencement Date*) of
each Master Lease.

"**Vehicle Lease Expiration Date**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Instalment Seller and any Belgian Instalment Purchaser, means the Vehicle Instalment
Sale Expiration Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, has the meaning specified in Clause 3.1(b) (*Vehicle Term for Lease Vehicles*) of
each Master Lease.

"**Vehicle Purchasing Agreement**" means an agreement pursuant to which a FleetCo, Belgian OpCo or German OpCo purchases Vehicles from a Manufacturer, Dealer or Auction Seller including, without limitation, Manufacturer Programs, Sale Agreements and New Sale and Repurchase Agreements.

"**Vehicle Term**" has the meaning specified in Clause 3.1(b) (*Vehicle Term for Lease Vehicles*) of each Master Lease and specified in Clause 3.1(b) (*Vehicle Term for Instalment Sale Vehicles*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Vienna MTF**" means the Vienna multilateral trading facility operated by Wiener Börse AG.

"**VIN**" means vehicle identification number.

"**Voting Stock**" means, with respect to any Person, shares of Capital Stock entitled to vote generally in the election of directors to the board of directors or equivalent governing body of such Person.

**"Waiver Agreement"** the waiver agreement dated 22 May 2020 as amended from time to time and most recently on 31 March 2021.

"**Weighted Average Strike Rate**" means, as of any date of determination, the weighted average strike rate of the Interest Rate Caps, weighted on the basis of the notional amount for the given month in the Interest Rate Cap's notional schedule.

1.2 **Dutch Definitions** 

"**Dutch AAA Component**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Dutch Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Dutch Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Dutch Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Dutch Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Dutch Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Dutch Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Dutch Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Eligible Due and Unpaid Lease Payment Amount under the Dutch Master Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Dutch Net VAT Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Remainder AAA Amount with respect to Dutch Fleetco.

"**Dutch AAA Select Component**" means each Dutch AAA Component other than the Eligible Due and Unpaid Lease Payment Amount.

"**Dutch Acceleration Notice**" has the meaning given to it in Sub-Clause 6.3 (*Dutch Acceleration Notice*) of the Dutch Security Trust Deed.

"**Dutch Account Bank**" means BNP Paribas, Netherlands Branch or, as the case may be, any other Acceptable Bank which would be subsequently appointed as Dutch Account Bank pursuant to the terms of the International Account Bank Agreement.

"**Dutch Account Mandates**" means the signature authorities relating to a Dutch Account, as amended from time to time in accordance with the International Account Bank Agreement.

"**Dutch Accounts**" means the accounts established and maintained in the name of Dutch FleetCo.

"**Dutch Administration Agreement**" means the Dutch administration agreement entered into between Dutch FleetCo, the Dutch Administrator and the Dutch Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**Dutch Administrator**" means Hertz Automobielen Nederland B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*), incorporated and existing under Dutch law, with its corporate seat in Amsterdam, the Netherlands, having its registered address at Folkstoneweg 40, 1118 LM Schiphol, the Netherlands, registered with the Trade Register of the Chamber of Commerce under number 34049337.

"**Dutch Administrator Default**" has the meaning specified in Sub-Clause 9.2 (*Term of Agreement; Removal of Dutch Administrator*) of the Dutch Administration Agreement.

"**Dutch Advance**" has the meaning given to "Advance" in clause 2.3(a) of the Dutch Facility Agreement.

"**Dutch Aggregate Asset Amount**" means, as of any date of determination, the amount equal to the sum of each of the following with respect to Dutch FleetCo:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate Net Book Value of all Dutch Eligible Vehicles as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount of all Dutch Manufacturer Receivables as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Due and Unpaid Lease Payment Amount in respect of the Dutch Master Lease as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Dutch Net VAT Receivables as of such date.

"**Dutch Back-Up Administration Agreement**" means the Dutch back-up administration agreement entered into between Dutch FleetCo, the Dutch Administrator, the Dutch Back-Up Administrator and the Dutch Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**Dutch Back-Up Administrator**" means TMF Administrative Services B.V.

"**Dutch Back-Up Servicing Fee**" has the meaning given to it in Sub-Clause 5.1(a) (*Compensation*) of the Dutch Back-Up Administration Agreement.

"**Dutch Blended Advance Rate Weighting Denominator**" means, as of any date of determination, an amount equal to the sum of each Dutch AAA Select Component, in each case as of such date.

"**Dutch Carrying Charges**" means, for any Payment Date, without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Dutch Monthly Servicing Fee payable by Dutch FleetCo to the Dutch Servicer pursuant to the Dutch Master
Lease on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all reasonable out-of-pocket costs and expenses of Dutch FleetCo incurred in connection with the Dutch
Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all fees, expenses and other amounts payable by Dutch FleetCo under the Dutch Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any accrued Dutch Carrying Charges that remain unpaid as of the immediately preceding Payment Date (after
giving effect to all distributions in respect of such Payment Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Dutch Percentage of the Carrying Charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) one twelfth of the Dutch Percentage of the Issuer Minimum Profit Amount.

"**Dutch Class A Adjusted Advance Rate**" means, as of any date of determination, with respect to any Dutch AAA Select Component, a percentage equal to the greater of (A) (i) the Dutch Class A Baseline Advance Rate for such Dutch AAA Select Component, minus (ii) the Class A Concentration Excess Advance Rate Adjustment for such Dutch AAA Select Component minus (iii) the Class A MTM/DT Advance Rate Adjustment for such Dutch AAA Select Component; and (B) zero.

"**Dutch Class A Baseline Advance Rate**" means, with respect to each Dutch AAA Select Component, the percentage set forth opposite such Dutch AAA Select Component in the following table (provided that for the Dutch AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Dutch Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such Dutch AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class A Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Dutch AAA Component** | &nbsp;&nbsp;**Dutch Class A Baseline Advance Rate** |
| &nbsp;&nbsp;Dutch Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;77.00% |
| &nbsp;&nbsp;Dutch Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;77.00% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Dutch Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Dutch Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Dutch Master Lease, the following Dutch Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to France: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Dutch Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Dutch Master Lease, the following Dutch Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to France: | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;Dutch Net VAT Receivables | &nbsp;&nbsp;94.75% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0% |

---

"**Dutch Class A Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Dutch Class A Blended Advance Rate Weighting Numerator and the denominator of which is the Dutch Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Dutch Class A Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Dutch AAA Select Component equal to the product of such Dutch AAA Select Component and the Dutch Class A Adjusted Advance Rate with respect to such Dutch AAA Select Component, in each case as of such date.

"**Dutch Class B Adjusted Advance Rate**" means, as of any date of determination, with respect to any Dutch AAA Select Component, a percentage equal to the greater of (A) (i) the Dutch Class B Baseline Advance Rate for such Dutch AAA Select Component, minus (ii) the Class B Concentration Excess Advance Rate Adjustment for such Dutch AAA Select Component minus (iii) the Class B MTM/DT Advance Rate Adjustment for such Dutch AAA Select Component; and (B) zero.

"**Dutch Class B Baseline Advance Rate**" means, with respect to each Dutch AAA Select Component, the percentage set forth opposite such Dutch AAA Select Component in the following table (provided that for the Dutch AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Dutch Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such Dutch AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class B Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Dutch AAA Component** | &nbsp;&nbsp;**Dutch Class B Baseline Advance Rate** |
| &nbsp;&nbsp;Dutch Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;78.25% |
| &nbsp;&nbsp;Dutch Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;78.25% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Dutch Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Dutch Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Dutch Master Lease, the following Dutch Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to France: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Dutch Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Dutch Master Lease, the following Dutch Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to France: | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;Dutch Net VAT Receivables | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**Dutch Class B Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Dutch Class B Blended Advance Rate Weighting Numerator and the denominator of which is the Dutch Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Dutch Class B Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Dutch AAA Select Component equal to the product of such Dutch AAA Select Component and the Dutch Class B Adjusted Advance Rate with respect to such Dutch AAA Select Component, in each case as of such date.

"**Dutch Class C Adjusted Advance Rate**" means, as of any date of determination, with respect to any Dutch AAA Select Component, a percentage equal to the greater of (A) (i) the Dutch Class C Baseline Advance Rate for such Dutch AAA Select Component, minus (ii) the Class C Concentration Excess Advance Rate Adjustment for such Dutch AAA Select Component minus (iii) the Class C MTM/DT Advance Rate Adjustment for such Dutch AAA Select Component; and (B) zero.

"**Dutch Class C Baseline Advance Rate**" means, with respect to each Dutch AAA Select Component, the percentage set forth opposite such Dutch AAA Select Component in the following table (provided that for the Dutch AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Dutch Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such Dutch AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class C Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Dutch AAA Component** | &nbsp;&nbsp;**Dutch Class C Baseline Advance Rate** |
| &nbsp;&nbsp;Dutch Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;Dutch Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Dutch Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Dutch Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Dutch Master Lease, the following Dutch Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to France: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;Dutch Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Dutch Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Dutch Master Lease, the following Dutch Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to France: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Dutch Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;Dutch Net VAT Receivables | &nbsp;&nbsp;95.50% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**Dutch Class C Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Dutch Class C Blended Advance Rate Weighting Numerator and the denominator of which is the Dutch Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Dutch Class C Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Dutch AAA Select Component equal to the product of such Dutch AAA Select Component and the Dutch Class C Adjusted Advance Rate with respect to such Dutch AAA Select Component, in each case as of such date.

"**Dutch Collateral**" means all of the assets which from time to time are, or are expressed to be, the subject of the Dutch Security.

"**Dutch Collection Account**" means the collection account in the name of Dutch FleetCo into which Dutch Collections shall be deposited.

"**Dutch Collection Account Reserve Ledger**" means the ledger so named maintained in the Dutch Collection Account.

"**Dutch Collections**" means all payments on or in respect of the Dutch Collateral.

"**Dutch Commitment Termination Date**" means 1 October 2048.

"**Dutch Daily Collection Report**" has the meaning specified in Sub-Clause 5.1(a) (*Daily Collection Reports*) of the Dutch Facility Agreement.

"**Dutch Daily Interest Allocation**" means, on each Dutch Deposit Date, an amount equal to the aggregate amount of Dutch Interest Collections deposited into the Dutch Transaction Account on such date.

"**Dutch Daily Interest Amount**" means, for any day in an Interest Period, an amount equal to the result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of (i) the Dutch Note Rate for such Interest Period and (ii) the Dutch Note Principal
Amount as of the close of business on such date; divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30.

"**Dutch Daily Principal Allocation**" means, on each Dutch Deposit Date, an amount equal to the aggregate amount of Dutch Principal Collections deposited into the Dutch Transaction Account on such date.

"**Dutch Decrease**" has the meaning specified in Sub-Clause 2.4 (*Procedure for Decreasing the Dutch Note Principal Amount*) of the Dutch Facility Agreement.

"**Dutch Deed of Non-Possessory Pledge of Vehicles**" means the deed of non-possessory pledge of vehicles dated on or about the Signing Date, entered into by Dutch FleetCo as pledgor in respect of the Dutch Vehicles and the Dutch Security Trustee and as may be amended, restated or supplemented from time to time.

"**Dutch Deed of Pledge of Receivables**" means the deed of pledge of receivables dated on or about the Signing Date, entered into by Dutch FleetCo as pledgor and the Dutch Security Trustee and as may be amended, restated or supplemented from time to time.

"**Dutch Deposit Date**" has the meaning specified in Sub-Clause 7.1 (*Allocations with Respect to the Dutch Note*) of the Dutch Facility Agreement.

"**Dutch Eligible Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Non-Program Vehicle owned by Dutch FleetCo in respect of the Dutch Vehicles for which the Disposition Date has not occurred as of such date.

"**Dutch Eligible Investment Grade Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to Dutch FleetCo in respect of the Dutch Vehicles, as of such date by all Investment Grade Manufacturers.

"**Dutch Eligible Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Program Vehicle owned by Dutch FleetCo in respect of the Dutch Vehicles for which the Disposition Date has not occurred as of such date.

"**Dutch Eligible Non-Investment Grade (High) Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to Dutch FleetCo in respect of the Dutch Vehicles, as of such date by all Non-Investment Grade (High) Manufacturers.

"**Dutch Eligible Non-Investment Grade (Low) Program Receivable Amount**" means, as of any date of determination, the sum of all Manufacturer Receivables payable to Dutch FleetCo in respect of the Dutch Vehicles, as of such date by all Non-Investment Grade (Low) Manufacturers.

"**Dutch Eligible Non-Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value of each Non-Investment Grade Non-Program Vehicle owned by Dutch FleetCo in respect of the Dutch Vehicles for which the Disposition Date has not occurred as of such date.

"**Dutch Eligible Non-Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Non-Investment Grade (High) Program Vehicle and each Non-Investment Grade (Low) Program Vehicle, in each case, owned by Dutch FleetCo in respect of the Dutch Vehicles and for which the Disposition Date has not occurred as of such date.

"**Dutch Eligible Vehicles**" means the Eligible Vehicles owned by Dutch FleetCo in respect of the Dutch Vehicles.

"**Dutch Enforcement Notice**" has the meaning specified in Sub-Clause 6.1 (*Dutch Enforcement Notice*) of the Dutch Security Trust Deed.

"**Dutch Facility Agreement**" means the VFN issuance facility agreement entered into between Dutch FleetCo, the Dutch Noteholder and the Dutch Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

**"Dutch Fifth Ranking Deed of Pledge of Registered Shares**" means the fifth ranking deed of pledge of registered shares of Dutch FleetCo dated 6 December 2024, entered into by Dutch FleetCo, Dutch OpCo and the Dutch Security Trustee.

"**Dutch FleetCo**" means Stuurgroep Fleet (Netherlands) B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands, having its official seat in Amsterdam, the Netherlands, and its office at Folkstoneweg 40, 1118 LM Schipol, the Netherlands, registered with the Trade Register of the Dutch Chamber of Commerce under number 34275100.

"**Dutch FleetCo Corporate Services Agreement**" means the corporate services agreement between Dutch FleetCo and the Dutch FleetCo Corporate Services Provider dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**Dutch FleetCo Corporate Services Fee Letter**" has the meaning given to it in Sub-Clause 1.1 of the Dutch FleetCo Corporate Services Agreement.

"**Dutch FleetCo Corporate Services Provider**" means CSC Management (Netherlands) B.V.

"**Dutch Fourth Ranking Deed of Non-Possessory Pledge of Vehicles**" means the fourth ranking deed of non-possessory pledge of vehicles dated on or about the Seventh Amendment Date, entered into by Dutch FleetCo as pledgor in respect of the Dutch Vehicles and the Dutch Security Trustee and as may be amended, restated or supplemented from time to time.

"**Dutch Fourth Ranking Deed of Pledge of Registered Shares**" means the fourth ranking deed of pledge of registered shares of Dutch FleetCo dated on or about the Seventh Amendment Date, entered into by Dutch FleetCo, Stuurgroep Holland B.V. and the Dutch Security Trustee.

"**Dutch Fourth Ranking Receivables Pledge**" means the fourth ranking deed of pledge of receivables dated on or about the Seventh Amendment Date, entered into by Dutch FleetCo as pledgor and the Dutch Security Trustee and as may be amended, restated or supplemented from time to time.

"**Dutch Initial Principal Amount**" means €101,650,000.00.

"**Dutch Interest Collections**" means on any date of determination, all Dutch Collections which represent payments of Monthly Variable Rent under the Dutch Master Lease plus any amounts earned on Permitted Investments in the Dutch Collection Account that are available for distribution on such date and any indemnity amounts received by the Dutch FleetCo from any Related Document.

**"Dutch Leasing Company Amortization Event"** has the meaning given to it in Sub-Clause 10.1 of the Dutch Facility Agreement.

"**Dutch Legal Final Payment Date**" means the one-year anniversary of the Dutch Commitment Termination Date.

"**Dutch Liquidation Co-ordination Agreement**" means the liquidation co-ordination agreement entered into between (among others) Dutch FleetCo, the Dutch Liquidation Co-ordinator and the Dutch Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**Dutch Liquidation Co-ordinator**" means Interpath (France) SAS.

"**Dutch Manufacturer Receivables**" means the Manufacturer Receivables owing to Dutch FleetCo in respect of Dutch Vehicles only.

"**Dutch Master Lease**" means the Dutch Master Lease and Servicing Agreement, dated on or about the Signing Date between, among others, Dutch FleetCo, as lessor thereunder and Dutch OpCo, as lessee and servicer and as may be amended, restated or supplemented from time to time.

"**Dutch Master Lease Payment Default**" means the occurrence of any event described in Sub-Clause 9.1.1 of the Dutch Master Lease.

"**Dutch Maximum Principal Amount**" means EUR 425,000,000, and/or following a 2022 Liquidity Drawstop, EUR 425,000,000 provided further that such amount may be increased or reduced from time to time pursuant to written agreement between the Dutch Noteholder and Dutch FleetCo, provided that no such reduction shall cause the Dutch Maximum Principal Amount to be less than the Dutch Note Principal Amount.

"**Dutch Minimum Profit Amount**" means, on an annual basis, an amount equal to five per cent. (5%) of Dutch Servicing Fee payable under the Dutch Master Lease as the local GAAP profit before tax.

"**Dutch Monthly Administration Fee**" has the meaning specified in Clause 4 (*Compensation*) of the Dutch Administration Agreement.

"**Dutch Monthly Collateral Certificate**" has the meaning specified in Sub-Clause 5.1(d) (*Dutch Monthly Collateral Certificate*) of the Dutch Facility Agreement.

"**Dutch Monthly Interest**" means, with respect to any Payment Date, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Dutch Daily Interest Amount for each day in the Interest Period related to such Payment Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all previously due and unpaid amounts described in paragraph (a) with respect to prior Interest Periods
(together with interest on such unpaid amounts required to be paid in this paragraph (b) at the Dutch Note Rate).

"**Dutch Monthly Servicing Certificate**" has the meaning specified in Sub-Clause 5.1(c) (*Monthly Servicing Certificate*) of the Dutch Facility Agreement.

"**Dutch Monthly Servicing Fee**" has the meaning specified in Clause 6.6 (*Servicer's Monthly Fee*) of the Dutch Master Lease.

"**Dutch Note Framework Agreement**" means the note framework agreement entered into between Dutch FleetCo and the Dutch Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**Dutch Net VAT Receivables**" means the Net VAT Receivables owing to Dutch FleetCo.

"**Dutch Note Principal Amount**" means, when used with respect to any date, an amount equal to the result of: (i) the Dutch Initial Principal Amount, plus (ii) the principal amount of the portion of all Dutch Advances funded by the Dutch Noteholder on or prior to such date, minus (iii) the amount of principal payments (whether pursuant to a Dutch Decrease, a redemption or otherwise) made to such Dutch Noteholder pursuant to the Dutch Facility Agreement.

"**Dutch Note Rate**" means, for any Interest Period, the rate, as determined by the Issuer in its reasonable discretion, reflecting (i) the Dutch Percentage of the Carrying Charges payable by the Issuer for such Interest Period and (ii) the proportion of interest costs by the Issuer for such Interest Period attributable to Dutch FleetCo (based on the Dutch Class A Blended Advance Rate, Dutch Class B Blended Advance Rate and Dutch Class C Blended Advance Rate).

"**Dutch Note Register**" has the meaning specified in Sub-Clause 2.6 (*Dutch Note Register*) of the Dutch Note Framework Agreement.

"**Dutch Note Repurchase Amount**" means, as of any date of determination, the sum of the Dutch Note Principal Amount plus all accrued and unpaid interest thereon and any fees in respect thereof then due and payable to the Dutch Noteholder.

"**Dutch Noteholder**" means the Issuer.

"**Dutch Note**" means each variable funding rental car asset backed note issued by Dutch FleetCo pursuant to and in accordance with the Dutch Note Framework Agreement and the Dutch Facility Agreement.

"**Dutch OpCo**" means Hertz Automobielen Nederland B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*), incorporated and existing under Dutch law, with its corporate seat in Amsterdam, the Netherlands, having its registered address at Folkstoneweg 40, 1118 LM Schiphol, the Netherlands, registered with the Trade Register of the Dutch Chamber of Commerce under number 34049337.

"**Dutch Percentage**" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Dutch Note Principal Amount as of such date and the denominator of which is the sum of the Dutch Note Principal Amount, the French Facility Principal Amount, the German Note Principal Amount, the Spanish Note Principal Amount, the Italian Note Principal Amount and the Belgian Note Principal Amount, in each case as of such date.

"**Dutch Potential Leasing Company Amortization Event**" means any occurrence or event that, with the giving of notice, the passage of time or both, would constitute a Dutch Leasing Company Amortization Event.

"**Dutch Predecessor Administrator Work Product**" has the meaning given to it in Sub-Clause 6.4 (*Reliance on Prior Work Product*) of the Dutch Back-Up Administration Agreement.

"**Dutch Principal Collections**" means any Dutch Collections other than Dutch Interest Collections.

"**Dutch Priority of Payments**" means the priority of payments applicable to the payments owed by Dutch FleetCo under the Dutch Related Documents set out in Sub-Clauses 7.3 (*Application of Dutch Interest Collections*) and 7.4 (*Application of Dutch Principal Collections*) of the Dutch Facility Agreement.

"**Dutch Qualifying Noteholder**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a holder of a Dutch Note or a Belgian Note to which a payment under this Agreement and the Note can be
made without a Tax Deduction imposed by the Netherlands based on Dutch domestic law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Dutch Treaty Noteholder.

"**Dutch Registrar**" means the Dutch Administrator.

"**Dutch Related Document Actions**" has the meaning specified in Sub-Clause 9.24(c) (*Actions under the Dutch Related Documents and Manufacturer Programs*) of the Dutch Facility Agreement.

"**Dutch Related Documents**" means, collectively, the Dutch Facility Agreement, the Dutch FleetCo Corporate Services Fee Letter, the Dutch FleetCo Corporate Services Agreement, the Dutch Note Framework Agreement, the Dutch Administration Agreement, the Dutch Back-Up Administration Agreement, the Dutch Liquidation Co-ordination Agreement, the Dutch Security Documents, the Dutch Master Lease, the Tax Deed of Covenant, the THC Guarantee and Indemnity and any other agreements relating to the issuance or the purchase of the Dutch Note.

"**Dutch Repeating Representations**" means the representations and warranties of Dutch FleetCo set out in Clause 8 (*Representations and Warranties*) of the Dutch Facility Agreement save for: (i) Sub-Clause 8.3 (*No Consent*); (ii) Sub-Clause 8.12 (*Ownership of Limited Liability Company Interests*); (iii) Sub-Clause 8.20 (*Stamp Taxes*); (iv) Sub-Clause 8.21 (*Capitalisation*); (v) Sub-Clause 8.22 (*No Distributions*); and (vi) Sub-Clause 8.23 (*Beneficial Owner*).

"**Dutch Repurchase Date**" has the meaning specified in Sub-Clause 11.1 (*Optional Repurchase of the Dutch Note*) of the Dutch Facility Agreement.

"**Dutch Required Reserve Advance**" means an amount as agreed between the Dutch Security Trustee (acting on the instructions of Required Noteholders) and the Dutch Liquidation Co-ordinator and notified to the Issuer and the Dutch FleetCo.

"**Dutch Reserve Advance**" has the meaning given to "Reserve Advance" in clause 2.3(a) of the Dutch Facility Agreement.

"**Dutch Second Ranking Deed of Pledge of Registered Shares**" means the second ranking deed of pledge of registered shares of Dutch FleetCo dated on or about the Fifth Amendment Date, entered into by Dutch FleetCo, Stuurgroep Holland B.V. and the Dutch Security Trustee.

"**Dutch Second Ranking Deed of Non-Possessory Pledge of Vehicles**" means the second ranking deed of non-possessory pledge of vehicles dated on or about the Fifth Amendment Date, entered into by Dutch FleetCo as pledgor in respect of the Dutch Vehicles and the Dutch Security Trustee and as may be amended, restated or supplemented from time to time.

"**Dutch Second Ranking Receivables Pledge**" means the second ranking deed of pledge of receivables dated on or about the Fifth Amendment Date, entered into by Dutch FleetCo as pledgor and the Dutch Security Trustee and as may be amended, restated or supplemented from time to time.

"**Dutch Secured Obligations**" means the aggregate of Dutch FleetCo's Indebtedness, liabilities and obligations which are now or may at any time hereafter be due, owing or incurred in any manner whatsoever to the Dutch Secured Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether actually or contingently; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether presently due or falling due at some future time,

arising under the Dutch Related Documents and the Dutch Note, whether solely or jointly with another person, whether as principal or surely and whether or not the Dutch Secured Parties shall have been an original party to the relevant transaction and in whatever currency denominated.

"**Dutch Secured Party**" means each of the parties listed at Schedule 1 (*Dutch Secured Parties*) to the Dutch Security Trust Deed.

"**Dutch Security**" means the security interests granted to the Dutch Security Trustee pursuant to the Dutch Security Documents.

"**Dutch Security Documents**" means the Dutch Security Trust Deed, the First Supplemental Dutch Security Trust Deed, the Second Supplemental Dutch Security Trust Deed, the Third Supplemental Dutch Security Trust Deed, Dutch Deed of Non-Possessory Pledge of Vehicles, the Dutch Deed of Pledge of Receivables, the Dutch Shares Pledge, the Dutch Second Ranking Deed of Pledge of Registered Shares, the Dutch Second Ranking Deed of Non-Possessory Pledge of Vehicles, the Dutch Second Ranking Receivables Pledge, the Dutch Third Ranking Deed of Pledge of Registered Shares, the Dutch Third Ranking Deed of Non-Possessory Pledge of Vehicles, Dutch Third Ranking Receivables Pledge, the Dutch Fourth Ranking Deed of Pledge of Registered Shares, the Dutch Fourth Ranking Deed of Non-Possessory Pledge of Vehicles, the Dutch Fourth Ranking Receivables Pledge and the Dutch Fifth Ranking Deed of Pledge of Registered Shares.

"**Dutch Security Trust Deed**" means the security trust deed dated on or about the Signing Date entered into between the Issuer Security Trustee, the Dutch Security Trustee, Dutch FleetCo and the Dutch Secured Parties named therein as may be amended, restated or supplemented from time to time.

"**Dutch Security Trustee**" means BNP Paribas Trust Corporation UK Limited.

"**Dutch Servicer**" means Hertz Automobielen Nederland B.V., in its capacity as servicer under the Dutch Master Lease.

"**Dutch Servicing Fee**" means €240,000 per annum or such other adjusted amount notified to the Lessor and the Dutch Security Trustee by the Dutch Servicer based on the reasonable costs and expenses incurred in connection with the provision of services in accordance with the Dutch Master Lease.

"**Dutch Shares Pledge**" means the deed of pledge of registered shares of Dutch FleetCo dated on or about the Closing Date, entered into by Dutch FleetCo, Stuurgroep Holland B.V. and the Dutch Security Trustee.

"**Dutch Supplemental Documents**" means the Lease Vehicle Acquisition Schedules, the Intra-Lease Lessee Transfer Schedules and any other related documents attached to the Dutch Master Lease, in each case solely to the extent to which such schedules and documents relate to Lease Vehicles or otherwise relate to and/or constitute Dutch Collateral.

"**Dutch Third Ranking Deed of Pledge of Registered Shares**" means the third ranking deed of pledge of registered shares of Dutch FleetCo dated on or about the Sixth Amendment Date, entered into by Dutch FleetCo, Stuurgroep Holland B.V. and the Dutch Security Trustee.

"**Dutch Third Ranking Deed of Non-Possessory Pledge of Vehicles**" means the third ranking deed of non-possessory pledge of vehicles dated on or about the Sixth Amendment Date, entered into by Dutch FleetCo as pledgor in respect of the Dutch Vehicles and the Dutch Security Trustee and as may be amended, restated or supplemented from time to time.

"**Dutch Third Ranking Receivables Pledge**" means the third ranking deed of pledge of receivables dated on or about the Sixth Amendment Date, entered into by Dutch FleetCo as pledgor and the Dutch Security Trustee and as may be amended, restated or supplemented from time to time.

"**Dutch Transaction Account**" means the transaction account in the name of Dutch FleetCo from which withdrawals are made in accordance with Clause 7 (*Applications and Distributions*) of the Dutch Facility Agreement.

"**Dutch Transfer Date**" has the meaning specified in Sub-Clause 4.1 (*Transfer of Administrative Obligations*) of the Dutch Back-Up Administration Agreement.

"**Dutch Treaty Noteholder**" means a holder of a Dutch Note or a Belgian Note which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is treated as a resident of a Treaty State for the purposes of the Treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not carry on a business in the Netherlands through a permanent establishment with which that holder's
participation in the Note is effectively connected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fulfils any conditions which must be fulfilled under the double taxation agreement for residents of that
Treaty State to obtain full exemption from tax imposed by the Netherlands on interest payable to that holder in respect of an advance
under this Agreement and the Note.

"**Dutch Vehicle Documents**" means the registration documents (including, without limitation, the ascription code (*tenaamstellingscode*)), keys and spare keys to the Dutch Vehicles.

"**Dutch Vehicles**" means all Vehicles owned by Dutch FleetCo and which are leased pursuant to the Dutch Master Lease (which, for the avoidance of doubt, excludes any Belgian Vehicles and Spanish Vehicles).

"**RDW**" means the Netherlands Vehicle Authority (*Rijksdienst voor het Wegverkeer*).

"**RDW Register**" means the register referred to in article 42 of the Act on the Traffic Regulations (*Wegenverkeerswet 1994*).

"**RTL Agreement**" has the meaning given in Sub-Clause 5.1.5(b)(ii) of the Dutch Master Lease.

"**RTL Register**" means the *Register Tenaamstelling Leasemaatschappijen*, the secondary register maintained by the RDW.

"**Treaty State**" means a jurisdiction having a double taxation agreement (a "**Treaty**") with the Netherlands which makes provision for full exemption from a tax imposed by the Netherlands on interest.

1.3 **French Definitions** 

"**AMF**" means the Autorité des Marchés Financiers.

"**FCT**" means the French mutual securitisation fund (*fonds commun de titrisation*) named FCT Yellow Car, established by the FCT Management Company and BNP Paribas S.A. (in its capacity as initial custodian of the FCT) on the FCT Establishment Date.

"**FCT Acceptance Letter**" means the acceptance letter in relation to the FCT signed by the FCT Custodian on or about 26 June 2024.

"**FCT Account**" means the segregated EUR denominated bank account opened with the FCT Account Bank in the name of the FCT, the details of which are set out in Sub-Clause 4.2 (*Opening and Identification of the FCT Account*) of the FCT Account Bank Agreement.

"**FCT Account Bank**" means BNP Paribas (acting through its Securities Services business) or, as the case may be, any other Acceptable Bank which would be subsequently appointed as FCT Account Bank pursuant to the terms of the FCT Regulations and the FCT Account Bank Agreement.

"**FCT Account Bank Agreement**" means the account bank agreement relating to the FCT Account entered into between the FCT and the FCT Account Bank on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**FCT Account Bank Termination Event**" has the meaning set out in Sub-Clause 7.5 (*Termination of Appointment*) of the FCT Account Bank Agreement.

"**FCT Available Cash**" has the meaning ascribed to it in Clause 13 (*The Assets of the FCT*) of the FCT Regulations.

"**FCT Commitment Termination Date**" means 1 October 2048.

"**FCT Custodian**" means BNP Paribas (acting through its Securities Services business), in its capacity as custodian (*dépositaire*) of the assets of the FCT pursuant to the FCT Custodian Agreement, the FCT Acceptance Letter and the FCT Regulations or, as the case may be, any other institution which would be subsequently appointed as custodian in accordance with the terms of FCT Custodian Agreement, the FCT Acceptance Letter and the FCT Regulations.

"**FCT Custodian Agreement**" means the custodian agreement (*convention dépositaire*) dated 25 March 2020 between the FCT Custodian and the FCT Management Company as amended from time to time.

"**FCT Establishment Date**" has the meaning given to it in Recital A of the FCT Regulations.

"**FCT Financing Fee**" has the meaning given to it in Clause 27 (*FCT Fees*) of the FCT Regulations.

"**FCT Increase Request**" has the meaning given to it in Sub-Clause 5.1 (*FCT Increase Requests*) of the FCT Note Purchase Agreement.

"**FCT Management Company**" means Eurotitrisation*,* a *société anonyme* incorporated under the laws of France, duly licensed as a portfolio management company (*société de gestion de portefeuille*) under number GP 14000029 authorized to manage alternative investment funds, having its registered office at 67 rue Arago, Saint-Ouen, 93400, France, registered with the Trade and Companies Registry of Bobigny (*Registre du Commerce et des Societes de Bobigny*) under number B 352 458 368 or, as the case may be, any other institution which would be subsequently appointed as management company in accordance with the terms of the FCT Regulations.

"**FCT Management Company Covenants**" has the meaning given to it in Clause 14 (*FCT Management Company Covenants*) of the FCT Note Purchase Agreement.

"**FCT Management Company Representations**" has the meaning given to it in Sub-Clause 13.1 (*FCT Management Company Representations and Warranties*) of the FCT Note Purchase Agreement.

"**FCT Minimum Required Selling Price**" means, on any date of determination, the purchase price payable to the FCT by any acquirer of the French Facility Receivables which provides the FCT with sufficient funds, together with the FCT's temporarily available cash (if any), to pay, on any date of determination, all amounts due in respect of principal, interest and other amounts due to the FCT Noteholder and the holders of FCT Residual Units and repay, on any date of determination, all sums due by the FCT under the French Related Documents to which the FCT is a party.

"**FCT Note**" means the variable funding note issued on the Closing Date by the FCT to the Issuer as FCT Noteholder pursuant to the FCT Note Purchase Agreement.

"**FCT Noteholder**" means, with respect to the FCT Note, the Issuer or such subsequent holder of the FCT Note in whose name such FCT Note is registered in the FCT Register.

"**FCT Noteholder Available Commitment**" means, on any date of determination, the FCT Noteholder Total Commitment minus the FCT Principal Amount Outstanding as at such date.

"**FCT Noteholder Representations**" has the meaning given to it in Sub-Clause 13.2 (*The FCT Noteholder Representations and Warranties*) of the FCT Note Purchase Agreement.

"**FCT Noteholder Total Commitment**" means an amount equal to the figure set out opposite the FCT Noteholder's name in Schedule 7 (*Commitment*) to the FCT Note Purchase Agreement, as such amount may be increased or decreased from time to time in accordance with clause 3 (*Increase and Decrease in FCT Noteholder Commitments*) of the FCT Note Purchase Agreement.

"**FCT Note Conditions**" means, the conditions of the FCT Note as set out in Schedule 2 (*FCT Note Conditions*) of the FCT Note Purchase Agreement, as the same may from time to time be modified in accordance with the provisions of the FCT Note Purchase Agreement and the FCT Regulations.

"**FCT Note Increase**" means, with respect to any requested increase of the FCT Principal Amount Outstanding, the amount made available by the Issuer to the FCT in accordance with Sub-Clause 5.1 (*FCT Increase Requests*) of the FCT Note Purchase Agreement.

"**FCT Note Purchase Agreement**" means the note purchase agreement in respect of the FCT Note entered into on or about the Signing Date between, *inter alios*, the Issuer (as Noteholder) and the FCT Management Company representing the FCT (as may be amended, restated or supplemented from time to time).

"**FCT Note Rate**" means, for any Interest Period, the rate, as determined by the Issuer in its reasonable discretion, reflecting (i) the French Percentage of the Carrying Charges payable by the Issuer for such Interest Period and (ii) the proportion of interest costs by the Issuer for such Interest Period attributable to French FleetCo (based on the French Class A Blended Advance Rate, French Class B Blended Advance Rate and French Class C Blended Advance Rate).

"**FCT Parties**" means the FCT Management Company, the FCT Custodian and the FCT Servicer.

"**FCT Paying Agency Agreement**" means the paying agency agreement entered into on or about the Signing Date between, *inter alios*, the FCT and BNP Paribas as FCT Paying Agent (as may be amended, restated or supplemented from time to time).

"**FCT Paying Agent**" has the meaning given to it in the FCT Paying Agency Agreement.

"**FCT Principal Amount Outstanding**" means, on any day, in connection with the FCT Note Purchase Agreement, the initial principal amount of the FCT Note plus the aggregate amount of any FCT Note Increases less the aggregate amount of any redemptions of the FCT Note made or to be made by the FCT, in each case on or prior to that day (as such amount may be written up or down in the FCT Register by the FCT Registrar from time to time, where such adjustments are made in order to reflect any FCT Note Increases or redemptions of the FCT Note).

"**FCT Priority of Payments**" means the priority order of payments specified in Clause 24 (*Priority of Payments*) of the FCT Regulations.

"**FCT Register**" has the meaning given to it in Sub-Clause 17.1 (*FCT Register of the FCT Note*) of the FCT Note Purchase Agreement.

"**FCT Registrar**" means BNP Paribas (acting through its Securities Services business).

"**FCT Regulations**" means the regulations governing the FCT initially entered into between the FCT Management Company and BNP Paribas S.A. (in its capacity as initial custodian of the FCT) on 10 June 2008 in accordance with Articles L. 214-24, I.- and II.-, L.214-166-1 to L. 214-175, L.214-175-1 to L.214-175-7, L. 214-180 to L. 214-186, L. 231-7 and R.214-217 to D.214-240 of the French *Code monétaire et financier* as amended and/or supplemented from time to time, including as amended and restated on or about the Effective Time, and as from the Effective Time, the custodian shall be BNP Paribas.

"**FCT Residual Units**" mean one hundred (100) residual units issued by the FCT on 24 July 2008 which are held as follows on the Signing Date: ninety-nine (99) by the Issuer and one (1) by HHN2.

"**FCT Servicer**" means the French Lender or such subsequent servicer which may be appointed as servicer of the FCT by the FCT Management Company pursuant to the relevant terms of the FCT Transfer and Servicing Agreement.

"**FCT Statutory Auditor**" means Mazars, in its capacity as statutory auditor of the FCT pursuant to the FCT Regulations or, as the case may be, any other institution which would be subsequently appointed as statutory auditor in accordance with the terms of the FCT Regulations.

"**FCT Supplemental Transfer Deed**" means the transfer deed (*acte de cession de créances*) substantially in the form of the schedule to the FCT Transfer and Servicing Agreement, to be delivered on any Transfer Date (as defined under the FCT Transfer and Servicing Agreement) following the Closing Date by the French Lender to the FCT Management Company, acting in the name and on behalf of the FCT in accordance with the relevant provisions of the FCT Transfer and Servicing Agreement.

"**FCT Transfer and Servicing Agreement**" means the transfer and servicing agreement entered into between the FCT Management Company, the French Security Trustee, the FCT Custodian and the FCT Servicer on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**FCT Transfer Deed**" means (i) the transfer deed (*acte de cession de créances*) in the form of the schedule to the FCT Transfer and Servicing Agreement, to be delivered on the Closing Date by the French Lender to the FCT Management Company, acting in the name and on behalf of the FCT in accordance with the relevant provisions of the FCT Transfer and Servicing Agreement or (ii) any FCT Supplemental Transfer Deed.

"**Foreign Tax**" means any tax chargeable on profits or gains under the laws of a territory other than Ireland, that is of a similar nature to Irish income tax, corporation tax (including a controlled foreign company charge) or capital gains tax (a "**Domestic Tax**") but not including a withholding tax to the extent such tax is refundable where it has been levied.

"**Fourth Ranking French Bank Accounts Pledge Agreement**" means a fourth ranking bank accounts pledge agreement dated the Seventh Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**Fourth Ranking French On-Going Business Pledge Agreement**" means a fourth ranking on-going business pledge agreement (convention de nantissement de fonds de commerce) dated the Seventh Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**Fourth Ranking French Receivables Pledge Agreement**" means a fourth ranking receivables pledge agreement dated the Seventh Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**Fourth Ranking French Share Pledge Agreement**" means a fourth ranking French share pledge agreement between the French OpCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee in relation to the shares of the FleetCo.

"**Fourth Ranking French Vehicle Pledge Agreement**" means a fourth ranking vehicle pledge agreement dated the Seventh Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**French AAA Component**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the French Eligible Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the French Eligible Investment Grade Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the French Eligible Non-Investment Grade Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the French Eligible Non-Investment Grade (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the French Eligible Non-Investment Grade (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the French Eligible Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the French Eligible Non-Investment Grade Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Eligible Due and Unpaid Lease Payment Amount under the French Master Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the French Net VAT Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Remainder AAA Amount with respect to French FleetCo.

"**French AAA Select Component**" means each French AAA Component other than the Eligible Due and Unpaid Lease Payment Amount.

"**French Acceleration Notice**" has the meaning given to it in Sub-Clause 6.3 (*French Acceleration Notice*) of the French Security Trust Deed.

"**French Account Bank**" means BNP Paribas S.A. or, as the case may be, any other Acceptable Bank which would be subsequently appointed as French Account Bank pursuant to the terms of the French Account Bank Agreement.

"**French Account Bank Agreement**" means the account bank agreement entered into by French FleetCo, the French Account Bank, the French Security Trustee and the French Administrator on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**French Account Mandates**" means the signature authorities relating to a French Account, as amended from time to time in accordance with the French Account Bank Agreement.

"**French Accounts**" means the accounts established and maintained in the name of French FleetCo.

"**French Administration Agreement**" means the French administration agreement entered into between French FleetCo, the French Administrator and the French Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**French Administrator**" means Hertz France S.A.S., a company incorporated as a *société par actions simplifiée* under the laws of France, registered with the Commercial and Company Registry of Versailles under number 377839667, whose registered office is at Immeuble Diagonale Sud 6 Avenue Gustave Eiffel Bâtiment A1, 78180 Montigny Le Bretonneux, France.

"**French Administrator Default**" has the meaning specified in Sub-Clause 9.2 (*Term of Agreement; Removal of French Administrator*) of the French Administration Agreement.

"**French Administrator Termination Notice**" has the meaning given to it in Sub-Clause 1.3 (*French Back-Up Administrator*) of the French Account Bank Agreement.

"**French Aggregate Asset Amount**" means, as of any date of determination, the amount equal to the sum of each of the following with respect to French FleetCo:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate Net Book Value of all French Eligible Vehicles as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount of all French Manufacturer Receivables as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Due and Unpaid Lease Payment Amount in respect of the French Master Lease as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the French Net VAT Receivables as of such date.

"**French Back-Up Administration Agreement**" means the French back-up administration agreement entered into between French FleetCo, the French Administrator, the French Back-Up Administrator and the French Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**French Back-Up Administrator**" means TMF Administrative Services B.V..

"**French Back-Up Servicing Fee**" has the meaning given to it in Sub-Clause 6.1(a) (*Compensation*) of the French Back-Up Administration Agreement.

"**French Bank Account Pledge Agreement**" means the French bank account pledge agreement entered into on or about the Signing Date between French FleetCo as pledgor and the French Security Trustee (as may be amended, restated or supplemented from time to time).

"**French Blended Advance Rate Weighting Denominator**" means, as of any date of determination, an amount equal to the sum of each French AAA Select Component, in each case as of such date.

"**French Carrying Charges**" means, for any Payment Date, without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the French Monthly Servicing Fee payable by French FleetCo to the French Servicer pursuant to the French
Master Lease on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all reasonable out-of-pocket costs and expenses of French FleetCo incurred in connection with the French
Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all fees, expenses and other amounts payable by French FleetCo under the French Related Documents (including
for the avoidance of doubt the FCT Financing Fee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any accrued French Carrying Charges that remain unpaid as of the immediately preceding Payment Date (after
giving effect to all distributions in respect of such Payment Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the French Percentage of the Carrying Charges (provided that the Issuer has delivered an invoice to French
FleetCo in respect of such Carrying Charges); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) one twelfth of the French Percentage of the Issuer Minimum Profit Amount.

"**French Class A Adjusted Advance Rate**" means, as of any date of determination, with respect to any French AAA Select Component, a percentage equal to the greater of (A) (i) the French Class A Baseline Advance Rate for such French AAA Component, minus (ii) the Class A Concentration Excess Advance Rate Adjustment for such French AAA Select Component minus (iii) the Class A MTM/DT Advance Rate Adjustment for such French AAA Select Component; and (B) zero.

"**French Class A Baseline Advance Rate**" means, with respect to each French AAA Select Component, the percentage set forth opposite such French AAA Select Component in the following table (provided that for the French AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the French Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such French AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class A Baseline Advance Rate with respect to the Fleetco where it is subleased):

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| | |
|:---|:---|
| &nbsp;&nbsp;**French** **AAA Component** | &nbsp;&nbsp;**French** **Class A Baseline Advance Rate** |
| &nbsp;&nbsp;French Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;85.75% |
| &nbsp;&nbsp;French Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;85.75% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;French Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant French Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the French Master Lease, the following French Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;74.75% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;71.75% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant French Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the French Master Lease, the following French Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;67.50% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;66.50% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;71.00% |
| &nbsp;&nbsp;French Net VAT Receivables | &nbsp;&nbsp;97.00% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0% |

---

"**French Class A Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the French Class A Blended Advance Rate Weighting Numerator and the denominator of which is the French Blended Advance Rate Weighting Denominator, in each case as of such date.

"**French Class A Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each French AAA Select Component equal to the product of such French AAA Select Component and the French Class A Adjusted Advance Rate with respect to such French AAA Select Component, in each case as of such date.

"**French Class B Adjusted Advance Rate**" means, as of any date of determination, with respect to any French AAA Select Component, a percentage equal to the greater of (A) (i) the French Class B Baseline Advance Rate for such French AAA Component, minus (ii) the Class B Concentration Excess Advance Rate Adjustment for such French AAA Select Component minus (iii) the Class B MTM/DT Advance Rate Adjustment for such French AAA Select Component; and (B) zero.

"**French Class B Baseline Advance Rate**" means, with respect to each French AAA Select Component, the percentage set forth opposite such French AAA Select Component in the following table (provided that for the French AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the French Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such French AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class B Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**French** **AAA Component** | &nbsp;&nbsp;**French** **Class B Baseline Advance Rate** |
| &nbsp;&nbsp;French Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;87.25% |
| &nbsp;&nbsp;French Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;87.25% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;76.00% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;76.00% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;French Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant French Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the French Master Lease, the following French Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;78.75% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;76.25% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;73.25% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;77.00% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant French Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the French Master Lease, the following French Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;76.25% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;72.75% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;75.50% |
| &nbsp;&nbsp;French Net VAT Receivables | &nbsp;&nbsp;97.25% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**French Class B Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the French Class B Blended Advance Rate Weighting Numerator and the denominator of which is the French Blended Advance Rate Weighting Denominator, in each case as of such date.

"**French Class B Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each French AAA Select Component equal to the product of such French AAA Select Component and the French Class B Adjusted Advance Rate with respect to such French AAA Select Component, in each case as of such date.

"**French Class C Adjusted Advance Rate**" means, as of any date of determination, with respect to any French AAA Select Component, a percentage equal to the greater of (A) (i) the French Class C Baseline Advance Rate for such French AAA Component, minus (ii) the Class C Concentration Excess Advance Rate Adjustment for such French AAA Select Component minus (iii) the Class C MTM/DT Advance Rate Adjustment for such French AAA Select Component; and (B) zero.

"**French Class C Baseline Advance Rate**" means, with respect to each French AAA Select Component, the percentage set forth opposite such French AAA Select Component in the following table (provided that for the French AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the French Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such French AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class C Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**French** **AAA Component** | &nbsp;&nbsp;**French** **Class C Baseline Advance Rate** |
| &nbsp;&nbsp;French Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;90.75% |
| &nbsp;&nbsp;French Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;90.75% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;90.75% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;90.75% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;French Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant French Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the French Master Lease, the following French Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;90.75% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;81.75% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**French** **AAA Component** | &nbsp;&nbsp;**French** **Class C Baseline Advance Rate** |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;90.00% |
| &nbsp;&nbsp;French Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant French Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the French Master Lease, the following French Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;90.75% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;- French Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;90.00% |
| &nbsp;&nbsp;French Net VAT Receivables | &nbsp;&nbsp;97.75% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**French Class C Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the French Class C Blended Advance Rate Weighting Numerator and the denominator of which is the French Blended Advance Rate Weighting Denominator, in each case as of such date.

"**French Class C Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each French AAA Select Component equal to the product of such French AAA Select Component and the French Class C Adjusted Advance Rate with respect to such French AAA Select Component, in each case as of such date.

"**French Collateral**" means all of the assets which from time to time are, or are expressed to be, the subject of the French Security.

"**French Collection Account**" means the collection account in the name of French FleetCo into which French Collections and the purchase price of French Facility Receivables shall be deposited.

"**French Collection Account Reserve Ledger**" means the ledger so named maintained in the French Collection Account.

"**French Collections**" means all payments on or in respect of the French Collateral.

"**French Commitment Termination Date**" means 1 October 2048.

"**French Daily Collection Report**" has the meaning specified in Sub-Clause 6.1(a) (*Daily Collection Reports*) of the French Facility Agreement.

"**French Daily Interest Allocation**" means, on each French Deposit Date, an amount equal to the aggregate amount of French Interest Collections deposited into the French Collection Account on such date.

"**French Daily Interest Amount**" means, for any day in an Interest Period, an amount equal to the result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of (i) the French Facility
 Advance Rate for such Interest Period and (ii) the French Facility Principal Amount
 as of the close of business on such date; divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30.

"**French Daily Principal Allocation**" means, on each French Deposit Date, an amount equal to the aggregate amount of French Principal Collections deposited into the French Transaction Account on such date.

"**French Decrease**" has the meaning specified in Sub-Clause 2.4 (*Procedure for partial prepayment of the French Facility Principal Amount*) of the French Facility Agreement.

"**French Deposit Date**" has the meaning specified in Sub-Clause 8.1 (*Allocations*) of the French Facility Agreement.

"**French Eligible Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Non-Program Vehicle owned by French FleetCo for which the Disposition Date has not occurred as of such date.

"**French Eligible Investment Grade Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to French FleetCo, as of such date by all Investment Grade Manufacturers.

"**French Eligible Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Program Vehicle owned by French FleetCo for which the Disposition Date has not occurred as of such date.

"**French Eligible Non-Investment Grade (High) Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to French FleetCo, as of such date by all Non-Investment Grade (High) Manufacturers.

"**French Eligible Non-Investment Grade (Low) Program Receivable Amount**" means, as of any date of determination, the sum of all Manufacturer Receivables payable to French FleetCo, as of such date by all Non-Investment Grade (Low) Manufacturers.

"**French Eligible Non-Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value of each Non-Investment Grade Non-Program Vehicle owned by French FleetCo for which the Disposition Date has not occurred as of such date.

"**French Eligible Non-Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Non-Investment Grade (High) Program Vehicle and each Non-Investment Grade (Low) Program Vehicle, in each case, owned by French FleetCo and for which the Disposition Date has not occurred as of such date.

"**French Eligible Vehicles**" means the Eligible Vehicles owned by French FleetCo.

"**French Enforcement Notice**" has the meaning specified in Sub-Clause 6.1 (*French Enforcement Notice*) of the French Security Trust Deed.

"**French Facility**" means the revolving credit facility made available to French FleetCo by the French Lender subject to, and in accordance with, the relevant terms of the French Facility Agreement.

"**French Facility Advance**" means each advance from time to time borrowed by French FleetCo from the French Lender subject to, and in accordance with, the relevant terms of the French Facility Agreement.

"**French Facility Advance Rate**" means, for any Interest Period, the rate, as determined by the Issuer in its reasonable discretion, reflecting the French Percentage of the aggregate amount of interest and Carrying Charges payable by the Issuer for such Interest Period, based on the daily average French Class A Blended Advance Rate and the daily average French Facility Principal Amount for such Interest Period.

"**French Facility Agreement**" means the revolving credit facility agreement entered into between French FleetCo, the French Lender, the French Security Trustee and the Issuer Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**French Facility Principal Amount**" means, at any date of determination, the outstanding principal amount of any French Facility Advance at such date under the French Facility Agreement.

"**French Facility Receivables**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each and any receivable arising as a result
 of the French Lender's rights as a creditor of French FleetCo (whether existing (*créances nées*), future (*créances futures*) or conditional (*créances conditionnelles*)) in respect of the French Facility Advance(s) drawn down, or to
 be drawn down, by French FleetCo under the French Facility Agreement, subject to, and in
 accordance with, the relevant terms of the French Facility Agreement, increased by the amount
 of any and all interest accrued thereon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each and any receivable arising as a result
 of the French Lender's rights as a creditor of French FleetCo, whether existing (*créances nées*), future (*créances futures*) or conditional (*créances conditionnelles*) which has arisen or will arise from the French Facility Agreement and
 which is not characterised as a receivable referred to in (a) above.

"**French FleetCo**" means RAC Finance S.A.S., a company incorporated as a *société par actions simplifiée* under the laws of France, registered with the Commercial and Company Registry of Versailles under number 487581498, whose registered office is at Immeuble Diagonale Sud 6 Avenue Gustave Eiffel Bâtiment A1, 78180, Montigny-le-Bretonneux, 487 581 498 RCS Versailles.

"**French FleetCo Corporate Services Providers**" means TMF France Management SARL and TMF France SAS.

"**French Interest Collections**" means on any date of determination, all French Collections which represent payments of Monthly Variable Rent under the French Master Lease plus any amounts earned on Permitted Investments in the French Collection Account that are available for distribution on such date and any indemnity amounts received by the French FleetCo from any Related Document.

"**French Leasing Company Amortization Event**" has the meaning given to it in Sub-Clause 11.1 (*Amortization Event*) of the French Facility Agreement.

"**French Legal Final Payment Date**" means the one-year anniversary of the French Commitment Termination Date.

"**French Lender**" means BNP Paribas S.A. in its capacity as lender under the French Facility Agreement.

"**French Lessee**" means Hertz France S.A.S.

"**French Lessor**" means RAC Finance S.A.S.

"**French Liquidation Co-ordination Agreement**" means the liquidation co-ordination agreement entered into between (among others) French FleetCo, the French Liquidation Co-ordinator and the French Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**French Liquidation Co-ordinator**" means Interpath (France) SAS.

"**French Management Services Agreement**" means the management services agreement dated on or about the Signing Date between French FleetCo, French OpCo and the French FleetCo Corporate Services Providers (as may be amended, restated or supplemented from time to time).

"**French Manufacturer Receivables**" means the Manufacturer Receivables owing to French FleetCo.

"**French Master Lease**" means the French Master Lease and Servicing Agreement, dated on or about the Signing Date between, among others, French FleetCo, as lessor thereunder and French OpCo, as lessee and servicer (as may be amended, restated or supplemented from time to time).

"**French Master Lease Extension Agreement**" means, in relation to the French Master Lease, an agreement executed by the Lessor and the Lessee(s) thereunder which provides that the French Master Lease Scheduled Expiration Date in respect of the relevant lease entered into pursuant to the French Master Lease will be extended for a further period of five (5) calendar months from the date of such agreement.

"**French Master Lease Payment Default**" means the occurrence of any event described in Sub-Clause 9.1.1 of the French Master Lease.

"**French Master Lease Scheduled Expiration Date**" means, in relation to any Lease Vehicles leased pursuant to the French Master Lease, the date falling five (5) calendar months after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Vehicle Lease Commencement Date of
 such Lease Vehicle; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the most recent French
 Master Lease Extension Agreement became effective with respect to such Lease Vehicle.

"**French Maximum Principal Amount**" means EUR 1,467,750,000, and/or following a 2022 Liquidity Drawstop, EUR 1,250,000,000; provided further that such amount may be increased or reduced from time to time pursuant to written agreement between the French Lender and French FleetCo, provided that no such reduction shall cause the French Maximum Principal Amount to be less than the French Facility Principal Amount.

"**French Minimum Profit Amount**" means, on an annual basis, an amount equal to five per cent. (5%) of French Servicing Fee payable under the French Master Lease as the local GAAP profit before tax.

"**French Monthly Administration Fee**" has the meaning specified in Clause 4 (*Compensation*) of the French Administration Agreement.

"**French Monthly Collateral Certificate**" has the meaning specified in Sub-Clause 6.1(d) (*French Monthly Collateral Certificate*) of the French Facility Agreement.

"**French Monthly Interest**" means, with respect to any Payment Date, an amount equal to the sum of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the French Daily Interest Amount for each
 day in the Interest Period related to such Payment Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all previously due and unpaid amounts
 described in paragraph (a) with respect to prior Interest Periods (together with interest
 on such unpaid amounts required to be paid in this paragraph (b) at the French Facility
 Advance Rate).

"**French Monthly Servicing Certificate**" has the meaning specified in Sub-Clause 6.1(c) (*Monthly Servicing Certificate*) of the French Facility Agreement.

"**French Monthly Servicing Fee**" has the meaning specified in Clause 6.6 (*Servicer's Monthly Fee*) of the French Master Lease.

"**French Net VAT Receivables**" means the Net VAT Receivables owing to French FleetCo.

"**French On-Going Business Pledge Agreement**" means the French *convention de nantissement de fonds de commerce* entered into between French FleetCo and the French Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**French OpCo**" means Hertz France S.A.S.

"**French Payment Direction Agreement**" means the payment direction agreement entered into by French FleetCo, the French Servicer, the French Account Bank, the FCT Noteholder, the Issuer Administrator, the FCT and the FCT Servicer on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**French Percentage**" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the French Facility Principal Amount as of such date and the denominator of which is the sum of the Dutch Note Principal Amount, the French Facility Principal Amount, the German Note Principal Amount, the Spanish Note Principal Amount, the Italian Note Principal Amount and the Belgian Note Principal Amount, in each case as of such date.

"**French Potential Leasing Company Amortization Event**" means any occurrence or event that, with the giving of notice, the passage of time or both, would constitute a French Leasing Company Amortization Event.

"**French Predecessor Administrator Work Product**" has the meaning given to it in Sub-Clause 6.4 (*Reliance on Prior Work Product*) of the French Back-Up Administration Agreement.

"**French Principal Collections**" means any French Collections other than French Interest Collections.

"**French Priority of Payments**" means the priority of payments applicable to the payments owed by French FleetCo under the French Related Documents set out in Sub-Clauses 8.3 (*Application of French Interest Collections*) and 8.4 (*Application of French Principal Collections*) of the French Facility Agreement.

"**French Qualifying Noteholder**" means any holder of the FCT Note which, at the time a payment of interest is made on the FCT Note, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fulfils the conditions imposed by French
 law in order for that payment not to be subject to (or as the case may be, to be exempt from)
 any French withholding tax and, in particular, is not a person resident or established, and
 does not receive payments in respect of bank accounts opened in its name or for its benefit,
 in a "non-cooperative State or Territory" (*Etat ou territoire non-coopératif*)
 as set out in the list referred to in Article 238-0 A of the French *Code général des impôts*, as such list may be amended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is an entity which is entitled under a
 double taxation agreement in force (subject only to the completion of any necessary procedural
 formalities) to receive all payments under the FCT Note without any deduction or withholding
 for or on account of tax.

"**French Receivables Pledge Agreement**" means the French receivables pledge agreement relating to receivables owed by French FleetCo under the French Related Documents entered into between French FleetCo as pledgor and the French Security Trustee, dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**French Related Document Actions**" has the meaning specified in Sub-Clause 10.23(c) (*Actions under the French Related Documents and Manufacturer Programs*) of the French Facility Agreement.

"**French Related Documents**" means, collectively, the French Facility Agreement, the French Administration Agreement, the French Back-Up Administration Agreement, the French Liquidation Co-ordination Agreement, the French Account Bank Agreement, the French Security Documents, the French Master Lease, the French Payment Direction Agreement, the FCT Note Purchase Agreement, the FCT Account Bank Agreement, the FCT Regulations, the FCT Acceptance Letter, the FCT Paying Agency Agreement, the FCT Transfer and Servicing Agreement, the Tax Deed of Covenant, the THC Guarantee and Indemnity and any other agreements relating to the French Facility.

"**French Repeating Representations**" means the representations and warranties of French FleetCo set out in Clause 9 (*Representations and Warranties*) of the French Facility Agreement save for: (i) Sub-Clause 9.3 (*No Consent*); (ii) Sub-Clause 9.12 (*Ownership of Limited Liability Company Interests*); (iii) Sub-Clause 9.19 (*Stamp Taxes*); (iv) Sub-Clause 9.20 (*Capitalisation*); (v) Sub-Clause 9.21 (*No Distributions*); and (vi) Sub-Clause 9.22 (*Owner*).

"**French Required Reserve Advance**" means an amount as agreed between the French Security Trustee (acting on the instructions of Required Noteholders) and the French Liquidation Co-ordinator and notified to the Issuer and the French FleetCo.

"**French Reserve Advance**" has the meaning given to "Reserve Advance" in clause 2.3(a) (*Advances*) of the French Facility Agreement.

"**French Secured Obligations**" means the aggregate of French FleetCo's Indebtedness, liabilities and obligations which are now or may at any time hereafter be due, owing or incurred in any manner whatsoever to the French Security Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether actually or contingently; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether presently due or falling due at
 some future time,

arising under the French Related Documents and the French Facility, whether solely or jointly with another person, whether as principal or surely and whether or not the French Security Trustee shall have been an original party to the relevant transaction and in whatever currency denominated.

"**French Secured Party**" means each of the parties listed at Schedule 1 (*French Secured Parties*) to the French Security Trust Deed.

"**French Securities Account**" has the meaning given to it in Schedule 1 of the French Account Bank Agreement.

"**French Security**" means the security interests granted to the French Security Trustee pursuant to the French Security Documents.

"**French Security Documents**" means the French Security Trust Deed, the First Supplemental French Security Trust Deed, the Second Supplemental French Security Trust Deed, the Third Supplemental French Security Trust Deed, the French Vehicle Pledge Agreement, the French Receivables Pledge Agreement, the French Bank Account Pledge Agreement, the French On-Going Business Pledge Agreement, the French Shares Pledge, the Second Ranking French Bank Accounts Pledge Agreement, the Second Ranking French On-Going Business Pledge Agreement, the Second Ranking French Receivables Pledge Agreement, the Second Ranking French Share Pledge Documents, the Second Ranking French Vehicle Pledge Agreement, the Third Ranking French Bank Accounts Pledge Agreement, the Third Ranking French On-Going Business Pledge Agreement, the Third Ranking French Receivables Pledge Agreement, the Third Ranking French Share Pledge Documents, the Third Ranking French Vehicle Pledge Agreement, the Fourth Ranking French Bank Accounts Pledge Agreement, the Fourth Ranking French On-Going Business Pledge Agreement, the Fourth Ranking French Receivables Pledge Agreement, the Fourth Ranking French Share Pledge Agreement, and the Fourth Ranking French Vehicle Pledge Agreement.

"**French Security Trust Deed**" means the security trust deed dated on or about the Signing Date entered into between the Issuer Security Trustee, the French Security Trustee, French FleetCo, the FCT, the FCT Servicer and the French Secured Parties named therein (as may be amended, restated or supplemented from time to time).

"**French Security Trustee**" means BNP Paribas Trust Corporation UK Limited.

"**French Servicer**" means Hertz France S.A.S., in its capacity as servicer under the French Master Lease.

"**French Servicing Fee**" means €400,000 per annum or such other adjusted amount notified to the Lessor by the French Servicer based on the reasonable costs and expenses incurred in connection with the provision of services in accordance with the French Master Lease.

"**French Shares Pledge**" means the French pledge agreement in respect of shares in French FleetCo entered into between Hertz France S.A.S. as pledgor, French FleetCo and the French Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**French Supplemental Documents**" means the Lease Vehicle Acquisition Schedules, the Intra-Lease Lessee Transfer Schedules and any other related documents attached to the French Master Lease, in each case solely to the extent to which such schedules and documents relate to Lease Vehicles or otherwise relate to and/or constitute French Collateral.

"**French Third Party Holder**" means Hertz France S.A.S.

"**French Transaction Account**" means the transaction account in the name of French FleetCo from which withdrawals are made in accordance with Clause 8 (*Applications and Distributions*) of the French Facility Agreement.

"**French Transfer Date**" has the meaning specified in Sub-Clause 4.1 (*Transfer of Administrative Obligations*) of the French Back-Up Administration Agreement.

"**French Vehicle Pledge Agreement**" means the French vehicle pledge agreement entered into between French FleetCo as pledgor, the French Security Trustee and the French Third Party Holder dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**French Vehicles**" means all Vehicles owned by French FleetCo and which are leased pursuant to the French Master Lease.

"**French Vehicle Documents**" means the registration documents, keys and spare keys to the French Vehicles.

"**Included**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) treated as arising or accruing to a Payee
 where the Payee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is chargeable to Domestic Tax or Foreign
 Tax, as the case may be, but not including any amount which is only so chargeable when it
 is remitted into the territory in which the Payee is registered, incorporated or created
 or, if different, where the Payee has its place of effective management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is a pension fund, government body or other
 entity that, under the laws of the territory in which it is established, is exempt from tax
 which generally applies to profits or gains in that territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is established in a territory, or part
 of a territory, that does not impose a Foreign Tax; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is established in a territory that does
 not impose a tax that generally applies to profits or gains derived from payments receivable
 in that territory by enterprises from sources outside that territory, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to a CFC Charge or a charge under
 the laws of a territory other than Ireland which is similar to Ireland's CFC Charge,

provided that a corresponding amount relating to a payment shall not be treated as Included under paragraph (a)(i) above where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under the laws of the Noteholder Territory,
 the amount charged to Foreign Tax is subject to any reduction computed by reference to the
 way the interest or distribution to which the amount relates is characterised under those
 laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the corresponding amount relating to the
 payment is not included in a Required Tax Period.

"**INSEE**" means the Institut national de la statistique et des études économiques.

"**Second Ranking French Bank Accounts Pledge Agreement**" means a second ranking bank accounts pledge agreement dated the Fifth Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**Second Ranking French On-Going Business Pledge Agreement**" means a second ranking on-going business pledge agreement (*convention de nantissement de fonds de commerce*) dated the Fifth Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**Second Ranking French Receivables Pledge Agreement**" means a second ranking receivables pledge agreement dated the Fifth Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**Second Ranking French Share Pledge Agreement**" means a second ranking French share pledge agreement between the French OpCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee in relation to the shares of the FleetCo.

"**Second Ranking French Share Pledge Documents**" means the Second Ranking French Statement of Pledge and the Second Ranking French Share Pledge Agreement.

"**Second Ranking French Statement of Pledge**" means a second ranking statement of pledge (*declaration de nantissement*) signed by French FleetCo as pledgor in relation to the Second Ranking French Share Pledge Agreement.

"**Second Ranking French Vehicle Pledge Agreement**" means a second ranking vehicle pledge agreement dated the Fifth Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**Third Ranking French Bank Accounts Pledge Agreement**" means a third ranking bank accounts pledge agreement dated the Sixth Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**Third Ranking French On-Going Business Pledge Agreement**" means a third ranking on-going business pledge agreement (*convention de nantissement de fonds de commerce*) dated on or about the Sixth Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**Third Ranking French Receivables Pledge Agreement**" means a third ranking receivables pledge agreement dated on or about the Sixth Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

"**Third Ranking French Share Pledge Agreement**" means a third ranking French share pledge agreement dated on or about the Sixth Amendment Date between the French OpCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee in relation to the shares of the FleetCo.

"**Third Ranking French Share Pledge Documents**" means the Third Ranking French Statement of Pledge and the Third Ranking French Share Pledge Agreement.

"**Third Ranking French Statement of Pledge**" means a third ranking statement of pledge (*declaration de nantissement*) signed by French FleetCo as pledgor in relation to the Third Ranking French Share Pledge Agreement.

"**Third Ranking French Vehicle Pledge Agreement**" means a third ranking vehicle pledge agreement dated on or about the Sixth Amendment Date between the French FleetCo as pledgor and BNP Paribas Trust Corporation UK Limited as French Security Trustee.

1.4 **German Definitions** 

"**Carport Service Provider**" means each carport service provider contracted by German OpCo so as to provide carports for each of the Relevant Vehicles delivered from the Manufacturer/Dealers by freight carriers before such Vehicles are delivered to premises rented by German OpCo from third party landlords;

"**Fourth German Account Pledge Agreement**" means the fourth account pledge agreement dated on or about the Seventh Amendment Date between German FleetCo and the German Security Trustee.

"**German AAA Component**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the German Eligible Investment Grade Program
 Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the German Eligible Investment Grade Program
 Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the German Eligible Non-Investment Grade
 Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the German Eligible Non-Investment Grade
 (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the German Eligible Non-Investment Grade
 (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the German Eligible Investment Grade Non-Program
 Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the German Eligible Non-Investment Grade
 Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Eligible Due and Unpaid Lease Payment
 Amount under the German Master Lease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Remainder AAA Amount with respect
 to German FleetCo.

"**German AAA Select Component**" means each German AAA Component other than the Eligible Due and Unpaid Lease Payment Amount.

"**German Acceleration Notice**" has the meaning given to it in Sub-Clause 6.3 (*German Acceleration Notice*) of the German Security Trust Deed.

"**German Account Bank**" means BNP Paribas, Dublin Branch or, as the case may be, any other Acceptable Bank which would be subsequently appointed as German Account Bank pursuant to the terms of the International Account Bank Agreement.

"**German Account Mandates**" means the signature authorities relating to a German Account, as amended from time to time in accordance with the International Account Bank Agreement.

"**German Account Pledge Agreement**" means the account pledge agreement between German FleetCo and the German Security Trustee.

"**German Accounts**" means the accounts established and maintained in the name of German FleetCo.

"**German Administration Agreement**" means the German administration agreement entered into between German FleetCo, the German Administrator and the German Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**German Administrator**" means Hertz Europe Limited in its capacity as the German administrator under the German Administration Agreement.

"**German Administrator Default**" has the meaning specified in Sub-Clause 9.2 (*Term of Agreement; Removal of German Administrator*) of the German Administration Agreement.

"**German Advance**" has the meaning given to "Advance" in clause 2.3(a) (*Advances*) of the German Facility Agreement.

"**German Aggregate Asset Amount**" means, as of any date of determination, the amount equal to the sum of each of the following with respect to German FleetCo:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate Net Book Value of all German
 Eligible Vehicles as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount of all German Manufacturer
 Receivables as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Due and Unpaid Lease Payment Amount
 in respect of the German Master Lease as of such date.

"**German Back-Up Administration Agreement**" means the German back-up administration agreement entered into between German FleetCo, the German Administrator, the German Back-Up Administrator and the German Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**German Back-Up Administrator**" means TMF Administrative Services B.V..

"**German Back-Up Servicing Fee**" has the meaning given to it in Sub-Clause 6.1(a) (*Compensation*) of the German Back-Up Administration Agreement.

"**German Blended Advance Rate Weighting Denominator**" means, as of any date of determination, an amount equal to the sum of each German AAA Select Component, in each case as of such date.

"**German Carrying Charges**" means, for any Payment Date, without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the German Monthly Servicing Fee payable
 by German FleetCo to the German Servicer pursuant to the German Master Lease on such Payment
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all reasonable out-of-pocket costs and
 expenses of German FleetCo incurred in connection with the German Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all fees, expenses and other amounts payable
 by German FleetCo under the German Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any accrued German Carrying Charges that
 remain unpaid as of the immediately preceding Payment Date (after giving effect to all distributions
 in respect of such Payment Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the German Percentage of the Carrying
 Charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) one twelfth of the German Percentage of
 the Issuer Minimum Profit Amount.

"**German Class A Adjusted Advance Rate**" means, as of any date of determination, with respect to any German AAA Select Component, a percentage equal to the greater of (A) (i) the German Class A Baseline Advance Rate for such German AAA Component, minus (ii) the Class A Concentration Excess Advance Rate Adjustment for such German AAA Select Component minus (iii) the Class A MTM/DT Advance Rate Adjustment for such German AAA Select Component; and (B) zero.

"**German Class A Baseline Advance Rate**" means, with respect to each German AAA Select Component, the percentage set forth opposite such German AAA Select Component in the following table (provided that for the German AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the German Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such German AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class A Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**German AAA Component** | &nbsp;&nbsp;**German Class A Baseline Advance Rate** |
| &nbsp;&nbsp;German Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;75.75% |
| &nbsp;&nbsp;German Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;75.75% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;German Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant German Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the German Master Lease, the following German Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to France: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;-German Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant German Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the German Master Lease, the following German Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to France: | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;-German Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**German Class A Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the German Class A Blended Advance Rate Weighting Numerator and the denominator of which is the German Blended Advance Rate Weighting Denominator, in each case as of such date.

"**German Class A Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each German AAA Select Component equal to the product of such German AAA Select Component and the German Class A Adjusted Advance Rate with respect to such German AAA Select Component, in each case as of such date.

"**German Class B Adjusted Advance Rate**" means, as of any date of determination, with respect to any German AAA Select Component, a percentage equal to the greater of (A) (i) the German Class B Baseline Advance Rate for such German AAA Component, minus (ii) the Class B Concentration Excess Advance Rate Adjustment for such German AAA Select Component minus (iii) the Class B MTM/DT Advance Rate Adjustment for such German AAA Select Component; and (B) zero.

"**German Class B Baseline Advance Rate**" means, with respect to each German AAA Select Component, the percentage set forth opposite such German AAA Select Component in the following table (provided that for the German AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the German Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such German AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class B Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**German AAA Component** | &nbsp;&nbsp;**German Class B Baseline Advance Rate** |
| &nbsp;&nbsp;German Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;77.50% |
| &nbsp;&nbsp;German Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;77.50% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;66.50% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;66.50% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;German Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant German Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the German Master Lease, the following German Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to France: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;-German Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant German Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the German Master Lease, the following German Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to France: | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;-German Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**German Class B Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the German Class B Blended Advance Rate Weighting Numerator and the denominator of which is the German Blended Advance Rate Weighting Denominator, in each case as of such date.

"**German Class B Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each German AAA Select Component equal to the product of such German AAA Select Component and the German Class B Adjusted Advance Rate with respect to such German AAA Select Component, in each case as of such date.

"**German Class C Adjusted Advance Rate**" means, as of any date of determination, with respect to any German AAA Select Component, a percentage equal to the greater of (A) (i) the German Class C Baseline Advance Rate for such German AAA Component, minus (ii) the Class C Concentration Excess Advance Rate Adjustment for such German AAA Select Component minus (iii) the Class C MTM/DT Advance Rate Adjustment for such German AAA Select Component; and (B) zero.

"**German Class C Baseline Advance Rate**" means, with respect to each German AAA Select Component, the percentage set forth opposite such German AAA Select Component in the following table (provided that for the German AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the German Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such German AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class C Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**German AAA Component** | &nbsp;&nbsp;**German Class C Baseline Advance Rate** |
| &nbsp;&nbsp;German Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;82.50% |
| &nbsp;&nbsp;German Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;82.50% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;German Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant German Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the German Master Lease, the following German Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to France: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;-German Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;German Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant German Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the German Master Lease, the following German Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to France: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- German Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;-German Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**German Class C Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the German Class C Blended Advance Rate Weighting Numerator and the denominator of which is the German Blended Advance Rate Weighting Denominator, in each case as of such date.

"**German Class C Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each German AAA Select Component equal to the product of such German AAA Select Component and the German Class C Adjusted Advance Rate with respect to such German AAA Select Component, in each case as of such date.

"**German Collateral**" means all of the assets which from time to time are, or are expressed to be, the subject of the German Security.

"**German Collection Account (Irish Branch)**" means the collection account in the name of German FleetCo with BNP Paribas, Dublin Branch in Ireland, into which certain German Collections shall be deposited.

"**German Collection Account**" has the meaning given to it in Sub-Clause 6.1(a) (*Establishment of German Collection Account*) of the German Facility Agreement.

"**German Collection Account Reserve Ledger**" means the ledger so named maintained in the German Collection Account.

"**German Collections**" means all payments on or in respect of the German Collateral.

"**German Commitment Termination Date**" means 1 October 2048.

"**German Daily Collection Report**" has the meaning specified in Sub-Clause 5.1(a) (*Daily Collection Reports*) of the German Facility Agreement.

"**German Daily Interest Allocation**" means, on each German Deposit Date, an amount equal to the aggregate amount of German Interest Collections deposited into the German Transaction Account on such date.

"**German Daily Interest Amount**" means, for any day in an Interest Period, an amount equal to the result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of (i) the German Note
 Rate for such Interest Period and (ii) the German Note Principal Amount as of the close
 of business on such date; divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30.

"**German Daily Principal Allocation**" means, on each German Deposit Date, an amount equal to the aggregate amount of German Principal Collections deposited into the German Transaction Account on such date.

"**German Decrease**" has the meaning specified in Sub-Clause 2.4 (*Procedure for Decreasing the German Note Principal Amount*) of the German Facility Agreement.

"**German Deposit Date**" has the meaning specified in Sub-Clause 7.1 (*Allocations with Respect to the German Note*) of the German Facility Agreement.

"**German Eligible Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Non-Program Vehicle owned by German FleetCo for which the Disposition Date has not occurred as of such date.

"**German Eligible Investment Grade Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to German FleetCo, as of such date by all Investment Grade Manufacturers.

"**German Eligible Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Program Vehicle owned by German FleetCo for which the Disposition Date has not occurred as of such date.

"**German Eligible Non-Investment Grade (High) Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to German FleetCo, as of such date by all Non-Investment Grade (High) Manufacturers.

"**German Eligible Non-Investment Grade (Low) Program Receivable Amount**" means, as of any date of determination, the sum of all Manufacturer Receivables payable to German FleetCo, as of such date by all Non-Investment Grade (Low) Manufacturers.

"**German Eligible Non-Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value of each Non-Investment Grade Non-Program Vehicle owned by German FleetCo for which the Disposition Date has not occurred as of such date.

"**German Eligible Non-Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Non-Investment Grade (High) Program Vehicle and each Non-Investment Grade (Low) Program Vehicle, in each case, owned by German FleetCo and for which the Disposition Date has not occurred as of such date.

"**German Eligible Vehicles**" means the Eligible Vehicles owned by German FleetCo.

"**German Enforcement Notice**" has the meaning specified in Sub-Clause 6.1 (*German Enforcement Notice*) of the German Security Trust Deed.

"**German Facility Agreement**" means the VFN issuance facility agreement entered into between German FleetCo, the German Noteholder and the German Security Trustee dated on or about the Signing Date and as may be amended, restated or supplemented from time to time.

"**German FleetCo**" means Hertz Fleet Limited, with registered number 412465, a company with limited liability incorporated in Ireland with its principal place of business in Ireland, whose registered office is at 25 North Wall Quay, Dublin 1, Ireland.

"**German FleetCo Corporate Services Agreement**" means the corporate services agreement between German FleetCo and the German FleetCo Corporate Services Provider dated on or about 13 September 2018 and as may be amended, restated or supplemented from time to time.

"**German FleetCo Corporate Services Provider**" means Wilmington Trust SP Services (Dublin) Limited.

"**German FleetCo Irish Account Pledge Agreement**" means the Irish bank account pledge agreement entered into on or about the Signing Date between German FleetCo as pledgor and the German Security Trustee (as may be amended, restated or supplemented from time to time).

"**German FleetCo Shares Pledge**" means the deed of pledge of registered shares of German FleetCo dated on or about the Closing Date, granted by Hertz Holdings Netherlands B.V.

"**German Initial Principal Amount**" means €219,090,850.28.

"**German Interest Collections**" means on any date of determination, all German Collections which represent payments of Monthly Variable Rent under the German Master Lease plus any amounts earned on Permitted Investments in the German Collection Account that are available for distribution on such date and any indemnity amounts received by the German FleetCo from any Related Document.

**"German Leasing Company Amortization Event"** has the meaning given to it in Sub-Clause 10.1(p)(i) of the German Facility Agreement.

"**German Legal Final Payment Date**" means the one-year anniversary of the German Commitment Termination Date.

"**German Lessee**" means Hertz Autovermietung GmbH.

"**German Lessor**" means Hertz Fleet Limited.

"**German Liquidation Co-ordination Agreement**" means the liquidation co-ordination agreement entered into between (among others) German FleetCo, the German Liquidation Co-ordinator and the German Security Trustee dated on or about the Signing Date.

"**German Liquidation Co-ordinator**" means Interpath (France) SAS.

"**German Manufacturer Receivables**" means the Manufacturer Receivables owing to German FleetCo.

"**German Master Fleet Purchase Agreement**" means the German master fleet purchase agreement, dated on or around the Signing Date, as may be amended, restated or supplemented from time to time, among German FleetCo, German OpCo and the German Security Trustee.

"**German Master Lease**" means the German master lease and servicing agreement, dated on or about the Signing Date, as may be amended, restated or supplemented from time to time, between, among others, German FleetCo, as lessor thereunder and German OpCo, as lessee and servicer.

"**German Master Lease Payment Default**" means the occurrence of any event described in Sub-Clause 9.1.1 (*Events of Default*) of the German Master Lease.

"**German Maximum Principal Amount**" means EUR 1,467,750,000, and/or following a 2022 Liquidity Drawstop, EUR 1,250,000,000; provided further that such amount may be increased or reduced from time to time pursuant to written agreement between the German Noteholder and German FleetCo, provided that no such reduction shall cause the German Maximum Principal Amount to be less than the German Note Principal Amount.

"**German Minimum Profit Amount**" means €10,000 per annum.

"**German Monthly Administration Fee**" has the meaning specified in Clause 4 (*Compensation*) of the German Administration Agreement.

"**German Monthly Collateral Certificate**" has the meaning specified in Sub-Clause 5.1(d) (*German Monthly Collateral Certificate*) of the German Facility Agreement.

"**German Monthly Interest**" means, with respect to any Payment Date, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the German Daily Interest Amount for each
 day in the Interest Period related to such Payment Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all previously due and unpaid amounts
 described in paragraph (a) with respect to prior Interest Periods (together with interest
 on such unpaid amounts required to be paid in this paragraph (b) at the German Note
 Rate).

"**German Monthly Servicing Certificate**" has the meaning specified in Sub-Clause 5.1(c) (*Monthly Servicing Certificate*) of the German Facility Agreement.

"**German Monthly Servicing Fee**" has the meaning specified in Clause 6.6(a) (*Servicer's Monthly Fee*) of the German Master Lease.

**"German Note"** means each variable funding rental car asset backed note issued by German FleetCo pursuant to and in accordance with the German Note Framework Agreement and the German Facility Agreement.

"**German Note Framework Agreement**" means the note framework agreement entered into between German FleetCo and the German Security Trustee dated on or about the Signing Date and as may be amended, restated, supplemented from time to time.

"**German Noteholder**" means the Issuer.

"**German Note Principal Amount**" means, when used with respect to any date, an amount equal to the result of: (i) the German Initial Principal Amount, plus (ii) the principal amount of the portion of all German Advances funded by the German Noteholder on or prior to such date, minus (iii) the amount of principal payments (whether pursuant to a German Decrease, a redemption or otherwise) made to such German Noteholder pursuant to the German Facility Agreement.

"**German Note Rate**" means, for any Interest Period, the rate, as determined by the Issuer in its reasonable discretion, reflecting (i) the German Percentage of the Carrying Charges payable by the Issuer for such Interest Period and (ii) the proportion of interest costs by the Issuer for such Interest Period attributable to German FleetCo (based on the German Class A Blended Advance Rate, German Class B Blended Advance Rate and German Class C Blended Advance Rate).

"**German Note Register**" has the meaning specified in Sub-Clause 2.6 (*German Note Register*) of the German Note Framework Agreement.

"**German Note Repurchase Amount**" means, as of any date of determination, the sum of the German Note Principal Amount plus all accrued and unpaid interest thereon and any fees in respect thereof then due and payable to the German Noteholder.

"**German OpCo**" means Hertz Autovermietung GmbH, with registered number HRB 52255 in the Commercial Register (*Handelsregister*) of the Local Court (*Amtsgericht*) of Frankfurt am Main, a company with limited liability incorporated in Germany with its principal place of business in Germany, whose registered office is at Grenzweg 2, 65451 Kelsterbach, Germany.

"**German Parallel Debt**" has the meaning given to it in Sub-Clause 3.2 (*Parallel Debt*) of the German Parallel Debt Agreement.

"**German Parallel Debt Agreement**" means the parallel debt agreement dated the Signing Date, as may be amended, restated, supplemented from time to time, entered into by German FleetCo and the German Security Trustee in order to create a valid security interest under German law.

"**German Percentage**" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the German Note Principal Amount as of such date and the denominator of which is the sum of the Dutch Note Principal Amount, the French Facility Principal Amount, the German Note Principal Amount, the Spanish Note Principal Amount, the Italian Note Principal Amount and the Belgian Note Principal Amount, in each case as of such date.

"**German Potential Leasing Company Amortization Event**" means any occurrence or event that, with the giving of notice, the passage of time or both, would constitute a German Leasing Company Amortization Event.

"**German Predecessor Administrator Work Product**" has the meaning given to it in Sub-Clause 6.4 (*Reliance on Prior Work Product*) of the German Back-Up Administration Agreement.

"**German Principal Collections**" means any German Collections other than German Interest Collections.

"**German Priority of Payments**" means the priority of payments applicable to the payments owed by German FleetCo under the German Related Documents set out in Sub-Clauses 7.3 (*Application of German Interest Collections*) and 7.4 (*Application of German Principal Collections*) of the German Facility Agreement.

"**German Receivables Assignment Agreement**" means the receivables assignment agreement dated on or about the Signing Date, as may be amended, restated, supplemented from time to time, entered into between German FleetCo and the German Security Trustee.

"**German Registrar**" means the German Administrator.

"**German Related Document Actions**" has the meaning specified in Sub-Clause 9.24(c) (*Actions under the German Related Documents and Manufacturer Programs*) of the German Facility Agreement.

"**German Related Documents**" means, collectively, the German Facility Agreement, the German Note Framework Agreement, the German Administration Agreement, the German Back-Up Administration Agreement, the German Liquidation Co-ordination Agreement, the German Security Documents, the German Master Lease, the German Master Fleet Purchase Agreement, the German FleetCo Corporate Services Agreement, the Tax Deed of Covenant, the THC Guarantee and Indemnity and any other agreements relating to the issuance or the purchase of the German Note.

"**German Repeating Representations**" means the representations and warranties of German FleetCo set out in Clause 8 (*Representations and Warranties*) of the German Facility Agreement save for: (i) Sub-Clause 8.3 (*No Consent*); (ii) Sub-Clause 8.12 (*Ownership of Limited Liability Company Interests*); (iii) Sub-Clause 8.20 (*Stamp Taxes*); (iv) Sub-Clause 8.21 (*Capitalisation*); (v) Sub-Clause 8.22 (*No Distributions*); and (vi) Sub-Clause 8.23 (*Beneficial Owner*).

"**German Repurchase Date**" has the meaning specified in Sub-Clause 11.1 (*Optional Redemption of the German Note*) of the German Facility Agreement.

"**German Required Reserve Advance**" means an amount as agreed between the German Security Trustee (acting on the instructions of Required Noteholders) and the German Liquidation Co-ordinator and notified to the Issuer and the German FleetCo.

"**German Reserve Advance**" has the meaning given to "Reserve Advance" in clause 2.3(a) (*Advances*) of the German Facility Agreement.

"**German Secured Obligations**" means the aggregate of German FleetCo's Indebtedness, liabilities and obligations which are now or may at any time hereafter be due, owing or incurred in any manner whatsoever to the German Secured Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether actually or contingently; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether presently due or falling due at
 some future time,

arising under the German Related Documents and the German Note, whether solely or jointly with another person, whether as principal or surely and whether or not the German Secured Parties shall have been an original party to the relevant transaction and in whatever currency denominated.

"**German Secured Party**" means each of the parties listed at Schedule 1 (*FleetCo Secured Parties*) to the German Security Trust Deed.

"**German Security**" means the security interests granted to the German Security Trustee pursuant to the German Security Documents.

"**German Security Documents**" means the German Security Trust Deed, the First Supplemental German Security Trust Deed, the Second Supplemental German Security Trust Deed, the Third Supplemental German Security Trust Deed, the German Account Pledge Agreement, the Second German Account Pledge Agreement, the Third German Account Pledge Agreement, the Fourth German Account Pledge Agreement, the German Parallel Debt Agreement, the German Security Transfer Agreement, the German FleetCo Shares Pledge, the German FleetCo Irish Account Pledge Agreement and the German Receivables Assignment Agreement.

"**German Security Transfer Agreement**" means the security transfer agreement dated on or about the Signing Date, as may be amended, restated, supplemented from time to time, entered into between German FleetCo and the German Security Trustee.

"**German Security Trust Deed**" means the security trust deed dated on or about the Signing Date, as may be amended, restated, supplemented from time to time, entered into between the Issuer Security Trustee, the German Security Trustee, German FleetCo and the German Secured Parties named therein.

"**German Security Trustee**" means BNP Paribas Trust Corporation UK Limited.

"**German Servicer**" means Hertz Autovermietung GmbH, in its capacity as servicer under the German Master Lease.

"**German Supplemental Documents**" means the Lease Vehicle Acquisition Schedules, the Intra-Lease Lessee Transfer Schedules and any other related documents attached to the German Master Lease, in each case solely to the extent to which such schedules and documents relate to Lease Vehicles or otherwise relate to and/or constitute German Collateral.

"**German Transaction Account**" means the transaction account in the name of German FleetCo from which withdrawals are made in accordance with Clause 7 (*Applications and Distributions*) of the German Facility Agreement.

"**German Transfer Date**" has the meaning specified in Sub-Clause 4.1 (*Transfer of Administrative Obligations*) of the German Back-Up Administration Agreement.

"**German Vehicle Documents**" means, in respect of both Program Vehicles and Non-Program Vehicles, the radio code/spare key, warranty/servicing booklet, German Vehicle Certificate I (*Zulassungsbescheinigung Teil I – "Kfz-Schein"*), German Vehicle Certificate II (*Zulassungbescheinigung Teil II – "Kfz-Brief*"), invoice of Manufacturer/Dealer and the title transfer offer.

"**German Vehicles**" means all Vehicles owned by German FleetCo.

"**Initial Purchase Price**" means, in relation to a Vehicle, the purchase price or other consideration payable by German OpCo to the Supplier for the purchase by German OpCo of such Vehicle, as provided in the relevant Vehicle Purchasing Agreement.

"**New Sale and Repurchase Agreement**" means each Original Sale and Repurchase Agreement as amended by and pursuant to the relevant Supplemental Agreement (including the Required Contractual Criteria).

"**Original Sale and Repurchase Agreement**" means any Vehicle Purchasing Agreement entered into by the Supplier and German OpCo pursuant to which the Supplier has agreed to sell certain vehicles to German OpCo and to subsequently repurchase such vehicles from German OpCo in certain circumstances.

"**Purchase Offer**" has the meaning given to it in Sub-Clause 2.1 of the German Master Fleet Purchase Agreement.

"**Related Rights**" means, in connection with any Relevant Vehicle, all rights of the owner thereof including, without limitation, any rights to the benefit of any warranties or guarantees given by the manufacturer or seller of the Relevant Vehicle, excluding, however, any rights relating to volume rebates and discounts set forth in Sub-Clause 2.6 of each Supplemental Agreement.

"**Required Tax Period**" means a tax period which commences within 12 months of the end of the tax period in which the relevant payment is deducted by the Issuer.

"**Second German Account Pledge Agreement**" means the second account pledge agreement dated on or about the Fifth Amendment Date between German FleetCo and the German Security Trustee.

"**Title Transfer Offer**" has the meaning given in Sub-Clause 3.4 of the German Master Fleet Purchase Agreement.

"**Third German Account Pledge Agreement**" means the third account pledge agreement dated on or about the Sixth Amendment Date between German FleetCo and the German Security Trustee.

1.5 **Spanish Definitions** 

"**Spanish AAA Component**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Spanish Eligible Investment Grade
 Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Spanish Eligible Investment Grade
 Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Spanish Eligible Non-Investment Grade
 Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Spanish Eligible Non-Investment Grade
 (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Spanish Eligible Non-Investment Grade
 (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Spanish Eligible Investment Grade
 Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Spanish Eligible Non-Investment Grade
 Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Eligible Due and Unpaid Lease Payment
 Amount under the Spanish Master Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Spanish Net VAT Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Remainder AAA Amount with respect
 to Spanish FleetCo.

"**Spanish AAA Select Component**" means each Spanish AAA Component other than the Eligible Due and Unpaid Lease Payment Amount.

"**Spanish Acceleration Notice**" has the meaning given to it in Sub-Clause 6.3 (*Spanish Acceleration Notice*) of the Spanish Security Trust Deed.

"**Spanish Account Bank**" means BNP Paribas S.A., Spanish Branch or, as the case may be, any other Acceptable Bank which would be subsequently appointed as Spanish Account Bank.

"**Spanish Account Letter of Acknowledgement**" means the letter of acknowledgement in respect of the Spanish Accounts signed by the Spanish Account Bank, the Spanish Security Trustee and Spanish FleetCo on or about the Signing Date and as may be amended, restated, supplemented from time to time.

"**Spanish Account Mandates**" means the signature authorities relating to a Spanish Account, as amended from time to time.

"**Spanish Accounts**" means the accounts established and maintained in the name of Spanish FleetCo.

"**Spanish Administration Agreement**" means the Spanish administration agreement entered into between Spanish FleetCo, the Spanish Administrator and the Spanish Security Trustee dated on or about the Signing Date and as may be amended, restated, supplemented from time to time.

"**Spanish Administrator**" means Hertz de España, S.L., a limited liability company incorporated and existing under the laws of the Kingdom of Spain, with registered office at calle Jacinto Benavente 2, Edificio B, 3ª planta, Las Rozas, Madrid (Spain) and Spanish Tax Id number B-28121549.

"**Spanish Administrator Default**" has the meaning specified in Sub-Clause 9.2 (*Term of Agreement; Removal of Spanish Administrator*) of the Spanish Administration Agreement.

"**Spanish Advance**" has the meaning given to "Advance" in clause 2.3(a) (*Advances*) of the Spanish Facility Agreement.

"**Spanish Aggregate Asset Amount**" means, as of any date of determination, the amount equal to the sum of each of the following with respect to Spanish FleetCo:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate Net Book Value of all Spanish
 Eligible Vehicles as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount of all Spanish Manufacturer
 Receivables as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Due and Unpaid Lease Payment Amount
 in respect of the Spanish Master Lease as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Spanish Net VAT Receivables as of
 such date.

"**Spanish Back-Up Administration Agreement**" means the Spanish back-up administration agreement entered into between Spanish FleetCo, the Spanish Administrator, the Spanish Back-Up Administrator and the Spanish Security Trustee dated on or about the Signing Date and as may be amended, restated, supplemented from time to time.

"**Spanish Back-Up Administrator**" means TMF Administrative Services B.V..

"**Spanish Back-Up Servicing Fee**" has the meaning given to it in Sub-Clause 6.1(a) (*Compensation*) of the Spanish Back-Up Administration Agreement.

"**Spanish Bank Account Pledge Agreement**" means the public deed of pledge over credit rights arising from bank accounts entered into on or about the Signing Date, as may be amended, restated, ratified and/or supplemented from time to time, between Spanish FleetCo as pledgor and the Spanish Security Trustee.

"**Spanish Blended Advance Rate Weighting Denominator**" means, as of any date of determination, an amount equal to the sum of each Spanish AAA Select Component, in each case as of such date.

"**Spanish Carrying Charges**" means, for any Payment Date, without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Spanish Monthly Servicing Fee payable
 by Spanish FleetCo to the Spanish Servicer pursuant to the Spanish Master Lease on such Payment
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all reasonable out-of-pocket costs and
 expenses of Spanish FleetCo incurred in connection with the Spanish Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all fees, expenses and other amounts payable
 by Spanish FleetCo under the Spanish Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any accrued Spanish Carrying Charges that
 remain unpaid as of the immediately preceding Payment Date (after giving effect to all distributions
 in respect of such Payment Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Spanish Percentage of the Carrying
 Charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) one twelfth of the Spanish Percentage
 of the Issuer Minimum Profit Amount.

"**Spanish Class A Adjusted Advance Rate**" means, as of any date of determination, with respect to any Spanish AAA Select Component, a percentage equal to the greater of (A) (i) the Spanish Class A Baseline Advance Rate for such Spanish AAA Component, minus (ii) the Class A Concentration Excess Advance Rate Adjustment for such Spanish AAA Select Component minus (iii) the Class A MTM/DT Advance Rate Adjustment for such Spanish AAA Select Component; and (B) zero.

"**Spanish Class A Baseline Advance Rate**" means, with respect to each Spanish AAA Select Component, the percentage set forth opposite such Spanish AAA Select Component in the following table (provided that for the Spanish AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Spanish Master Lease and Servicing Agreement, the percentage shall be the lower of (i) the percentage set forth opposite such Spanish AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class A Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Spanish AAA Component** | &nbsp;&nbsp;**Spanish Class A Baseline Advance Rate** |
| &nbsp;&nbsp;Spanish Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;79.50% |
| &nbsp;&nbsp;Spanish Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;79.50% |
| &nbsp;&nbsp;Spanish Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;67.50% |
| &nbsp;&nbsp;Spanish Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Spanish Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Spanish Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Spanish Master Lease, the following Spanish Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;71.75% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to France: | &nbsp;&nbsp;71.75% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;-Spanish Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;71.75% |
| &nbsp;&nbsp;Spanish Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Spanish Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Spanish Master Lease, the following Spanish Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;67.50% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to France: | &nbsp;&nbsp;67.50% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;66.50% |
| &nbsp;&nbsp;-Spanish Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;67.50% |
| &nbsp;&nbsp;Spanish Net VAT Receivables, | &nbsp;&nbsp;95.50% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0% |

---

"**Spanish Class A Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Spanish Class A Blended Advance Rate Weighting Numerator and the denominator of which is the Spanish Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Spanish Class A Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Spanish AAA Select Component equal to the product of such Spanish AAA Select Component and the Spanish Class A Adjusted Advance Rate with respect to such Spanish AAA Select Component, in each case as of such date.

"**Spanish Class B Adjusted Advance Rate**" means, as of any date of determination, with respect to any Spanish AAA Select Component, a percentage equal to the greater of (A) (i) the Spanish Class B Baseline Advance Rate for such Spanish AAA Component, minus (ii) the Class B Concentration Excess Advance Rate Adjustment for such Spanish AAA Select Component minus (iii) the Class B MTM/DT Advance Rate Adjustment for such Spanish AAA Select Component; and (B) zero.

"**Spanish Class B Baseline Advance Rate**" means, with respect to each Spanish AAA Select Component, the percentage set forth opposite such Spanish AAA Select Component in the following table (provided that for the Spanish AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Spanish Master Lease and Servicing Agreement, the percentage shall be the lower of (i) the percentage set forth opposite such Spanish AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class B Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Spanish AAA Component** | &nbsp;&nbsp;**Spanish Class B Baseline Advance Rate** |
| &nbsp;&nbsp;Spanish Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;81.00% |
| &nbsp;&nbsp;Spanish Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;81.00% |
| &nbsp;&nbsp;Spanish Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;72.75% |
| &nbsp;&nbsp;Spanish Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Spanish Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Spanish Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Spanish Master Lease, the following Spanish Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;76.25% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to France: | &nbsp;&nbsp;76.25% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;73.25% |
| &nbsp;&nbsp;-Spanish Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;76.25% |
| &nbsp;&nbsp;Spanish Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Spanish Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Spanish Master Lease, the following Spanish Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;72.75% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to France: | &nbsp;&nbsp;72.75% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;-Spanish Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;72.75% |
| &nbsp;&nbsp;Spanish Net VAT Receivables, | &nbsp;&nbsp;95.75% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**Spanish Class B Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Spanish Class B Blended Advance Rate Weighting Numerator and the denominator of which is the Spanish Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Spanish Class B Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Spanish AAA Select Component equal to the product of such Spanish AAA Select Component and the Spanish Class B Adjusted Advance Rate with respect to such Spanish AAA Select Component, in each case as of such date.

"**Spanish Class C Adjusted Advance Rate**" means, as of any date of determination, with respect to any Spanish AAA Select Component, a percentage equal to the greater of (A) (i) the Spanish Class C Baseline Advance Rate for such Spanish AAA Component, minus (ii) the Class C Concentration Excess Advance Rate Adjustment for such Spanish AAA Select Component minus (iii) the Class C MTM/DT Advance Rate Adjustment for such Spanish AAA Select Component; and (B) zero.

"**Spanish Class C Baseline Advance Rate**" means, with respect to each Spanish AAA Select Component, the percentage set forth opposite such Spanish AAA Select Component in the following table (provided that for the Spanish AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Spanish Master Lease and Servicing Agreement, the percentage shall be the lower of (i) the percentage set forth opposite such Spanish AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class C Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Spanish AAA Component** | &nbsp;&nbsp;**Spanish Class C Baseline Advance Rate** |
| &nbsp;&nbsp;Spanish Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;85.50% |
| &nbsp;&nbsp;Spanish Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;85.50% |
| &nbsp;&nbsp;Spanish Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;Spanish Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Spanish Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Spanish Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Spanish Master Lease, the following Spanish Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to France: | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;-Spanish Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;Spanish Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Spanish Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Spanish Master Lease, the following Spanish Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to France: | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Spanish Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;-Spanish Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;Spanish Net VAT Receivables, | &nbsp;&nbsp;96.00% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**Spanish Class C Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Spanish Class C Blended Advance Rate Weighting Numerator and the denominator of which is the Spanish Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Spanish Class C Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Spanish AAA Select Component equal to the product of such Spanish AAA Select Component and the Spanish Class C Adjusted Advance Rate with respect to such Spanish AAA Select Component, in each case as of such date.

"**Spanish Collateral**" means all of the assets which from time to time are, or are expressed to be, the subject of the Spanish Security.

"**Spanish Collection Account**" means the collection account in the name of Spanish FleetCo into which Spanish Collections shall be deposited.

"**Spanish Collection Account Reserve Ledger**" means the ledger so named maintained in the Spanish Collection Account.

"**Spanish Collections**" means all payments on or in respect of the Spanish Collateral.

"**Spanish Commitment Termination Date**" means 1 October 2048.

"**Spanish Daily Collection Report**" has the meaning specified in Sub-Clause 5.1(a) (*Daily Collection Reports*) of the Spanish Facility Agreement.

"**Spanish Daily Interest Allocation**" means, on each Spanish Deposit Date, an amount equal to the aggregate amount of Spanish Interest Collections deposited into the Spanish Transaction Account on such date.

"**Spanish Daily Interest Amount**" means, for any day in an Interest Period, an amount equal to the result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of (i) the Spanish Note
 Rate for such Interest Period and (ii) the Spanish Note Principal Amount as of the close
 of business on such date; divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30.

"**Spanish Daily Principal Allocation**" means, on each Spanish Deposit Date, an amount equal to the aggregate amount of Spanish Principal Collections deposited into the Spanish Transaction Account on such date.

"**Spanish Decrease**" has the meaning specified in Sub-Clause 2.4(a) (*Procedure for Decreasing the Spanish Note Principal Amount*) of the Spanish Facility Agreement.

"**Spanish Deposit Date**" has the meaning specified in Sub-Clause 7.1 (*Allocations with Respect to the Spanish Note*) of the Spanish Facility Agreement.

"**Spanish Eligible Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Non-Program Vehicle owned by Spanish FleetCo in respect of the Spanish Vehicles for which the Disposition Date has not occurred as of such date.

"**Spanish Eligible Investment Grade Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to Spanish FleetCo in respect of the Spanish Vehicles, as of such date by all Investment Grade Manufacturers.

"**Spanish Eligible Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Program Vehicle owned by Spanish FleetCo in respect of the Spanish Vehicles for which the Disposition Date has not occurred as of such date.

"**Spanish Eligible Non-Investment Grade (High) Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to Spanish FleetCo in respect of the Spanish Vehicles, as of such date by all Non-Investment Grade (High) Manufacturers.

"**Spanish Eligible Non-Investment Grade (Low) Program Receivable Amount**" means, as of any date of determination, the sum of all Manufacturer Receivables payable to Spanish FleetCo in respect of the Spanish Vehicles, as of such date by all Non-Investment Grade (Low) Manufacturers.

"**Spanish Eligible Non-Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value of each Non-Investment Grade Non-Program Vehicle owned by Spanish FleetCo in respect of the Spanish Vehicles for which the Disposition Date has not occurred as of such date.

"**Spanish Eligible Non-Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Non-Investment Grade (High) Program Vehicle and each Non-Investment Grade (Low) Program Vehicle, in each case, owned by Spanish FleetCo in respect of the Spanish Vehicles and for which the Disposition Date has not occurred as of such date.

"**Spanish Eligible Vehicles**" means the Eligible Vehicles owned by Spanish FleetCo in respect of the Spanish Vehicles.

"**Spanish Enforcement Notice**" has the meaning specified in Sub-Clause 6.1 (*Spanish Enforcement Notice*) of the Spanish Security Trust Deed.

"**Spanish Facility Agreement**" means the VFN issuance facility agreement entered into between Spanish FleetCo, the Spanish Noteholder and the Spanish Security Trustee dated on or about the Signing Date and as may be amended, restated, supplemented from time to time.

**"Spanish FleetCo"** means Stuurgroep Fleet (Netherlands) B.V. acting through its Spanish branch Stuurgroep Fleet (Netherlands) B.V., Sucursal En España, whose registered office is at calle Jacinto Benavente, 2, Edificio B, 3ª planta, Las Rozas de Madrid, Madrid (Spain) and registered with the Commercial Registry of Madrid under Volume M-672439, Book 37748, Folio 1.

"**Spanish Initial Principal Amount**" means €178,226,305.33.

"**Spanish Interest Collections**" means on any date of determination, all Spanish Collections which represent payments of Monthly Variable Rent under the Spanish Master Lease plus any amounts earned on Permitted Investments in the Spanish Collection Account that are available for distribution on such date and any indemnity amounts received by the Spanish FleetCo from any Related Document.

"**Spanish Leasing Company Amortization Event**" has the meaning given to it in Sub-Clause 10.1(o)(i) of the Spanish Facility Agreement.

"**Spanish Lessee**" means Hertz de España, S.L.

"**Spanish Legal Final Payment Date**" means the one-year anniversary of the Spanish Commitment Termination Date.

"**Spanish Liquidation Co-ordination Agreement**" means the liquidation co-ordination agreement entered into between (among others) Spanish FleetCo, the Spanish Liquidation Co-ordinator and the Spanish Security Trustee dated on or about the Signing Date and as may be amended, restated, supplemented from time to time.

"**Spanish Liquidation Co-ordinator**" means Interpath (France) SAS.

"**Spanish Manufacturer Receivables**" means the Manufacturer Receivables owing to Spanish FleetCo in respect of Spanish Vehicles only.

"**Spanish Master Lease**" means the Spanish Master Lease and Servicing Agreement, dated on or about the Signing Date between, among others, Spanish FleetCo, as lessor thereunder and Spanish OpCo, as lessee and servicer and as may be amended, restated, supplemented from time to time.

"**Spanish Master Lease Payment Default**" means the occurrence of any event described in Sub-Clause 9.1.1 (*Events of Default*) of the Spanish Master Lease.

"**Spanish Maximum Principal Amount**" means EUR 1,467,750,000, and/or following a 2022 Liquidity Drawstop, EUR 1,250,000,000; provided further that such amount may be increased or reduced from time to time pursuant to written agreement between the Spanish Noteholder and Spanish FleetCo, provided that no such reduction shall cause the Spanish Maximum Principal Amount to be less than the Spanish Note Principal Amount.

"**Spanish Minimum Profit Amount**" means, on an annual basis, an amount equal to five per cent. (5%) of Spanish Servicing Fee payable under the Spanish Master Lease as the local GAAP profit before tax.

"**Spanish Monthly Administration Fee**" has the meaning specified in Clause 4 (*Compensation*) of the Spanish Administration Agreement.

"**Spanish Monthly Collateral Certificate**" has the meaning specified in Sub-Clause 5.1(d) (*Monthly Collateral Certificate*) of the Spanish Facility Agreement.

"**Spanish Monthly Interest**" means, with respect to any Payment Date, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Spanish Daily Interest Amount for
 each day in the Interest Period related to such Payment Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all previously due and unpaid amounts
 described in paragraph (a) with respect to prior Interest Periods (together with interest
 on such unpaid amounts required to be paid in this paragraph (b) at the Spanish Note
 Rate).

"**Spanish Monthly Servicing Certificate**" has the meaning specified in Sub-Clause 5.1(c) (*Monthly Servicing Certificate*) of the Spanish Facility Agreement.

"**Spanish Monthly Servicing Fee**" has the meaning specified in Clause 6.6(a) (*Servicer's Monthly Fee*) of the Spanish Master Lease.

"**Spanish Note Framework Agreement**" means the note framework agreement entered into between Spanish FleetCo and the Spanish Security Trustee dated on or about the Signing Date and as may be amended, restated, supplemented from time to time.

"**Spanish Net VAT Receivables**" means the Net VAT Receivables owing to Spanish FleetCo.

"**Spanish Note Principal Amount**" means, when used with respect to any date, an amount equal to the result of: (i) the Spanish Initial Principal Amount, plus (ii) the principal amount of the portion of all Spanish Advances funded by the Spanish Noteholder on or prior to such date, minus (iii) the amount of principal payments (whether pursuant to a Spanish Decrease, a redemption or otherwise) made to such Spanish Noteholder pursuant to the Spanish Facility Agreement.

"**Spanish Note Rate**" means, for any Interest Period, the rate, as determined by the Issuer in its reasonable discretion, reflecting (i) the Spanish Percentage of the Carrying Charges payable by the Issuer for such Interest Period and (ii) the proportion of interest costs by the Issuer for such Interest Period attributable to Spanish FleetCo (based on the Spanish Class A Blended Advance Rate, Spanish Class B Blended Advance Rate and Spanish Class C Blended Advance Rate).

"**Spanish Note Register**" has the meaning specified in Sub-Clause 2.6 (*Spanish Note Register*) of the Spanish Note Framework Agreement.

"**Spanish Note Repurchase Amount**" means, as of any date of determination, the sum of the Spanish Note Principal Amount plus all accrued and unpaid interest thereon and any fees in respect thereof then due and payable to the Spanish Noteholder.

"**Spanish Noteholder**" means the Issuer.

"**Spanish Note**" means each variable funding rental car asset backed note issued by Spanish FleetCo pursuant to and in accordance with the Spanish Note Framework Agreement and the Spanish Facility Agreement.

"**Spanish OpCo**" means Hertz de España, S.L., a limited liability company incorporated and existing under the laws of the Kingdom of Spain, with registered office at calle Jacinto Benavente 2, Edificio B, 3ª planta, Las Rozas, Madrid (Spain) and Spanish Tax Id number B-28121549.

"**Spanish Percentage**" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Spanish Note Principal Amount as of such date and the denominator of which is the sum of the Dutch Note Principal Amount, the French Facility Principal Amount, the German Note Principal Amount, the Spanish Note Principal Amount, the Italian Note Principal Amount and the Belgian Note Principal Amount, in each case as of such date.

"**Spanish Potential Leasing Company Amortization Event**" means any occurrence or event that, with the giving of notice, the passage of time or both, would constitute a Spanish Leasing Company Amortization Event.

"**Spanish Predecessor Administrator Work Product**" has the meaning given to it in Sub-Clause 6.4 (*Reliance on Prior Work Product*) of the Spanish Back-Up Administration Agreement.

"**Spanish Pledge over Credit Rights**" means the public deed of pledge over credit rights dated on or around the Signing Date between Spanish FleetCo as pledgor and the Spanish Security Trustee and as may be amended, restated, ratified, extended and/or supplemented from time to time.

"**Spanish Pledge over VAT Receivables**" means the public deed of pledge over credit rights arising from VAT Receivables dated on or around the Signing Date between Spanish FleetCo as pledgor and the Spanish Security Trustee and as may be amended, restated, ratified, extended and/or supplemented from time to time.

"**Spanish Principal Collections**" means any Spanish Collections other than Spanish Interest Collections.

"**Spanish Priority of Payments**" means the priority of payments applicable to the payments owed by Spanish FleetCo under the Spanish Related Documents set out in Sub-Clauses 7.3 (*Application of Spanish Interest Collections*) and 7.4 (*Application of Spanish Principal Collections*) of the Spanish Facility Agreement.

"**Spanish Registrar**" means the Spanish Administrator.

"**Spanish Related Document Actions**" has the meaning specified in Sub-Clause 9.24(c) (*Actions under the Spanish Related Documents and Manufacturer Programs*) of the Spanish Facility Agreement.

"**Spanish Related Documents**" means, collectively, the Spanish Facility Agreement, the Spanish Note Framework Agreement, the Spanish Administration Agreement, the Spanish Back-Up Administration Agreement, the Spanish Liquidation Co-ordination Agreement, the Spanish Security Documents, the Spanish Master Lease, the Spanish Third Party Holding Agreement, the Spanish Transfer Agreement, the Tax Deed of Covenant, the THC Guarantee and Indemnity and any other agreements relating to the issuance or the purchase of the Spanish Note.

"**Spanish Repeating Representations**" means the representations and warranties of Spanish FleetCo set out in Clause 8 (*Representations and Warranties*) of the Spanish Facility Agreement save for: (i) Sub-Clause 8.3 (*No Consent*); (ii) Sub-Clause 8.12 (*Ownership of Limited Liability Company Interests*); (iii) Sub-Clause 8.19 (*Stamp Taxes*); (iv) Sub-Clause 8.20 (*Capitalisation*); (v) Sub-Clause 8.21 (*No Distributions*); and (vi) Sub-Clause 8.22 (*Beneficial Owner*).

"**Spanish Repurchase Date**" has the meaning given to it in Sub-Clause 11.1 (*Optional Redemption of the Spanish Note*) of the Spanish Facility Agreement.

"**Spanish Required Reserve Advance**" means an amount as agreed between the Spanish Security Trustee (acting on the instructions of Required Noteholders) and the Spanish Liquidation Co-ordinator and notified to the Issuer and the Spanish FleetCo.

"**Spanish Reserve Advance**" has the meaning given to "Reserve Advance" in clause 2.3(a) (*Advances*) of the Spanish Facility Agreement.

"**Spanish Secured Obligations**" means the aggregate of Spanish FleetCo's Indebtedness, liabilities and obligations which are now or may at any time hereafter be due, owing or incurred in any manner whatsoever to the Spanish Secured Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether actually or contingently; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether presently due or falling due at
 some future time,

arising under the Spanish Related Documents and the Spanish Note, whether solely or jointly with another person, whether as principal or surely and whether or not the Spanish Secured Parties shall have been an original party to the relevant transaction and in whatever currency denominated.

"**Spanish Secured Party**" means each of the parties listed at Schedule 1 (*Spanish Secured Parties*) to the Spanish Security Trust Deed.

"**Spanish Security**" means the security interests granted to the Spanish Security Trustee pursuant to the Spanish Security Documents.

"**Spanish Security Documents**" means the Spanish Security Trust Deed, the First Supplement Spanish Security Trust Deed, the Second Supplemental Spanish Security Trust Deed, the Third Supplemental Spanish Security Trust Deed, the Spanish Vehicle Pledge Agreement, the Spanish Bank Account Pledge Agreement, the Spanish Pledge over Credit Rights, the Spanish Pledge over VAT Receivables, the Spanish Third Party Holding Agreement and the Dutch Shares Pledge.

"**Spanish Security Trust Deed**" means the security trust deed dated on or about the Signing Date entered into between the Issuer Security Trustee, the Spanish Security Trustee, Spanish FleetCo and the Spanish Secured Parties named therein and as may be amended, restated, supplemented from time to time.

"**Spanish Security Trustee**" means BNP Paribas Trust Corporation UK Limited.

"**Spanish Servicer**" means Hertz de España, S.L., in its capacity as servicer under the Spanish Master Lease.

"**Spanish Servicing Fee**" means €400,000 per annum or such other adjusted amount notified to the Lessor by the Spanish Servicer based on the reasonable costs and expenses incurred in connection with the provision of services in accordance with the Spanish Master Lease.

"**Spanish Supplemental Documents**" means the Lease Vehicle Acquisition Schedules, the Intra-Lease Lessee Transfer Schedules and any other related documents attached to the Spanish Master Lease, in each case solely to the extent to which such schedules and documents relate to Lease Vehicles or otherwise relate to and/or constitute Spanish Collateral.

"**Spanish Third Party Holder**" means Hertz de España, S.L.

"**Spanish Third Party Holding Agreement**" means the Spanish third party holding agreement dated on or around the Signing Date entered into by the Spanish Security Trustee and the Spanish Third Party Holder and as may be amended, restated, supplemented from time to time.

"**Spanish Transaction Account**" means the transaction account in the name of Spanish FleetCo from which withdrawals are made in accordance with Clause 7 (*Applications and Distributions*) of the Spanish Facility Agreement.

"**Spanish Transfer Agreement**" means the sale and purchase agreement dated on or around the Signing Date entered into by the Spanish Third Party Holder and Spanish FleetCo and as may be amended, restated, supplemented from time to time.

"**Spanish Transfer Date**" has the meaning specified in Sub-Clause 4.1 (*Transfer of Administrative Obligations*) of the Spanish Back-Up Administration Agreement.

"**Spanish Vehicle Pledge Agreement**" means the Spanish vehicle pledge agreement dated on or around the Signing Date entered into between Spanish FleetCo as pledgor, the Spanish Security Trustee and the Spanish Third Party Holder and as may be amended, restated, ratified, extended and/or supplemented from time to time.

"**Spanish Vehicle Documents**" means the registration documents, keys and spare keys to the Spanish Vehicles.

"**Spanish Vehicles**" means all Vehicles owned by Spanish FleetCo and which are leased pursuant to the Spanish Master Lease (which, for the avoidance of doubt, excludes any Dutch Vehicles and Belgian Vehicles).

1.6 **Italian Definitions** 

"**CONSOB**" means Commissione Nazionale per le Società e la Borsa.

"**Banca Finint**" means Banca Finanziaria Internazionale S.p.A., *breviter* Banca Finint S.p.A., a bank incorporated as a joint stock company (società per azioni) under the laws of the Republic of Italy, having its registered office in Via V. Alfieri, 1, 31015 Conegliano (TV), Italy, share capital of Euro 91,743,007.00 fully paid up, tax code and enrolment in the companies' register of Treviso-Belluno no. 04040580963, VAT Group "Gruppo IVA FININT S.P.A." – VAT no. 04977190265, registered in the banks' register held by the Bank of Italy pursuant to article 13 of the Consolidated Banking Act under no. 5580 and in the register of the banking group held by the Bank of Italy as parent company of the Banca Finanziaria Internazionale Banking Group, member of the "Fondo Interbancario di Tutela dei Depositi" and of the "Fondo Nazionale di Garanzia".

"**Consolidated Banking Act**" means Italian Legislative Decree No. 385 of 1 September 1993, as amended and supplemented from time to time.

"**Consolidated Financial Act**" means Italian Legislative Decree no. 58 of 24 February 1998, as amended and supplemented from time to time.

"**DU Certificate**" means the single registration and property certificate (*Documento Unico di Circolazione e di Proprietà del veicolo*).

"**Due Information**" has the meaning specified in Clause 4.4(b) (Information due and management by the Italian Fleet Servicer) of the Italian Master Servicing Agreement.

"**Errors**" has the meaning specified in Clause 6.4 (*Reliance on Prior Work Product*) of the Italian Back-Up Administration Agreement.

"**EU Insolvency Regulation**" means Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings, as amended and supplemented from time to time.

"**Euroclear**" means Euroclear Bank S.A./N.V.

"**EUWA**" means the European Union (Withdrawal) Act 2018 (as amended by the European (Withdrawal Agreement) Act 2020).

"**Fleet Report Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to a Lease Event of Default or Instalment
 Sale Event of Default, each Determination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lease Event of Default or Instalment Sale
 Event of Default; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the long term rating ascribed to The Hertz
 Corporation Inc. by S&P being B- or lower or by Moody's being B3 or lower or by
 Fitch being B- or lower,

and whilst the same is continuing, the last Business Day of each calendar week, or such other date as may be agreed between the Italian Liquidation Co-ordinator and Italian OpCo.

"**Further Italian Vehicles**" means the further Italian Vehicles purchased by Italian FleetCo from the Italian Fleet Seller in accordance with the provisions of the Italian Fleet Transfer Agreement and other sales of Vehicles from the Manufacturers and, among others, the Dealers and/or Auction Sellers, from time to time.

"**General Data Protection Regulation**" means the Regulation (EU) 2016/679, as amended and supplemented from time to time.

"**Initial Italian Vehicles**" means the initial Italian Vehicles purchased by Italian FleetCo from the Italian Fleet Seller, on arm's length terms, pursuant to terms contained in the Italian Fleet Transfer Agreement.

"**Initial Subscription Price**" has the meaning specified in Clause 2.2 (*Subscription and funding of the Italian Notes on the Fifth Amendment Date*) of the Italian Note Purchase Agreement.

"**Insurance Distribution Directive**" means Directive 2016/97/EU as amended.

"**Italian AAA Component**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Italian Eligible Investment Grade
 Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Italian Eligible Investment Grade
 Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Italian Eligible Non-Investment Grade
 Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Italian Eligible Non-Investment Grade
 (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Italian Eligible Non-Investment Grade
 (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Italian Eligible Investment Grade
 Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Italian Eligible Non-Investment Grade
 Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Eligible Due and Unpaid Lease Payment
 Amount under the Italian Master Lease, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Italian Net VAT Receivables.

"**Italian AAA Select Component**" means each Italian AAA Component other than the Eligible Due and Unpaid Lease Payment Amount.

"**Italian Acceleration Notice**" has the meaning given to it in the Italian Condition 13.2(b) (*Rights of the Italian Noteholder upon Amortization Event or Certain Other Events of Default*).

"**Italian Account Bank**" means Banca Nazionale del Lavoro S.p.A. or, as the case may be, any other Acceptable Bank which would be subsequently appointed as Italian Account Bank pursuant to the terms of the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Account Bank Accounts**" means the Italian Collection Account, the Italian Transaction Account and the Quota Capital Account.

"**Italian Account Bank Mandates**" means the signature authorities relating to an Italian Account Bank Account, as amended from time to time in accordance with the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Account Mandates**" means collectively the Italian Account Bank Mandates and the Italian Payment Account Bank Mandates.

"**Italian Accounts**" means the Italian Account Bank Accounts and the Italian Payment Account.

"**Italian Administration Agreement**" means the Italian administration agreement entered into between, among others, Italian FleetCo, the Italian Administrator and the Italian Noteholder dated on or about the Fifth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Italian Administrator**" means Hertz Fleet Italiana S.r.l., a limited liability company (*società a responsabilità limitata*) incorporated in the Republic of Italy, with registered office at Via Galileo Galilei, 2 – 39100 Bolzano, share capital fully paid up equal to Euro 10,000, VAT number, tax code and number of registration with the register of companies of Bolzano n. 09536331003.

"**Italian Administrator Default**" has the meaning specified in Sub-Clause 9.2 (*Term of Agreement; Removal of Italian Administrator*) of the Italian Administration Agreement.

"**Italian Advance Request**" has the meaning given to it in Clause 2.4(a)(iv) of the Italian Note Purchase Agreement.

"**Italian Aggregate Asset Amount**" means, as of any date of determination, the amount equal to the sum of each of the following with respect to Italian FleetCo:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate Net Book Value of all Italian
 Eligible Vehicles as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount of all Italian Manufacturer
 Receivables as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Due and Unpaid Lease Payment Amount
 in respect of the Italian Master Lease as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Italian Net VAT Receivables as of
 such date.

"**Italian Amendment and Restatement Deed**" means the amendment and restatement deed entered into by, amongst others, the Issuer, the Italian OpCo and the Issuer Security Trustee dated on or about the Eighth Amendment Date.

"**Italian Back-Up Administration Agreement**" means the Italian back-up administration agreement entered into between, among others, Italian FleetCo, the Italian Administrator, the Italian Back-Up Administrator and the Italian Noteholder dated on or about the Fifth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Italian Back-Up Administrator**" means TMF Administrative Services B.V..

"**Italian Back-Up Servicing Fee**" has the meaning given to it in Sub-Clause 6.1(a) (*Compensation*) of the Italian Back-Up Administration Agreement.

"**Italian Blended Advance Rate Weighting Denominator**" means, as of any date of determination, an amount equal to the sum of each Italian AAA Select Component, in each case as of such date.

"**Italian Calculation Agent**" means Hertz Fleet Italiana S.r.l. or any other person for the time being acting as Italian Calculation Agent pursuant to the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Calculation Agent Monthly Report**" means the report to be prepared and delivered by the Italian Calculation Agent on each Italian Calculation Date detailing any payment due by Italian FleetCo on such Payment Date in accordance with the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Calculation Date**" means with respect to any Payment Date the date falling 2 (two) Business Days prior to such Payment Date.

"**Italian Carrying Charges**" means, for any Payment Date, without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Italian Monthly Servicing Fee payable
 by Italian FleetCo to the Italian Fleet Servicer pursuant to the Italian Fleet Servicing
 Agreement on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all reasonable out-of-pocket costs and
 expenses of Italian FleetCo incurred in connection with the Italian Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all fees, expenses and other amounts payable
 by Italian FleetCo under the Italian Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any accrued Italian Carrying Charges that
 remain unpaid as of the immediately preceding Payment Date (after giving effect to all distributions
 in respect of such Payment Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Italian Percentage of the Carrying
 Charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) one twelfth of the Italian Percentage
 of the Issuer Minimum Profit Amount,

which, for the avoidance of doubt, does not include any Italian FleetCo Expenses.

"**Italian Cash Allocation, Management and Payments Agreement**" means the cash allocation, management and payments agreement entered into between (among others) IFM SPV S.r.l. as Italian FleetCo and International Fleet Financing No.2 B.V. as the Italian Noteholder, dated on or about the Fifth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Italian Civil Code**" means the *Codice civile italiano*, enacted pursuant to Royal Decree of 16 March 1941, n. 262 (*Approvazione del testo del Codice civile*) (as amended).

"**Italian Class A Adjusted Advance Rate**" means, as of any date of determination, with respect to any Italian AAA Select Component, a percentage equal to the greater of (A) (i) the Italian Class A Baseline Advance Rate for such Italian AAA Select Component, minus (ii) the Class A Concentration Excess Advance Rate Adjustment for such Italian AAA Select Component minus (iii) the Class A MTM/DT Advance Rate Adjustment for such Italian AAA Select Component; and (B) zero.

"**Italian Class A Baseline Advance Rate**" means, with respect to each Italian AAA Select Component, the percentage set forth opposite such Italian AAA Select Component in the following table (provided that for the Italian AAA Select Component related to Vehicles subleased to a FleetCo from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Italian Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such Italian AAA Select Component in the below table and (ii) the percentage set forth opposite such FleetCo AAA Select Component in the table related to the FleetCo Class A Baseline Advance Rate with respect to the FleetCo where it is subleased):

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| | |
|:---|:---|
| &nbsp;&nbsp;**Italian** **AAA Component** | &nbsp;&nbsp;**Italian** **Class A Baseline Advance Rate** |
| &nbsp;&nbsp;Italian Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;78.25% |
| &nbsp;&nbsp;Italian Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;78.25% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;66.75% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;66.75% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Italian Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Italian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Italian Master Lease, the following Italian Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to France: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Netherlands: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;-Italian Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Italian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Italian Master Lease, the following Italian Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;66.50% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to France: | &nbsp;&nbsp;66.50% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;66.50% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Netherlands: | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;66.50% |
| &nbsp;&nbsp;Italian Net VAT Receivables | &nbsp;&nbsp;94.75% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**Italian Class A Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Italian Class A Blended Advance Rate Weighting Numerator and the denominator of which is the Italian Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Italian Class A Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Italian AAA Select Component equal to the product of such Italian AAA Select Component and the Italian Class A Adjusted Advance Rate with respect to such Italian AAA Select Component, in each case as of such date.

"**Italian Class B Adjusted Advance Rate**" means, as of any date of determination, with respect to any Italian AAA Select Component, a percentage equal to the greater of (A) (i) the Italian Class B Baseline Advance Rate for such Italian AAA Select Component, minus (ii) the Class B Concentration Excess Advance Rate Adjustment for such Italian AAA Select Component minus (iii) the Class B MTM/DT Advance Rate Adjustment for such Italian AAA Select Component; and (B) zero.

"**Italian Class B Baseline Advance Rate**" means, with respect to each Italian AAA Select Component, the percentage set forth opposite such Italian AAA Select Component in the following table (provided that for the Italian AAA Select Component related to Vehicles subleased to a FleetCo from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Italian Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such Italian AAA Select Component in the below table and (ii) the percentage set forth opposite such FleetCo AAA Select Component in the table related to the FleetCo Class B Baseline Advance Rate with respect to the FleetCo where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Italian** **AAA Component** | &nbsp;&nbsp;**Italian** **Class B Baseline Advance Rate** |
| &nbsp;&nbsp;Italian Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;79.50% |
| &nbsp;&nbsp;Italian Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;79.50% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;71.50% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;71.50% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Italian Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Italian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Italian Master Lease, the following Italian Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;73.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to France: | &nbsp;&nbsp;73.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;73.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Netherlands: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;-Italian Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;73.25% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Italian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Italian Master Lease, the following Italian Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to France: | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Netherlands: | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;-Italian Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;Italian Net VAT Receivables | &nbsp;&nbsp;95.00% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**Italian Class B Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Italian Class B Blended Advance Rate Weighting Numerator and the denominator of which is the Italian Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Italian Class B Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Italian AAA Select Component equal to the product of such Italian AAA Select Component and the Italian Class B Adjusted Advance Rate with respect to such Italian AAA Select Component, in each case as of such date.

"**Italian Class C Adjusted Advance Rate**" means, as of any date of determination, with respect to any Italian AAA Select Component, a percentage equal to the greater of (A) (i) the Italian Class C Baseline Advance Rate for such Italian AAA Select Component, minus (ii) the Class C Concentration Excess Advance Rate Adjustment for such Italian AAA Select Component minus (iii) the Class C MTM/DT Advance Rate Adjustment for such Italian AAA Select Component; and (B) zero.

"**Italian Class C Baseline Advance Rate**" means, with respect to each Italian AAA Select Component, the percentage set forth opposite such Italian AAA Select Component in the following table (provided that for the Italian AAA Select Component related to Vehicles subleased to a FleetCo from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Italian Master Lease, the percentage shall be the lower of (i) the percentage set forth opposite such Italian AAA Select Component in the below table and (ii) the percentage set forth opposite such FleetCo AAA Select Component in the table related to the FleetCo Class C Baseline Advance Rate with respect to the FleetCo where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Italian** **AAA Component** | &nbsp;&nbsp;**Italian** **Class C Baseline Advance Rate** |
| &nbsp;&nbsp;Italian Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;Italian Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Italian Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Italian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Italian Master Lease, the following Italian Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to France: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Netherlands: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;-Italian Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;Italian Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Italian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Italian Master Lease, the following Italian Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to France: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Germany: | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;- Italian Eligible Vehicles subleased to Netherlands: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;-Italian Eligible Vehicles subleased to Belgium: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;Italian Net VAT Receivables | &nbsp;&nbsp;95.50% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**Italian Class C Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Italian Class C Blended Advance Rate Weighting Numerator and the denominator of which is the Italian Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Italian Class C Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Italian AAA Select Component equal to the product of such Italian AAA Select Component and the Italian Class C Adjusted Advance Rate with respect to such Italian AAA Select Component, in each case as of such date.

"**Italian Collateral**" means all of the Italian assets which from time to time are, or are expressed to be, segregated by virtue of the Italian Securitisation Law.

"**Italian Collection Account**" means the collection account in the name of Italian FleetCo into which Italian Collections shall be deposited.

"**Italian Collection Account Reserve Ledger**" means the ledger so named maintained in the Italian Collection Account.

"**Italian Collections**" means all payments on or in respect of the Italian Collateral, which include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all amounts due under or in connection
 with the Italian Collateral, including, without limitation, amounts due from Manufacturers
 and their related auction dealers under their Manufacturer Programs with respect to the Italian
 Vehicles, other than Excluded Payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all amounts representing the proceeds
 from sales of Vehicles to third parties, other than the Manufacturers or their auction dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if an Italian Leasing Company Amortization
 Event with respect to Italian FleetCo has occurred and is continuing, all insurance proceeds
 and warranty payments in respect of the Italian Vehicles, other than Excluded Payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all amounts payable to Italian FleetCo
 pursuant to the Italian Master Lease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Italian Collections from any other
 source from time to time paid directly into the Italian Collection Account.

Notwithstanding the foregoing any Excluded Payments and, unless an Italian Leasing Company Amortization Event with respect to Italian FleetCo has occurred and is continuing, insurance proceeds and warranty payments with respect to the Italian Vehicles shall not be required to be deposited in the Italian Collection Account, and may be held by Italian FleetCo or paid to Italian OpCo. Italian FleetCo agrees that if any Italian Collections shall be received by Italian FleetCo in an account other than the Italian Collection Account or in any other manner, such monies, instruments, cash and other proceeds will not be commingled by Italian FleetCo with any of its other funds or property, if any, but will be held separate and apart therefrom and shall be held in trust by Italian FleetCo for the Issuer Security Trustee.

"**Italian Commitment Termination Date**" means 1 October 2048.

"**Italian Condition**" means a condition included in the Italian Terms and Conditions.

"**Italian Crisis and Insolvency Code**" means the Legislative Decree no. 14 of 12 January 2019, as amended, supplemented and implemented from time to time.

"**Italian Daily Collection Report**" has the meaning specified in Sub-Clause 6.2.1 (*Italian Daily Collection Report*) of the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Daily Interest Amount**" means, for any day in an Interest Period, an amount equal to the result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of (i) the Italian Note
 Rate for such Interest Period and (ii) the Italian Note Principal Amount as of the close
 of business on such date; divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30.

"**Italian Data Processor**" means the Italian Master Servicer.

"**Italian Decrease**" has the meaning specified in Italian Condition 9.2(a) (*Periodical Redemption for Italian Decrease*).

"**Italian Decree 239**" means Italian Legislative Decree no. 239 of 1 April 1996, as amended from time to time.

"**Italian Deed of Sale**" has the meaning as specified in Clause 2.3.1 (*Deeds of Sale*) of the Italian Fleet Transfer Agreement.

"**Italian Eligible Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Non-Program Vehicle owned by Italian FleetCo in respect of the Italian Vehicles for which the Disposition Date has not occurred as of such date.

"**Italian Eligible Investment Grade Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to Italian FleetCo in respect of the Italian Vehicles, as of such date by all Investment Grade Manufacturers.

"**Italian Eligible Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Program Vehicle owned by Italian FleetCo in respect of the Italian Vehicles for which the Disposition Date has not occurred as of such date.

"**Italian Eligible Non-Investment Grade (High) Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to Italian FleetCo in respect of the Italian Vehicles, as of such date by all Non-Investment Grade (High) Manufacturers.

"**Italian Eligible Non-Investment Grade (Low) Program Receivable Amount**" means, as of any date of determination, the sum of all Manufacturer Receivables payable to Italian FleetCo in respect of the Italian Vehicles, as of such date by all Non-Investment Grade (Low) Manufacturers.

"**Italian Eligible Non-Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value of each Non-Investment Grade Non-Program Vehicle owned by Italian FleetCo in respect of the Italian Vehicles for which the Disposition Date has not occurred as of such date.

"**Italian Eligible Non-Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Non-Investment Grade (High) Program Vehicle and each Non-Investment Grade (Low) Program Vehicle, in each case, owned by Italian FleetCo in respect of the Italian Vehicles and for which the Disposition Date has not occurred as of such date.

"**Italian Eligible Vehicles**" means the Eligible Vehicles owned by Italian FleetCo in respect of the Italian Vehicles.

"**Italian FleetCo**" means IFM SPV S.r.l., a limited liability company (*società a responsabilità limitata*), incorporated and existing under the laws of Italy, pursuant to the Italian Securitisation Law, whose registered office is at Via Galileo Galilei 2, 39100 Bolzano (BZ), Italy, fully paid quota capital of Euro 10,000, fiscal code and registration No. with the companies register of Bolzano number 03185110214, enrolled in the *elenco delle società veicolo* held by the Bank of Italy pursuant to the resolution of the Bank of Italy dated 12 December 2023 under number 35988.5 and having as its corporate object the realisation of securitisation transactions pursuant to articles 7 and 7.2 of the Italian Securitisation Law.

"**Italian FleetCo Corporate Services Agreement**" means the corporate services agreement between Italian FleetCo and the Italian FleetCo Corporate Services Provider dated 7 December 2022 and as may be amended, restated or supplemented from time to time.

"**Italian FleetCo Corporate Services Provider**" means Banca Finint.

"**Italian FleetCo Expenses**" means any and all documented fees, costs, expenses and Taxes required to be paid by Italian FleetCo to any third-party creditors (other than the Italian Noteholder and the Other Italian FleetCo Creditors) arising in connection with the Italian Securitisation and/or required to be paid in order to preserve the existence of the Italian FleetCo, to maintain it in good standing or to comply with applicable laws.

"**Italian FleetCo's Rights**" has the meaning specified in Clause 2.3 (*Exercise of Italian FleetCo's Rights*) of the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Fleet Seller Buy-Back Vehicles**" means any Vehicles acquired by the Italian FleetCo from the Italian Fleet Seller in respect of which a manufacturer or one or more of its Affiliates have agreed to repurchase such Vehicles during the specified repurchase period.

"**Italian Fleet Seller**" means Hertz Fleet Italiana S.r.l., a limited liability company (*società a responsabilità limitata*) incorporated in the Republic of Italy, with registered office at Via Galileo Galilei, 2 – 39100 Bolzano, share capital fully paid up equal to Euro 10,000, VAT number, tax code and number of registration with the register of companies of Bolzano n. 09536331003.

"**Italian Fleet Servicer**" means Hertz Fleet Italiana S.r.l., a limited liability company (*società a responsabilità limitata*) incorporated in the Republic of Italy, with registered office at Via Galileo Galilei, 2 – 39100 Bolzano, share capital fully paid up equal to Euro 10,000, VAT number, tax code and number of registration with the register of companies of Bolzano n. 09536331003.

"**Italian Fleet Servicer Report**" has the meaning specified in Clause 2.13.3 (*Italian Fleet Servicer Records and Italian Fleet Servicer Reports*) of the Italian Fleet Servicing Agreement.

"**Italian Fleet Servicing Agreement**" means the fleet servicing agreement, dated 7 December 2022 between, among others, Italian FleetCo, the Italian Fleet Servicer and the Italian Master Servicer, as may be amended, restated or supplemented from time to time.

"**Italian Fleet Transfer Agreement**" means the Italian fleet transfer agreement between Italian Fleet Seller and the Italian FleetCo dated 7 December 2022 and all further Offers accepted by the Italian FleetCo pursuant to the terms included thereunder, each a fleet transfer agreement, respectively.

"**Italian Information Memorandum**" means the "*prospetto informativo*" prepared in respect of the issuance of the Italian Notes pursuant to article 2 of the Italian Securitisation Law.

"**Italian Initial Principal Amount**" means EUR 325,000,000.

"**Italian Insolvency Proceedings**" means bankruptcy (*fallimento*) or any other insolvency proceedings (*procedura concorsuale*) including, but not limited to, an arrangement with creditors prior to bankruptcy (*accordi di ristrutturazione dei debiti e/o concordato preventivo*), compulsory administrative liquidation (*liquidazione coatta amministrativa*) and the extraordinary administration of large companies in a state of insolvency (*amministrazione straordinaria delle grandi imprese in stato di insolvenza*).

"**Italian Intercreditor Agreement**" means the intercreditor agreement dated on or about the Fifth Amendment Date between, among others, Italian FleetCo, the Italian Noteholder and the Other Italian FleetCo Creditors and as may be amended, restated or supplemented from time to time.

"**Italian Interest Collections**" means on any date of determination, all Italian Collections which represent payments of Monthly Variable Rent under the Italian Master Lease plus any amounts earned on Permitted Investments in the Italian Collection Account that are available for distribution on such date and any indemnity amounts received by Italian FleetCo from any Related Document.

"**Italian Interest Priority of Payments**" means the priority of payments set out in Italian Condition 7.1 (*Italian Interest Priority of Payments*).

"**Italian Joint Regulation**" means the regulation issued jointly by the Bank of Italy and CONSOB on 13 August 2018 jointly issued by CONSOB and Bank of Italy (named "*Disciplina dei servizi di gestione accentrata, di liquidazione, dei sistemi di garanzia e delle relative società di gestione*") containing rules on custody, clearing and settlement, as amended from time to time.

"**Italian Labour and Social Security Laws**" means any regulation governing labour-related matters and relating to employer's obligations, also including, for the avoidance of doubt, (i) paying contributions for social security and mandatory insurance for industrial accidents and occupational diseases and fulfilling health and safety obligations and (ii) paying salary allowances and all other amounts due to the employees, including that portion of TFR (*trattamento di fine rapporto*) that accrues while performing the Services.

"**Italian Labour Claim**" means any claim (save for claims brought in bad faith or on frivolous grounds) or litigation or social security or insurance deficiency assessment asserted against (*i.e*., brought, initiated or otherwise notified to) the Italian Fleet Servicer and/or any of its sub-fleet servicers and/or any subcontractor and/or partner of any of its sub-fleet servicers in connection with the application of Labour and Social Security Laws, to the extent that any such claims may create liability for Italian FleetCo.

"**Italian Labour Payments**" means any and all payments due by the Italian Fleet Servicer and/or any of its sub-fleet servicers and/or any subcontractor and/or partner of any of its sub-fleet servicers in application of Labour and Social Security Laws, to the extent that failure to pay any such amounts may create liability for the Italian FleetCo.

"**Italian Leasing Company Amortization Event**" has the meaning given to it in the Italian Condition 13.1 (*Italian Leasing Company Amortization Event*).

"**Italian Legal Final Payment Date**" means the one-year anniversary of the Italian Commitment Termination Date.

"**Italian Lessee**" means Hertz Italiana S.r.l., a limited liability company (*società a responsabilità limitata*) incorporated in the Republic of Italy, with registered office at Piazzale Luigi Sturzo, 31-00144 Rome, share capital fully paid up equal to Euro 1,635,000, tax code and number of registration with the register of companies of Rome 00433120581, VAT number 00890931009, subject to the activity of direction and coordination (*soggetta all'attività di direzione e coordinamento*) pursuant to article 2497 of the Italian civil code of Hertz Holdings Netherlands 2 B.V..

"**Italian Liquidation Co-ordination Agreement**" means the liquidation co-ordination agreement entered into between (among others) Italian FleetCo, the Italian OpCo, the Italian Liquidation Co-ordinator and the Italian Noteholder dated on or about the Fifth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Italian Liquidation Co-ordinator**" means Interpath (France) SAS.

"**Italian Manufacturer Receivables**" means the Manufacturer Receivables owing to Italian FleetCo in respect of Italian Vehicles only.

"**Italian Master Lease**" means the Italian Master Lease Agreement, dated 7 December 2022 between, among others, Italian FleetCo, as lessor thereunder and Italian OpCo, as lessee and as may be amended, restated or supplemented from time to time.

"**Italian Master Lease Extension Agreement**" means, in relation to the Italian Master Lease, an agreement executed by the Lessor and the Lessee(s) thereunder which provides that the Italian Master Lease Scheduled Expiration Date in respect of the relevant lease entered into pursuant to the Italian Master Lease will be extended for a further period of five (5) calendar months from the date of such agreement.

"**Italian Master Lease Payment Default**" means the occurrence of any event described in Sub-Clause 9.1.1 of the Italian Master Lease.

"**Italian Master Lease Scheduled Expiration Date**" means, in relation to any Lease Vehicles leased pursuant to the Italian Master Lease, the date falling five (5) calendar months after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Vehicle Lease Commencement Date of
 such Lease Vehicle; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the most recent Italian
 Master Lease Extension Agreement became effective with respect to such Lease Vehicle.

"**Italian Master Servicer**" means Banca Finint, in its capacity as master servicer pursuant to the Italian Master Servicing Agreement, and any other replacing entity who will act as master servicer in accordance with the provisions of the Italian Master Servicing Agreement and the Italian Related Documents.

"**Italian Master Servicer Termination Event**" has the meaning specified in Clause 11.1 (*Italian Master Servicer Termination Events*) of the Italian Master Servicing Agreement.

"**Italian Master Servicer's Fee Letter**" has the meaning specified in Clause 7.1 (*Italian Master Servicer's Fee*) of the Italian Master Servicing Agreement.

"**Italian Master Servicing Agreement**" means the master servicing agreement, dated 7 December 2022 between, among others, Italian FleetCo and Banca Finint in its capacity as Italian Master Servicer as may be amended, restated or supplemented from time to time.

"**Italian Maximum Principal Amount**" means EUR 1,100,000,000, and/or following a 2022 Liquidity Drawstop, EUR 915,000,000; provided further that such amount may be increased or reduced from time to time pursuant to written agreement between the Italian Noteholder and Italian FleetCo, provided that no such reduction shall cause the Italian Maximum Principal Amount to be less than the Italian Note Principal Amount.

"**Italian Minimum Profit Amount**" means, on an annual basis, an amount equal to five per cent. (5%) of Italian Servicing Fee payable under the Italian Master Lease as the local GAAP profit before tax.

"**Italian Monthly Administration Fee**" has the meaning specified in Clause 4 (*Compensation*) of the Italian Administration Agreement.

"**Italian Monthly Collateral Certificate**" has the meaning specified in Clause 10.3(d) (*Reports and Instructions*) of the Italian Intercreditor Agreement.

"**Italian Monthly Interest**" means, with respect to any Payment Date, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Italian Daily Interest Amount for
 each day in the Interest Period related to such Payment Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all previously due and unpaid amounts
 described in paragraph (a) with respect to prior Interest Periods.

"**Italian Monthly Servicing Certificate**" has the meaning specified in Clause 10.3I (*Reports and Instructions*) of the Italian Intercreditor Agreement.

"**Italian Monthly Servicing Fee**" has the meaning specified in Clause 2.9 (*Italian Fleet Servicer's Monthly Fee*) of the Italian Fleet Servicing Agreement.

"**Italian Net VAT Receivables**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time the Italian FleetCo has not
 opted into a VAT consolidation arrangement under the Italian VAT Settlement Regime, the Net
 VAT Receivables owing to Italian FleetCo and arising in the period during which Italian FleetCo
 had not opted into a VAT consolidation arrangement under the Italian VAT Settlement Regime;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time the Italian FleetCo has opted
 into a VAT consolidation arrangement under the Italian VAT Settlement Regime, an amount equal
 to the lower of (i) zero and (ii) VAT Receivables minus VAT Payables, provided
 that (ii) may be a negative amount and if (ii) is a negative amount, such amount
 shall be subtracted from the Italian Aggregate Asset Amount.

"**Italian Note Factor**" means, on any Italian Calculation Date, in respect of each of the Italian Notes, a fraction, the numerator of which is equal to the Italian Note Principal Amount of such Italian Notes on such Italian Calculation Date (after taking into account any Advance or Italian Decrease made during the immediately preceding Interest Period in relation to such Italian Notes) and the denominator of which is equal to the Italian Note Nominal Amount of such Italian Notes.

"**Italian Noteholder**" means the Issuer.

"**Italian Note Principal Amount**" means, when used with respect to any date, with respect to the Italian Notes, an amount equal to the result of: (i) the Italian Initial Principal Amount, plus (ii) the principal amount of all Advances funded by the Italian Noteholder under the Italian Notes on or prior to such date, minus (iii) the amount of principal payments (whether pursuant to a Italian Decrease, a redemption or otherwise) made in respect of the Italian Notes on or prior to such date.

**"Italian Note Nominal Amount**" means the nominal amount of the Italian Notes (being up to Euro 1,100,000,000).

"**Italian Note Purchase Agreement**" means the note purchase agreement entered into between Italian FleetCo and the Italian Noteholder dated on or about the Fifth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Italian Note Rate**" means, for any Interest Period, the rate, as determined by the Issuer in its reasonable discretion, reflecting (i) the Italian Percentage of the Carrying Charges payable by the Issuer for such Interest Period and (ii) the proportion of interest costs by the Issuer for such Interest Period attributable to Italian FleetCo (based on the Italian Class A Blended Advance Rate, Italian Class B Blended Advance Rate and Italian Class C Blended Advance Rate).

"**Italian Note Repurchase Amount**" means, as of any date of determination, the sum of the Italian Note Principal Amount plus all accrued and unpaid interest thereon and any fees in respect thereof then due and payable to the Italian Noteholder.

"**Italian Notes**" means up to €1,100,000,000 Italian notes issued by Italian FleetCo pursuant to and in accordance with the Italian Note Purchase Agreement.

"**Italian OpCo**" means Hertz Italiana S.r.l., a limited liability company (*società a responsabilità limitata*) incorporated in the Republic of Italy, with registered office at Piazzale Luigi Sturzo, 31-00144 Rome, share capital fully paid up equal to Euro 1,635,000, tax code and number of registration with the register of companies of Rome 00433120581, VAT number 00890931009, subject to the activity of direction and coordination (*soggetta all'attività di direzione e coordinamento*) pursuant to article 2497 of the Italian civil code of Hertz Holdings Netherlands 2 B.V..

"**Italian OpCo Files**" means the original and/or any copies of all relevant documents and records, in whatever form or medium, including all computer tapes, files and discs relating to the activities carried out by the Italian OpCo, as Italian Lessee, under the Italian Master Lease.

**"Italian OpCo IP Co-operation Agreement"** has the meaning given to it in Clause 9.4.2(b) (*Discussions on repossession and liquidation*) of the Italian Liquidation Co-ordination Agreement.

"**Italian Ordinary Advance**" has the meaning specified in Clause 2.4(a)of the Italian Note Purchase Agreement.

"**Italian** **Payment Account**" means the transaction account in the name of Italian FleetCo from which withdrawals are made in accordance with Clauses 3.4.5 (*Into the Italian Payment Account*) and 3.4.6 (*Out of the Italian Payment Account*) of the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Payment Account Bank**" means BNP Paribas, Italian Branch or any other person for the time being acting as Italian Payment Account Bank pursuant to the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Payment Account Bank Mandates**" means the signature authorities relating to the Italian Payment Account, as amended from time to time in accordance with the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Paying Agent**" means BNP Paribas, Italian Branch or any other person for the time being acting as Italian Paying Agent pursuant to the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Percentage**" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Italian Note Principal Amount as of such date and the denominator of which is the sum of the Dutch Note Principal Amount, the French Facility Principal Amount, the German Note Principal Amount, the Spanish Note Principal Amount, the Italian Note Principal Amount and the Belgian Note Principal Amount, in each case as of such date.

"**Italian Potential Leasing Company Amortization Event**" means any occurrence or event that, with the giving of notice, the passage of time or both, would constitute an Italian Leasing Company Amortization Event.

"**Italian Predecessor Administrator Work Product**" has the meaning given to it in Sub-Clause 6.4 (*Reliance on Prior Work Product*) of the Italian Back-Up Administration Agreement.

"**Italian Principal Collections**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Italian Collections other than Italian
 Interest Collections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on any Payment Date, any Italian Interest
 Collections remaining on the Italian Transaction Account in accordance with item (sixth)
 of the Italian Interest Priority of Payments, after payment in full of the items from first
 to fifth of the Italian Interest Priority of Payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on the Italian Legal Final Payment Date,
 any amounts recorded in the Italian Collection Account Reserve Ledger.

"**Italian Principal Priority of Payments**" means the priority of payments set out under Italian Condition 7.2 (*Italian Principal Priority of Payments*).

"**Italian Priority of Payments**" means any of the Italian Interest Priority of Payments and the Italian Principal Priority of Payments.

"**Italian Privacy Code**" means Legislative Decree no. 196 of 30 June 2003 and the Privacy Regulation, as integrated and amended from time to time.

"**Italian Privacy Law**" means Legislative Decree no. 196 of 30 June 2003 and the Privacy Regulation, as integrated and amended from time to time.

"**Italian Privacy Regulation**" means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016, as integrated and supplemented from time to time.

"**Italian Quotaholder Pledge Agreement**" means the pledge over the registered quotas of the Italian FleetCo dated on or about the Fifth Amendment Date, entered into by Italian OpCo, HHN2 and the Italian Noteholder pursuant to which the Italian OpCo and HHN2, as pledgors, will grant an Italian law pledge over the entire quota capital of Italian FleetCo for the benefit of the Italian Noteholder and as a security for the fulfilment of Italian OpCo and HHN2's own direct obligations under the Italian Quotaholders Agreement and certain other Italian Related Documents.

"**Italian Quotaholders**" means Hertz Italiana S.r.l. and HHN2.

"**Italian Quotaholders Agreement**" means the quotaholders' agreement dated on or about the Fifth Amendment Date between, the Italian FleetCo and the Italian Quotaholders as may be amended, restated or supplemented from time to time.

**"Italian Regulation 285**" means the Bank of Italy Regulation No. 285 of 17 September 2013, as amended, supplemented and/or superseded from time to time.

"**Italian Related Document Actions**" has the meaning specified in Sub-Clause 10.8(c) (*Actions under the Italian Related Documents and Manufacturer Programs*) of the Italian Intercreditor Agreement.

"**Italian Related Documents**" means, collectively, the Italian Note Purchase Agreement, the Italian Information Memorandum, the Italian Intercreditor Agreement, the Italian FleetCo Corporate Services Agreement, the Italian Fleet Transfer Agreement, the Italian Master Servicing Agreement, the Italian Fleet Servicing Agreement, the Italian Administration Agreement, the Italian Back-Up Administration Agreement, the Italian Liquidation Co-ordination Agreement, the Italian Cash Allocation, Management and Payments Agreement, the Italian Quotaholders' Agreement, the Italian Master Lease, the Italian Terms and Conditions, the Italian Quotaholders Pledge Agreement, the Italian VAT Consolidation Agreement, the Tax Deed of Covenant, the THC Guarantee and Indemnity and any other agreements relating to the issuance or the purchase of the Italian Notes.

"**Italian Repeating Representations**" means the representations and warranties of Italian FleetCo set out in Clause 8 (*Representations and Warranties*) of the Italian Note Purchase Agreement save for: (i) Sub-Clause 8.3 (*No Consent*); (ii) Sub-Clause 8.12 (*Ownership of Limited Liability Company Interests*); (iii) Sub-Clause 8.20 (*Stamp Taxes*); (iv) Sub-Clause 8.21 (*Capitalisation*); (v) Sub-Clause 8.22 (*No Distributions*); and (vi) Sub-Clause 8.23 (*Beneficial Owner*).

"**Italian Required Reserve Advance**" means an amount as agreed between the Italian Noteholder (acting on the instructions of Required Noteholders) and the Italian Liquidation Co-ordinator and notified to the Issuer and the Italian FleetCo.

"**Italian Reserve Advance**" has the meaning specified in Clause 2.4(a)of the Italian Note Purchase Agreement.

"**Italian Road Code**" means Legislative Decree 30 April 1992, n. 285, described as the "*Nuovo codice della strada*", as amended and supplemented from time to time.

"**Italian Securitisation Law**" means Italian Law 130 of 30 April 1999, as amended and/or supplemented from time to time.

"**Italian Security**" means the Italian Segregated Assets in favour of the Italian Noteholder and any security interest granted to the Italian Noteholder pursuant to the Italian Security Documents.

"**Italian Security Documents**" means the Italian Quotaholders Pledge Agreement.

"**Italian Securitisation**" means the transaction made by the Italian FleetCo through the issuance of the Italian Notes and the entry into of the related arrangements of such issuance of Italian Notes pursuant to the execution of the Italian Related Documents and to articles 7 and 7.2 of the Italian Securitisation Law.

"**Italian Segregated Assets**" means the Italian FleetCo's right, title and interest in and to the Italian Collateral, any collections and proceeds in respect thereof, and the other claims of the Italian FleetCo which arise in the context of the securitisation carried out by the Italian FleetCo through the issuance of the Italian Notes.

"**Italian Servicing Fee**" means €700,000 per annum or such other adjusted amount notified to the Lessor and the Italian Noteholder by the Italian Fleet Servicer based on the reasonable costs and expenses incurred in connection with the provision of services in accordance with the Italian Fleet Servicing Agreement.

"**Italian Supervisory Regulations**" means the supervisory instructions for the banks issued by the Bank of Italy, as amended and supplemented from time to time.

"**Italian Supplemental Documents**" means the Lease Vehicle Acquisition Schedules, the Intra-Lease Lessee Transfer Schedules and any other related documents attached to the Italian Master Lease, in each case solely to the extent to which such schedules and documents relate to Lease Vehicles or otherwise relate to and/or constitute Italian Collateral.

"**Italian Terms and Conditions**" means the terms and conditions of the Italian Notes in the form scheduled to the Italian Note Purchase Agreement as Schedule 3 (*Terms and Conditions*) and any reference to a particular numbered "**Italian Term and Condition**" shall be construed in relation to the Italian Notes accordingly.

"**Italian Transaction Account**" means the transaction account in the name of Italian FleetCo from which withdrawals are made in accordance with Clauses 3.4 (*Payments into and out of the Italian Accounts*) of the Italian Cash Allocation, Management and Payments Agreement.

"**Italian Transfer Date**" has the meaning specified in Sub-Clause 4.1 (*Transfer of Administrative Obligations*) of the Italian Back-Up Administration Agreement.

"**Italian Transfer Perfection Formalities**" has the meaning ascribed to it in Clause 2.3 (*Transfer perfection formalities: PRA, Official Gazette and Companies Register*) of the Italian Fleet Servicing Agreement.

"**Italian VAT Consolidation Agreement**" means the Italian VAT consolidation agreement entered into between *inter alia* Italian Fleet Seller, Italian FleetCo and Italian OpCo on 18 April 2023 concerning the group settlement of VAT debits and credits pursuant to the Italian VAT Settlement Regime, with Italian OpCo acting as consolidating entity and joined by Italian FleetCo with effect from 1 January 2024.

"**Italian VAT Settlement Regime**" means the regime provided by article 73(3) of Italian Presidential Decree 26 October 1972, no. 633 and by Italian Ministry of Finance Decree 13 December 1979, as amended from time to time.

"**Italian Vehicle Documents**" means the registration documents, keys and spare keys to the Italian Vehicles.

"**Italian Vehicles**" means all Vehicles owned by Italian FleetCo and which are leased pursuant to the Italian Master Lease.

"**Liquidation Services**" has the meaning ascribed to such term in the Italian Liquidation Co-ordination Agreement.

"**Local Agent**" means Asia S.r.l.

"**MiFID II**" means the Markets in Financial Instruments Directive (2004/39/EC).

"**Monte Titoli**" (Euronext Securities Milan) means Monte Titoli S.p.A., a joint stock company (*società per azioni*) having its registered office at Piazza degli Affari, 6, 20123 Milan, Italy, and any successor to Monte Titoli S.p.A.

"**Monte Titoli Account Holders**" means any authorised financial intermediary institution entitled to hold accounts on behalf of its customers with Monte Titoli including any depository banks approved by Euroclear and Clearstream.

"**Motorizzazione Civile**" means the Italian driver and vehicle licensing agency.

"**Offer**" has the meaning ascribed to it in Clause 2.2.1 (*Sale and Purchase of Further Italian Vehicles*) of the Italian Fleet Transfer Agreement.

"**Optional Redemption Notice**" has the meaning specified in Italian Term and Condition 9.2(a) (*Periodical Redemption for Italian Decrease*) of the Italian Terms and Conditions.

"**Other Italian FleetCo Creditors**" means the Italian Master Servicer, the Italian Fleet Servicer, the Italian Fleet Seller, the Italian Calculation Agent, the Italian FleetCo Corporate Services Provider, the Italian Paying Agent, the Italian Payment Account Bank, the Italian Account Bank, the Italian Lessee, the Italian Administrator, the Italian Back-up Administrator and the Italian Liquidation Co-ordinator.

"**Participating Member State**" means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

"**Personal Data**" has the meaning as specified in Regulation (EU) no. 679 of 27 April 2016.

"**Privacy Regulation**" means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016, as integrated and amended from time to time.

"**PRA**" means the Pubblico Registro Automobilistico**.**

"**Privacy Law Responsible Person**" has the meaning specified in Clause 2.8.2 (*Data Protection and Privacy Law provisions*) of the Italian Fleet Servicing Agreement.

"**Product Governance Rules**" means the requirements of Article 9(8) of the MIFID Product Governance rules under EU Delegated Directive 2017/593 regarding the mutual responsibilities of manufacturers.

"**Purchase Price**" has the meaning ascribed to such term under clause 3.1. (*Purchase Price*) of the Italian Fleet Transfer Agreement.

"**Qualified Asset Manager**" has the meaning specified in Clause 3.1.1 (*Organisation; Power; Qualification*) of the Italian Fleet Servicing Agreement.

"**Quota Capital Account**" means the quota capital account in the name of Italian FleetCo opened in accordance with Clause 3.2 (*Accounts with the Italian Account Bank and the Italian Payment Account Bank*) of the Italian Cash Allocation, Management and Payments Agreement.

"**Regulation 285**" means Bank of Italy Regulation No. 285 of 17 September 2013.

"**STA**" means the Italian car drivers' office (*Sportello Telematico dell'Automobilista*).

"**Terminated Agent**" has the meaning given to such term in Clause 16.7.2 (*Resignation by the Agent*) of the Italian Cash Allocation, Management and Payments Agreement.

"**Transparency Provisions**" means the transparency provisions set forth in the CICR Resolution of 4 March 2003, as amended from time to time, and in the "*Disposizioni sulla trasparenza delle operazioni e dei servizi bancari e finanziari. Correttezza delle relazioni tra intermediari e clienti*" issued by the Bank of Italy and as amended from time to time.

1.7 **Belgian Definitions** 

"**Additional Instalment Purchaser**" has the meaning specified in the preamble of the Belgian Master Instalment Sale and Administration Agreement.

"**Affiliate Joinder in Instalment Sale**" has the meaning specified in Clause 12.1 of the Belgian Master Instalment Sale and Administration Agreement.

"**Basic Instalment Sale Vehicle Information**" means the following terms specified by the Belgian Instalment Purchaser in an Instalment Sale Vehicle Acquisition Schedule pursuant to Clause 2.1(d) of the Belgian Master Instalment Sale and Administration Agreement: a list of the vehicles the Belgian Instalment Purchaser desires to be made available by the Instalment Seller to the Belgian Instalment Purchaser to be subject to an instalment sale as 'Instalment Sale Vehicles', and, with respect to each such vehicle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the vehicle identification number (VIN);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the make, model, model year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the requested instalment sale commencement
 date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the sale price (including VAT);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the mileage at the time of sale of each
 Vehicle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in respect of a Vehicle that has already
 been registered in Belgium, the year of the first registration in Belgium of each Vehicle;

"**Belgian AAA Component**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Belgian Investment Grade Program Vehicle
 Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Belgian Eligible Investment Grade
 Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Belgian Eligible Non-Investment Grade
 Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Belgian Eligible Non-Investment Grade
 (High) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Belgian Eligible Non-Investment Grade
 (Low) Program Receivable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Belgian Eligible Investment Grade
 Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Belgian Eligible Non-Investment Grade
 Non-Program Vehicle Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Eligible Due and Unpaid Instalment
 Payment Amount under the Belgian Master Instalment Sale and Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Remainder AAA Amount with respect
 to Dutch B FleetCo; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Belgian Net VAT Receivables.

"**Belgian AAA Select Component**" means each Belgian AAA Component other than the Eligible Due and Unpaid Instalment Payment Amount.

"**Belgian Acceleration Notice**" has the meaning given to it in Sub-Clause 6.3 (*Belgian Acceleration Notice*) of the Belgian Security Trust Deed.

"**Belgian Account Bank**" means BNP Paribas S.A., Netherlands Branch or, as the case may be, any other Acceptable Bank which would be subsequently appointed as Belgian Account Bank pursuant to the terms of the International Account Bank Agreement.

"**Belgian Account Mandates**" means the signature authorities relating to a Belgian Account, as amended from time to time in accordance with the International Account Bank Agreement.

"**Belgian Accounts**" means the accounts established and maintained in the name of Dutch B FleetCo.

"**Belgian Administration Agreement**" means the Belgian administration agreement entered into between Dutch B FleetCo, the Belgian Administrator and the Belgian Security Trustee dated on or about the Eighth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Belgian Administrator**" means Hertz Belgium BV, a private limited company (*besloten vennootschap/société à responsabilité limitée*) organised under the laws of Belgium with its registered office at Excelsiorlaan 20, 1930 Zaventem, Belgium, enterprise number 0401.678.879, RPM/RPR Brussels in its capacity as the Belgian administrator under the Belgian Administration Agreement.

"**Belgian Administrator Default**" has the meaning specified in Sub-Clause 9.2 (*Term of Agreement; Removal of Belgian Administrator*) of the Belgian Administration Agreement.

"**Belgian Advance**" has the meaning given to "Advance" in clause 2.3(a) (*Advances*) of the Belgian Facility Agreement.

"**Belgian Aggregate Asset Amount**" means, as of any date of determination, the amount equal to the sum of each of the following with respect to Dutch B FleetCo:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate Net Book Value of all Belgian
 Eligible Vehicles as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount of all Belgian Manufacturer
 Receivables as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Due and Unpaid Instalment Payment
 Amount in respect of the Belgian Master Instalment Sale and Administration Agreement as of
 such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Belgian Net VAT Receivables as of
 such date.

"**Belgian Amendment and Restatement Agreement**" means the amendment and restatement agreement entered into, by amongst others, Dutch B FleetCo, Belgian OpCo and the Belgian Security Trustee dated on or about the Tenth Amendment Date.

"**Belgian Back-Up Administration Agreement**" means the Belgian back-up administration agreement entered into between Dutch B FleetCo, the Belgian Administrator, the Belgian Back-Up Administrator and the Belgian Security Trustee dated on or about the Eighth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Belgian Back-Up Administrator**" means TMF Administrative Services B.V.

"**Belgian Back-Up Vehicle Pledge Agreement**" means the Belgian law governed back-up vehicle pledge agreement entered into between Belgian OpCo as pledgor and Dutch B FleetCo as pledgee dated on or about the Eighth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Belgian Blended Advance Rate Weighting Denominator**" means, as of any date of determination, an amount equal to the sum of each Belgian AAA Select Component, in each case as of such date.

"**Belgian Carrying Charges**" means, for any Payment Date, without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all reasonable out-of-pocket costs and
 expenses of Dutch B FleetCo incurred in connection with the Belgian Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all fees, expenses and other amounts payable
 by Dutch B FleetCo under the Belgian Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any accrued Belgian Carrying Charges that
 remain unpaid as of the immediately preceding Payment Date (after giving effect to all distributions
 in respect of such Payment Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Belgian Percentage of the Carrying
 Charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) one twelfth of the Belgian Percentage
 of the Issuer Minimum Profit Amount.

"**Belgian Class A Adjusted Advance Rate**" means, as of any date of determination, with respect to any Belgian AAA Select Component, a percentage equal to the greater of (A) (i) the Belgian Class A Baseline Advance Rate for such Belgian AAA Component, minus (ii) the Class A Concentration Excess Advance Rate Adjustment for such Belgian AAA Select Component minus (iii) the Class A MTM/DT Advance Rate Adjustment for such Belgian AAA Select Component; and (B) zero.

"**Belgian Class A Baseline Advance Rate**" means, with respect to each Belgian AAA Select Component, the percentage set forth opposite such Belgian AAA Select Component in the following table (provided that for the Belgian AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Belgian Master Instalment Sale and Administration Agreement, the percentage shall be the lower of (i) the percentage set forth opposite such Belgian AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class A Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Belgian AAA Component** | &nbsp;&nbsp;**Belgian Class A Baseline Advance Rate** |
| &nbsp;&nbsp;Belgian Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;76.00% |
| &nbsp;&nbsp;Belgian Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;76.00% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Belgian Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Belgian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Belgian Master Instalment Sale and Administration Agreement, the following Belgian Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to France: | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;71.75% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;64.75% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Germany | &nbsp;&nbsp;69.00% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Belgian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Belgian Master Instalment Sale and Administration Agreement, the following Belgian Class A Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;71.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to France: | &nbsp;&nbsp;71.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;67.50% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;61.75% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;66.50% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Germany | &nbsp;&nbsp;61.50% |
| &nbsp;&nbsp;Belgian Net VAT Receivables | &nbsp;&nbsp;97.00% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0% |

---

"**Belgian Class A Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Belgian Class A Blended Advance Rate Weighting Numerator and the denominator of which is the Belgian Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Belgian Class A Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Belgian AAA Select Component equal to the product of such Belgian AAA Select Component and the Belgian Class A Adjusted Advance Rate with respect to such Belgian AAA Select Component, in each case as of such date.

"**Belgian Class B Adjusted Advance Rate**" means, as of any date of determination, with respect to any Belgian AAA Select Component, a percentage equal to the greater of (A) (i) the Belgian Class B Baseline Advance Rate for such Belgian AAA Component, minus (ii) the Class B Concentration Excess Advance Rate Adjustment for such Belgian AAA Select Component minus (iii) the Class B MTM/DT Advance Rate Adjustment for such Belgian AAA Select Component; and (B) zero.

"**Belgian Class B Baseline Advance Rate**" means, with respect to each Belgian AAA Select Component, the percentage set forth opposite such Belgian AAA Select Component in the following table (provided that for the Belgian AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Belgian Master Instalment Sale and Administration Agreement, the percentage shall be the lower of (i) the percentage set forth opposite such Belgian AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class B Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Belgian AAA Component** | &nbsp;&nbsp;**Belgian Class B Baseline Advance Rate** |
| &nbsp;&nbsp;Belgian Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;77.75% |
| &nbsp;&nbsp;Belgian Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;77.75% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;75.75% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;75.75% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Belgian Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Belgian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Belgian Master Instalment Sale and Administration Agreement, the following Belgian Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;77.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to France: | &nbsp;&nbsp;77.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;76.25% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;69.50% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;73.25% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Germany | &nbsp;&nbsp;73.00% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Belgian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Belgian Master Instalment Sale and Administration Agreement, the following Belgian Class B Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;75.50% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to France: | &nbsp;&nbsp;75.50% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;72.75% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;67.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;71.25% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Germany | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp;Belgian Net VAT Receivables | &nbsp;&nbsp;97.25% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**Belgian Class B Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Belgian Class B Blended Advance Rate Weighting Numerator and the denominator of which is the Belgian Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Belgian Class B Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Belgian AAA Select Component equal to the product of such Belgian AAA Select Component and the Belgian Class B Adjusted Advance Rate with respect to such Belgian AAA Select Component, in each case as of such date.

"**Belgian Class C Adjusted Advance Rate**" means, as of any date of determination, with respect to any Belgian AAA Select Component, a percentage equal to the greater of (A) (i) the Belgian Class C Baseline Advance Rate for such Belgian AAA Component, minus (ii) the Class C Concentration Excess Advance Rate Adjustment for such Belgian AAA Select Component minus (iii) the Class C MTM/DT Advance Rate Adjustment for such Belgian AAA Select Component; and (B) zero.

"**Belgian Class C Baseline Advance Rate**" means, with respect to each Belgian AAA Select Component, the percentage set forth opposite such Belgian AAA Select Component in the following table (provided that for the Belgian AAA Select Component related to Vehicles subleased to a Fleetco from another jurisdiction as per clause 5.2.2 (D) and 5.2.2 (E) of the Belgian Master Instalment Sale and Administration Agreement, the percentage shall be the lower of (i) the percentage set forth opposite such Belgian AAA Select Component in the below table and (ii) the percentage set forth opposite such Fleetco AAA Select Component in the table related to the Fleetco Class C Baseline Advance Rate with respect to the Fleetco where it is subleased):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Belgian AAA Component** | &nbsp;&nbsp;**Belgian Class C Baseline Advance Rate** |
| &nbsp;&nbsp;Belgian Eligible Investment Grade Program Vehicle Amount | &nbsp;&nbsp;90.00% |
| &nbsp;&nbsp;Belgian Eligible Investment Grade Program Receivable Amount | &nbsp;&nbsp;90.00% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade Program Vehicle Amount | &nbsp;&nbsp;90.00% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade (High) Program Receivable Amount | &nbsp;&nbsp;90.00% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade (Low) Program Receivable Amount | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Belgian Eligible Investment Grade Non-Program Vehicle Amount, provided that where the relevant Belgian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Belgian Master Instalment Sale and Administration Agreement, the following Belgian Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;90.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to France: | &nbsp;&nbsp;90.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Germany | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;Belgian Eligible Non-Investment Grade Non-Program Vehicle Amount, provided that where the relevant Belgian Eligible Vehicles are subleased pursuant to Clause 5.2.2 (D) and 5.2.2 (E) of the Belgian Master Instalment Sale and Administration Agreement, the following Belgian Class C Baseline Advance Rate shall apply to such subleased Vehicles: | &nbsp;&nbsp;90.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to France: | &nbsp;&nbsp;90.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Spain: | &nbsp;&nbsp;84.15% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to the Netherlands: | &nbsp;&nbsp;78.00% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Italy: | &nbsp;&nbsp;82.25% |
| &nbsp;&nbsp;- Belgian Eligible Vehicles subleased to Germany | &nbsp;&nbsp;81.75% |
| &nbsp;&nbsp;Belgian Net VAT Receivables | &nbsp;&nbsp;97.75% |
| &nbsp;&nbsp;Remainder AAA Amount | &nbsp;&nbsp;0.00% |

---

"**Belgian Class C Blended Advance Rate**" means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Belgian Class C Blended Advance Rate Weighting Numerator and the denominator of which is the Belgian Blended Advance Rate Weighting Denominator, in each case as of such date.

"**Belgian Class C Blended Advance Rate Weighting Numerator**" means, as of any date of determination, an amount equal to the sum of an amount with respect to each Belgian AAA Select Component equal to the product of such Belgian AAA Select Component and the Belgian Class C Adjusted Advance Rate with respect to such Belgian AAA Select Component, in each case as of such date.

"**Belgian Collateral**" means all of the assets which from time to time are, or are expressed to be, the subject of the Belgian Security.

"**Belgian Collection Account**" means the collection account in the name of Dutch B FleetCo into which Belgian Collections shall be deposited.

"**Belgian Collection Account Reserve Ledger**" means the ledger so named maintained in the Belgian Collection Account.

"**Belgian Collections**" means all payments on or in respect of the Belgian Collateral.

"**Belgian Commitment Termination Date**" means 1 October 2048.

"**Belgian Daily Collection Report**" has the meaning specified in Sub-Clause 5.1(a) (*Daily Collection Reports*) of the Belgian Facility Agreement.

"**Belgian Daily Interest Allocation**" means, on each Belgian Deposit Date, an amount equal to the aggregate amount of Belgian Interest Collections deposited into the Belgian Transaction Account on such date.

"**Belgian Daily Interest Amount**" means, for any day in an Interest Period, an amount equal to the result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of (i) the Belgian Note
 Rate for such Interest Period and (ii) the Belgian Note Principal Amount as of the close
 of business on such date; divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30.

"**Belgian Daily Principal Allocation**" means, on each Belgian Deposit Date, an amount equal to the aggregate amount of Belgian Principal Collections deposited into the Belgian Transaction Account on such date.

"**Belgian Decrease**" has the meaning specified in Sub-Clause 2.4 (*Procedure for Decreasing the Belgian Note Principal Amount*) of the Belgian Facility Agreement.

"**Belgian Deposit Date**" has the meaning specified in Sub-Clause 7.1 (*Allocations with Respect to the Belgian Note*) of the Belgian Facility Agreement.

"**Belgian Eligible Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Non-Program Vehicle owned by Dutch B FleetCo for which the Disposition Date has not occurred as of such date.

"**Belgian Eligible Investment Grade Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to Dutch B FleetCo, as of such date by all Investment Grade Manufacturers.

"**Belgian Eligible Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Investment Grade Program Vehicle owned by Dutch B FleetCo for which the Disposition Date has not occurred as of such date.

"**Belgian Eligible Non-Investment Grade (High) Program Receivable Amount**" means, as of any date of determination, the sum of all Eligible Manufacturer Receivables payable to Dutch B FleetCo, as of such date by all Non-Investment Grade (High) Manufacturers.

"**Belgian Eligible Non-Investment Grade (Low) Program Receivable Amount**" means, as of any date of determination, the sum of all Manufacturer Receivables payable to Dutch B FleetCo, as of such date by all Non-Investment Grade (Low) Manufacturers.

"**Belgian Eligible Non-Investment Grade Non-Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value of each Non-Investment Grade Non-Program Vehicle owned by Dutch B FleetCo for which the Disposition Date has not occurred as of such date.

"**Belgian Eligible Non-Investment Grade Program Vehicle Amount**" means, as of any date of determination, the sum of the Net Book Value as of such date of each Non-Investment Grade (High) Program Vehicle and each Non-Investment Grade (Low) Program Vehicle, in each case, owned by Dutch B FleetCo and for which the Disposition Date has not occurred as of such date.

"**Belgian Eligible Vehicles**" means the Eligible Vehicles owned by Dutch B FleetCo.

"**Belgian Enforcement Notice**" has the meaning specified in Sub-Clause 6.1 (*Belgian Enforcement Notice*) of the Belgian Security Trust Deed.

"**Belgian Facility Agreement**" means the VFN issuance facility agreement entered into between Dutch B FleetCo, the Belgian Noteholder and the Belgian Security Trustee dated on or about the Eighth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Belgian Fleet Seller Buy-Back Vehicles**" means any Vehicles acquired by the Dutch B FleetCo from the Belgian OpCo in respect of which the relevant Manufacturer or one or more of such Manufacturer's Affiliates have agreed to repurchase such Vehicles during the specified repurchase period under a Vehicle Purchasing Agreement for which Required Contractual Criteria have not been included.

"**Belgian Initial Principal Amount**" means the aggregate of the purchase prices (including VAT) of all Vehicles specified in the first Purchase Offer which is accepted by Dutch B FleetCo.

"**Belgian Initial Purchase Price**" means, in relation to a Vehicle, the purchase price or other consideration payable by Belgian OpCo to the Supplier for the purchase by Belgian OpCo of such Vehicle, as provided in the relevant Vehicle Purchasing Agreement, which amount shall include any VAT.

"**Belgian Instalment Purchaser**" means Hertz Belgium BV, a private limited company (*besloten vennootschap/société à responsabilité limitée*) organised under the laws of Belgium with its registered office at Excelsiorlaan 20, 1930 Zaventem, Belgium, enterprise number 0401.678.879, RPM/RPR Brussels.

"**Belgian Instalment Purchaser Amortization Event**" has the meaning given to it in Sub-Clause 10.1(o) of the Belgian Facility Agreement.

"**Belgian Interest Collections**" means on any date of determination, all Belgian Collections which represent payments of Monthly Variable Instalment under the Belgian Master Instalment Sale and Administration Agreement plus any amounts earned on Permitted Investments in the Belgian Collection Account that are available for distribution on such date and any indemnity amounts received by the Dutch B FleetCo from any Related Document.

"**Belgian Legal Final Payment Date**" means the one-year anniversary of the Belgian Commitment Termination Date.

"**Belgian Liquidation Co-ordination Agreement**" means the liquidation co-ordination agreement entered into between (among others) Dutch B FleetCo, the Belgian Liquidation Co-ordinator and the Belgian Security Trustee dated on or about the Eighth Amendment Date.

"**Belgian Liquidation Co-ordinator**" means Interpath (France) SAS.

"**Belgian Manufacturer Receivables**" means, if a Vehicle Purchasing Agreement to which Belgian OpCo is party satisfies the Required Contractual Criteria, the Manufacturer Receivables owing to Dutch B FleetCo.

"**Belgian Master Fleet Purchase Agreement**" means the Belgian master fleet purchase agreement, dated on or around the Eighth Amendment Date, as may be amended, restated or supplemented from time to time, among Dutch B FleetCo, Belgian OpCo and the Belgian Security Trustee.

"**Belgian Master Instalment Payment Default**" means the occurrence of any event described in Sub-Clause 9.1.1 (*Events of Default*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Belgian Master Instalment Sale and Administration Agreement**" means the Belgian Master Instalment Sale and Administration Agreement, dated on or about the Eighth Amendment Date, as may be amended, restated or supplemented from time to time, between, among others, Dutch B FleetCo, as instalment seller thereunder and Belgian OpCo, as instalment purchaser.

"**Belgian Maximum Principal Amount**" means EUR 350,000,000, and/or following a 2022 Liquidity Drawstop, EUR 350,000,000; provided further that such amount may be increased or reduced from time to time pursuant to written agreement between the Belgian Noteholder and Dutch B FleetCo, provided that no such reduction shall cause the Belgian Maximum Principal Amount to be less than the Belgian Note Principal Amount.

"**Belgian Minimum Profit Amount**" means €10,000 per annum.

"**Belgian Monthly Administration Fee**" has the meaning specified in Clause 4 (*Compensation*) of the Belgian Administration Agreement.

"**Belgian Monthly Collateral Certificate**" has the meaning specified in Sub-Clause 5.1(d) (*Belgian Monthly Collateral Certificate*) of the Belgian Facility Agreement.

"**Belgian Monthly Interest**" means, with respect to any Payment Date, an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Belgian Daily Interest Amount for
 each day in the Interest Period related to such Payment Date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all previously due and unpaid amounts
 described in paragraph (a) with respect to prior Interest Periods (together with interest
 on such unpaid amounts required to be paid in this paragraph (b) at the Belgian Note
 Rate).

"**Belgian Monthly Servicing Certificate**" has the meaning specified in Sub-Clause 5.1(c) (*Monthly Servicing Certificate*) of the Belgian Facility Agreement.

"**Belgian National Pledge Register**" means the pledge register referred to in Article 26 of the Belgian Pledge Law.

"**Belgian Net VAT Receivables**" means the Net VAT Receivables owing to Dutch B FleetCo.

"**Belgian Note Framework Agreement**" means the note framework agreement entered into between Dutch B FleetCo and the Belgian Security Trustee dated on or about the Eighth Amendment Date and as may be amended, restated, supplemented from time to time.

"**Belgian Note Issuance Date**" means the date on which Dutch B FleetCo is obliged to pay Belgian OpCo the purchase price for Vehicles in relation to the first Purchase Offer pursuant to clause 3.1 (*Vehicles in Existing Belgian Fleet*) of the Belgian Master Fleet Purchase Agreement.

"**Belgian Note Principal Amount**" means, when used with respect to any date, an amount equal to the result of: (i) the Belgian Initial Principal Amount, plus (ii) the principal amount of the portion of all Belgian Advances funded by the Belgian Noteholder on or prior to such date, minus (iii) the amount of principal payments (whether pursuant to a Belgian Decrease, a redemption or otherwise) made to such Belgian Noteholder pursuant to the Belgian Facility Agreement.

"**Belgian Note Rate**" means, for any Interest Period, the rate, as determined by the Issuer in its reasonable discretion, reflecting (i) the Belgian Percentage of the Carrying Charges payable by the Issuer for such Interest Period and (ii) the proportion of interest costs by the Issuer for such Interest Period attributable to Dutch B FleetCo (based on the Belgian Class A Blended Advance Rate, Belgian Class B Blended Advance Rate and Belgian Class C Blended Advance Rate).

"**Belgian Note Register**" has the meaning specified in Sub-Clause 2.6 (*Belgian Note Register*) of the Belgian Note Framework Agreement.

"**Belgian Note Repurchase Amount**" means, as of any date of determination, the sum of the Belgian Note Principal Amount plus all accrued and unpaid interest thereon and any fees in respect thereof then due and payable to the Belgian Noteholder.

"**Belgian Noteholder**" means the Issuer.

"**Belgian Note**" means each variable funding rental car asset backed note issued by Dutch B FleetCo pursuant to and in accordance with the Belgian Note Framework Agreement and the Belgian Facility Agreement.

"**Belgian OpCo**" means Hertz Belgium BV, a private limited company (*besloten vennootschap/société à responsabilité limitée*) organised under the laws of Belgium with its registered office at Excelsiorlaan 20, 1930 Zaventem, Belgium, enterprise number 0401.678.879, RPM/RPR Brussels.

"**Belgian Percentage**" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Belgian Note Principal Amount as of such date and the denominator of which is the sum of the Dutch Note Principal Amount, the French Facility Principal Amount, the German Note Principal Amount, the Spanish Note Principal Amount, the Italian Note Principal Amount and the Belgian Note Principal Amount, in each case as of such date.

"**Belgian Pledge Law**" means Title XVII (*Des sûretés réelles mobilières / Zakelijke zekerheden op roerende goederen*) of the Old Belgian Civil Code (as inserted into the Old Belgian Civil Code by the law of 11 July 2013 amending the Old Belgian Civil Code with respect to security interests over moveable assets, as amended from time to time).

"**Belgian Potential Instalment Purchaser Amortization Event**" means any occurrence or event that, with the giving of notice, the passage of time or both, would constitute a Belgian Instalment Purchaser Amortization Event.

"**Belgian Predecessor Administrator Work Product**" has the meaning given to it in Sub-Clause 6.4 (*Reliance on Prior Work Product*) of the Belgian Back-Up Administration Agreement.

"**Belgian Principal Collections**" means any Belgian Collections other than Belgian Interest Collections.

"**Belgian Priority of Payments**" means the priority of payments applicable to the payments owed by Dutch B FleetCo under the Belgian Related Documents set out in Sub-Clauses 7.3 (*Application of Belgian Interest Collections*) and 7.4 (*Application of Belgian Principal Collections*) of the Belgian Facility Agreement.

"**Belgian Receivables Pledge Agreement**" means the Dutch law governed deed of pledge of receivables dated on or about the Eighth Amendment Date, entered into by Dutch B FleetCo as pledgor and the Belgian Security Trustee and as may be amended, restated or supplemented from time to time.

"**Belgian Registrar**" means the Belgian Administrator.

"**Belgian Related Document Actions**" has the meaning specified in Sub-Clause 9.24(c) (*Actions under the Belgian Related Documents and Manufacturer Programs*) of the Belgian Facility Agreement.

"**Belgian Related Documents**" means, collectively, the Belgian Facility Agreement, the Belgian Note Framework Agreement, the Belgian Administration Agreement, the Belgian Back-Up Administration Agreement, the Belgian Liquidation Co-ordination Agreement, the Belgian Security Documents, the Belgian Master Instalment Sale and Administration Agreement, the Belgian Master Fleet Purchase Agreement, the Dutch FleetCo Corporate Services Agreement, the Tax Deed of Covenant, the THC Guarantee and Indemnity and any other agreements relating to the issuance or the purchase of the Belgian Note.

"**Belgian Repeating Representations**" means the representations and warranties of Dutch B FleetCo set out in Clause 8 (*Representations and Warranties*) of the Belgian Facility Agreement save for: (i) Sub-Clause 8.3 (*No Consent*); (ii) Sub-Clause 8.12 (*Ownership of Limited Liability Company Interests*); (iii) Sub-Clause 8.20 (*Stamp Taxes*); (iv) Sub-Clause 8.21 (*Capitalisation*); (v) Sub-Clause 8.22 (*No Distributions*); and (vi) Sub-Clause 8.23 (*Beneficial Owner*).

"**Belgian Repurchase Date**" has the meaning specified in Sub-Clause 11.1 (*Optional Redemption of the Belgian Note*) of the Belgian Facility Agreement.

"**Belgian Required Reserve Advance**" means an amount as agreed between the Belgian Security Trustee (acting on the instructions of Required Noteholders) and the Belgian Liquidation Co-ordinator and notified to the Issuer and the Dutch B FleetCo.

"**Belgian Reserve Advance**" has the meaning given to "Reserve Advance" in clause 2.3(a) (*Advances*) of the Belgian Facility Agreement.

"**Belgian Secured Obligations**" means the aggregate of Dutch B FleetCo's Indebtedness, liabilities and obligations which are now or may at any time hereafter be due, owing or incurred in any manner whatsoever to the Belgian Secured Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether actually or contingently; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether presently due or falling due at
 some future time,

arising under the Belgian Related Documents and the Belgian Note, whether solely or jointly with another person, whether as principal or surely and whether or not the Belgian Secured Parties shall have been an original party to the relevant transaction and in whatever currency denominated.

"**Belgian Secured Party**" means each of the parties listed at Schedule 1 (*FleetCo Secured Parties*) to the Belgian Security Trust Deed.

"**Belgian Security**" means the security interests granted to the Belgian Security Trustee pursuant to the Belgian Security Documents.

"**Belgian Security Documents**" means the Belgian Security Trust Deed, the Belgian Vehicle Pledge Agreement, the Belgian Back-Up Vehicle Pledge Agreement and the Belgian Receivables Pledge Agreement.

"**Belgian Security Trust Deed**" means the security trust deed dated on or about the Eighth Amendment Date, as may be amended, restated, supplemented from time to time, entered into between the Issuer Security Trustee, the Belgian Security Trustee, Dutch B FleetCo and the Belgian Secured Parties named therein.

"**Belgian Security Trustee**" means BNP Paribas Trust Corporation UK Limited.

"**Belgian Supplemental Documents**" means the Instalment Sale Vehicle Acquisition Schedules, the Intra-Instalment Sale Transfer Schedules and any other related documents attached to the Belgian Master Instalment Sale and Administration Agreement, in each case solely to the extent to which such schedules and documents relate to Lease Vehicles or otherwise relate to and/or constitute Belgian Collateral.

"**Belgian Transaction Account**" means the transaction account in the name of Dutch B FleetCo from which withdrawals are made in accordance with Clause 7 (*Applications and Distributions*) of the Belgian Facility Agreement.

"**Belgian Transfer Date**" has the meaning specified in Sub-Clause 4.1 (*Transfer of Administrative Obligations*) of the Belgian Back-Up Administration Agreement.

"**Belgian Vehicle Documents**" means in respect of both Programme Vehicles and Non Programme Vehicles, the service booklet, the certificate of conformity (*gelijkvormigheidsattest / certificate de conformité*) and the request for registration of a vehicle (*aanvraag tot inschrijving van een voertuig / demande d'immatriculation d'un véhicule*) or as the case may be Part I and Part II of the registration certificate (*certificat d'immatriculation / inschrijvingsbewijs*).

"**Belgian Vehicle Pledge Agreement**" means the Belgian law governed vehicle pledge agreement entered into between Dutch B FleetCo as pledgor and the Belgian Security Trustee dated on or about the Eighth Amendment Date and as may be amended, restated or supplemented from time to time.

"**Belgian Vehicle Records**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has the meaning specified in Clause 6.8
 of the Belgian Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has the meaning specified in Clause 8
 of the Belgian Master Fleet Purchase Agreement.

"**Belgian Vehicle Report**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has the meaning specified in Clause 6.8
 of the Belgian Master Instalment Sale and Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has the meaning specified in Clause 8
 of the Belgian Master Fleet Purchase Agreement.

"**Belgian Vehicles**" means all Vehicles owned by Dutch B FleetCo and which are subject to an instalment sale pursuant to the Belgian Master Instalment Sale and Administration Agreement (which, for the avoidance of doubt, excludes any Dutch Vehicles and Spanish Vehicles).

"**Carport Service Provider**" means each carport service provider contracted by Belgian OpCo so as to provide carports for each of the Relevant Vehicles delivered from the Manufacturer/Dealers by freight carriers before such Vehicles are delivered to premises rented by Belgian OpCo from third party landlords.

"**Dutch B FleetCo**" means Stuurgroep Fleet (Netherlands) B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands, having its official seat in Amsterdam, the Netherlands, and its office at Folkstoneweg 40, 1118 LM Schipol, the Netherlands, registered with the Trade Register of the Dutch Chamber of Commerce under number 34275100.

"**Existing Belgian Fleet**" means all Vehicles purchased by and delivered to Belgian OpCo prior to the Eighth Amendment Date and in respect of which Belgian OpCo holds possession (but for the rental of any such Vehicle to third parties on the Eighth Amendment Date) on the Eighth Amendment Date, other than any vehicle which is generally used by Belgian OpCo for its own purposes (not for the purposes of renting to third parties).

"**Instalment Adjustment**" has the meaning specified in Clause 4 (*Instalments and Charges*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Instalment Administrator Standard**" means an action that is performed with the promptness, diligence and skill that a reasonably prudent Person would exercise in comparable circumstances and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) taken as a whole (i) is usual and
 customary in the daily motor vehicle rental, fleet leasing and/or equipment rental or leasing
 industry or (ii) to the extent not usual and customary in any such industry, reflects
 changed circumstances, practices, technologies, tactics, strategies or implementation methods
 and, in each case, is behaviour that Belgian OpCo or its Affiliates would undertake were
 Belgian OpCo the owner of the Instalment Sale Vehicles and that would not reasonably be expected
 to have an Instalment Sale Material Adverse Effect with respect to the Instalment Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to Belgian OpCo, the Instalment Seller or Belgian Instalment Purchaser, would enable
 Belgian OpCo to, or to cause the Instalment Seller or itself as Belgian Instalment Purchaser
 to, comply in all material respects with all the duties and obligations of Belgian OpCo,
 the Instalment Seller or Belgian Instalment Purchaser, as applicable, under the Belgian
 Master Instalment Sale and Administration Agreement and the Belgian Master Fleet Purchase
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to Belgian OpCo, the Instalment
 Seller or Belgian Instalment Purchaser, causes Belgian OpCo, the Instalment Seller or Belgian
 Instalment Purchaser to remain in compliance with all Requirements of Law, except to the
 extent that failure to remain in such compliance would not reasonably be expected to result
 in an Instalment Sale Material Adverse Effect with respect to the Instalment Seller.

"**Instalment Purchaser Resignation Notice**" has the meaning specified in Clause 26 (*Instalment Purchaser Termination and Resignation*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Instalment Purchaser Resignation Notice Effective Date**" has the meaning specified in Clause 26 (*Instalment Purchaser Termination and Resignation*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Instalment Sale Administrator**" means Belgian OpCo and any other entity that accedes to the Belgian Master Instalment Sale and Administration Agreement as an Instalment Sale Administrator pursuant to Clause 12 of the Belgian Master Instalment Sale and Administration Agreement.

"**Instalment Sale Administrator Default**" has the meaning specified in Clause 9.6 of the Belgian Master Instalment Sale and Administration Agreement.

"**Instalment Sale Commencement Date**" has the meaning specified in Clause 3.2 of the Belgian Master Instalment Sale and Administration Agreement.

"**Instalment Sale Event of Default**" has the meaning specified in Clause 9.1 of Belgian Master Instalment Sale and Administration Agreement.

"**Instalment Sale Expiration Date**" has the meaning specified in Clause 3.2 of the Belgian Master Instalment Sale and Administration Agreement.

"**Instalment Sale Interest Payment Deficit**" means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount of Issuer Interest Collections that would have been deposited into the Issuer Interest Collection Account if all payments of Monthly Variable Rent and Monthly Variable Instalments required to have been made under the Master Leases and the Belgian Master Instalment Sale and Administration Agreement from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Issuer Interest Collections that have been received for deposit into the Issuer Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

"**Instalment Sale Material Adverse Effect**" means, with respect to any occurrence, event or condition applicable to any party to the Belgian Master Instalment Sale and Administration Agreement or the Belgian Master Fleet Purchase Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 material adverse effect on the ability of such party to perform its obligations under the
 Belgian Master Instalment Sale and Administration Agreement, the Belgian Master Fleet Purchase
 Agreement or the applicable FleetCo Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a material adverse effect on the applicable
 Instalment Seller's beneficial ownership interest in the Instalment Sale Vehicles or
 on the ability of the Instalment Seller to grant Security on any after-acquired property
 that would constitute FleetCo Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 material adverse effect on the validity or enforceability of the Belgian Master Instalment
 Sale and Administration Agreement or the Belgian Master Fleet Purchase Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a material adverse effect on the validity,
 perfection or priority of the lien of the FleetCo Security Trustee in the applicable FleetCo
 Collateral (other than in an immaterial portion of such FleetCo Collateral), other than,
 in each case, a material adverse effect on any priority arising due to the existence of a
 Permitted Security.

"**Instalment Sale Payment Deficit**" means either an Instalment Sale Interest Payment Deficit or an Instalment Sale Principal Payment Deficit.

"**Instalment Sale Principal Payment Deficit**" means on any Payment Date the sum of (a) the Monthly Lease Principal Payment Deficit for such Payment Date and (b) the Lease Principal Payment Carryover Deficit for such Payment Date.

"**Instalment Sale Vehicle**" means, as of any date of determination, each vehicle (i) that has been accepted by the Belgian Instalment Purchaser in accordance with Clause 2.1(d) of the Belgian Master Instalment Sale and Administration Agreement, and (ii) as of such date the Vehicle Instalment Sale Expiration Date with respect to such vehicle has not occurred since such vehicle's most recent Vehicle Instalment Sale Commencement Date; provided that, solely with respect to the calculation and payment of Final Base Instalment, any Non-Program Vehicle Special Default Payment Amount, any Program Vehicle Special Default Payment Amount, any Casualty Payment Amount, any Early Program Return Payment Amount, any Pre-VLCD Program Vehicle Depreciation Amount, any Program Vehicle Depreciation Assumption True-up Amount, any Redesignation to Program Amount or any Redesignation to Non-Program Amount, in each case with respect to any vehicle satisfying the preceding clause (i), such vehicle shall be deemed to be an 'Instalment Sale Vehicle' (notwithstanding the occurrence of such Vehicle Instalment Sale Expiration Date with respect thereto) until such Final Base Instalment, Non-Program Vehicle Special Default Payment Amount, Program Vehicle Special Default Payment Amount, Casualty Payment Amount, Early Program Return Payment Amount, Pre-VLCD Program Vehicle Depreciation Amount, Program Vehicle Depreciation Assumption True-up Amount, Redesignation to Program Amount or Redesignation to Non-Program Amount, as applicable, has been paid by the Belgian Instalment Purchaser of such vehicle (as of such Vehicle Instalment Sale Expiration Date with respect thereto), none of which, for the avoidance of doubt, shall be payable more than once with respect to any such vehicle by the Belgian Instalment Purchaser.

"**Instalment Sale Vehicle Acquisition Schedule**" has the meaning specified in Clause 2.1 of the Belgian Master Instalment Sale and Administration Agreement.

"**Intra-Instalment Sale Transfer Schedule**" has the meaning specified in Clause 2.2(b) of the Belgian Master Instalment Sale and Administration Agreement.

"**Maximum Instalment Sale Termination Date**" means, with respect to any Instalment Sale Vehicle, the earlier of (x) the last Business Day of the month that is 48 months after the month in which the Vehicle Instalment Sale Commencement Date occurs with respect to such Instalment Sale Vehicle and (y) the last Business Day of the month that is 72 months after December 31 of the calendar year prior to the model year of such Instalment Sale Vehicle.

"**Monthly Base Instalment**" has the meaning specified in Clause 4.2 of the Belgian Master Instalment Sale and Administration Agreement.

"**Monthly Variable Instalment**" has the meaning specified in Clause 4.5 of the Belgian Master Instalment Sale and Administration Agreement.

"**Original Sale and Repurchase Agreement**" means any Vehicle Purchasing Agreement entered into by the Supplier and Belgian OpCo pursuant to which the Supplier has agreed to sell certain vehicles to Belgian OpCo and to subsequently repurchase such vehicles from Belgian OpCo in certain circumstances.

"**Past Due Instalment Payment**" means, with respect to any Instalment Sale Payment Deficit and the Belgian Instalment Purchaser, any payment of an Instalment or other amounts payable by and the Belgian Instalment Purchaser under the Belgian Master Instalment Sale and Administration Agreement with respect to which such Instalment Sale Payment Deficit applied, which payment occurred on or prior to the fifth Business Day after the occurrence of such Instalment Sale Payment Deficit and which payment is in satisfaction (in whole or in part) of such Instalment Sale Payment Deficit.

"**Permitted Instalment Purchaser**" has the meaning specified in 12 of the Belgian Master Instalment Sale and Administration Agreement.

"**Purchase Offer**" has the meaning given to it in Sub-Clause 2.1 of the Belgian Master Fleet Purchase Agreement.

"**Related Rights**" means, in connection with any Relevant Vehicle, all rights of the owner thereof including, without limitation, any rights to the benefit of any warranties or guarantees given by the manufacturer or seller of the Relevant Vehicle.

"**Resigning Instalment Purchaser**" has the meaning specified in Clause 26 (*Instalment Purchaser Termination and Resignation*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Transferee Instalment Purchaser**" has the meaning specified in Clause 2.2(b) (*Intra-Instalment Sale Transfers*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Transferor Instalment Purchaser**" has the meaning specified in Clause 2.2(b) (*Intra-Instalment Sale Transfers*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Vehicle Instalment Sale Commencement Date**" has the meaning specified in 3.1(a) (*Vehicle Instalment Sale Commencement Date*) of the Belgian Master Instalment Sale and Administration Agreement.

"**Vehicle Instalment Sale Expiration Date**" has the meaning given to the term specified in 3.1(b) (*Vehicle Term for Instalment Sale Vehicles*) of the Belgian Master Instalment Sale and Administration Agreement.

2. **PRINCIPLES OF INTERPRETATION AND CONSTRUCTION** 

2.1 **Knowledge** 

References in any Related Document to the expression "actual knowledge" or "so far as a person is aware" or "to the best of the knowledge, information and belief of a person" or any similar expression in respect of any matter shall be deemed to refer to the actual knowledge of directors and senior officers of the person, together with the knowledge which such persons could have had if they had made all reasonable enquiries.

Subject to the provisions of the Issuer Security Trust Deed, Belgian Security Trust Deed, Dutch Security Trust Deed, French Security Trust Deed, German Security Trust Deed and Spanish Security Trust Deed relating to the awareness of certain events by the Issuer Security Trustee, Belgian Security Trustee, Dutch Security Trustee, French Security Trustee, German Security Trustee and Spanish Security Trustee, as the case may be, the Issuer Security Trustee, Belgian Security Trustee, Dutch Security Trustee, French Security Trustee, German Security Trustee and Spanish Security Trustee are taken not to be aware of anything until an officer or employee of the Issuer Security Trustee, Belgian Security Trustee, Dutch Security Trustee, French Security Trustee, German Security Trustee and Spanish Security Trustee, as the case may be (or a related entity of the Issuer Security Trustee, Belgian Security Trustee, Dutch Security Trustee, French Security Trustee, German Security Trustee and Spanish Security Trustee, as the case may be), having day to day responsibility for the administration or management of the transactions contemplated by the Related Documents has actual knowledge of sufficient facts to ascertain that thing.

2.2 **Interpretation** 

Any reference in any Related Document to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "**Related Document** "
 or any other agreement or instrument is a reference to that Related Document, or other agreement
 or instrument as amended, novated, supplemented, extended, restated or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "**asset**" includes
 present and future reserves and property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**continuing** ", means,
 in relation to a Liquidation Event, Amortization Event, Issuer Administrator Default,
 FleetCo Administrator Default, Manufacturer Event of Default, Instalment Sale Event
 of Default, Lease Event of Default, Subordinated Note Event of Default, Belgian Master Instalment
 Payment Default, Dutch Master Lease Payment Default, French Master Lease Payment Default,
 German Master Lease Payment Default, Spanish Master Lease Payment Default, Italian Master
 Lease Payment Default, Italian Master Servicer Termination Event or any Potential Amortization
 Event, such circumstance or event has occurred and has not been remedied or waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**including**" shall be
 construed as a reference to "**including without limitation** ", so that any
 list of items or matters appearing after the word "**including**" shall be
 deemed not to be an exhaustive list, but shall be deemed rather to be a representative list,
 of those items or matters forming a part of the category described prior to the word "**including** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a "**law**" shall be construed
 as any law (including common or customary law), statute, constitution, decree, judgment,
 treaty, regulation, directive, bye law, order or any other legislative measure of any government,
 supranational, local government, statutory or regulatory body or court, in each case, as
 amended, modified, codified, re-enacted or replaced, in whole or in part, and in effect from
 time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a "**month**" is a reference
 to a period starting on one day in a calendar month and ending on the numerically corresponding
 day in the next succeeding calendar month except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if any such numerically corresponding
 day is not a Business Day, such period shall end on the immediately succeeding Business Day
 to occur in that next succeeding calendar month or, if none, it shall end on the immediately
 preceding Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if there is no numerically corresponding
 day in that next succeeding calendar month, that period shall end on the last Business Day
 in that next succeeding calendar month,

and references to "**months**" shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**principal**" shall,
 where applicable, include premium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "**repay** ", "**redeem** "
 and "**pay**" shall each include both of the others and "**repaid** ",
 "**repayable**" and "**repayment** ", "**redeemed** ",
 "**redeemable**" and "**redemption**" and "**paid** ",
 "**payable**" and "**payment**" shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a "**successor**" of any
 party shall be construed so as to include an assignee or successor in title of such party
 and any person who under the laws of the jurisdiction of incorporation or domicile of such
 party has assumed the rights and obligations of such party under any document or to which,
 under such laws, such rights and obligations have been transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a "**wholly owned subsidiary** "
 of a company or corporation shall be construed as a reference to any company or corporation
 which has no other members except that other company or corporation and that other company's
 or corporation's wholly owned subsidiaries or persons acting on behalf of that other
 company or corporation or its wholly owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) "**Euro** ", "**Euros** ",
 "**EUR**" or "**€**" is a reference to the official currency
 of the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) "**Sterling** ", "**pounds** ",
 "**GBP**" or "**£**" is a reference to the official currency
 of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the "**date hereof** "
 is a reference to the original date of the Related Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) a Person include such Person's permitted
 successors and assigns. Any reference in any Related Document, where it relates to a Dutch
 entity, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a necessary action to authorise, where
 applicable, includes without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any action required to comply with the Dutch
 Works Council Act (*Wet op de ondernemingsraden*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) obtaining unconditional positive advice
 (*advies*) from each competent works council;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a winding-up, administration or dissolution
 includes a Dutch entity being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) declared bankrupt (*failliet verklaard*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) dissolved (*ontbonden*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a moratorium includes *surseance van betaling* and granted a moratorium includes *surseance verleend*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a liquidator includes a *curator*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) an administrator includes a *bewindvoerder*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a receiver or an administrative receiver
 does not include a *curator* or *bewindvoerder*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) an attachment includes a *beslag*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Any reference in any Related Document,
 where it relates to a Spanish entity, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a
 winding-up, administration or dissolution includes, without limitation, insolvency (*concurso de acreedores,* irrespective of whether it is considered voluntary - *voluntario* -
 or compulsory - *necesario* -), any notice to a competent court pursuant to Article 583
 of the Recast Spanish Insolvency Law, the application to file for insolvency (*"solicitud de concurso"*), court resolution declaring the insolvency proceeding (*"auto de declaración de concurso"*), liquidation, refinancing agreement (*acuerdo colectivo de refinanciación* or any arrangement in accordance with articles 598
 et seq. and articles 609 et seq. of the reinstated version of the Spanish Insolvency Law
 (*Texto Refundido de la Ley Concursal*), approved by the Royal Legislative Decree 1/2020,
 of 5 May and as amended from time to time), moratorium or suspension of payments, controlled
 management (*intervención administrativa o judicial*), general settlement with
 creditors (*"convenio judicial con acreedores"*), reorganisation or similar
 laws affecting the rights of creditors generally, and a winding-up in accordance with the
 articles of the Title X of the Royal Legislative Decree 1/2010 dated 2 July, approving the
 consolidated text of Spanish Corporate Enterprises Law (*Real Decreto Legislativo 1/2010 de 2 de Julio por el que se aprueba el texto refundido de la Ley de Sociedades de Capital*)
 as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a "winding-up", "administration"
 or "dissolution" includes, without limitation, *disolución, liquidación, procedimiento concursal* or any other similar proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a receiver, administrative receiver, administrator,
 trustee, custodian, sequestrator, conservator or similar officer includes, without limitation, *administracion concursal*, a *dministrador concursal* or any other person performing
 the same function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) creditors process means an executor attachment
 (*embargo ejecutivo*) or a conservatory attachment (*embargo preventivo*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a corporate being "unable to pay
 its debts" includes that person being in a state of *insolvencia* or *concurso,* or which cash situation does not enable them to face their current payment obligations;
 or is unable or admits inability to pay its debts as they fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Any reference in any Related Document,
 where it relates to a German entity, "Insolvency" means that such person is in
 a situation of illiquidity (*Zahlungsunfhigkeit*) according to Section 17 German
 Insolvency Code, over indebtedness (*berschuldung*) according to section 19 German Insolvency
 Code or pending illiquidity (*Drohende Zahlungsunfhigkeit*) according to Section 18
 of the German Insolvency Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Any reference in any Related Document,
 where it relates to French entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "Insolvent" means in respect
 of any entity who is resident in France or who has its centre of main interests (as such
 term is used in Article 3(1) of Regulation (EU) 2015/848 of 20 May 2015 on
 insolvency proceedings (recast)) in France, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such person is in a position of suspension
 of payments (*cessation des paiements*) within the meaning of L.631-1 of the French
 Code de commerce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such person admits in writing its inability
 to pay its debts as they fall due or otherwise states it is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such Person suspends payment of its debts
 to creditors generally or announces its intention to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "Insolvency Proceedings" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in respect of any entity who is resident
 in France or who has its centre of main interests (as such term is used in Article 3(1) of
 Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast)) in France,
 that any corporate action, legal proceedings or other procedure or step is taken in relation
 to the suspension of payments, dissolution, the opening of proceedings for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a "*mandat ad hoc* ", "*procédure de conciliation* ", "*procédure de sauvegarde* ", "*procédure de sauvegarde accélérée* ", "*procédure de sauvegarde financière accélérée* ", "*procédure de redressement judiciaire* ", "*procédure de liquidation judiciaire* "
 as set out under "*LIVRE VI*" of the French Code de commerce; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a procédure d'alerte in accordance
 with articles L. 234-1 of the Commercial Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) Any reference in any Related Document,
 where it relates to a Belgian entity or where the context so requires, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "gross negligence" is a reference
 to *zware fout/faute lourde* and "wilful misconduct" is a reference to *opzettelijke fout/faute intentionnelle*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "Belgian Civil Code" means
 the Belgian *Burgerlijk Wetboek / Code Civil*, as amended or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "Old Belgian Civil Code" means
 the Belgian *(oud) Burgerlijk Wetboek / (ancien) Code Civil*, as amended from time to
 time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) "insolvent", "insolvency"
 or "insolvency proceedings" includes any *openbare of besloten gerechtelijke reorganisatie/réorganisation judiciaire publique ou privée, minnelijk akkoord buiten gerechtelijke reorganisatie/accord amiable hors réorganisation judiciaire, overdracht onder gerechtelijk gezag/transfert sous autorité judiciaire, besloten voorbereiding van het faillissement/préparation privée d'une faillite, faillissement/faillite, gerechtelijke vereffening/liquidation judiciaire* and any other concurrence between creditors
 (*samenloop van schuldeisers/concours des créanciers*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a "suspension of payments",
 "moratorium of any indebtedness" or "reorganisation" includes any *openbare of besloten gerechtelijke reorganisatie/réorganisation judiciaire publique ou privée* and any other legal proceeding based on *Boek XX Wetboek Economisch Recht / Livre XX du Code de droit économique*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a person being "unable to pay its
 debts" is that person being in a state of cessation of payments (*staking van betaling/cessation de paiements*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) "commences negotiations with one
 or more of its creditors with a view to rescheduling any of its indebtedness" includes
 any negotiations conducted with a view to reaching a settlement agreement (*minnelijk akkoord/accord amiable*) with one or more of its creditors pursuant to *Boek XX Wetboek Economisch Recht / Livre XX du Code de droit économique*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) a "composition", "compromise",
 "assignment" or similar arrangement includes a *minnelijk akkoord buiten gerechtelijke reorganisatie/accord amiable hors réorganisation judiciaire or any openbare of besloten gerechtelijke reorganisatie/réorganisation judiciaire publique ou privée* as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) a "receiver", "liquidator",
 "administrator", "assignee", "trustee", "custodian",
 "sequestrator" or similar officer includes any *curator/curateur, vereffenaar/liquidateur, gedelegeerd rechter/juge délégué, gerechtsmandataris/ mandataire de justice, rechter-commissaris/juge commissaire, gerechtelijke deskundige/expert judiciaire, voorlopig bewindvoerder/administrateur provisoire, gerechtelijk bewindvoerder /administrateur judiciaire, mandataris ad hoc/mandataire ad hoc, vereffeningsdeskundige/ practicien de la liquidation, herstructureringsdeskundige/practicien de la réorganisation* as applicable,
 and any *sekwester/séquestre*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) "winding-up", "administration"
 or "dissolution" includes any *vereffening/liquidation, ontbinding/dissolution, faillissement/faillite and sluiting van een onderneming/fermeture d'entreprise*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) "attachment", "sequestration",
 "distress", "execution" or analogous procedures includes any *uitvoerend beslag/saisie-exécution* and *bewarend beslag/saisie conservatoire*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) "Security" includes a mortgage
 (*hypotheek/hypothèque*), a pledge (*pand/gage*), a transfer by way of security
 (*overdracht ten titel van zekerheid/transfert à titre de garantie*), any other
 real security interest (*zakelijke zekerheid/sûreté réelle*), a
 mandate to grant a mortgage (*hypothecair mandaat/mandat hypothécaire*), a pledge
 or any other real surety, a privilege (*voorrecht/privilège*) and a reservation
 of title arrangement (*eigendomsvoorbehoud/réserve de propriété* and *retentierecht/droit de rétention*).

2.3 **Other agreements** 

Any reference to the Master Definitions and Constructions Agreement or any other agreement or document shall be construed as a reference to the Master Definitions and Constructions Agreement or, as the case may be, such other agreement or document as the same may have been, or may from time to time be, amended, modified, varied, novated, supplemented or replaced.

2.4 **Statutes and Treaties** 

Any reference to a statute or treaty shall be construed as a reference to such statute or treaty as the same may have been, or may from time to time be, amended or, in the case of a statute, re-enacted.

2.5 **Schedules** 

Any Schedule of, or Annex or Exhibit to a Related Document forms an integral and essential part of such agreement and shall have the same force and effect as if the provisions of such Schedule, Annex or Exhibit were set out in the body of such Related Document. Any reference to a Related Document shall include any such Schedule, Annex or Exhibit.

2.6 **Headings** 

Clause, Part, Schedule, Paragraph and Clause headings and any tables of contents are for ease of reference only and shall not affect the construction of any Related Document and shall in no way modify or restrict any of the terms or provisions of any Related Document.

2.7 **Clauses** 

Except as otherwise specified in a Related Document, reference in a Related Document to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "**Clause**" shall be construed
 as a reference to a Clause of such document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "**Sub-Clause**" shall
 be construed as a reference to a Sub-Clause of such document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "**Part**" shall be construed
 as a reference to a Part of such document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a "**Schedule**" shall be
 construed as a reference to a Schedule of such document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a "**Paragraph**" shall be
 construed as a reference to a Paragraph of a Schedule of such document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**this Agreement**" or
 "**this Deed** ", as the case may be, shall be construed as a reference to
 such document together with any Schedules thereto.

2.8 **Number** 

Save where the context otherwise requires, words importing the singular number include the plural and *vice versa*.

2.9 **Time of the Essence; Time of Day** 

Any date or period specified in any document may be postponed or extended by mutual agreement between the applicable parties, but as regards any date or period originally fixed or so postponed or extended, time shall be of the essence. Reference to any time of day is a reference to such time in London unless otherwise stated.

2.10 **Spelling Conventions** 

For the avoidance of doubt, any words importing an American English spelling variety shall have the same meaning and legal effect as though the British English spelling variety had been used.

2.11 **Validity** 

If any obligations of a party to a Related Document or provisions of a Related Document are subject to or contrary to any mandatory principles of applicable law, compliance with such obligations and/or provisions of the Related Document shall be deemed to be subject to such mandatory principles (or waived) to the extent necessary to be in compliance with such law.

Notwithstanding any term of any Related Document, the consent of any Person who is not a party hereto is not required to rescind or vary this Master Definitions and Constructions Agreement at any time.

3. **COMMON TERMS** 

3.1 **Contractual recognition of bail-in** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other term of any Related
 Document or any other agreement, arrangement or understanding between the parties, each party
 acknowledges and accepts that any liability of any party to any other party under or in connection
 with the Related Documents may be subject to Bail-In Action by the relevant Resolution Authority
 and acknowledges and accepts to be bound by the effect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Bail-In Action in relation to any
 such liability, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a reduction, in full or in part, in the
 principal amount, or outstanding amount due (including any accrued but unpaid interest) in
 respect of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a conversion of all, or part of, any such
 liability into shares or other instruments of ownership that may be issued to, or conferred
 on, it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a cancellation of any such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a variation of any term of any Related
 Document to the extent necessary to give effect to any Bail-In Action in relation to any
 such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In this Clause ‎3.1:

"**Article 55 BRRD**" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

"**Bail-In Action**" means the exercise of any Write-down and Conversion Powers.

"**Bail-In Legislation**" means in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time.

"**EEA Member Country**" means any member state of the European Union, Iceland, Liechtenstein and Norway.

"**EU Bail-In Legislation Schedule**" means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

"**Resolution Authority**" means any body which has authority to exercise any Write- down and Conversion Powers.

"**Write-down and Conversion Powers**" means: in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule.

3.2 **Chain of Instructions** 

Each of the Issuer Security Trustee, each FleetCo Security Trustee and each Class A Noteholder agree that, where any Related Document requires a FleetCo Security Trustee to be instructed by the Issuer Security Trustee (or allows the Issuer Security Trustee to instruct the FleetCo Security Trustee) in respect of any matter and in respect of such matter the Issuer Security Trustee would then be required to be instructed by the Class A Noteholders (or the Class A Noteholders would be permitted to instruct the Issuer Security Trustee in respect of such matter), the Class A Noteholders may provide instructions directly to the relevant FleetCo Security Trustee, by way of written notice copying the Issuer Security Trustee and confirming that they represent the requisite Required Noteholders on such matter. Where such instruction is provided by the Class A Noteholders, the FleetCo Security Trustee shall be entitled to rely on such instruction as if it were provided by the Issuer Security Trustee and shall not be required to make any further enquiries as to the authenticity of the instruction.

3.3 **Non-Petition – Issuer** 

Notwithstanding anything to the contrary herein or in any Issuer Related Document to which the Issuer is a party, only the Issuer Security Trustee may pursue the remedies available under the general law or under the Issuer Security Trust Deed to enforce this Agreement, the Issuer Security or an Issuer Note and no other Person shall be entitled to proceed directly against the Issuer in respect hereof (unless the Issuer Security Trustee, having become bound to proceed in accordance with the terms of the Issuer Related Documents, fails or neglects to do so). Each of HHN2 and Wilmington Trust SP Services (Dublin) Limited hereby agrees with and acknowledges to each of the Issuer and the Issuer Security Trustee until the date falling one year and one day after the Legal Final Payment Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall not have the right to take or
 join any person in taking any steps against the Issuer for the purpose of obtaining payment
 of any amount due from the Issuer (other than serving a written demand subject to the terms
 of the Issuer Security Trust Deed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither it nor any Person on its behalf
 shall initiate or join any person in initiating an Event of Bankruptcy or the appointment
 of any Insolvency Official in relation to the Issuer, provided that, the Issuer Security
 Trustee shall have the right to take any action pursuant to and in accordance with the relevant
 Issuer Related Documents and Issuer Security Documents.

3.4 **Non-Petition – Dutch FleetCo** 

Notwithstanding anything to the contrary herein or in any Belgian Related Document, Dutch Related Document or Spanish Related Document to which the Dutch FleetCo is a party but without prejudice to Clause ‎3.5 (*Non-Petition – Spanish FleetCo*) and Clause ‎3.9 (*Non-Petition – Dutch B FleetCo*), only the Dutch Security Trustee may pursue the remedies available under the general law or under the Dutch Security Trust Deed to enforce this Agreement, the Dutch Security or a Dutch Note and no other Person shall be entitled to proceed directly against the Dutch FleetCo in respect hereof (unless the Dutch Security Trustee, having become bound to proceed in accordance with the terms of the Dutch Related Documents, fails or neglects to do so). HHN2 hereby agrees with and acknowledges to each of Dutch FleetCo and the Dutch Security Trustee until the date falling one year and one day after the Legal Final Payment Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall not have the right to take or
 join any person in taking any steps against the Dutch FleetCo for the purpose of obtaining
 payment of any amount due from the Dutch FleetCo (other than serving a written demand subject
 to the terms of the Dutch Security Trust Deed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither it nor any Person on its behalf
 shall initiate or join any person in initiating an Event of Bankruptcy or the appointment
 of any Insolvency Official in relation to the Issuer, provided that, the Dutch Security Trustee
 shall have the right to take any action pursuant to and in accordance with the relevant Dutch
 Related Documents and Dutch Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **Non-Petition – Spanish FleetCo** 

Notwithstanding anything to the contrary herein or in any Belgian Related Documents, Dutch Related Documents or Spanish Related Document to which the Spanish FleetCo is a party but without prejudice Clause ‎3.4 (*Non-Petition – Dutch FleetCo*) and Clause ‎3.9 (*Non-Petition – Dutch B FleetCo*), only the Spanish Security Trustee may pursue the remedies available under the general law or under the Spanish Security Trust Deed to enforce this Agreement, the Spanish Security or a Spanish Note and no other Person shall be entitled to proceed directly against the Spanish FleetCo in respect hereof (unless the Spanish Security Trustee, having become bound to proceed in accordance with the terms of the Spanish Related Documents, fails or neglects to do so). HHN2 hereby agrees with and acknowledges to each of Spanish FleetCo and the Spanish Security Trustee until the date falling one year and one day after the Legal Final Payment Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall not have the right to take or
 join any person in taking any steps against the Spanish FleetCo for the purpose of obtaining
 payment of any amount due from the Spanish FleetCo (other than serving a written demand subject
 to the terms of the Spanish Security Trust Deed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither it nor any Person on its behalf
 shall initiate or join any person in initiating an Event of Bankruptcy or the appointment
 of any Insolvency Official in relation to Spanish FleetCo, provided that, the Spanish Security
 Trustee shall have the right to take any action pursuant to and in accordance with the relevant
 Spanish Related Documents and Spanish Security Documents.

3.6 **Non-Petition – German FleetCo** 

Notwithstanding anything to the contrary herein or in any German Related Document to which German FleetCo is a party, only the German Security Trustee may pursue the remedies available under the general law or under the German Security Trust Deed to enforce this Agreement, the German Security or a German Note and no other Person shall be entitled to proceed directly against the German FleetCo in respect hereof (unless the German Security Trustee, having become bound to proceed in accordance with the terms of the Issuer Related Documents, fails or neglects to do so). HHN2 hereby agrees with and acknowledges to each of German FleetCo and the German Security Trustee until the date falling one year and one day after the Legal Final Payment Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall not have the right to take or
 join any person in taking any steps against German FleetCo for the purpose of obtaining payment
 of any amount due from German FleetCo (other than serving a written demand subject to the
 terms of the German Security Trust Deed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither it nor any Person on its behalf
 shall initiate or join any person in initiating an Event of Bankruptcy or the appointment
 of any Insolvency Official in relation to German FleetCo, provided that, the German Security
 Trustee shall have the right to take any action pursuant to and in accordance with the relevant
 German Related Documents and German Security Documents.

3.7 **Non-Petition – French FleetCo** 

Notwithstanding anything to the contrary herein or in any French Related Document to which French FleetCo is a party, only the French Security Trustee may pursue the remedies available under the general law or under the French Security Trust Deed to enforce this Agreement, the French Security or a FCT Note and no other Person shall be entitled to proceed directly against French FleetCo in respect hereof (unless the French Security Trustee, having become bound to proceed in accordance with the terms of the French Related Documents, fails or neglects to do so). HHN2 hereby agrees with and acknowledges to each of the French FleetCo and the French Security Trustee until the date falling one year and one day after the Legal Final Payment Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall not have the right to take or
 join any person in taking any steps against French FleetCo for the purpose of obtaining payment
 of any amount due from French FleetCo (other than serving a written demand subject to the
 terms of the French Security Trust Deed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither it nor any Person on its behalf
 shall initiate or join any person in initiating an Event of Bankruptcy or the appointment
 of any Insolvency Official in relation to French FleetCo, provided that, the French Security
 Trustee shall have the right to take any action pursuant to and in accordance with the relevant
 French Related Documents and French Security Documents.

3.8 **Non-Petition – Italian FleetCo** 

Notwithstanding anything to the contrary herein or in any Italian Related Document to which the Italian FleetCo is a party, only the Italian Noteholder (pursuant to the terms of the Issuer Related Documents) as directed by the Issuer Security Trustee (whose instructions have been obtained in accordance with the terms of the Italian Terms and Conditions, the Italian Note Accounts Security Deed and the Issuer Security Trust Deed) may pursue the remedies available under the general law or under the Issuer Security Trust Deed to enforce this Agreement, the Italian Note Accounts Security Deed, the Italian Security or an Italian Note and no other Person shall be entitled to proceed directly against the Italian FleetCo in respect hereof (unless the Italian Noteholder, having become bound to proceed in accordance with the terms of the Italian Related Documents, fails or neglects to do so). HHN2 hereby agrees with and acknowledges to each of Italian FleetCo, the Italian Noteholder and the Issuer Security Trustee until the date falling one year and one day after the Legal Final Payment Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall not have the right to take or
 join any person in taking any steps against the Italian FleetCo for the purpose of obtaining
 payment of any amount due from the Italian FleetCo (other than serving a written demand subject
 to the terms of the Italian law); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither it nor any Person on its behalf
 shall initiate or join any person in initiating an Event of Bankruptcy or the appointment
 of any Insolvency Official in relation to the Italian FleetCo, provided that, the Italian
 Noteholder (acting in accordance with the terms of Italian Terms and Condition and as directed
 by the Issuer Security Trustee) shall have the right to take any action pursuant to and in
 accordance with the relevant Italian Related Documents.

3.9 **Non-Petition – Dutch B FleetCo** 

Notwithstanding anything to the contrary herein or in any Dutch Related Document, Spanish Related Document or Belgian Related Document to which the Dutch B FleetCo is a party but without prejudice to Clause ‎3.4 (*Non-Petition – Dutch FleetCo*) and Clause ‎3.5 (*Non-Petition – Spanish FleetCo*), only the Belgian Security Trustee may pursue the remedies available under the general law or under the Belgian Security Trust Deed to enforce this Agreement, the Belgian Security or a Belgian Note and no other Person shall be entitled to proceed directly against Dutch B FleetCo in respect hereof (unless the Belgian Security Trustee, having become bound to proceed in accordance with the terms of the Belgian Related Documents, fails or neglects to do so). HHN2 hereby agrees with and acknowledges to each of Dutch B FleetCo and the Belgian Security Trustee until the date falling one year and one day after the Legal Final Payment Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall not have the right to take or
 join any person in taking any steps against the Dutch B FleetCo for the purpose of obtaining
 payment of any amount due from the Dutch B FleetCo (other than serving a written demand subject
 to the terms of the Belgian Security Trust Deed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither it nor any Person on its behalf
 shall initiate or join any person in initiating an Event of Bankruptcy or the appointment
 of any Insolvency Official in relation to the Issuer, provided that, the Belgian Security
 Trustee shall have the right to take any action pursuant to and in accordance with the relevant
 Belgian Related Documents and Belgian Security Documents.

3.10 **Non-Petition – Gresham Receivables (No. 32) UK Limited** 

Notwithstanding anything to the contrary herein or in any Issuer Related Document to which Gresham Receivables (No. 32) UK Limited ("Gresham") is expressed to be a party, each party to this Agreement hereby agrees with and acknowledges to Gresham, that neither it nor any person on its behalf shall initiate or join any person in initiating an Event of Bankruptcy or the appointment of any Insolvency Official in relation to Gresham until the date following two years and one day after all notes and commercial paper issued by Gresham (or the Person(s) issuing notes and commercial paper as part of a conduit arrangement with Gresham) have been redeemed in full and all of Gresham's obligations and liabilities (whether actual or contingent) arising or incurred under or in connection with such asset-backed commercial paper programme or any other notes programme established by it have been discharged in full.

3.11 **Limited Recourse – Gresham Receivables (No. 32) UK Limited** 

Notwithstanding any other provision of this Agreement, each party hereto agrees and acknowledges with Gresham that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it will only have recourse in respect
 of any amount, claim or obligation due or owing to it by Gresham (the "**Claims** ")
 to the extent of available funds pursuant to the asset-backed commercial paper notes issuance
 programme (the "**Programme Documents**") of which Gresham is a part subject
 to and in accordance with the terms thereof and after all other prior ranking claims in respect
 thereof have been satisfied and discharged in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) following the application of funds following
 enforcement of the security interests created over Gresham's assets under the relevant
 Programme Documents, subject to and in accordance with the provisions relating to the application
 of funds specified therein, Gresham will have no assets available for payment of its obligations
 under such documents and this Agreement other than as provided for pursuant to the Programme
 Documents and any Claims will accordingly be extinguished to the extent of any shortfall;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the obligations of Gresham under the Programme
 Documents and this Agreement will not be obligations or responsibilities of, or guaranteed
 by, any other person or entity.

3.12 **Corporate Obligation – Gresham Receivables (No. 32) UK Limited** 

Notwithstanding any other provision of this Agreement, no recourse under any obligation, covenant or agreement of Gresham contained in this Agreement shall be had against any shareholder, member, officer, director, employee or agent of Gresham, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is a corporate obligation of Gresham, and that no personal liability shall attach to or be incurred by the shareholders, members, officers, directors, employees or agency of Gresham, as such, or any of them under or by reason of any of the obligations, covenants or agreements of Gresham contained in this Agreement or implied therefrom and that any and all personal liability for breaches by Gresham of any of such obligations, covenants or agreements, either at law or by statute or constitution of every such shareholder, member, officer, director, employee or agent is hereby expressly waived as a condition of an in consideration for the execution of this Agreement.

3.13 **Non-Petition – Matchpoint Finance Plc** 

Each party agrees that it shall not institute against, or join any Person in instituting against, Matchpoint Finance plc ("**Matchpoint**") any bankruptcy, examinership, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any bankruptcy or similar law of any jurisdiction, for two (2) years and one day after (i) the latest maturing commercial paper note of any series (as set out in the Programme Documents (as defined below) of Matchpoint) or (ii) the latest maturing medium term note of Matchpoint, if any, is paid in full. This Clause shall survive termination of this Agreement and the termination of each Related Document to which Matchpoint is a party to.

3.14 **Limited Recourse – Matchpoint Finance Plc** 

The obligations of Matchpoint under this Agreement are solely the corporate obligations of Matchpoint and are payable solely to the extent of available funds pursuant to the Programme Documents. No recourse shall be had for the payment of any amount owing by Matchpoint under this Agreement or for the payment by Matchpoint of any fee in respect hereof or any other obligation or claim of or against Matchpoint arising out of or based upon this Agreement, against any employee, director, officer, member, manager or affiliate of Matchpoint; provided, however, that the foregoing shall not relieve any such person or entity of any liability they might have as a result of fraudulent acts or omissions committed by them. Each party agrees that Matchpoint shall be liable for any claims that it may have against Matchpoint only to the extent that Matchpoint has funds available for such purpose in accordance with the programme documents in respect of its Euro 20,000,000,000 asset-backed commercial paper notes issuance programme ("**Programme Documents**") and that, to the extent that any such claims remain unpaid after the application of such funds in accordance with the Programme Documents such claims shall be extinguished. The provisions of this Clause 3.14 will survive the termination of this Agreement and the termination of each Related Document to which Matchpoint is a party.

3.15 **Limited Recourse and Non-Petition – Managed and Enhanced Tap (Magenta) Funding S.T.** 

Each of the parties hereto (other than the Replacement VFN Noteholder) acting for itself hereby acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all sums due or owing to any party from
 or by the Replacement VFN Noteholder hereunder shall be payable by the Replacement VFN Noteholder
 in accordance with the Compartment Order of Priority, and provided that all liabilities of
 the Replacement VFN Noteholder required to be paid in priority thereto and a pro rata amount
 of all amounts to be paid pari passu therewith pursuant to the Compartment Order of Priority,
 have been paid, discharged and/or otherwise provided for in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall not be entitled to take any steps
 or proceedings which would result in the Compartment Order of Priority not being observed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it shall not to take any action or proceedings
 against the Replacement VFN Noteholder to recover any amounts payable by the Replacement
 VFN Noteholder to it hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) pursuant to article L. 214-175-III of
 the French Code monétaire et financier, any claim it may have against the Replacement
 VFN Noteholder subject to the Compartment Order of Priority and any statutory priority of
 payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) pursuant to article L.214-175-III of the
 French Code monétaire et financier, neither the Compartment nor Managed and Enhanced
 Tap (Magenta) Funding S.T. is subject to the provisions of Book VI of the French Code de
 commerce relating to insolvency proceedings.

Where:

"**Compartment Order of Priority**" means the following order of priority, with no sum being applied to an item with a lower ranking in the order of priority until all items with a higher ranking have been paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *Firstly*:
 on a *pro rata* and *pari passu* basis, (i) to transfer to the ABCP Programme
 Account (as defined in the Common Terms Agreement) such amounts as are required to pay or
 to provide for the *pro rata* share of ABCP Programme Expenses (as defined in the Common
 Terms Agreement) allocated to the Replacement VFN Noteholder, as determined by the Calculation
 Agent (as defined in the Common Terms Agreement), and (ii) to pay or to provide for
 any commitment fees under any Transaction Specific Liquidity Facility Agreement entered into
 by the Replacement VFN Noteholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *Secondly*:
 to the payment or the provisioning on a pro rata and pari passu basis of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. to transfer to the ABCP Programme Account
 such amounts as are required to finance the amounts due (whether in respect of interest capital
 or discount) under the CP Notes (as defined in the Common Terms Agreement) issued by Managed
 and Enhanced Tap (Magenta) Funding S.T. to re-finance the Replacement VFN Noteholder as determined
 by the Calculation Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the payment of the subscription price of
 the applicable VFN by the Replacement VFN Noteholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the payment of the principal and interest
 amounts of any advances made available to the Replacement VFN Noteholder under Transaction
 Specific Liquidity Facilities (as defined in the Common Terms Agreement) which are due to
 be paid on such day and were drawn under the circumstances set out in Clauses 6.2.1 or 6.2.2
 of the ABCP Programme Master Framework Agreement (as defined in the Common Terms Agreement);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. to the Repo Counterparty (as defined in
 the Common Terms Agreement), the amounts (if any) due under a Repo Agreement (as defined
 in the Common Terms Agreement) in respect of the Repurchase Price of Eligible Assets (as
 such terms are defined in the Common Terms Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. *Thirdly*:
 to pay or to provide for any increased costs under any Transaction Specific Liquidity Facility
 Agreement entered into by the Replacement VFN Noteholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. *Fourthly*:
 on any date other than the date the Replacement VFN Noteholder is liquidated, any surplus
 funds shall be paid to the ABCP Programme Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. *Fifthly*:
 on the date the Replacement VFN Noteholder is liquidated, any surplus funds shall be distributed
 to the shareholders.

"**Common Terms Agreement**" means the agreement entitled "Definitions, Interpretation and Common Terms Agreement" entered into on 12 March 2010 between Managed and Enhanced Tap (MAGENTA) Funding S.T., Eurotitrisation and Natixis S.A., as amended from time to time.

"**Transaction Specific Liquidity Facility Agreement**" means the facility agreement entered into by the Acceding Senior Noteholder (as such term is defined in the facility agreement) with Natixis S.A. as liquidity bank for an amount of EUR 117,300,000.

3.16 **Non-Petition – Sunderland Receivables S.A.** 

Each party agrees that it shall not institute against, or join any Person in instituting against, Sunderland Receivables S.A. ("**Sunderland**") any bankruptcy, examinership, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any bankruptcy or similar law of any jurisdiction, for two (2) years and one day after: (i) the latest maturing commercial paper note of any series issued by the Issuer as per the Related Documents; or (ii) the latest maturing medium term note of Sunderland, if any, is paid in full.

3.17 **Limited Recourse – Sunderland Receivables S.A.** 

The obligations of Sunderland under this Agreement are solely the corporate obligations of Sunderland respectively and are payable solely to the extent of available funds pursuant to the commercial paper note of any series issued by the Issuer as per the Related Documents. No recourse shall be had for the payment of any amount owing by Sunderland under this Agreement or any Related Document or for the payment by Sunderland of any fee in respect hereof or any other obligation or claim of or against Sunderland arising out of or based upon this Agreement or any Related Documents, against any employee, director, officer, member, manager or affiliate of Sunderland respectively; provided, however, that the foregoing shall not relieve any such person or entity of any liability they might have as a result of fraudulent acts or omissions committed by them. Each party agrees that Sunderland shall be liable for any claims that it may have against Sunderland only to the extent that Sunderland has funds available for such purpose in accordance with the commercial paper note of any series issued by the Issuer as per the Related Documents and that, to the extent that any such claims remain unpaid after the application of such funds in accordance with the commercial paper note of any series issued by the Issuer as per the Related Documents such claims shall be extinguished.

3.18 **Notices** 

Any notice or communication by any party hereto to another, whether pursuant to any Related Document or for any purpose that is otherwise ancillary to such Related Document, shall be in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile (other than in the case of the Issuer Security Trustee or any FleetCo Security Trustee) or overnight air courier guaranteeing next day delivery to the relevant address listed below:

**Issuer and FCT Noteholder**:

---

| | |
|:---|:---|
| INTERNATIONAL FLEET FINANCING NO.2 B.V. | INTERNATIONAL FLEET FINANCING NO.2 B.V. |
| Address: | Fourth Floor |
|  | 3 George's Dock |
|  | IFSC |
|  | Dublin 1,Ireland |
| Telephone: | [\*] |
| Email: | [\*] |

---

---

| | |
|:---|:---|
| **Dutch OpCo, Dutch Lessee, Dutch Administrator and Dutch Servicer:** | **Dutch OpCo, Dutch Lessee, Dutch Administrator and Dutch Servicer:** |
| HERTZ AUTOMOBIELEN NEDERLAND B.V. | HERTZ AUTOMOBIELEN NEDERLAND B.V. |
| Address: | Folkstoneweg 40 |
|  | 1118 LM Schiphol |
|  | The Netherlands |
| Email: | [\*] |
| Attention: | Bryn Davies / Falguni Bagchi |
| **Dutch FleetCo and Dutch Lessor:** | **Dutch FleetCo and Dutch Lessor:** |
| Stuurgroep Fleet (Netherlands) B.V. | Stuurgroep Fleet (Netherlands) B.V. |
| Address: | Folkstoneweg 40, |
|  | 1118 LM Schipol |
|  | The Netherlands |
| Email: | [\*] |
| Attention: | Bryn Davies / Falguni Bagchi / Henk van den Helder (with a copy to [\*]) and [\*] |
| With a copy to the board of directors: | With a copy to the board of directors: |
| CSC MANAGEMENT (NETHERLANDS) B.V. | CSC MANAGEMENT (NETHERLANDS) B.V. |
| Address: | Basisweg 10, |
|  | 1043 AP Amsterdam |
|  | The Netherlands |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | The Board of Directors |
| **French OpCo, French Lessee, French Administrator and French Servicer:** | **French OpCo, French Lessee, French Administrator and French Servicer:** |
| HERTZ FRANCE S.A.S. | HERTZ FRANCE S.A.S. |
| Address: | Immeuble Diagonale Sud 6 Avenue Gustave Eiffel Bâtiment A1 |
|  | 78180 Montigny Le Bretonneux |
|  | France |
| Email: | [\*] |
| Attention: | Bryn Davies / Falguni Bagchi |
| **French FleetCo and French Lessor:** | **French FleetCo and French Lessor:** |
| RAC FINANCE S.A.S. | RAC FINANCE S.A.S. |
| Address: | Immeuble Diagonale Sud 6 Avenue Gustave Eiffel Bâtiment A1 |
|  | 78180, Montigny-le-Bretonneux |
|  | 487 581 498 RCS Versailles |
| Email: | [\*] |
| Attention: | Bryn Davies / Falguni Bagchi |
| With a copy to: | With a copy to: |
| TMF France Management SARL, President | TMF France Management SARL, President |
| Attention: | Mrs.Alina Jouot Guralnik |
| Email: | [\*] |

---

---

| | |
|:---|:---|
| **Spanish OpCo, Spanish Lessee, Spanish Administrator and Spanish Servicer:** | **Spanish OpCo, Spanish Lessee, Spanish Administrator and Spanish Servicer:** |
| HERTZ DE ESPANA SLU | HERTZ DE ESPANA SLU |
| Address: | Calle Jacinto Benavente, 2, Edificio B, 3ª planta |
|  | Las Rozas de Madrid, Madrid |
|  | Spain |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Nuria Serrano Gómez / Bryn Davies / Falguni Bagchi |
| **Spanish FleetCo and Spanish Lessor:** | **Spanish FleetCo and Spanish Lessor:** |
| Stuurgroep Fleet (Netherlands) B.V., SUCURSAL EN ESPAÑA | Stuurgroep Fleet (Netherlands) B.V., SUCURSAL EN ESPAÑA |
| Address: | Calle Jacinto Benavente, 2, Edificio B, 3ª planta |
|  | Las Rozas de Madrid, Madrid |
|  | Spain |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Maria José Porrero Valor / Bryn Davies / Falguni Bagchi |
| With a copy to the board of directors: | With a copy to the board of directors: |
| CSC MANAGEMENT (NETHERLANDS) B.V. | CSC MANAGEMENT (NETHERLANDS) B.V. |
| Address: | Basisweg 10, |
|  | 1043 AP Amsterdam |
|  | The Netherlands |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | The Board of Directors |
| **German FleetCo and German Lessor:** | **German FleetCo and German Lessor:** |
| HERTZ FLEET LIMITED | HERTZ FLEET LIMITED |
| Address: | 25 North Wall Quay, |
|  | North Wall, Dublin 1 |
|  | Ireland |
|  | D01 H104 |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | Bryn Davies / Falguni Bagchi |
| With a copy to: | With a copy to: |
| [\*] | [\*] |
| Attention: | The Directors |
| **German OpCo, German Lessee and German Servicer:** | **German OpCo, German Lessee and German Servicer:** |
| HERTZ AUTOVERMIETUNG GMBH | HERTZ AUTOVERMIETUNG GMBH |
| Address: | Grenzweg 2, 65451 Kelsterbach, |
|  | Germany |
| Email: | [\*] |
| Attention: | Bryn Davies/Falguni Bagchi |

---

---

| | |
|:---|:---|
| **Issuer Security Trustee and FleetCo Security Trustee:** | **Issuer Security Trustee and FleetCo Security Trustee:** |
| BNP PARIBAS TRUST CORPORATION UK LIMITED | BNP PARIBAS TRUST CORPORATION UK LIMITED |
| Address: | 10 Harewood Avenue |
|  | London NW1 6AA |
|  | United Kingdom |
| Fax: | [\*] |
| Email: | [\*] |
| **Belgian OpCo, Belgian Instalment Purchaser and Belgian Administrator:** | **Belgian OpCo, Belgian Instalment Purchaser and Belgian Administrator:** |
| HERTZ BELGIUM BV | HERTZ BELGIUM BV |
| Address: | Excelsiorlaan 20, 1930 Zaventem, Belgium |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Glenn Jacobs / Bryn Cavers-Davies / Falguni Bagchi / Mohammad Torkaman |
| **Dutch B FleetCo and Instalment Seller:** | **Dutch B FleetCo and Instalment Seller:** |
| Stuurgroep Fleet (Netherlands) B.V. | Stuurgroep Fleet (Netherlands) B.V. |
| Address: | Folkstoneweg 40, |
|  | 1118 LM Schipol |
|  | The Netherlands |
| Email: | [\*] |
| Attention: | Bryn Davies / Falguni Bagchi |
| With a copy to the board of directors: | With a copy to the board of directors: |
| CSC MANAGEMENT (NETHERLANDS) B.V. | CSC MANAGEMENT (NETHERLANDS) B.V. |
| Address: | Basisweg 10, |
|  | 1043 AP Amsterdam |
|  | The Netherlands |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | The Board of Directors |
| **FCT Management Company:** | **FCT Management Company:** |
| EUROTITRISATION | EUROTITRISATION |
| Address: | 67 rue Arago |
|  | 93400 Saint-Ouen |
|  | France |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | FCT Manager |

---

---

| | |
|:---|:---|
| **FCT Custodian:** | **FCT Custodian:** |
| BNP PARIBAS S.A. (acting through its Securities Services business) | BNP PARIBAS S.A. (acting through its Securities Services business) |
| Address: | ACI: CPA05A1 |
|  | Grands Moulins de Pantin |
|  | 9 rue du Débarcadère |
|  | 93500 Pantin |
| Email: | [\*] |
| Attention: | Contrôle Dépositaire France |
| **FCT Registrar:** | **FCT Registrar:** |
| BNP PARIBAS S.A. (acting through its Securities Services business) | BNP PARIBAS S.A. (acting through its Securities Services business) |
| Address: | 9 rue du débarcadère |
|  | 93500 Pantin |
| Email: | [\*] |
| Attention: | Registrar Agent |
| **FCT Paying Agent:** | **FCT Paying Agent:** |
| BNP PARIBAS S.A. (acting through its Securities Services business) | BNP PARIBAS S.A. (acting through its Securities Services business) |
| Address: | 9, rue du débarcadère |
|  | 93500 Pantin |
| E-mail: | [\*] |
| Attention: | Paying Agent |
| **FCT Servicer:** | **FCT Servicer:** |
| BNP PARIBAS S.A. | BNP PARIBAS S.A. |
| Address: | 16 Boulevard des Italiens – 75009 Paris |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Carine Giubergia / Zafeiria Katsilianou / Iyadh Laalai |
| **Registrar:** |  |
| BNP PARIBAS, LUXEMBOURG BRANCH | BNP PARIBAS, LUXEMBOURG BRANCH |
| Address: | 60, avenue J.F. Kennedy |
|  | L-1855 Luxembourg |
|  | (Postal Address: L – 2085 Luxembourg) |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | Corporate Trust Operations |
| **Italian Paying Agent and Italian Payment Account Bank** | **Italian Paying Agent and Italian Payment Account Bank** |
| BNP PARIBAS, ITALIAN BRANCH | BNP PARIBAS, ITALIAN BRANCH |
| Address: | Piazza Lina Bo Bardi 3 |
|  | 20124 Milan,Italy |
| Email: | [\*] |
| PEC: | [\*] |
| Attention: | Securities Services – Corporate Trust Services |

---

---

| | |
|:---|:---|
| **Italian OpCo and Italian Lessee:** | **Italian OpCo and Italian Lessee:** |
| HERTZ ITALIANA S.R.L. | HERTZ ITALIANA S.R.L. |
| Address: | Piazzale Luigi Sturzo |
|  | 31-00144 Rome (RM) |
| Email: | [\*] |
| Attention: | Daniela Dei Agnoli |
| **Italian FleetCo and Italian Lessor:** | **Italian FleetCo and Italian Lessor:** |
| IFM SPV S.R.L. | IFM SPV S.R.L. |
| Address: | Via Galileo Galilei 2 |
|  | 39100 Bolzano (BZ),Italy |
| Email: | [\*] |
| Attention: | Legal Representative |
| **Italian Feet Seller, Italian Administrator and Italian Fleet Servicer** | **Italian Feet Seller, Italian Administrator and Italian Fleet Servicer** |
| HERTZ FLEET ITALIANA S.R.L. | HERTZ FLEET ITALIANA S.R.L. |
| Address: | Via Galileo Galilei |
|  | 2-39100 Bolzano (BZ) |
| Email: | [\*] |
| Attention: | Albana Qoshku |
| **Issuer Administrator, Belgian Administrator and German Administrator:** | **Issuer Administrator, Belgian Administrator and German Administrator:** |
| HERTZ EUROPE LIMITED | HERTZ EUROPE LIMITED |
| Address: | Hertz House, 11 Vine Street |
|  | Uxbridge UB8 1QE |
|  | United Kingdom |
| Email: | [\*] |
| Attention: | Bryn Davies/Falguni Bagchi |
| **Issuer Back-Up Administrator, Dutch Back-Up Administrator, French Back-Up Administrator, German Back-Up Administrator, Spanish Back-Up Administrator, Italian Back-Up Administrator and Belgian Back-Up Administrator:** | **Issuer Back-Up Administrator, Dutch Back-Up Administrator, French Back-Up Administrator, German Back-Up Administrator, Spanish Back-Up Administrator, Italian Back-Up Administrator and Belgian Back-Up Administrator:** |
| TMF ADMINISTRATIVE SERVICES B.V. | TMF ADMINISTRATIVE SERVICES B.V. |
| Address: | Herikerbergweg 238, Luna Arena |
|  | 1101 CM Amsterdam |
|  | The Netherlands |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] ("Hertz Issuer Back-Up Administrator" in subject line) |
| Attention: | The Managing Director |
| **TMF SARL** | **TMF SARL** |
| TMF FRANCE MANAGEMENT SARL | TMF FRANCE MANAGEMENT SARL |
| Address: | 3-5, rue Saint George |
|  | 75009 Paris |
|  | France |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Mrs.Alina Jouot Guralnik |

---

---

| | |
|:---|:---|
| **TMF SAS** | **TMF SAS** |
| TMF FRANCE SAS | TMF FRANCE SAS |
| Address: | 3-5, rue Saint George |
|  | 75009 Paris |
|  | France |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Mrs.Alina Jouot Guralnik |
| **Dutch Liquidation Co-ordinator, French Liquidation Co-ordinator, German Liquidation Co-ordinator, Spanish Liquidation Co-ordinator, Italian Liquidation Co-ordinator and Belgian Liquidation Co-ordinator:** | **Dutch Liquidation Co-ordinator, French Liquidation Co-ordinator, German Liquidation Co-ordinator, Spanish Liquidation Co-ordinator, Italian Liquidation Co-ordinator and Belgian Liquidation Co-ordinator:** |
| Interpath (France) SAS | Interpath (France) SAS |
| Address: | 18 rue Godot de Mauroy |
|  | 75009 Paris |
|  | France |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Barema Bocoum/ Pascal Bonnet/ Stephanie Durand |
| **FCT Account Bank:** | **FCT Account Bank:** |
| BNP PARIBAS S.A. (acting through its Securities Services business) | BNP PARIBAS S.A. (acting through its Securities Services business) |
| Address: | 9 rue du Débarcadère |
|  | 93500 Pantin |
| Email: | [\*] (securities instruction) |
| Email: | [\*] (cash instruction) |
| **Hertz** | **Hertz** |
| THE HERTZ CORPORATION | THE HERTZ CORPORATION |
| Address: | 8501 Williams Road |
|  | Estero, Florida 33928 |
| Telephone: | [\*] |
| Attention: | Treasurer |
| with copies to (that will not constitute notice): | with copies to (that will not constitute notice): |
| The Hertz Corporation | The Hertz Corporation |
| Address: | 8501 Williams Road |
|  | Estero, Florida 33928 |
| Attention: | General Counsel |
| **HIL** | **HIL** |
| HERTZ INTERNATIONAL LIMITED | HERTZ INTERNATIONAL LIMITED |
|  | 8501 Williams Road |
|  | Estero FL 33928 |
| Attention: | M. David Galainena |
| Email: | [\*] |

---

---

| | |
|:---|:---|
| **Subordinated Noteholder, Subordinated Note Registrar, Convertible Notes Holder, Preference Certificate Holder:** | **Subordinated Noteholder, Subordinated Note Registrar, Convertible Notes Holder, Preference Certificate Holder:** |
| HERTZ HOLDINGS NETHERLANDS 2 B.V. | HERTZ HOLDINGS NETHERLANDS 2 B.V. |
| Address: | Folkstoneweg 40 |
|  | 1118 LM Schiphol |
|  | The Netherlands |
| Email: | [\*] |
| Attention: | Bryn Davies/Falguni Bagchi/Mohammad Torkamanzehi |
| **Dutch Account Bank and Belgian Account Bank:** | **Dutch Account Bank and Belgian Account Bank:** |
| BNP PARIBAS S.A., NETHERLANDS BRANCH. | BNP PARIBAS S.A., NETHERLANDS BRANCH. |
| Address: | Herengracht 595, 1017 CE Amsterdam, the Netherlands |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Robbert Dooijes (Senior Cash Management Officer) |
| **French Account Bank:** | **French Account Bank:** |
| BNP PARIBAS S.A. | BNP PARIBAS S.A. |
| Address: | Centre d'Affaires La Défense Entreprises |
|  | 85-93 Rue des Trois Fontanot 92000 Nanterre |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Kmar LAIB |
| **Issuer Account Bank and German Account Bank (Irish Branch):** | **Issuer Account Bank and German Account Bank (Irish Branch):** |
| BNP PARIBAS S.A., DUBLIN BRANCH | BNP PARIBAS S.A., DUBLIN BRANCH |
| Address: | Termini, 3 Arkle Road, Sandyford, Dublin D18 C9C5 |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | BNPP Dublin Branch Legal Team / Caroline Carty |
| **Spanish Account Bank:** | **Spanish Account Bank:** |
| BNP PARIBAS S.A., SPANISH BRANCH | BNP PARIBAS S.A., SPANISH BRANCH |
| Address: | C/ Emilio Vargas, 4 – 28043 Madrid |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Departamento de Contracting: Mr.Fernando Sousa / Mr.Eloy Díez |
| **Italian Account Bank:** | **Italian Account Bank:** |
| BANCA NAZIONALE DEL LAVORO S.P.A. | BANCA NAZIONALE DEL LAVORO S.P.A. |
| Address: | Piazza Lina Bo Bardi n. 3, 20124, Milan,Italy |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Luca Tomasi |

---

---

| | |
|:---|:---|
| **Italian FleetCo Corporate Services Provider and Italian Master Servicer** | **Italian FleetCo Corporate Services Provider and Italian Master Servicer** |
| BANCA FINANZIARIA INTERNAZIONALE S.P.A. | BANCA FINANZIARIA INTERNAZIONALE S.P.A. |
| Address: | Via Vittorio Alfieri 1 – 31015 Conegliano |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Managing Director |
| **Italian Notes Custodian** | **Italian Notes Custodian** |
| BNP PARIBAS S.A., DUBLIN BRANCH | BNP PARIBAS S.A., DUBLIN BRANCH |
| Address: | Termini, 3 Arkle Road, Sandyford, Dublin D18 C9C5 |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | BNPP Dublin Branch Legal Team / Caroline Carty |
| **Class A Conduit Investor and Class A Committed Note Purchaser:** | **Class A Conduit Investor and Class A Committed Note Purchaser:** |
| MATCHPOINT FINANCE PLC | MATCHPOINT FINANCE PLC |
| Address: | Charlotte House |
|  | Charlemont Street |
|  | Dublin 2 |
|  | D02 NV26 |
|  | Ireland |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | The Directors |
| With a copy to the Administrator: | With a copy to the Administrator: |
| BNP PARIBAS S.A., LONDON BRANCH | BNP PARIBAS S.A., LONDON BRANCH |
| Address: | 10 Harewood Avenue |
|  | London NW1 6AA |
|  | United Kingdom |
| Telephone: | [\*] |
| Email: | [\*] |
| **Class A Funding Agent:** | **Class A Funding Agent:** |
| BNP PARIBAS S.A. | BNP PARIBAS S.A. |
| Address: | 16 Boulevard des Italiens – 75009 Paris |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Carine Giubergia / Zafeiria Katsilianou / Iyadh Laalai |

---

---

| | |
|:---|:---|
| **Class A Committed Note Purchaser and Class A Funding Agent:** | **Class A Committed Note Purchaser and Class A Funding Agent:** |
| DEUTSCHE BANK AG, LONDON BRANCH | DEUTSCHE BANK AG, LONDON BRANCH |
| Address: | 21 Moorfields |
|  | London EC2Y 9DB |
|  | United Kingdom |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | Harlan Rothman / Natasha Bharucha / Bhanuj Gautam |
| **Class A Committed Note Purchaser and Class A Funding Agent:** | **Class A Committed Note Purchaser and Class A Funding Agent:** |
| BARCLAYS BANK PLC | BARCLAYS BANK PLC |
| Address: | 1 Churchill Place, Canary Wharf, London E14 5HP |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | Jeremy Wessel / Nicholas Kwok / Gordon Beck |
| **Class A Conduit Investor** | **Class A Conduit Investor** |
| SUNDERLAND RECEIVABLES S.A. | SUNDERLAND RECEIVABLES S.A. |
| Address: | 28 Boulevard F.W. Raiffeisen |
|  | 2411 Luxembourg, |
|  | Grand Duchy of Luxembourg |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | the Directors |
| With a copy to: | With a copy to: |
| BARCLAYS BANK PLC | BARCLAYS BANK PLC |
| Address: | 1 Churchill Place, Canary Wharf, London E14 5HP |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | Jeremy Wessel / Nicholas Kwok / Gordon Beck |
| **Class A Committed Note Purchaser and Class A Funding Agent:** | **Class A Committed Note Purchaser and Class A Funding Agent:** |
| HSBC CONTINENTAL EUROPE | HSBC CONTINENTAL EUROPE |
| Address: | 38, avenue Kléber |
|  | 75116 Paris, |
|  | France |
| Telephone: | [\*] |
| Fax: | N/A |
| Email: | [\*] |
| Attention: | Guillaume BOUET / Edouard de NEYRIEU |

---

---

| | |
|:---|:---|
| **Class A Committed Note Purchaser and Class A Conduit Investor:** | **Class A Committed Note Purchaser and Class A Conduit Investor:** |
| MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T. | MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T. |
| Address: | 127 rue Amelot |
|  | 75011 Paris |
|  | France |
| Telephone: | [\*] |
| Email: | [\*] |
| Attention: | Sophie TUIL / Nicolas CHRISTOPHOROV |
| **Class A Funding Agent** | **Class A Funding Agent** |
| NATIXIS S.A. | NATIXIS S.A. |
| Address: | 7 promenade Germaine Sablon |
|  | 75013 Paris |
|  | France |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | Caroline PEDREGNO / Frédérique PERRIER |
| **Class A Committed Note Purchaser and Class A Funding Agent:** | **Class A Committed Note Purchaser and Class A Funding Agent:** |
| ROYAL BANK OF CANADA, ACTING THROUGH ITS LONDON BRANCH | ROYAL BANK OF CANADA, ACTING THROUGH ITS LONDON BRANCH |
| Address: | 100 Bishopsgate |
|  | London EC2N 4AA |
| Telephone: | [\*] |
| Fax: | N/A |
| Email: | [\*] |
| Attention: | Securitization Finance |
| And | And |
| ROYAL BANK OF CANADA | ROYAL BANK OF CANADA |
| Address: | 200 Vesey Street |
|  | New York, NY 10281 8098 |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | Securitization Finance |
| With a copy to: | With a copy to: |
| RBC CAPITAL MARKETS | RBC CAPITAL MARKETS |
| Address: | Two Little Falls Center |
|  | 2571 Centerville Road, Suite 212 |
|  | Wilmington, DE 19808 |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | Securitization Finance |

---

---

| | |
|:---|:---|
| And with a copy to: | And with a copy to: |
| THE ROYAL BANK OF CANADA | THE ROYAL BANK OF CANADA |
| Telephone: | [\*] |
| Email: | [\*] |
| **Class A Committed Note Purchaser and Class A Conduit Investor:** | **Class A Committed Note Purchaser and Class A Conduit Investor:** |
| GRESHAM RECEIVABLES (NO. 32) UK LIMITED | GRESHAM RECEIVABLES (NO. 32) UK LIMITED |
| Address: | C/O Wilmington Trust Sp Services (London) Limited |
|  | Third Floor |
|  | 1 King's Arms Yard |
|  | London, EC2R 7AF |
|  | United Kingdom |
| Telephone: | [\*] |
| Fax: | N/A |
| Email: | Transaction Team [\*] |
| Attention: | The Directors |
| **Class A Funding Agent:** | **Class A Funding Agent:** |
| LLOYDS BANK PLC | LLOYDS BANK PLC |
| Address: | 33 Old Broad Street |
|  | London, EC2N 1HZ, United Kingdom |
| Telephone: | [\*] |
| Fax: | N/A |
| Email: | [\*] |
| Attention: | Michael Hodgson / Vincent Fernandes / Akash Reghunath / Edward Leng / Diana Turner / Selina Ko / Donatella Tijani / Han Nguyen |

---

---

| | |
|:---|:---|
| **Class C Committed Note Purchaser and Class C Funding Agent:** | **Class C Committed Note Purchaser and Class C Funding Agent:** |
| MOTION LUX S.A R.L. | MOTION LUX S.A R.L. |
| Address: | 8, rue Genistre, |
|  | L-1623 Luxembourg, |
|  | Grand Duchy of Luxembourg |
| Attention: | Board of managers |
| Email: | [\*] |
| **Class A Committed Note Purchaser, Class A Funding Agent, Class B Committed Note Purchaser, Class B Funding Agent and Class A Administrative Agent:** | **Class A Committed Note Purchaser, Class A Funding Agent, Class B Committed Note Purchaser, Class B Funding Agent and Class A Administrative Agent:** |
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK |
| Address: | 12 Place des Etats-Unis |
|  | CS 70052 |
|  | 92547 Montrouge Cedex |
|  | France |
| Telephone: | [\*] (Carole D'HAEYERE) or [\*] (Stéphane BOITEUX) |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | MO SECURITIZATION CACIB/Carole D'HAEYERE-Stephane BOITEUX |
| **Wilmington Trust SP Services (Dublin) Limited:** | **Wilmington Trust SP Services (Dublin) Limited:** |
| Address: | Fourth Floor |
|  | 3 George's Dock |
|  | IFSC |
|  | Dublin 1,Ireland |
| Telephone: | [\*] |
| Email: | [\*] |
| **Trustee of The Hertz Funding France Trust** | **Trustee of The Hertz Funding France Trust** |
| APEX FINANCIAL SERVICES (TRUST COMPANY) LIMITED | APEX FINANCIAL SERVICES (TRUST COMPANY) LIMITED |
| Address: | IFC 5 |
|  | St. Helier |
|  | Jersey |
|  | JE1 1ST |
|  | Channel Islands |
| Telephone: | [\*] |
| Fax: | [\*] |
| Email: | [\*] |
| Attention: | John Pendergast |

---

and any party by notice to the other may designate additional or different addresses for subsequent notices or communications.

Any notice or communication: (i) given in person shall be deemed delivered on the date of delivery of such notice; (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed; (iii) delivered by e-mail or facsimile (other than in the case of the Issuer Security Trustee or any FleetCo Security Trustee) shall be deemed given on the date of delivery of such notice; and (iv) delivered by overnight air courier shall be deemed delivered one Business Day after the date that such notice is delivered to such overnight courier, provided that any notice or communication which is received after 4.00 p.m. (in the location of the applicable addressee) on any particular day or on a day on which commercial banks and foreign exchange markets do not settle payments in the location of the addressee shall be deemed to have been received and shall take effect from 10.00 a.m. on the next following Business Day.

Each party hereto acknowledges that, in respect of any notice, communications, requests, instructions or demands delivered by email, the internet cannot guarantee the integrity and safety of the transferred data nor the time period in which such data is processed. The Registrar shall not therefore be liable for any operational incident and its consequences arising from the use of internet.

3.19 **Service of Process** 

Each of the Issuer, the Subordinated Noteholder, Dutch B FleetCo, Belgian OpCo, Dutch FleetCo, Dutch OpCo, French FleetCo, French OpCo, the FCT, German FleetCo, German OpCo, Spanish FleetCo, Spanish OpCo, Italian FleetCo and Italian OpCo agrees that the process by which any proceedings arising out of or in connection with this Agreement or any other Related Document may be served on it is by being delivered to Hertz Europe Limited of Hertz House, 11 Vine Street, Uxbridge, Middlesex UB8 1QE and if the appointment of a process agent by a party ceases to be effective, each such party shall immediately appoint another person in England as its process agent in respect of this Agreement and notify the other parties of the appointment and, if such party to a Related Document fails to appoint such further person, the Issuer Security Trustee may appoint another agent for this purpose. Each of the Issuer, the Subordinated Noteholder, Dutch B FleetCo, Belgian OpCo, Dutch FleetCo, Dutch OpCo, French FleetCo, French OpCo, the FCT, German FleetCo, German OpCo, Spanish FleetCo, Spanish OpCo, Italian FleetCo and Italian OpCo further agrees that failure by an agent for service of process to notify such party to a Related Document of such process will not invalidate the proceedings concerned.

4. **AMENDMENTS AND WAIVERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Subject to Sub-Clause 4.2 and Sub-Clause
 4.3 below, any term of this Agreement may be amended or waived with the consent of only the
 Issuer, the Issuer Administrator, the Issuer Security Trustee and the FleetCo Security Trustee
 and any such amendment or waiver will be binding on all of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 An amendment or waiver which adversely
 affects any party hereto (other than the Noteholders, Committed Note Purchasers, Conduit
 Investors and Funding Agents) may not be effected without the consent of each such adversely
 affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Issuer may only give its consent in
 accordance with Sub-Clause 4.1 if it has first received the necessary consents in accordance
 with Annex 2 paragraph 2 (*Amendments*) of the Issuer Facility Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Save as explicitly set out in Annex 2
 to the Issuer Facility Agreement, all consent, direction and consultation rights set out
 in the Related Documents (howsoever exercisable) shall be exercisable by, at the direction
 of and for the benefit of the Class A Noteholders only for so long as Class A Notes
 are outstanding. Any reference to "Noteholders" or a consent threshold of Noteholders
 or Committed Note Purchasers, including unanimity, set out in any Related Document shall
 be construed accordingly, provided that notwithstanding the foregoing the consent of the
 Class B Noteholders and the Class C Noteholders shall, through the relevant chain
 of instructions, be required to amend or waive the duty of the relevant Liquidation Coordinator
 to maximize disposal proceeds in the manner contemplated by each relevant Liquidation Co-ordination
 Agreement. For the avoidance of doubt, the duty of the relevant Liquidation Coordinator to
 maximise disposal proceeds for the Class A Noteholders, Class B Noteholders and
 Class C Noteholders as a whole should be understood as having regard to the prevailing
 market conditions and should not be interpreted as imposing an obligation on any Liquidation
 Co-ordinator to postpone any disposal in order to achieve a higher price or value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 In
 the context of the Italian Liquidation Co-ordination Agreement and the rights of the Italian
 Noteholder thereunder, it is acknowledged and agreed that the Italian Noteholder shall, subject
 to Clause 4.4 above, exercise its rights under the provisions of the Italian Liquidation
 Co-ordination Agreement on the instructions of, and for the benefit of, the Class A
 Noteholders only (in all cases through the relevant chain of instructions under the Related
 Documents). Notwithstanding the foregoing, where any right is conferred on the Class B
 Noteholders and/or the Class C Noteholders in any of the other Liquidation Co-ordination
 Agreements and there is an equivalent right that the Italian Noteholder benefits from in
 the Italian Liquidation Co-ordination Agreement, then that right shall also (in addition
 to the Class A Noteholders) be exercisable on the instructions of, and for the benefit
 of, the Class B Noteholders and/or, as the case may be, the Class C Noteholders
 (in all cases through the relevant chain of instructions under the Related Documents) on an equivalent basis, including, for the avoidance of doubt, the right set out in Clause
 8.1 of the Belgian Liquidation Coordination Agreement with regard to the rights of the Class C
 Noteholders in the event that the Required Noteholders fail to serve an Additional Pre-Liquidation
 Services Commencement Notice in circumstances where they become entitled to do so.

5. **ENFORCEMENT UNDER FRENCH LAW RELATED DOCUMENTS** 

Unless otherwise required in the relevant French Law Related Document, in accordance with article 1344 of the French Code civil, the parties to any French Law Related Document agree that no formal notice (*mise en demeure*) shall be served by a party to another party before exercising any of its rights or legal remedies under this French Law Related Document. In particular, with respect to any payment obligation, the debtor of such payment obligation shall be due to pay when such payment obligation is due and payable and no formal notice to pay shall be served beforehand in this respect.

6. **DUTCH POWER OF ATTORNEY** 

If an entity incorporated in the Netherlands is represented by an attorney or attorneys in connection with the signing, execution or delivery of this Agreement or any document, agreement or deed referred to herein or made pursuant hereto, the relevant power of attorney is expressed to be governed by the laws of the Netherlands and it is hereby expressly acknowledged and accepted by the other parties that such laws shall govern the existence and extent of such attorney's or attorneys' authority and the effects of the exercise thereof.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| **INTERNATIONAL FLEET FINANCING NO. 2 B.V.** | **INTERNATIONAL FLEET FINANCING NO. 2 B.V.** | **INTERNATIONAL FLEET FINANCING NO. 2 B.V.** |
| as Issuer, Dutch Noteholder, FCT Noteholder, German Noteholder, Spanish Noteholder, Italian Noteholder and Belgian Noteholder | as Issuer, Dutch Noteholder, FCT Noteholder, German Noteholder, Spanish Noteholder, Italian Noteholder and Belgian Noteholder | as Issuer, Dutch Noteholder, FCT Noteholder, German Noteholder, Spanish Noteholder, Italian Noteholder and Belgian Noteholder |
| By: |  |  |
|  | Name: |  |
|  | Title: | Authorised Representative |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HERTZ AUTOMOBIELEN NEDERLAND B.V.,** | **HERTZ AUTOMOBIELEN NEDERLAND B.V.,** |
| as Dutch OpCo, Dutch Lessee, Dutch Administrator and Dutch Servicer | as Dutch OpCo, Dutch Lessee, Dutch Administrator and Dutch Servicer |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **STUURGROEP FLEET (NETHERLANDS) B.V.** | **STUURGROEP FLEET (NETHERLANDS) B.V.** |
| as Dutch FleetCo, Dutch B FleetCo, Dutch Lessor and, acting through its Spanish branch, Spanish FleetCo and Spanish Lessor | as Dutch FleetCo, Dutch B FleetCo, Dutch Lessor and, acting through its Spanish branch, Spanish FleetCo and Spanish Lessor |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HERTZ FRANCE S.A.S.** | **HERTZ FRANCE S.A.S.** |
| as French OpCo, French Lessee, French Administrator and French Servicer | as French OpCo, French Lessee, French Administrator and French Servicer |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **RAC FINANCE S.A.S.,** | **RAC FINANCE S.A.S.,** |
| as French FleetCo and French Lessor | as French FleetCo and French Lessor |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HERTZ ITALIANA S.R.L.,** | **HERTZ ITALIANA S.R.L.,** |
| as Italian Opco and Italian Lessee | as Italian Opco and Italian Lessee |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **IFM SPV S.R.L.,** | **IFM SPV S.R.L.,** |
| as Italian FleetCo and Italian Lessor | as Italian FleetCo and Italian Lessor |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| |
|:---|
| **HERTZ BELGIUM BV** |
| As Belgian Instalment Purchaser, Belgian OpCo and Belgian Administrator |
| acting by its duly authorised signatory: |
| By: |
| Name: |
| Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HERTZ FLEET ITALIANA S.R.L.,** | **HERTZ FLEET ITALIANA S.R.L.,** |
| as Italian Fleet Seller, Italian Administrator and Italian Fleet Servicer | as Italian Fleet Seller, Italian Administrator and Italian Fleet Servicer |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HERTZ DE ESPANA SLU** | **HERTZ DE ESPANA SLU** |
| as Spanish OpCo, Spanish Lessee, Spanish Administrator and Spanish Servicer | as Spanish OpCo, Spanish Lessee, Spanish Administrator and Spanish Servicer |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HERTZ AUTOVERMIETUNG GMBH** | **HERTZ AUTOVERMIETUNG GMBH** |
| as German OpCo, German Lessee and German Servicer | as German OpCo, German Lessee and German Servicer |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | | |
|:---|:---|:---|
| **SIGNED for and on behalf of HERTZ FLEET LIMITED** | **SIGNED for and on behalf of HERTZ FLEET LIMITED** | **SIGNED for and on behalf of HERTZ FLEET LIMITED** |
| as German FleetCo and German Lessor, | as German FleetCo and German Lessor, | as German FleetCo and German Lessor, |
| by its lawfully appointed attorney:__________________ | by its lawfully appointed attorney:__________________ | by its lawfully appointed attorney:__________________ |
|  | (Name) | (Attorney signature) |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **EUROTITRISATION S.A.** | **EUROTITRISATION S.A.** |
| as FCT Management Company and on behalf of FCT YELLOW CAR | as FCT Management Company and on behalf of FCT YELLOW CAR |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BNP PARIBAS S.A. (acting through its Securities Services business)** | **BNP PARIBAS S.A. (acting through its Securities Services business)** |
| as FCT Custodian | as FCT Custodian |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BNP PARIBAS S.A. (acting through its Securities Services business)** | **BNP PARIBAS S.A. (acting through its Securities Services business)** |
| as FCT Registrar, FCT Account Bank, FCT Paying Agent | as FCT Registrar, FCT Account Bank, FCT Paying Agent |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BNP PARIBAS S.A.** | **BNP PARIBAS S.A.** |
| as FCT Servicer and French Lender | as FCT Servicer and French Lender |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BNP PARIBAS, LUXEMBOURG BRANCH** | **BNP PARIBAS, LUXEMBOURG BRANCH** |
| as Registrar | as Registrar |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HERTZ EUROPE LIMITED** | **HERTZ EUROPE LIMITED** |
| as Issuer Administrator and German Administrator | as Issuer Administrator and German Administrator |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **TMF ADMINISTRATIVE SERVICES B.V.** | **TMF ADMINISTRATIVE SERVICES B.V.** |
| as Issuer Back-Up Administrator, Dutch Back-Up Administrator, French Back-Up Administrator, German Back-Up Administrator, Spanish Back-Up Administrator and Italian Back-Up Administrator | as Issuer Back-Up Administrator, Dutch Back-Up Administrator, French Back-Up Administrator, German Back-Up Administrator, Spanish Back-Up Administrator and Italian Back-Up Administrator |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **INTERPATH (FRANCE) SAS** | **INTERPATH (FRANCE) SAS** |
| As Belgian Liquidation Co-ordinator, Dutch Liquidation Co-ordinator, French Liquidation Co-ordinator, German Liquidation Co-ordinator, Spanish Liquidation Co-ordinator and Italian Liquidation Co-ordinator | As Belgian Liquidation Co-ordinator, Dutch Liquidation Co-ordinator, French Liquidation Co-ordinator, German Liquidation Co-ordinator, Spanish Liquidation Co-ordinator and Italian Liquidation Co-ordinator |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **SIGNED** for and on behalf of | **SIGNED** for and on behalf of |
| **BNP PARIBAS TRUST CORPORATION UK LIMITED** | **BNP PARIBAS TRUST CORPORATION UK LIMITED** |
| as Issuer Security Trustee, Dutch Security Trustee, French Security Trustee, German Security Trustee, Spanish Security Trustee and Belgian Security Trustee | as Issuer Security Trustee, Dutch Security Trustee, French Security Trustee, German Security Trustee, Spanish Security Trustee and Belgian Security Trustee |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **THE HERTZ CORPORATION** | **THE HERTZ CORPORATION** |
| as THC and Guarantor | as THC and Guarantor |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HERTZ INTERNATIONAL LIMITED** | **HERTZ INTERNATIONAL LIMITED** |
| as HIL | as HIL |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HERTZ HOLDINGS NETHERLANDS 2 B.V.** | **HERTZ HOLDINGS NETHERLANDS 2 B.V.** |
| as Subordinated Noteholder and Subordinated Note Registrar | as Subordinated Noteholder and Subordinated Note Registrar |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

**SIGNED** for and on behalf of **MATCHPOINT FINANCE PUBLIC LIMITED COMPANY**

as Class A Conduit Investor and Class A Committed Note Purchaser,

---

| | |
|:---|:---|
| by its lawfully appointed attorney: | by its lawfully appointed attorney: |
| | (Matchpoint Finance Public Limited Company by its attorney______________________________) |
| in the presence of: - |  |
| (Witness' Signature) |  |
| (Witness' Address) |  |
| (Witness' Occupation) |  |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BNP PARIBAS S.A.** | **BNP PARIBAS S.A.** |
| as Class A Funding Agent | as Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **DEUTSCHE BANK AG, LONDON BRANCH** | **DEUTSCHE BANK AG, LONDON BRANCH** |
| as Class A Funding Agent | as Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **DEUTSCHE BANK AG, LONDON BRANCH** | **DEUTSCHE BANK AG, LONDON BRANCH** |
| as Class A Committed Note Purchaser | as Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BARCLAYS BANK PLC** | **BARCLAYS BANK PLC** |
| as Class A Committed Note Purchaser and Class A Funding Agent | as Class A Committed Note Purchaser and Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | | | |
|:---|:---|:---|:---|
| **SUNDERLAND RECEIVABLES S.A.** | **SUNDERLAND RECEIVABLES S.A.** | | |
| as Class A Conduit Investor | as Class A Conduit Investor |  |  |
| By: |  | By: |  |
| Name: |  | Name: |  |
| Title: | Director | Title: | Director |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **HSBC CONTINENTAL EUROPE** | **HSBC CONTINENTAL EUROPE** |
| as Class A Funding Agent | as Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T.** | **MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T.** |
| as Class A Conduit Investor and Class A Committed Note Purchaser | as Class A Conduit Investor and Class A Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **NATIXIS S.A.** | **NATIXIS S.A.** |
| as Class A Funding Agent | as Class A Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **ROYAL BANK OF CANADA** | **ROYAL BANK OF CANADA** |
| as Class A Committed Note Purchaser and Class A Funding Agent | as Class A Committed Note Purchaser and Class A Funding Agent |
| **SIGNED** for and on behalf of | **SIGNED** for and on behalf of |
| **ROYAL BANK OF CANADA** | **ROYAL BANK OF CANADA** |
| by its authorised signatories | by its authorised signatories |
| By: |  |
|  | Name of Authorised Signatory: |
|  | Title: |
| By: |  |
|  | Name of Authorised Signatory: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| |
|:---|
| **LLOYDS BANK PLC** |
| as Class A Funding Agent) |
| acting by its duly authorised signatories:) |
| Name: |
| Name: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK** | **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK** |
| as Class A Committed Note Purchaser, Class A Funding Agent and Administrative Agent | as Class A Committed Note Purchaser, Class A Funding Agent and Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| |
|:---|
| **BNP PARIBAS S.A., DUBLIN BRANCH** |
| as Issuer Account Bank and German Account Bank (Irish Branch) |
| Signature: |
| Print name: |
| Title: |
| Signature: |
| Print name: |
| Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| |
|:---|
| **BNP PARIBAS S.A., DUBLIN BRANCH** |
| as Italian Notes Custodian |
| Signature: |
| Print name: |
| Title: |
| Signature: |
| Print name: |
| Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BNP PARIBAS S.A., NETHERLANDS BRANCH** | **BNP PARIBAS S.A., NETHERLANDS BRANCH** |
| as Dutch Account Bank and Belgian Account Bank | as Dutch Account Bank and Belgian Account Bank |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BNP PARIBAS S.A.** | **BNP PARIBAS S.A.** |
| as French Account Bank | as French Account Bank |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BANCA NAZIONALE DEL LAVORO S.P.A.** | **BANCA NAZIONALE DEL LAVORO S.P.A.** |
| as Italian Account Bank | as Italian Account Bank |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **APEX FINANCIAL SERVICES (TRUST COMPANY) LIMITED** | **APEX FINANCIAL SERVICES (TRUST COMPANY) LIMITED** |
| as trustee of The Hertz Funding France Trust and Securitisation Company Shareholder | as trustee of The Hertz Funding France Trust and Securitisation Company Shareholder |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **TMF FRANCE MANAGEMENT SARL** | **TMF FRANCE MANAGEMENT SARL** |
| as TMF SARL | as TMF SARL |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **TMF FRANCE SAS** | **TMF FRANCE SAS** |
| as TMF SAS | as TMF SAS |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BNP PARIBAS, ITALIAN BRANCH** | **BNP PARIBAS, ITALIAN BRANCH** |
| as Italian Paying Agent and Italian Payment Account Bank | as Italian Paying Agent and Italian Payment Account Bank |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| | |
|:---|:---|
| **BANCA FINANZIARIA INTERNAZIONALE S.P.A.** | **BANCA FINANZIARIA INTERNAZIONALE S.P.A.** |
| BANCA FINANZIARIA INTERNAZIONALE S.P.A. | BANCA FINANZIARIA INTERNAZIONALE S.P.A. |
| as Italian FleetCo Corporate Services Provider and Italian Master Servicer | as Italian FleetCo Corporate Services Provider and Italian Master Servicer |
| By: |  |
|  | Name: |
|  | Title: |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).

---

| |
|:---|
| **GRESHAM RECEIVABLES (NO. 32) UK LIMITED** |
| as Class A Committed Note Purchaser and Class A Conduit Investor |
| **EXECUTED** as a **DEED** by) |
| **GRESHAM RECEIVABLES (NO. 32) UK LIMITED** |
| acting by its duly authorised) |
| attorney:) |
| Name: |
| In the presence of: |
| Signature and name of witness |

---

This agreement was not separately executed by the parties hereto but was agreed to by the parties pursuant to, and included as a schedule to, a separately signed administrative agreement that is not material to the registrant(s).